Briefly stated, the facts of the case are that the assessee-firm filed its return of income (ROI) on 29.09.2009 declaring total income at Rs. ‘NIL’. The books of accounts of the firm are duly audited u/s 44AB and the report in form No 3 CA and 3CB dated 26/09/2009 were filed alongwith the ROI. The assessee-firm derives its income from sale of Petrol and Diesel and also from transport business. The A.O has completed his order u/s 143(3) on 7.1.2011.
one cannot read any limitation into the expression housing project to mean the residential project alone and that if and when the projects have mixed built-up area of commercial and residential, the question of disallowance will arise only if and when the residential flats are beyond the limit as provided under sub clause (c) of Section 80-IB(10) of the Act and not otherwise.
Since the proposed minutes containing the terms of consensus filed on 28/02/2012 does not contain any authorization by R-l in favour of Mr. C.S. Agarwal R-2 to sign such minutes on its behalf, the minutes dated 28/02/2012 and the order dated 23/03/2012 cannot be enforced against the R-l company. It is open to the parties to file a joint application for disposal of the petition (CP No. 77(ND)/2009) in terms of the MoS dated 26/04/2010. In the present scenario, as prayed in CA 236/2012, there is no justification for passing an order appointing Receiver/Administrator in the R-l company or to injunct the Respondents from operating the bank accounts of R-1. The direction contained in para 6(a) of the order dated 18/07/2012 for freezing all accounts of Rockman Breweries TNK Limited and stopping any transactions in such accounts till further orders therefore deserves to be and is accordingly recalled. It is open to the Petitioner to receive and encash the cheque for Rs. 9.5 lac deposited by R-l with the Bench Officer.
The CBDT has taken serious view of non-filers (of tax deducted at source) and has incorporated a new section 234E in the Act which levies a fee of Rs 200 for everyday of delay and the system does not accept the TDS statement until the delay fee has been paid
Some machinery and equipment relating to the construction of the projects were not actually put to use, though they were kept ready for use and this factual position is not in dispute.
In Item No. 1 of the list of articles or thing in Schedule XI, the items include beer, wine and other alcoholic spirits. The percentage of alcohol in the spirits is not given. With the same object the percentage of tobacco is also not given in ‘tobacco preparation’.
Top Stories Case Laws Statutes Analysis of Latest News All CL : Chairman of CLB can now transfer any matter pending before a Regional Bench to any other Regional BenchORDER [FILE NO. 10/36/2001-CLB], DATED 07-12-2012 SEBI : Stock Exchanges to implement measures to prevent aberrant orders or uncontrolled tradesCIRCULAR NO. MRD/DP/34/2012, DATED 13-12-2012 SEBI :
It has been decided to prescribe a framework of dynamic trade based price checks to prevent aberrant orders or uncontrolled trades. These measures would be implemented in phases in order to ensure the Indian stock exchanges deploy latest technology while maintaining adequate controls. As an initial measure, it has been decided that stock exchanges shall implement the measures as given below.
Section 44BB is a special provision for computing the profits and gains of a non-resident in connection with the business of providing services or facilities in connection with, or supplying plant and machinery on hire, used or to be used, in the prospecting for, or extraction or production of mineral oils including petroleum and natural gas. Section 44DA is also a provision which applies to non-residents only.
Transfer pricing comes into use when various divisions of a company deal with one another. A transfer price is that notional value at which goods and services are to be transferred by the supply division to receiving division. The goods that are produced by the buying division and sold to the outside world are known as final products.
