Posts by rpaadminuser
Madras HC Upholds Sec 54EC exemp before set-off of long term capital loss
Exemption u/s 54EC for investment in specified bonds available on long term capital gains (LTCG) before set-off of long term capital loss (LTCL); Rejects Revenue’s contention that effect of Sec 70(3) (loss set off) to be given before Sec. 54EC; Sec. 54EC not on different footing vis-a-vis similar sections (like Sec. 54/ 54EA/ 54EB) despite…
Read MoreNBFCs not to be Partners in Partnership Firms
The RBI has issued Circular No. RBI/2012-13/526/DNBS.PD/CC.No.328/03.02.002/2012-13 on 11.06.2013 stating that currently NBFCs are prohibited from Contributing capital to any partnership firm or To be partners in partnership firms. It is now clarified that partnership firms mentioned above will also include Limited Liability Partnerships (LLPs) and Association of persons, these being similar in nature to…
Read MoreITAT holds no disallowance u/s 14A when assessee’s own funds much exceeds investments : ITAT Delhi Bench
During the year only an amount of 4 lakh was invested out of total investment of 3.39 crores. In the earlier years the assessment of the assessee were complete u/s 143(3) and the AO did not make any disallowance u/s 14A. the term loan taken by the assessee was for specific purposes and it cannot…
Read MoreDelhi HC admits winding up petition filed by E&Y against a Corporate for non Payment of Fees
At no point of time did JIL terminate the LOE. It also did not write to E&Y in response to the invoices received by it after 10-4-2010 protesting that the success fee claimed was either not payable or that the rate was not 1.15 per cent. Also JIL never wrote to E&Y stating that it…
Read MoreSC directs Election commission to control corrupt practices in elections; Defines Powers & Duties of CAG
The Supreme Court held as under: 1) Promise of ‘freebies’ (TV sets, laptops, mixers, grinders etc.) in election manifestoes of political parties was not ‘corrupt practice’ under section 123 of Representation of People Act, 1951. As the said section covered corrupt practices & inducements by candidates for winning elections (irrespective of whether the candidate’s party…
Read MoreAssessee can seek cross-examination of witnesses whose statements have been relied on to confirm charge of evasion against him; and any denial thereto may amount to violation of principles of natural justice and entire adjudication proceedings would be liable to be set aside : Gujarat HC
Assessee can seek cross-examination of witnesses whose statements have been relied on to confirm charge of evasion against him; and any denial thereto may amount to violation of principles of natural justice and entire adjudication proceedings would be liable to be set aside : Gujarat HC Gujarat Cypromet Ltd
Read MoreAssessment can legitimately be reopened on basis of material which comes to Assessing Officer after original assessment or during course of assessment proceedings for next assessment year : Bombay HC
Assessment can legitimately be reopened on basis of material which comes to Assessing Officer after original assessment or during course of assessment proceedings for next assessment year : Bombay HC Rabo India Finance Ltd.
Read MoreUnexplained investment on sales affected outside books of account has to be worked out on proportionate basis : P&H HC
Unexplained investment on sales affected outside books of account has to be worked out on proportionate basis : P&H HC Jay Kay Feeds (P.) Ltd
Read MoreEmployees can’t claim VRS benefit as matter of right: Supreme Court
“A voluntary retirement scheme introduced by a company, does not entitle an employee as a matter of right to the benefits of the scheme,” a bench headed by Chief Justice Altamas Kabirsaid. The Bench also held “Whether an employee should be allowed to retire in terms of the scheme (VRS) is a decision which can…
Read MoreICAI defers applicability of SA 700 to Tax Audit Reports by 1 Year
Considering the fact that all tax audit reports are now mandatorily required to be filed online and that the format of tax audit report is prescribed by the Central Government, the Council in its 325th meeting held from 1st June to 3rd June, 2013 decided to defer the applicability of SA-700 (Revised) on the tax…
Read More