Income Tax Refund Set-Off without prior intimation to Assessee is invalid In the present case there was no prior intimation of the proposed action of adjusting the amount of refund due to the assessee towards any other amount due from the assessee. It was an intimation informing the appellant that the amount of refund due for the assessment year 1997-98 stood adjusted...  |
| S. 145A Value of inventory must include amount of excise duty paid on it During the course of assessment proceedings it was observed by AO that the assessee was following 'exclusive method' of valuing the cost of its inventory by not increasing it with the amount of excise duty paid thereon, although as per section 145A purchases and inventories are required...  |
| Trust Registration valid for sec. 25 Companies formed with charitable objects In the instant case, a perusal of the object clause of the company shows that it has been incorporated with the aim of providing education, facilitate social and economic empowerment, economic development programs, literacy programs, training programs for villagers and downtrodden people. How these...  |
| Mobile Companies can recognize revenue to extent of talk time used in case of prepaid talk time In the present case, the main dispute is regarding revenue recognition relating to unused talk time remaining available as at the end of the year. As noted earlier, there is no dispute that company had to provide talk time to its subscriber till the expiry of the period of card or till complete...  |
| Deduction u/s. 10A is allowable without setting off of losses of other units It is after the deduction under Chapter VI-A that the total income of an assessee is arrived at. Chapter VI-A deductions are the last stage of giving effect to all types of deductions permissible under the Act. At the end of this exercise, the total income is arrived at. Total income is thus, a...  |
| S. 54 Exemption cannot be denied for payment by third party if subsequently reimbursed by the Assessee As regards another facet of addition in this case which has resulted from enhancement made by the Ld. Commissioner of Income Tax (A) by holding that assessee is not eligible for deduction u/s. 54F(1) on the payment of Rs. 55,70,800/-. This has been denied on the ground that the payment was made by...  |
| A Study on Government Accounting in India – Some Recent Developments Introduction – The financial management of any organization must have a prudent financial system backed by sound and effective accounting procedures and internal controls. A well-designed and well managed accounting system helps ensure proper control over funds. Accounting policies and...  |
| Belated filing of return can be no ground for denying Income Tax refund Where revenue authorities rejected assessee's claim for refund of TDS merely on the ground that return raising said claim was filed after expiry of prescribed time period, view taken by authorities below was hyper technical and, thus, matter was to be remanded back for disposal in accordance...  |
| ICAI Presidents Message on Bank Audit, Finance Bill 2013, Companies Bill, 2012 Not resorting to any populist measures, the Government has not touched the direct and indirect tax structures in principle in the Union Budget 2013- 14; neither has it touched the middle class. Some of the experts have felt that they were expecting something more miraculous in the Budget that could...  |
| List of CA Firms Empaneled for Co-Operative Audit in Maharashtra for FY 2012-13 Auditors List Updated on 30th March 2013 Orders of Hon'ble Commissioner Regarding Empanelment of Auditors Auditor Panel List Amravati Aurangabad Kolhapur Konkan Latur Mumbai Nagpur Nashik Pune  |
| S. 14A disallowance can be made even if there is no exempt income In order to be covered under section 22, it is sine qua non that the assessee must be the owner of the house property as per section 27 read with section 269UA(f). In the instant case, the assessee is not the owner of the property. It cannot also be considered as deemed owner of house [...]  |
| Interest on loan not deductible if loan were taken for non-business purposes It appears that nothing is available from the record that advances/loan without interest were ever given for business purposes. It was for the personal use of Director or family members and after obtaining the loan/advances, the borrower never made any effort to repay the loan amount nor did the...  |
| Mere accruing of income jointly to more persons than one would not constitute thereon an AOP In order to assess individuals to be forming association of persons, the individual co-owners should have joined their resources and thereafter acquired property in the name of association of persons and the property should have been commonly managed, only then it could be assessed in the hands of...  |
| Press Note on Appointment of Indirect Tax Ombudsman The President of India has appointed Shri Hrishikesh Sharan, Chief Commissioner, Central Excise (Retd.) as Indirect Tax Ombudsman at Mumbai to hear grievances on Central Excise, Customs and Service Tax issues from the general public. Download Press Note on appointment of Indirect Tax Ombudsman  |
| Depreciation not allowable if Assessee is not the owner of the Asset either wholly or partly In this case ownership of the dredger was not transferred to the assessee in pursuance to the sale agreement, contrary to the claim of the assessee made in this regard. Even accepting the contention of the learned AR that no registration of dredger is required and customs duty is not payable on...  |
| Jurisdiction of ITAT depends upon location of office of AO passing the order Undisputedly the office of the Assessing Officer who passed the assessment orders is located in Delhi, over which the Delhi Benches of the Tribunal has jurisdiction. The order under section 127 of the Act was passed by the ld. Commissioner of Income-tax on 12.8.2011 w.e.f. 23.8.2011, which was...  |
| Ban on release of film in theatres due to its release on DTH platform prior to theatrical release is anti-competitive The informant herein was trying to experiment with an innovative way to have premier of its movie in India through DTH so as to have reach to maximum number of consumers/viewers at a premier show through DTH medium. The decision of the OP not to exhibit this movie or any other movie released before...  |
| Presentation of Foreign Currency Monetary Item Translation Difference Account 1. In the year 2009, the Ministry of Corporate Affairs amended Accounting Standard (AS) 11, The Effects of Changes in Foreign Exchange Rates by inserting Paragraph 46. As per Paragraph 46, in respect of accounting periods commencing on or after 7th December, 2006 and ending on or before 31st March,...  |
