Wednesday, November 5, 2014

[aaykarbhavan] No revision by CIT on issue relating to apportionment of exp. if AO had duly examined such claim

No revision by CIT on issue relating to apportionment of exp. if AO had duly examined such claim

November 5, 2014[2014] 50 taxmann.com 100 (Delhi)

IT: Where Assessing Officer had specifically examined issue relating to apportionment of common expenditure and was fully satisfied with apportionment made, Commissioner could not have invoked provision under section 263 merely on assumption that order passed by Assessing Officer could possibly have been erroneous

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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[aaykarbhavan] Hospitals couldn't be deemed to have object of general public utility; eligible for sec. 12AA registration

Hospitals couldn't be deemed to have object of general public utility; eligible for sec. 12AA registration

November 5, 2014[2014] 49 taxmann.com 392 (Bangalore - Trib.)/[2014] 31 ITR(T) 125 (Bangalore - Trib.)

IT: Where assessee, charitable institution was running a hospital, proviso to section 2(15) would not be applicable

IT: Registration of trust providing medical relief cannot be cancelled on ground that trust was being run on commercial lines

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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Tuesday, November 4, 2014

[aaykarbhavan] Query on Sec 56(2)(viia) & Rule 11UA

A company has been incorporated in India in Feb 2014 wherein 51 % equity capital is subscribed by a German Co and rest 49 % is subscribed by indian promoters. Thus it is a foreign company.

The company so incorporated has received contribution toward equity capital in June 2014 from the German co & Indian promoters in the ratio of 51:49 respectively.The shares are now being allotted as right shares against such contribution.

The shares must be allotted on the basis of valuation of future cash flows on DCF method as per FEMA guidelines. Thus the shares shall be allotted on premium since the DCF method calculation suggest so.

My query is whether Sec 56(2)(viib) and Rule 11UA are duly complied by obtaining the CA certificate for DCF Method of valuation of shares under FEMA and whether the AO shall not raise any query on the premium so charged ?

Answers & suggetions on above query shall be obliging.

CA M S Tapuriah

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Posted by: madhu tapuriah <tapuriahmadhu@yahoo.co.in>

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[aaykarbhavan] Today:Very Important Topics to be discussed at DTPA by CA N More on "Companies Act:Problems & Solutions" from 4p.m.

Topics to be discussed:

a) How to issue shares: Procedures

of right issue, private placement, preferential allotment &

planning
?

b) How to handle notice for non filling of Form 5INV?

c) Can we file DPT4 without paying any penalty now?

d) What are additional cares to be taken

under Companies Act,2013
?

e) How can we plan for “Related party transaction” u/s 188 to the extent possible?

f) How can we plan for “loan to group cos u/s 185” to the extent possible?

g) What are cares to be taken for appointment of Auditors?

h) What are cares to be taken for appointment of directors?

i) What are cares to be taken for filling MGT14 along with Draft resolutions for 1st BM?

j) How to handle Practical Problems?

DTPA CHARTERED ACCOUNTANTS’ STUDY CIRCLE - EIRC

Organises a Study Circle Meeting

COMPANIES ACT, 2013:SELECTED PROBLEMS & SOLUTIONs

Hony. Speaker:

CA. NITESH MORE

WEDNESSDAY, 5th November, 2014

4:00 p.m.

DTPA Conference Hall

3, Government Place (West), Income Tax Building

2^nd Floor, Room No: 2/32, Kolkata: 700001

Delegate Fee:

Members :Rs. 50/-, Non Members 100/-

President - CA. Kashi Prasad Khandelwal

Secretary - CA. Ramesh Kumar Chokhani

Convenor - CA. Sanjay Bajoria

Deputy Convenor - CA. D.S. Agarwal

Note:

1) Registration is on first-cum-first serve basis at DTPA office at 3, Government Place (West), Income Tax Building, Ground Floor, Kolkata: 700001, Call: 22420638 / 32628487

2) Application is being made to ICAI-EIRC for grant of 3 CPE hours

3) Please keep your cell phones in silent /switched off during the meeting.

---------------------------------------------------------------------------------------------------------------------------------------------

DTPA CHARTERED ACCOUNTANTS’ STUDY CIRCLE - EIRC

REGISTRATION FORM FOR MEETING ON-30.10.2014

Name_____________________________________________________________

Membership No.(ICAI)______________ (Mobile No.)____________________

Email : _______________________________

Mode of payment: Cheque/Cash_____________Date___________ On_______________________________for Rs.___________

Signature________________

Please issue cheque in favour of “DTPA Chartered Accountants’ Study Circle-EIRC”

Warm Regards

"Team" CA.Nitesh More

JOIN OUR FB GROUP NOW : https://www.facebook.com/groups/caniteshmore/

To receive updates, send an email for adding to group to moreassociate@gmail.com

Disclaimer: Neither moderator nor sender nor any other person takes any responsibility, liability of any nature. Readers are requested to verify the genuineness of each & every information including any appeal, from own source.

