Interest can only be allowed when it is actually paid and conversion of unpaid interest into loan does not amount to deemed payment of interest in terms of section 43B.
While computing capital gains arising on transfer of a capital asset acquired by assessee under a gift or will, indexed cost of acquisition has to be computed with reference to year in which previous owner first held asset and not with reference to the year in which the assessee became owner of asset.
Since no assessment was pending on the date of search and addition had been made on basis of post-search enquiries and statements recorded under section 132(4) on various persons, therefore, AO had no power to assume jurisdiction under provisions of section 153A as no incriminating material was found.
Baniara Engs (P) Ltd. Vs ITO (ITAT Kolkata) From the reading of Sec. 50C, it is evident that Sec. 50C is a deeming provision and it extends to only to land or building or both. Section 50C can come into play only in a situation where the consideration received or accruing as a result of the […]
Farrukhabad Investment (India) Ltd Vs DCIT (ITAT Agra Third Member) The Id. DR cited several reasons, which, in his opinion, justified imposition of penalty, such as,. the RBI rejecting the application for registration of NBFC; names and addresses of the depositors not available; no books of account or vouchers available; a qualification by the auditors […]
The period for installation and operationalisation of Radiation Portal Monitors and Container Scanner in the designated ports is extended up to 31.03.2019.
Failure by the AO to offer cross-examination of the persons whose statements are relied upon means that no adverse inference can be drawn against the assessee.
State Bank Of India Vs ACIT (Bombay High Court) It is submitted that in this case, the Assessing Officer while passing the regular assessment orders had overlooked and/or ignored this particular claim. It is submitted that it is not a case of change of opinion as neither the assessment order referred to allowing of this […]
Regulation 34(3) read with clause 9(n) of Part C of Schedule V of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR Regulations) mandates listed entities to make disclosures regarding commodity price risk and hedging activities in the Corporate Governance Report section of the Annual Report of a listed entity.
This document outlines the process flow for electronic credit acknowledgement message (camt.059) to the remitter bank by the beneficiary bank after successful credit to the beneficiary account.
