In the instant case, the following three dates are not in dispute. The residential house was transferred by the appellants and the sale deed had been registered on 24th September, 2004. The sale deed had been executed in pursuance of an agreement to sell which had been executed on 27th December, 2002
Sec 153A cannot be used to re-agitate concluded assessment in the absence of any incriminating material. Hon’ble Agra ITAT Bench has in the order of DCIT V/S Kalyani Chaturvedi has held that assessments that have attained finality don’t abate at the time of search and they cannot be done de-novo u/s 153A of the Income Tax Act, 1961 in the absence of any fresh incriminating material found during the course of search by observing as under :-
Dispute was going on the issue whether the first Appellate Authority or Tribunal can condone delay for late filing of review order under Section 35E(1) or not? As per Section 35E the Committee of Chief Commissioners is empowered to review an order passed by a Commissioner.
Companies Act, 2013 seems to have laid lot of emphasis on audit which is evident from the fact that it has prescribed four different kinds of audits for companies, namely, Financial Audit, Internal Audit, Secretarial Audit and Cost Audit. In its pursuit of increasing the effectiveness of audit to reach high degree of corporate governance, the Act has also well laid out the powers as well as the roles and responsibilities of the auditors
Almost everyone, including active and proactive professional tax advisers- mainly, lawyers and CAs, having something to do or other with the Budget proposals of the newly installed government, have sought and brought to focus the highlights. Even so, it is sad to observe that, in so doing, in one’s conviction, some of the deficiencies, hidden or otherwise, it is noted, have not been even touched upon, for reasons not known.
Companies Act, 2013 has brought massive changes for private companies as barring a very few, all the exemptions which were available to private companies under the Companies Act, 1956 have been withdrawn in the Companies Act, 2013.
Companies Act, 2013 (Act) has introduced many new concepts and Key Managerial Personnel is one of them. While the Companies Act, 1956 recognised only Managing Director, Whole Time Director and Manager as the Managerial Personnel, the Companies Act, 2013 has brought in the concept of Key Managerial Personnel which not only covers the traditional roles of managing director and whole time director but also includes some functional figure heads like Chief Financial Officer and Chief Executive Officer etc.
Extract of FM Speech in Lok Sabha During Budget Discussion on Friday 18.07.2014 A defining moment against us, both to the domestic investors and international investors, was the idea of a retrospective tax. Any economy, which can enact a retrospective tax and say this applies 40 years earlier, destabilises businesses, and, therefore, the world was […]
In Maharashtra 32 New Check Post have been constructed, it means that on Maharashtra border every Inward and Outward movement of goods will be examined. Will it increase difficulties & problems of business people? Kindly give us brief information and reasons behind introduction of Check Post.
DIN to be mentioned with Director’s Signature (Section 158) Now, Director’s name & DIN (Director Identification Number) has to be mentioned with their signature on all the documents to be signed in the capacity of director. PENALTY: – Company and every officer of the company who is in default or such other person shall be punishable […]
