At the time of hearing the ld. Counsel appearing on behalf of assessee by referring to the paper book at page nos.9 to 31 which contain copies of Kishanlal M.Dayama’s I.T.Return Ack., P&L A/c Capital A/c, Balance Sheet and Banker’s Certificate, Copies of Rajesh Kaishchand Vyasa’s I.T.Return Ack; Brokerage A/c, Interest A/c., Capital A/c, Balance Sheet and PAN Card, Banker’s Certificate
MCA is regularly receiving requests from the companies and cost auditors for making corrections in the e-forms 23C & 23D in respect of minor typographical errors or other mistakes such as incorrect financial year, incorrect name of the cost auditor or the cost audit firm, incorrect PAN number, incorrect scope of audit, etc.
In the following cases, the Registrars routinely scrutinize balance sheets:(i) of companies against whom there are complaints; (ii) of companies which have raised money from the public through public issue of shares/ debentures etc.; (iii) in cases where the auditors have qualified their reports.
An assessee that engages itself only or predominantly in activities relating to its ancillary or incidental objects which do not relate to any charitable purpose and does not carry on any activity relating to its main object which pertains to a charitable purpose is not entitled to an exemption under Section 11. A view to the contrary would lead to the most startling results.
CTS-2010 standard is a set of benchmarks towards achieving standardisation of cheques issued by banks across the country. These include provision of mandatory minimum security features on cheque forms like quality of paper, watermark, bank’s logo in invisible ink, void pantograph, etc., and standardisation of field placements on cheques. The benchmark prescriptions known as CTS-2010 standard are to be implemented by December 31, 2012.
While deciding the issue relating to determination of actual value of the assessee’ s property in Mumbai the income from house property must be computed on the basis of the sum which might reasonably be expected to let from year to year and with the annual Municipal value provided such a value is not above the standard rent receivable and the same could be adopted as the safest guide for this purpose.
The assessment order is bereft of any discussion as to what were the materials adverse to the assessee and what was the inference that could be drawn in the light of those materials and documents. Consequently, even while we do not fault the Tribunal’s reasoning about the denial of opportunity to the assessee, the outcome has to be slightly different especially in the light of the decision of the Supreme Court in M. Pirai Choodi (supra).
The judgement of the Bombay High Court in the case of CIT v. Indo Nippon Chemical Co. Ltd. [2000] 245 ITR 384 squarely applies to this case and the same has been affirmed by this Court, which is reported in CIT v. Indo Nippon Chemicals Co. Ltd. [2003] 261 ITR 275 . The assessee followed the net method of valuation of closing stock. The Authorities below are right in coming to the conclusion that MODVAT Credit is excise duty paid.
The given sheet is a simple example of the subject matter and by this you can easily understand that what is the methodology is being adopted for calculation of installment. actually it is the implication of PV Factor that we used for calculation.
Ministry of Corporate Affairs vide General Circular No. 15/2011, dated April 11, 2011 had prescribed a revised procedure to be followed for appointment of cost auditors. As per the revised procedure, each company is required to e-file its application with the Central Government in the prescribed Form 23C within ninety days from the date of commencement of each financial year, which shall be approved by MCA within 30 days.
