General Circular No. 62/2011, Ministry has clarified that the presentation of Financial Statements for the limited purpose of IPO/FPO during the Financial Year 2011-12 may be made in the format of the pre-revised Schedule VI under the Companies Act, 1956. However, for period beyond 31′ March 2012, they would prepare only in the new format as prescribed by the present Schedule VI of the Companies Act, 1956. Also the companies would ensure that it will prepare and file the Annual Accounts for the Financial Year 2011-12 as per revised Schedule VI of the Companies Act, 1956.
ICAI Vs. Shaunak H. Satya & Ors. (Supreme Court of India)- The learned counsel of ICAI submitted that there are several hundred examining bodies in the country. With the aspirations of young citizens to secure seats in institutions of higher learning or to qualify for certain professions or to secure jobs, more and more persons participate in more and more examinations.
Unlike the United Kingdom, India cannot have a treaty with Switzerland under which the deposits of Indians in Swiss banks would be taxed by the European nation, says the Central Board of Direct Taxes (CBDT).
ABN Amro Securities India Pvt. Ltd. Vs. ITO (ITAT Mumbai)- When anticipated profits on unmatured contracts are held, to be non-taxable, there is no good reason as to why anticipated losses on unmatured contracts can be taken into account while computing business income, we find that there is an inherent fallacy in this approach inasmuch as anticipated losses and anticipated profits are not treated in the same manner in the computation of business profits. These dual standards in recognising anticipated losses and anticipated profits are accepted accounting norms and in the case of Chainrup Sampatram (supra), Honourable Supreme Court has approved this duality in approach.
M/s M.R. Tourist Home & Ors. Vs. Sales Tax Officer & Ors. (Supreme Court of India)- Whether Section 7(b) of Kerala General Sales Tax Act, 1963 introduced on 24.10.2006 with retrospective effect from 1.7.2006 could be applied to those dealers who had contracted for payment of turnover tax at the compounded rate under the alternate method of taxation provided for under the un amended Section 7 for the assessment year 2006- 07?
CIT Vs M/s Integrated Finance Co. Ltd. (Madras High Court)- The assessee is a credit institution. As a finance company engaged in hire purchase and leasing transaction, the assessee also does not deny that its activities in respect of financing, falls for consideration under sub clause (iv). The Assessing Officer has assessed the transactions relating to hire purchase financing.
APPEAL under Section 260A of the Income Tax Act against the order dated 9.9.2003 made in ITA No.1297/Mds/96 on the file of the Income Tax Appellate Tribunal, Madras ‘B’ Bench, for the assessment year 1991- 92.
Dy. CIT Vs Pradip N Desai (Gujarat High Court)- The assessee company is a leasing company which is engaged in leasing of plant and machinery, motor cars, etc. to its client. It is neither the case of the assessee nor is there anything on record to indicate that the assessee uses the vehicles in question in its business of transportation or that the assessee is engaged in the business of hire.
Prayer: Appeal filed against the order of the Income Tax Appellate Tribunal “C” Bench, dated 31.12.2002, made in I.T.A No. 1890/Mds/96, under Section 260 A of the Income Tax Act, 1961.
CIT, Tiruchy Vs P L Chemical Limited (Madras High Court)- The contract entered into led to the loss of source of income in the ordinary course of business. As rightly pointed out by the Tribunal, the assessee’s business hitherto till 1995 to market its products and its brand name, thus no longer available in toto, the non-compete fee thus received by the assessee, assumes the character of capital, which cannot be assessed under the provisions of the Act.
