Auditor’s Report on Special Purpose Financial Statements

Climate Change and Its Impact on Financial Statement

From Published Accounts

Proposed Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets

Allied Laws

Part A | Company Law

Property Owned By Hindu Females

SME IPOS: Regulatory Challenges and Proposed Reforms

Chatting Up About India: Taxpayer Asks From Income Tax Code

Closements

Glimpses of Supreme Court Rulings

Capital gains — Transfer — Possession taken in part performance of contract — Agreement must be registered — Joint Development Agreement — Not registered — Ownership of capital asset retained by Assessee throughout — Possession clauses suggesting possession to be parted with for limited purpose of development — Unregistered agreement not effecting transfer of property u/s. 2(47)

Charitable institution — Exemption — Scope of sub-sections (1), (2) and (3) of section 11 — Explanation to section 11 cannot be applied — Accumulated income — Donations to extent of 15 per cent. of surplus income accumulated to other charitable institutions for short period — Not permanent endowments made or donations imbued with some degree of permanency — Donations reversed — Exemption could not be denied

Company — Computation of Book Profits — Scope of section 115JB — Disallowance u/s. 14A — Amount disallowed cannot be taken into consideration when computing book profits

Income from House Property and Business Income — Difference — Finding by Tribunal that the Assessee Company had been formed with the object of developing Commercial Properties — Rental income from such properties is assessable as business income

Offences and prosecution — Wilful evasion of tax — Deletion of penalty with regard to same issues on ground that there was no concealment of income — Prosecution not valid.

Recovery of tax — Stay of recovery during first appeal — Requirement of deposit — Discretion to forgo requirement and grant stay — Debatable issue — Direction for stay of recovery proceedings without deposit

Return — Delay in filing return — Application for condonation of delay — Limitation — Period to be computed with reference to date on which return had been filed

Trust — Educational institution — Registration — Validity — Application for registration erroneously made while charitable institution continued to be registered — Assessee permitted to withdraw application filed inadvertently:

Refund of tax — interests payable thereon — delayed payment of refunds burdens the public exchequer with such interest amounts – Rules would be required to be framed — Accountability to be fixed

Deduction in respect of the broken period interest — securities held as stock in trade: Expenditure incurred by the assessee on the issue of Fully Convertible Debentures.

Section 148 — Reassessment — On deceased person — Not permissible

The allotment letter issued by developer is to be construed as an ‘agreement’ for the purpose of section 56(2)(vii)(b). Consequently, benefit of proviso to section 56(2)(vii)(b) will be available and valuation of the property as on the date of allotment letter will need to be considered and not the valuation as on the date of conveyance.

Annual value of vacant flats held as stock-in-trade is not chargeable as `Income from House Property’.

Ss. 12AB, 2(15) – Where the objects and activities of the trust showed that its charitable activities were for the general public at large and not only for the alumni and faculty of the university, it was entitled to registration under section 12AB.

Where the assessee was not only for the benefit of its members but also for benefit of insurance consumers from the general public, it was regarded as engaged in charitable activity in the nature of advancement of object of general public utility and therefore, principle of mutuality could not be applied. Where participation in the annual meet of the assessee was free of cost, it was not a case of rendering of any service for a fee and therefore, proviso to section 2(15) did not apply.

S. 17(3) — Voluntary severance compensation received by an employee for loss of employment could be regarded as capital receipt not subject to tax as profits in lieu of salary under section 17(3).

Article 12 of India-US DTAA — Sincereceipts for providing access to online courses and conduct of examinations did not satisfy ‘make available’ condition, it was not taxable as fees for included services.

Article 11 of India-China DTAA — Interest received by China Development Bank qualified for exemption under Article 11(3) since, in fact, it was a financial institution owned by the Government of China.

Do Not Kill The Golden Goose

From The President

Waiver Scheme

Goods And Services Tax

Recent Developments in GST

जानामि धर्मम् न च मे प्रवृत्ति: !

Letter To The Editor

Input- Output Ratio

Miscellanea

Regulatory Referencer

Learning Events at BCAS

Tech Mantra

Small Steps, Big Impact: Beginning Your AI Journey

Business Succession Planning: The Strategic Role of Chartered Accountants and Creating Value beyond Compliance