In exercise of the powers conferred by sub-sections (1) and (2)(x)-(zk) of Section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Board hereby makes the following Regulations to provide a framework for liquidation of insolvent corporate persons in terms hereof
In exercise of the powers conferred under sub-sections (13) and (16) of section 5, sub-section (3) of section 7, sub-section (3) of section 9, sub-section (3) of section 10, sub-section (2) of section 14, sub-section (2) of section 15, sub-section (2) of section 17, sub-sections (a) and (g) of section 18, sub-sections (7) and (8) of section 21, sub-sections (1), (7) and (8) of section 24, sub-section (2) of section 25
Hence it is directed to request that it may be ensured that the data of all the appeals pending before CIT(A) as on 29.02.2016 is uploaded on ITBA module for CIT(A) latest by 21.10.2016. This may kindly be treated as Most Urgent.
In the present case, the ld.AO has granted depreciation at the rate of 15% without examining relevant provisions. It appears that his finding is based upon his experience and past impression. He was of the opinion that once Board has not granted higher rate of depreciation to cars, which are put in the business of hiring, or in public transportation, then how a partner, who used motor car for the purpose of business can be granted at a such rate.
As per Section 11D(1) of Central excise Act 1944, brought under the statute book w.e.f. 20.9.1991, every person, who is liable to pay duty under the Act and has collected any amount in excess of the duty assessed or determined and paid on any excisable goods under the Act from the buyer of such goods in any manner as representing duty of excise is required to pay the amount so collected to the credit of the Central Govt.
Bombay High Court held that Supply of Reasons Recorded for Making Reassessment is Necessary Otherwise the Income Escaping Assessment shall be Void. The Assessing Officer(AO) is bound to furnish reasons within a reasonable time. On receipt of reasons, the noticee is entitled to file objections to issuance of notice and the AO is bound to dispose of the same by passing a speaking order.
These days, education has become quite costly and until you save money for your higher education with time in hand, you may be filled in debts at a later stage in life. Precisely, education planning is a rational decision that should be taken by parents at a very early stage when their children are small. Some parents think of child education plan when their child has just born or will get born.
The profit accrued to a person on his wrongful possession of a property is deemed to be mesne profits. Mesne Profits are profits of land taken by a tenant in wrongful possession from the time that the wrongful possession commenced to the time of the trial of an action of ejectment brought against him.
GST has received a green signal and is soon be a part of almost all day to day transactions. The first step of compliance under GST regime would be REGISTRATION under the CGST and SGST Act. A person liable to be registered shall get himself registered under the SGST Act of the respective states in which he carries on his business and also under CGST Act. Registration shall be obtained within 30 days from the date it becomes liable to be registered.
Apart from the US Presidential Elections& POK Issues, the only thing making headlines lately is Goods & Services Tax. Since the passing of Constitution Amendment Act, 101st; there have been lot of speculations in the market w.r.t. GST Law;how it will pan out,what the modalities are and most importantly how an Aam Aadmi willget impacted.
