The proviso to sub-section (1) to section 209, inserted by the Finance Act, 2012 is prospective in nature and not with retrospective effect. The proviso was brought into operation with effect from 1-4-2012, therefore, the assertion of revenue is disagreed with. Even otherwise, the language used in section 209(1) is regarding payment of advance tax in the financial year, therefore, the proviso is not attracted for the impugned assessment year.
The proposed Companies Bill, 2012 does not contemplate any verbatim corresponding provision. However, somewhat similar provision is contemplated in the Bill, not as a separate provision, but as part of the provision relating to “Signing of audit report, etc.” contained in section 145 thereof. The said section 145 reads as under:
10. Threshold limit for TDS: The present section 194J provides an exemption limit or threshold limit for TDS for professional fees and royalty/non-compete fees, but this limit seems to be absent under clause 200(A) (o), which could be very cumbersome for small amounts of these specific services.
It all started about 2-3 months ago, when I suddenly starting receiving e-mails in my inbox from unknown people who were enthusiastic to share borrowed knowledge with me – borrowed because was forwarded presentations created by people other than the ones from whom I received the e-mails. It bothered me little, for getting more knowledge seemed no harm.
Section 44AD deems the net profit rate at 8% in cases where accounts are not maintained and turnover is up to Rs. 40.00 lacs. This however, does not mean that profit will lower when the turnover is more than Rs. 40.00 lacs.
The Central Board of Excise and Customs (CBEC) has issued its first Central Excise Circular No. 967/01/2013 – CX, dated January 01, 2013 on eve of New Year 2013, for recovery of confirmed demands during pendency of Stay applications. The Circular has rescinded seven previous circulars on the subject matter.
Admittedly, as per TDS certificate issued by Mysore Breweries Limited, the total reimbursement made to the assessee as per their newly arrangement was Rs. 3,35,85,000/-. However, in the books of assessee, it was only Rs. 2,54,97,000/-. The assessee had explained that a credit note of Rs. 80,88,000/- issued by it in favour of Mysore Breweries Limited was not accounted for by them
A ruling pronounced by this Authority is binding on the applicant, in respect of the transaction in relation to which the ruling has been sought and on the Commissioner and the income-tax authorities subordinate to him. The ruling is in respect of the applicant and the transaction involved.
A reading of Regulation 3 of the CLB Regulations makes it clear beyond any doubt that the Chairman of the CLB is empowered by the Board to constitute the Benches of the Board as per the composition of Benches prescribed under Section 10E (4B) of the Act.
It was incumbent on the AO to supply the information to the assessee, obtain its objections, if any, and pass order after taking into account the information and the objections of the assessee. This has not been done in respect of 20 comparables.
