I. Budhiraja & Co.

I. Budhiraja & Co. CA Firm

24/02/2014

Company Guarantee/ Security for loans by Bank/ Financial Institutions to Subsidiary (solely for principal business), exempt till section 186 of Companies Act, 2013 notified. (Circular No. 3 of 14-02-2014).

24/02/2014

No Penalty if Audit Report in form 704 for 2012-13 is filed up to 31-3-14 by a Developer (other than Composition Dealer). (MVAT Trade Circular 6T of 21-02-2014).

24/02/2014

The Centralized Processing Cell (TDS) automated for the first time, the default identification process in respect of TDS statements submitted. CPC (TDS) has highlighted the need for correct and complete reporting of data in the TDS statements and has therefore, implemented processes to enforce.

17/02/2014

No additional income tax (DDT) to be paid U/S 115R on redemption/repurchase and at the time of allotment of bonus units. [CBDT Circular 6/2014 dated 11-02-2014].

17/02/2014

Supreme Court (SC) dismisses Special Leave Petition (SLP) in the case of CIT Vs. Gujarat Narmada Valley Fertilizers Company Ltd. filed against decision of Gujarat High Court which upheld the order of Income Tax Appellate Tribunal holding that disallowance under section 40(a)(ia) of the Income Tax Act, 1961 is not justified on reimbursement of expenses to C & F and consignment agents.

17/02/2014

Section 54F cannot be disallowed merely because construction was not complete in all respects within stipulated period. The Hon’ble Karnataka High Court, in the decision rendered in the case of Sambandam Udaykumar (supra).

17/02/2014

Penalty u/s 271D cannot be levied for cash deposited in bank by company director for making urgent payments to suppliers.

17/02/2014

Sec 41(1) merely because liabilities were outstanding for last many years, it cannot be said that said liabilities ceased to exist.

17/02/2014

Deduction u/s. 80IB cannot be denied for mere non-filing of Audit Report along with return of income.

04/02/2014

Ex*****on of development agreement is not transfer u/s 53A of transfer of property act if entire control of owner [CIT Vs Sadia Shaikh (HC of Bombay at Goa)]

04/02/2014

Delhi government decides to scrap DVAT audit report in Form AR1. To take other measures to simply DVAT [Notification awaited. Source HT/TOI of 02-02-2014].

Address

New Delhi
110092

Telephone

+91-11-22040745

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