Daily Archives: July 27, 2015

NAME OF COMPANY

By | July 27, 2015

SECTION 4 OF THE COMPANIES ACT, 2013 – MEMORANDUM – NAME OF COMPANY – USE OF WORD ‘NATIONAL’ IN THE NAMES OF COMPANIES OR LIMITED LIABILITY PARTNERSHIPS (LLPs) GENERAL CIRCULAR NO.2/2014 [F.NO.2/2/2014-CL-V], DATED 11-2-2014 It has come to the knowledge of this Ministry that Companies/Limited Liability Partnerships are being registered with the word ‘National’ in… Read More »

Interest on Fixed Deposit not taxable in HUF if

By | July 27, 2015

Interest on Fixed Deposit not taxable in HUF if  Fixed Depoist was transferred to daughters of Karta on disposal of assets Where asset was disposed in favour of six minor daughters of Karta in form of fixed deposits, interest thereafter could not be treated as part of wealth of assessee-HUF and would not be taxable… Read More »

Refund of CENVAT available when export proceeds were not realized

By | July 27, 2015

Issue: Whether refund of CENVAT credit is allowed if input services were used in relation to export and the export proceeds were not realized? Held: Yes,Refund of CENVAT available when export proceeds were not realized  M/s P&P Overseas Vs. Commissioner of Central Excise, Excise Appeal Nos. 1307-1308 of 2011, Date of Decision: 29.10.2014, CESTAT –… Read More »

Brand expenses are revenue expenses

By | July 27, 2015

Question :Whether the brand registration expenses and other expenses upon development of brand incurred by assessee are in the nature of revenue expenditure ? Held  :Yes, Brand expenses  are revenue expenses and can be debited in profit and loss account and reduced from the income. M/s Seagram Distilleries Pvt. Ltd. Vs. Jt. Commissioner of Income Tax,… Read More »

Forensic Audit

By | July 27, 2015

Forensic Audit   Introduction With the growing complexity of business environment and other complex issues of financial market, cases of scams and financial irregularities are on a spree. None the less, these scams are highly affecting the Indian business environment and thus act as a key factor for downgrading the Indian economy. Subsequently the number of… Read More »