Carbon Credits entitlement is capital receipt & can’t be taxed as a revenue receipt

Carbon Credits entitlement is capital receipt & can't be taxed as a revenue receipt Posted: 06 Nov 2012 07:21 PM PST Carbon credit is not an offshoot of business but an offshoot of environmental concerns. No asset is generated in the course of business but it is generated due to environmental concerns. Credit for reducing carbon emission or greenhouse effect can be transferred to another party in need of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 'Jab tak hai Jaan' won against 'Son of Sardar' – CCI finds no contravention Posted: 06 Nov 2012 05:55 PM PST The Competition Commission of India has held that there is no contravention of the provisions of the Act by the alleged agreement between Yash Raj Films Private Limited and its various associated enterprises. The Competition Commission of India passed its order in the case filed by Ajay Devgn Films... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] First Financial Year of a company & first AGM – Issues involved Posted: 06 Nov 2012 09:21 AM PST Usually financial year of a company consists of 12 months. However, in some cases it may not be so. In case of newly incorporated company, financial statements have to be prepared from the date of incorporation of the company till the year-end date of the financial year which may not be of 12... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Mere possession of valuable items not sufficient to form a belief that same not been or would not be disclosed Posted: 06 Nov 2012 09:05 AM PST Mere possession of money, bullion, jewelery or such valuable article or thing per-se would not be sufficient to enable the competent officer to form a belief that the same had not been or would not be disclosed for the purpose of the Act. What is required is some concrete material to enable a... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Delay in filing appeal required to be construed liberally – HC Posted: 05 Nov 2012 11:22 PM PST The expression 'sufficient cause' may be required to be construed liberally, provided adequate and proper reasons exist. Liberal approach is advocated in condoning the delay and not being liberal to sufficiency of the cause where it does not exist. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Addition can't be made Merely Because Transaction not made through banking Channel Posted: 05 Nov 2012 10:03 PM PST 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Powers of Commissioner of Income Tax co-terminus with that of Assessing Officer Posted: 05 Nov 2012 09:56 PM PST It is a settled law that the powers of the Commissioner of Income Tax is co-terminus with that of Assessing Officer. Under the circumstances, the particular enquiry that was not made by the Assessing Officer which was necessary in the facts of the case, should have been done by the Ld. Commissioner... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Winding up petition may be rejected for non quantification of Debt Posted: 05 Nov 2012 09:29 PM PST In the present case, the learned Judge rightly observed that the conduct of the company was dishonest. There had been transactions galore running into crores. More than Rupees sixty-four lacs were admittedly paid by the company. Even then, the company initially denied the relationship, subsequently... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Non CTS cheque to Bounce from 01.01.2013 Posted: 05 Nov 2012 07:02 PM PST 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...