Anonymous
05 March 2010 at 18:11
In this connection, we have to state that our company has purchased 50000 shares of Lava Coated Paper Ltd. for Rs. 1000000 during the financial year 1993-94 i.e. 01-04-1993 to 31-03-1994 and the transfer expenses were Rs. 5000. So the cost of the said 50000 shares in our hands as on 31-03-1995 was Rs. 1005000. But out of 50000 shares only 3000 shares could be transferred in the name of Company and the balance of 47000 shares could not be transferred since signature differed and share certificates were returned to our broker Shri Tushar Bedi.
However, he could not do anything in respect of transfer of said 47000 shares. The cost of which worked out to Rs. 944700 and hence during F.Y. 1997-98 said sum of Rs, 944700 was transferred to the account of said Shri Tushar Bedi and we made claim from him, but ultimately we had to write off the said account as bad debts since we could not recover the said sum from Shri Tushar Bedi. Since he never responded to our claim/request etc. and hence in the F.Y. 2005-06, the account of Shri Tushar Bedi was written off and the sum was claimed as bad debts. All these facts were reflected in accounts of earlier years by way of notes to balance sheet filed with return of income.
In the above said fatual premises, what we feel :
1. As the said sum is not recoverable from said Shri Tushar Bedi, the same being written off as irrecoverable in P & L A/c. the same should be allowed as claimed.
2. Alternatively the same can be considered as capital loss and has to be adjusted against the capital gain as shown in the return of income and income requires to be recomputed accordingly. According to us, it will have no effect on income as per return.
N.B. The shares are shown under the head investement in balancesheet.
Can you guide us on the issue.
Anonymous
05 March 2010 at 16:48
I AM LEAVING MY PRESENT COMPANY WHICH I JOINED IN OCT-08. AFTER THAT I HAVE NOT CLAIMED LTA TILL DATE. NOW I AM UNDER FULL AND FINAL SETTLEMNENT. MY ACCOUNT PERSON SAYS HE WILL DEDUCT TAX ON LTA IF I HAVE NOT TAKEN REQUIRED LEAVES. PLEASE LET ME KNOW
A) IS TAKING LEAVES NECESSARY TO KEEP LTA AMOUNT NON-TAXABLE?
B) IF YES IS TAKING LEAVES STILL NECESSARY TO KEEP LTA AMOUNT NON-TAXABLE EVEN WHEN I AM LEAVING? I UNDERSTAND THIS IS TERMINATION OF SERVICES AND IN THIS CASE LEAVES ARE NOT MENDATORY.
APART FROM LTA ISSUE- MY FINANCE PERSON IS ASKING ALL PROOFS OF INVESTMENT BEFORE FULL AND FINAL SETTLEMENT 8.3.2010. MY INVESTMENT DATE IS AFTER 25.3.2010. HE IS SAYING INCASE I DONT SUBMIT PROOF OF 1.0 LAC INVESTEMNT HE WILL DEDUCT TDS. WHILE I UNDERSTAND THAT MY NEXT EMPLOYER SHOULD FINALLY ASK FOR PROOFS OF INVESTMENT AND MY PRESENT EMPLOYER CAN TAKE MY DECLARATION AS FINAL AND CAN AVOID TAX DEDUCTION. PLEASE ADVISE.
Anonymous
05 March 2010 at 15:44
I am a working partner in a firm and receiving remuneration on proportionate basis.
The firm has no fixed assets as motor car. My Motor car is used for the firm's business.
The fuel expense is borne by the said firm and the depreciation and insurance on motor car is claimed as expenses against the partnership share in my return of income.
The AO is not satisfied and dissallowed the above expenses claimed in my return of income.
How to justify the same? Please guide me.
hussain
04 March 2010 at 18:19
Sir,
The company as to exports medicine outside india for that form sales tax department what kind of formality as to be done or whether the company exports sale without any formality form sales tax at that time what kind of tax to be paid by the company.please sugges me.
Thanking You
Anonymous
04 March 2010 at 13:58
Dear Sir,
I would be glad if you throw some light on the below issue,
I purchased a bunglow by paying the amount in lumsum, First payment was made on 07-02-2001 and last on 26-10-2002. Date of allotment is 21-03-2002 and date of possession is 24-11-2002.
Now the question is:
What will be the date of acquisition for calculating long term capital gain.
Awaiting for a reply.
P R Shah
James
04 March 2010 at 10:39
Hello Experts,,
Plz suggest me regarding two queries:-
1) My income is taxable since the last three years.But I had not filled returns Although TDS were deducted on most occasions but not all.
So if I file my return now will I have to pay any penalty?If yes, then at what rate & is there any way to avoid that??
2)I'm salaried employee & So as I know I can get an exemption upto 1.6L & another 1L for investments.Now is there any other means by which I can get exemption on income above that(considering all my income is from salary only).
Anonymous
04 March 2010 at 09:16
We, a private limited company having regd. office at Delhi and Head Office at Ghaziabad, filing our return of income for last 12 years at Ghaziabad from head office address. Returns of income were also processed u/s 143(1) at Ghaziabad. Return of income for the A Y 2006-07 mentioning therein address of Ghaziabad was submited electronically. The case was selected for scrutiny under (CASS). Necessary notice u/s 143(2) was issued but by ITO of Delhi. No notice was received by the company or any of its director. A final notice was issued by Delhi ITO on the directors of the company which was also received but on the date of hearing itself. Hence it was not possible to appear on the date fixed. Order u/s 144 was passed by Delhi ITO adding all the amount of share capital, unsecured loans and 20% of sales. There was no fresh share capital issued or unsecured loan received during the year under question. We are now in appeal with CIT challenging the jurisdiction of the Delhi ITO. Delhi ITO is saying that he has the jurisdiction over case due to our address available with IT PAN Data base which is of our regd. office at Delhi. Let me know what cource of action is best in this case.
Anonymous
04 March 2010 at 09:00
We, a private Limted company, sold certain shares in other closely held companies which were held as investment. Sales consideration was received through cheques. The investigation deptt of I Tax, find that the purchaser companies were entry operator. The directors of the purchaser companies also accepted and given oath that no real transaction was entered into by their companies. Their denial was general in nature not to a particular transaction. Our case was opened u/s 148. We have submitted the purchaser's confirmation, their IT details but AO has added all consideration received on account of sale of shares held as investment u/s 68 of the IT Act. Now we are in appeal with CIT. Let me know what we have to do now. Is there any case law decided which will go in our favor. I appeal we taken the view that sec. 68 is not applicable in our case as we have not received any sum on account of cash credit, share capital, unsecured loan or share application money rather it is case of sale of investment.
Anonymous
03 March 2010 at 23:22
sir
i am working in export company where we just got a summon from central intelligence office about availment of draw back soya cenvat credit......
as i know that export are eligible for draw back......then why we got that type of summon.....plz tell me what should we do in this case
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