View Full Profile
To give effect to section 145A, if there is a change in the closing stock corresponding change in opening stock also to be made
Undisclosed Income vis-a-vis asset disclosed in the Regular Returns
Interest accrued on deposit is business income
Sale of residential house and investment in new house – Even though registration is not complete assessee is entitled to exemption u/s. 54F
NOT VALID
Original assessment proceedings are relevant to ascertain the recording of satisfaction – No reason in original assessment proceedings for levy of penalty – Penalty imposed liable to be cancelled – A.Ys. 1996-97 to 2001-02
Debts pending since long – In most cases recovery barred by limitation – Debts written off in books of account – Allowable as deduction – A. Y. 1998-99
Expenditure on replacement of manual cone winders by auto cone winders in textile mill – No cost advantage on such replacement and no increase in installed capacity – Expenditure incurred was revenue notwithstanding large amount was spent - A.Y. 2002
Assessee carrying on software export as well as domestic business – Assessee maintained independent and separate books of account for export and domestic sale – Deduction needs to be computed considering only the export business –A.Y. 1993-94
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
