SEBI notification barring mutual funds from charging entry load not ultra vires Posted: 01 May 2013 08:11 PM PDT The petitioners have approached this Court seeking various reliefs, including quashing of Ext.P2 circular. The main ground of challenge of the order is that the Securities and Exchange Board of India has no power to issue the notification. The circular is for the benefit of the investors. It...  |
| SC rejects Director's argument that he was not being in charge of affairs Posted: 01 May 2013 07:57 PM PDT The appellant has taken the stand, as already stated, that even though he was a whole time Director he was not conversant with the accounts and finance and was only dealing with the human resource management of the company, hence, he had no fraudulent intention to deceive the investors. We find it...  |
| Once Once Assessing Officer given effect to order of Tribunal, his successor in office had no jurisdiction to pass a fresh order Posted: 01 May 2013 07:42 PM PDT The Tribunal by its order dated 17 December 2010 restored the proceedings back to the Assessing Officer. The Assessing Officer gave effect to the order of the Tribunal by passing an order dated 27 December 2010 which states that it has been made under section 254. The Assessing Officer re-computed...  |
| Insertion of words 'or assessable' by amending section 50C is effective from 1-10-2009 Posted: 01 May 2013 07:37 PM PDT Learned counsel for the assessee placed a circular in Circular No.5/2010/(F.No.142/13/2010-SO(TPL)) dated 03.06.2010 issued by the Board and submitted that as per the circular, it is made clear that the amendment made by the Finance (No.2) Act, 2009 is only prospective in nature and cannot be...  |
| Approval granted by STPI Director is sufficient to satisfy conditions relating to approvals u/s. 10A Posted: 01 May 2013 06:23 PM PDT Directors of the Software Technology Parks of India have the authority of the Inter-Ministerial Standing Committee and that all approvals granted by the STPI Directors are therefore deemed to be valid. The position is also clear from a letter dated 6.5.2009 issued by the Central Board of Direct...  |
| Registration U/s. 12AA cannot be refused for mere non commencement of charitable or religious activity by Trust Posted: 01 May 2013 06:17 PM PDT The preponderance of the judicial opinion of all the High Court including this Court is that at the time of registration under Section 12AA of the Income Tax Act, which is necessary for claiming exemption under Section 11 and 12 of the Act, the Commissioner of Income Tax is not required to look...  |
| Corporate Advisors Vis-À-Vis Their Professional Privilege Posted: 01 May 2013 05:52 PM PDT The corporate advisors play a very vital and the core role for the companies in respect of various advisory activities including representation before authorities. The corporate advisors generally are chartered accountants, company secretaries, cost and management accountants, advocates, tax...  |
| SEARCH REPORT -A Basic Tool for Inspection of Company's Records in Hands of Stakeholders Specially Banks Posted: 01 May 2013 09:42 AM PDT Now a day, Banks are more emphasizing on demanding Search Repots from Limited Companies while opening of Bank Accounts or giving the Loan to such Companies. The need for Search Reports arises to keep themselves (Banks) safe and to ensure that the company is not the defaulting one or having not the...  |
| Amendment to Sec. 206-C dealing with TCS on Sale of Bullion or Jewellery in Cash – Clarification Posted: 01 May 2013 09:13 AM PDT Currently, sale in cash of bullion (excluding coin or any other article weighing 10 grams or less) in excess of Rs 2 lakh or jewellery in excess of Rs.5 lakh is subject to Tax Collection at Source (TCS) @ 1%. As coins were neither included in bullion nor in jewellery, therefore, coins, even when...  |
| Whether the amount of liabilities taken over in case of slump purchase are to be considered for reaching at the amount of assets taken over for the value of purchase consideration ? Posted: 01 May 2013 08:48 AM PDT Whether the amount of liabilities taken over in case of slump purchase are to be considered for reaching at the amount of assets taken over for the value of purchase consideration ? Yes, the Hon'ble Tribunal has decided on facts, by giving a factual finding that the amount of liabilities taken over...  |