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Posted by: Nitesh More <moreassociate@gmail.com>

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[aaykarbhavan] Require CA/CA finalist etc in Kolkata

1) From: Harish Tiwari <harishtiwari@gmail.com>

Required Qualified/Semi CA/CS &Tax/Audit assistants who have thorough knowledge of tally and efiling of ROC documents , IT ,TDS & Service tax returns.Our office is near Mohd Ali Park. Remuneration shall have no bar for deserving candidates. Contact by email at taxclient@gmail.com or call at 9830006480

)

Dear All,

We are very glad to inform you that, we are in the process of hiring Company Secretary fresher/experience with 2-5 years for our Manappuram and Group Companies.

Candidates should be well versed with the New Companies Amendment Act,2013.

Please forward your resume to susilmishra@manappuram.com

About our Company

MAFIL (NBFC Company), founded in 1949 by the late V.C. Padmanabham in thrissur district, is one of the leading financial service provider in India. Its service includes Gold loan, Foreign Exchange & Money Transfer.

Thanks & Ragards

CA Susil Kumar Mishra

Chief Manager

Manappuram Finance Ltd.

E-mail Id. cadipuna@gmail.com

Dear All,

We are very glad to inform you that, we are in the process of hiring some experienced Chartered Accountants with more than 5 to 10 years of experience for our Manappuram and Group Companies.Experience in Financing Industries like Vehicle Finance, Loan Against Property and Micro Finance etc will be preferred for selecting the candidates.Please forward your resume to susilmishra@manappuram.com

About our Company

Thanks & Ragards

CA Susil Kumar Mishra

Chief Manager

Manappuram Finance Ltd.

E-mail Id. cadipuna@gmail.com

Mob - 8129265205

2) We at CHHAPARIA & ASSOCIATES, 8, Camac Street, Suite 502 & 515, Kolkata – 700017, require two chartered accountants as follows:

Income Tax: The CA should have experience of at least five years in a Chartered Firm having exposure of handling income tax assessments, preparing & filing appeals and he/she should have good command over English and ability to interpret law and computer friendly, Aged between 25 to 40 years. Salary may range between Rs. 5 to 10 Lakhs per annum depending upon the experience.

Corporate consultancy/ Audit: The CA should have good exposure in auditing, accounting and company law. The candidate should have good communication skills, knowledge of accounting standards, company law and should be proficient in computer applications, especially Excel and Tally. The candidate should have worked in a professional firm post qualification for at least three years. Salary depending on experience within Rs. 4 to 6 Lakhs per annum.Please reply by mail enclosing C.V. within 12^th November 2014 atkkc@chhapariaassociates.com. The subject matter should be marked as “Tax consultant” or “Audit Consultant”.

3) ecotech@cal2.vsnl.net.in : Immediately require only DISA qualified CA

)

Dear Sir

We want 2 assistants who have experience of preparation of Annual Accounts and ROC & IT efilling near Sealdha Station, Kolkata. Email cv to palas1966@gmail.com

Palas Chattopadhyay

9830054949

Dear sir,

We require 3-4 assistants who have thorough knowledge of tally and efiling of ROC documents , IT ,TDS & Service tax returns .

Our office is near Mohd Ali Park.

Remuneration shall have no bar for deserving candidates.

Contact by email at taxclient@gmail.com

or call at 9830006480

)

efilling2199@gmail.com: Require CA finalist/other person , who knows efilling work,near dumdum metro call 9681484380

6
) Dear Nitesh

We need CA/Semi qualified and fresher for our firm.

Please circulate in your group. CA Firm have vacancy for qualified CA/CS. Senior level audit staff as well as fresher and articled clerks.Interested candidate may contact at binay1@yahoo.com

CA. Binay Kumar Singhania

for and on behalf of

B K S & CO

Chartered Accountants

6A Raja Subodh Mullick Square

Suite # N207

Kolkata - 700013

Phone # 22251543/44

Mobile # 9433068790

7)
Dear Sir,We are in need of CA Inter and qualified chartered Accountant. You are requested to post the same.

Anil Kumar Gupta

Anil Richa & Associates

Chartered Accountants

Room No 17, Block - A, 1st Floor,

Mercantile Building,

9, Lal Bazar Street,

Kolkata - 700001

Mobile: 9831062954

Office: 22313068/40053459

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Posted by: Nitesh More <moreassociate@gmail.com>

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[aaykarbhavan] Reassessment to tax income from house property upheld as ALV of property assessed at higher rate in prior year

Reassessment to tax income from house property upheld as ALV of property assessed at higher rate in prior year

November 4, 2014[2014] 49 taxmann.com 479 (Mumbai - Trib.)/[2014] 150 ITD 659 (Mumbai - Trib.)

IT : Where Assessing Officer having completed assessment taking rental value of property at a particular amount, initiated reassessment proceedings finding that in earlier assessment year rental value accompanied by interest free deposit had been assessed at higher amount and said annual value would have only witnessed an increase during intervening period of two years, validity of proceedings so initiated deserved to be upheld

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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[aaykarbhavan] Fw: Fwd: LiveTV link for tomorrow evening my talk at 6 pm Applying Professional Audit Judgement

On Tuesday, 4 November 2014 9:20 PM, Ramachandran Mahadevan <ramachandran.mahadevan@gmail.com> wrote:

Subject: Fwd: LiveTV link for tomorrow evening my talk at 6 pm

http://bangaloreicai.org/index.php?option=com_k2&view=item&layout=item&id=9&Itemid=209

Sent from my iPad

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Posted by: Ramachandran Mahadevan <ramachandran_ca@yahoo.co.in>

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