Q: Can the Registration certificate be cancelled in the case of Bogus purchases ? Gujarat VAT – Where Assessing Authority cancelled registration certificates of assessee on ground that alleged purchases made by it from two dealers were bogus and not genuine and even assessee had indulged into billing activities only, registration certificates had been… Read More »
Q Whether Cheque issued against supply of material can be stopped for payment without proving that goods supplied were of inferior quality ? Negotiable Instruments Act : Where accused failed to prove that goods supplied by complainant were of inferior quality, accused was guilty of commission of offence under section 138 on dishonour of cheque issued… Read More »
Q; Whether Compounding fee is penalty and therefore not allowed as business expenditure ? Compounding fee paid by assessee, a land developer to Municipal Corporation on account of deviations from original sanctioned plan was in nature of penalty and therefore would not be allowable as deduction in view of provisions of Explanation to section 37(1) IN… Read More »
Question : Can the penalty be levied in section 271(1)(c) if the Assessee has disclosed all the facts ? Where there was complete disclosure of facts by assessee that an amount of Rs. 1.11 crore, which was received on account of a project not being fructified, was credited to partner’s capital account and assessee’s claim was… Read More »
There can be no “transfer” u/s 2(47)(v) of the Act read with sec 53A of the Transfer Of Property Act,1882 under an unregistered agreement in view of sub-section (1A) of section 17 of the Registration Act,1908 .Also, there is no transfer under the said provisions if possession is delivered to developer in his capacity as… Read More »
Audit Checklist [table id=17 /]
Q: whether Private Companies can pay Managerial Remuneration without any ceiling as Section 197 of the Companies Act 2013 is silent regarding the same. Answer: Yes, any amount can be paid to the MD/WTD without central government approval pursuant to the exemption notification and/or subject to compliance with the conditions prescribed therein pursuant to the… Read More »
Backward areas of Bihar for Tax incentives for Industrial units [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 17th August, 2015 INCOME-TAX S.O. 2241(E).— In exercise of the powers conferred by… Read More »
CBDT notifies rules to determine period of stay of crew members of foreign bound ships in India [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES] INCOME-TAX Notification New Delhi, the 17th August, 2015 S.O.… Read More »
RVAT Extended due date of filing quarterly return On 14th August 2015 Notification No. F. 26(315) ACCT/MEA/2014/Part/Tax/6465 has been issued, to extend the date of submission of quarterly return in Form VAT 10, for the first quarter of the year 2015-16, i.e.; quarter ending on 30th June, 2015, which is to be furnished by the… Read More »