The very purpose of having an independent regulatory authority like SEBI, and vesting it with statutory powers of inquiry, is to enable it to take prompt action in matters relating to issue and transfer of share; particularly, SEBI is expected to be the sentinel, read the fine print of prospectuses keeping the investors’ interests in view; it has both a preventive and corrective role to perform; therefore, it is not possible to place a narrow interpretation on the words “issue and transfer of securities” occurring in Section 55A.
Where the assessee-proprietory concern got merged with a company and the credit entries in the name of the company in the accounts of the assessee came to be assessed to tax at the hands of the company, there could not be a further liability fastened on the proprietary concern which had already suffered tax in the hands of the company with which the proprietary concern got merged.
here the self-assessment tax paid by the assessee under Section 140A is refunded, the assessee should be, on principle entitled to interest thereon since the self-assessment tax falls within the expression “refund of any amount”. The computation of interest on self-assessment tax has to be in terms of Section 244A(1)(b), i.e., from the date of payment of such amount up to the date on which refund is actually granted.
We may in concluding note that the basis on which the assessee is sought to be taxed in the present case in respect of the amount of Rs.32,00,000/ is that there was a dividend under Section 2(22)(e) and no other basis has been suggested in the order of the Assessing Officer.
Keyman Insurance Policy for section 10(10D) is not confined to a policy taken by a person on life of an employee, but also extends to an insurance policy taken with respect to life of another who is connected in any manner whatsoever with business of subscriber.
Where an order passed by the Assessing Officer is subject to an appeal that has been filed, the power of the Commissioner to invoke his revisional jurisdiction under section 263 can only extend to such matters which have not been considered and decided in the appeal.
In all fairness, while hearing an appeal from the original authority, the CIT, the CBDT who is the appellate authority cannot deny the reasonable opportunity of hearing to the petitioning assessee at whose instance the impugned order came to be passed and which has become the subject-matter of appeal before the CBDT.
It is no doubt true that as per section 92CA of the Income-tax Act, when the assessee goes before the authority concerned on transfer pricing, an opportunity of personal hearing should be granted to the assessee. As far as the present case is concerned, the notice dated 25-8-2009 was sent by the Transfer Pricing Officer intimating the date of personal hearing on 4-9-2009, on which date the petitioner was to file its reply. Admittedly
Once the non-productive asset like urban land is converted into a productive asset like a building which qualifies for exemption, then the assessee can start availing exemption even during the period of conversion of such non-productive asset to productive asset.
If the business is going to be paralyzed, then, the court in appropriate cases can, for the benefit and interest of the company, save the transaction involving sale of assets of a company in liquidation; it is for enabling the company to continue as a going concern and to protect the interest of shareholders and creditors that such a power is conferred and must be exercised under section 536(2) of the Companies Act.
