We have found that the G.P. rate in this year has been on lower side. However, the decrease in G.P. rate stands explained by the undeniable reasons that there is heavy increase in purchase price, freight cost and export cost.
The question pertains to the purchases made by the assessee-respondent. On account of unverifiable purchases, the Assessing Officer made additions to the tune of Rs. 1.27 crores. He was of the opinion that none of the parties could be located and therefore, such purchases were held to be bogus.
that the Economic Offences Wing of the Delhi Police, on the complaint of the complainant company had found that Sh. Sanjay Daksha, Sh. Sofi-urrehman, Sh. Binod Rajhans did not figure in the complainant company records before 8th March, 2004
AO, in his remand report could not bring out any fact that the cash withdrawn from Saving Bank Account and partnership overdraft account was used for other purpose anywhere else then, merely because there was a time gap between withdrawal of cash and its further deposit to the bank account, the amount can not be treated as income from undisclosed sources u/s 69 of the Act in the hands of the assessee.
Merely change in the flat without determining any consideration for the old flat cancelled and new flat transferred, it cannot be said that the old flat was sold and new flat was purchased on the date of change.
The Hon’ble CESTAT, Delhi also relied upon the decision in the Metric Solution case and held that Cenvat credit in respect of inputs/ input services received by an output service provider during the period prior to his obtaining Service tax registration is admissible and denial of Cenvat credit on this ground is not correct.
Section 138 of the Act provides that such class or classes of companies as may be prescribed shall be required to appoint an internal auditor. Such internal auditor shall be appointed by the board and may be a chartered accountant or cost accountant or or such other professional as may be decided by the board.
CA Nitesh More Section-117 of the Companies Act, 2013, a copy of every resolution or any agreement, in respect of matters specified in sub-section (3) together with the explanatory statement under section 102 , if any, annexed to the notice calling the meeting in which the resolution is proposed, shall be filed with the Registrar […]
Companies Act 2013 is being looked upon as a harsh, draconian legislation which offers a crown of thorns in the form of penalties and a spell in hell in the form of imprisonment for both the officers and auditors of companies alike. Here what is being attempted is to project an ambiguity relating to the Auditors opinion & True and Fair view .
Ganesha is worshipped everywhere with joy for ten days but Ganesha should be prayed whole year, as it leads to worship of Knowledge. Taxpayer should constantly gain and update his knowledge. Let’s expect following changes may come in next financial year 1) Income Tax Act 1961 should be replaced with the Direct Tax Code and taxpayer should be released from the burden of tax compliance to large extend. 2) VAT, Service Tax, Excise, etc indirect tax should be substituted with Goods and Service Tax, so that taxpayer is not required to follow various tax laws.