| Whether assessee consequent upon a scheme of demerger eligible for writing of bad debts related to earlier years before the take over from holding company? Posted: 01 May 2013 08:32 AM PDT The assessee company consequent upon a scheme of demerger as per the provisions of The Companies Act took over entire business (web portal) owned by the holding company. The assessee has written off the bad debts related to the previous years before the takeover of the business from the holding...  |
| Balance needs to be maintained between the principle of consistency and the rule of res judicata Posted: 01 May 2013 07:56 AM PDT The ld. AR vehemently argued about the determination of the ALP for the current year by the assessee in the same way as was done in earlier years. It was stated that since such method was accepted by the TPO for the earlier years, the same ought not to have been rejected for this year. [...]  |
| Reopening not valid if reasons silent on quantum of escaped tax Posted: 01 May 2013 05:42 AM PDT The reason assigned for reopening is that the petitioner after converting the leasehold land into freehold sold the property within three years after converting the land into freehold resulting into short term capital gain in view of the Karnataka High Court's decision referred to above. What...  |
| Tribunal cannot dismiss appeal only for want of prosecution without same being decided on merit Posted: 01 May 2013 01:11 AM PDT Rule 24 of the Income Tax Rules, 1963 makes it abundantly clear that the Tribunal cannot dismiss the appeal without adverting to the merits. Even on the day on which the hearing is adjourned, the appellant chose not to appear in person or through an authorised representative. It is incumbent upon...  |
| Gift not bogus if Assessee proves identity / creditworthiness of donor & genuineness of transaction Posted: 30 Apr 2013 11:09 PM PDT In the instant case, as can be noted from the findings of the Tribunal, Assessing Officer had not summoned any of the donors. However, it had issued the letters under section 133(6) of the Act. Assessing Officer had also called for confirmation letters which were received by it. The assessee also...  |
| HC upheld addition for unaccounted stock, rejects plea of stock borrowal from Sister Concern Posted: 30 Apr 2013 10:19 PM PDT In survey, an unaccounted stock was found lying at the railway plot of the assessee. The assessee claimed that the said stock was borrowed by it from sister concern OGPL to meet its export requirements for shipment in the month of March, 2005 and said quantities were returned to OGPL on purchase of...  |
| Reassessment Notice for mere change of opinion is impermissible in law Posted: 30 Apr 2013 10:07 PM PDT The learned counsel for the respondent had sought to argue that the present writ petitions were different and distinct from the earlier writ petition which resulted in the judgment dated 10.01.2013 inasmuch as in respect of three of the years in question i.e., assessment years 2001-02 to 2003-04,...  |
| Under-Recovery on Diesel effective 1.5.2013 declines sharply to Rs 3.80 per litre Posted: 30 Apr 2013 08:13 PM PDT Under-Recovery on Diesel effective 1.5.2013 declines sharply to Rs 3.80 per litre OMCs incurring Daily Under-Recovery of Rs 256 Crore Under-recoveries on Domestic LPG and PDS Kerosene lower at Rs 378.38 per cylinder & Rs. 27.93 per litre respectively Total Under-Recoveries during 2012-13...  |
| Powers of High Court under Article 226 cannot be invoked in the matter of recovery of dues Posted: 30 Apr 2013 08:12 PM PDT Powers, which were conferred on the civil court, now stands conferred on a Tribunal under Section 17 of the Act thereby it can deal with applications from banks and financial institutions for recovery of debts due to such banks and financial institutions. We are of the view when a specific remedy...  |
| S. 32 Depreciation allowable on software developed & installed by assessee Posted: 30 Apr 2013 06:41 PM PDT The learned CIT(A) on proper examination of evidences and material rightly came to the conclusion that software is intangible asset and was loaded in the system of machine. The learned CIT(A) also rightly held that installation of software could be checked by the technical person whether it was...  |
