S. 271FA: As DIT is of the same rank as the CIT(A), an appeal against the DIT's order can only be filed before the ITAT even though s. 253(1) does not refer to s. 271FA
As the Director of Incometax who has passed an order under section 271FA of the Act is equal in rank with the Commissioner of Income-tax (Appeals), appeal against such an order can only be filed before the ITAT. Appellate jurisdiction always lies with the forum who is higher in rank than the forum whose order is under challenge; meaning thereby the appellate court or jurisdiction can examine the order of the inferior court and not of the court or authority who is equivalent in rank. Though there is no specific reference of the order passed under section 271FA of the Act by the Director of Income-tax in section 253(1) of the Act for the purpose of filing an appeal against the said order, but an analogy drawn from the reading of section 253(1) of the Act is that the order passed by the Commissioners of Income-tax or an Officer who is equal in rank can only be challenged before the Tribunal, which is higher in rank.
Though there is no specific reference of the order passed under section 271FA of the Act by the Director of Income-tax in section 253(1) of the Act for the purpose of filing an appeal against the said order, but an analogy drawn from the reading of section 253(1) of the Act is that the order passed by the Commissioners of Income-tax or an Officer who is equal in rank can only be challenged before the Tribunal, which is higher in rank
PFA
S. 271(1)(c): Penalty cannot be levied for an assessment made in a cursory & summary manner
A perusal of the assessment order demonstrates that it has been passed in a cursory and summary manner, de hors of any detail, except for mentioning that certain figures had not tallied, no analysis whatsoever or reasons leading to the disallowance, are given by the AO. AO simply says that the assessee has filed reply explaining the discrepancies but does not give any reason as to why the explanation cannot be accepted. Nowhere in the penalty order the charge on which penalty is being levied has been specified. Such an assessment, in our view cannot be a basis for levy of penalty u/s 271(1)(C
PFA
GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, dated 16th January, 2015 In exercise of the powers conferred by section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Accounts) Rules, 2014, namely:— (1) These rules may be called the […]
Form AOD 5 is attached PFA
Companies (Accounts) Amendment Rules, 2015
GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
Notification
New Delhi, dated 16th January, 2015
In exercise of the powers conferred by section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Accounts) Rules, 2014, namely:—
- (1) These rules may be called the Companies (Accounts) Amendment Rules, 2015.
(2) They shall come into force on the date of their publication in the Official Gazette.
- In the Companies (Accounts) Rules, 2014,—
(i) after rule 2, following rule shall be inserted, namely:—
"2A. Notice of address at which books of account are to be maintained.—For the purposes of the first proviso to sub-section (1) of section 128, the notice regarding address at which books of account may be kept shall be in Form AOC-5."
(ii) in rule 6, after the third proviso, the following proviso shall be inserted, namely:—
"Provided also that nothing in this rule shall apply in respect of consolidation of financial statement by a company having subsidiary or subsidiaries incorporated outside India only for the financial year commencing on or after 1st April, 2014."
(iii) in the Annexure, after Form AOC-4, the following Form shall be inserted, namely:—
[F.NO. 1/19/2013-CL-V-PART
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Companies (Accounts) Amendment Rules, 2015 GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, dated 16th January, 2015 In exercise of the powers conferred by ... | |||||||
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