Ministry of Corporate Affairs, Cost Audit Branch, invites comments/ suggestions on regulating Cost Audit Fee and fixing limit on the no. of Compliance Reports
The proclamation of sale and holding a public auction are only the initial steps towards sale of immovable property of a tax defaulter to recover such amount through sale of his properties. The highest bidder, whose offer is accepted, during such public auction, has the responsibility to deposit 25 per cent of the purchase money on spot, failing which, the acceptance of offer stands revoked.
Sub-rule (3) of rule 18DA itself provides the consequence of violation of sub-rule (2). As per sub-rule (3), if at any stage it is found that any provisions of the Act or the rules have been violated, the prescribed authority specified may withdraw the approval so granted. Therefore, if there is a violation of sub-rule (2), the prescribed authority has to take action against the assessee by withdrawing the approval.
The Competition Commission of India has held that there is no contravention of the provisions of the Act by the alleged agreement between Yash Raj Films Private Limited and its various associated enterprises. The Competition Commission of India passed its order in the case filed by Ajay Devgn Films against Yash Raj Films Private Limited.
Notification No. 49/2012-Income Tax Whereas the annexed Protocol amending the Agreement between the Government of the Republic of India and the Government of the Republic of Uzbekistan for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital
Usually financial year of a company consists of 12 months. However, in some cases it may not be so. In case of newly incorporated company, financial statements have to be prepared from the date of incorporation of the company till the year-end date of the financial year which may not be of 12 months. Similarly in case of subsequent change of financial year by the company, the financial year in the year of such change may not necessarily be of 12 months.
On a review of the extant ECB policy, it has been decided to include SIDBI as an eligible borrower for availing of ECB for on-lending to MSME sector, as defined under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006, subject to the following terms and conditions:-
In the instant case the powers of the CIT[A] are not questioned but what has been questioned is the powers of the AO in framing a de novo assessment , when the original assessment is set aside laying down the boundaries for framing the set aside assessment .
In the appeal of the revenue by ground no. 2, the department has challenged the conclusion of the learned CIT(A) regarding deduction u/s 36(1)(vii) for bad and doubtful debts written off restricted to the amount in excess of the provision for bad and doubtful debts created in the books of accounts u/s 36(1)(viia) of the Act or it is restricted to the excess of the amount of provision claimed in the return.
The expression ‘sufficient cause’ may be required to be construed liberally, provided adequate and proper reasons exist. Liberal approach is advocated in condoning the delay and not being liberal to sufficiency of the cause where it does not exist.
