NDV Associates

NDV Associates Auditing, Accounting, Taxation and Consultancy Services

20/05/2012

Block of assets mechanism does not require sorting of assets division-wise or unit-wise, even if accounts are maintained that way

20/05/2012

SC: Benami transactions also cover a transaction where part of the consideration is paid by some other person

20/05/2012

Notional interest on loan given to non-resident AE taxable under transfer pricing provisions

29/02/2012

CA. Durgesh Kabra has been elected as the chairman of WIRC of ICAI

28/02/2012

No TDS under section 194H required on payment of brokerage paid to an agency for facilitating derivatives trade

28/02/2012

Deletion of penalty under section 271(1)(c) by Commissioner (Appeals) without recorded any finding as to whether or not assessee discharged onus in terms of Explanation 1 to section 271(1)(c) was not justified

28/02/2012

6 months time-limit for investment in bonds under section 54EC of the Income-tax Act, 1961 to be reckoned from date of receipt of part payments, not from date of transfer under section 53A of the Transfer of Property Act

• Where property is sold by assessee under a transaction ('deemed transfer') covered by section 53A of Transfer of Property Act, possession handed over to buyer on ex*****on of agreement against part payment and balance payment received after 6 months on registration of property, period of six months for making deposit under section 54EC of the Act should be reckoned from dates of actual receipt of consideration; if period is reckoned from date of agreement and receipt of part payment at first instance, then it would lead to an impossible situation by asking assessee to invest money in specified asset before actual receipt of same; this is based on High Court decisions in the context of sections 54E, 54B, 54EA and 54EB which are similarly worded as section 54EC

27/02/2012

Where assessee-firm had received an advance from a company and it was assessee's partners who were shareholders in said company and not assessee-firm, such an advance could not be taxed as deemed dividend in hands of assessee-firm

22/02/2012

Reliance on CA's opinion which dealt with accounting for expense (not its deductibility under the Act) will not save assessee from penalty under section 271(1)(c)

• The expert opinion furnished by CA was that there should be no problem with assessee in claiming expenditure as revenue in financial statements; the opinion was not in respect of claim under Income-tax Act; therefore, it can be said that the explanation tendered by assessee (against imposition of penalty) is not bona fide.

20/02/2012

For purpose of granting registration under section 12AA, a single non-operative clause of commercial nature could not obliterate whole range of charitable activities undertaken by assessee-society

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Thane
401105

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