Daily Archives: September 8, 2015

No Recovery without passing an Assessment Order

Q; Whether recovery can be made without passing an Assessment Order ? when there is no assessment order or notice issued, the impugned notice of demand of cash amount is wholly untenable and illegal Since the petitioner is challenging the liability, he should be given notice of assessment followed by personal hearing and thereafter, the… Read More »

Now trade payable to be bifurcated

Q : How trade payable to be bifurcated in the Balance Sheet ? ITO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II. SECTION 3, SUBSECTION (i)l GOVERNMENT OF INDIA l Mlinistry of Corporate Affairs Notification New Delhi, the 4th september, 2015 GSR .- (E) In exercise of the powers conferred by sub-section (1) of section… Read More »

Profit from sale of agricultural land is not book profit in Section 115JB

Q Whether Profit from sale of agricultural land would be included for purpose of computing book profit under section 115JB ? Profit from sale of agricultural land would not be included for purpose of computing book profit under section 115JB Profit arising on sale of agricultural land, which does not fall in the category of “Capital Asset”… Read More »