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CAG has Constitutional Mandate to Audit Private Firms has been Vindicated by the Hon’ble Supreme Court. CAG is duty bound to report to Parliament matters involving revenue sharing:
Portfolio Management schemes, transactions gains are capital gains and not business profits. [Radials International vs. ACIT (Delhi High Court), ITA No.485/2012, Pronounced on: 25.04.2014].
Important principles on distinction between “contract for sale of goods” and “works contract” explained by the Supreme Court in the matter of State of A.P. v. Kone Elevators (India) Ltd (2005) 3 SCC 389.
Once it is held that the assessee had set up the business during the year, the profit and loss account had to be prepared in accordance with Part II & III of Schedule VI of the Companies Act and has to be certified by the auditor [ACIT Vs. South West Port Ltd., ITA No. 84 of 2013,Panaji – Tribunal].
Portfolio Management schemes, transactions gains are capital gains and not business profits. [Radials International vs. ACIT (Delhi High Court), ITA No.485/2012, Pronounced on: 25.04.2014].
Important principles on distinction between “contract for sale of goods” and “works contract” explained by the Supreme Court in the matter of State of A.P. v. Kone Elevators (India) Ltd (2005) 3 SCC 389.
Once it is held that the assessee had set up the business during the year, the profit and loss account had to be prepared in accordance with Part II & III of Schedule VI of the Companies Act and has to be certified by the auditor [ACIT Vs. South West Port Ltd., ITA No. 84 of 2013,Panaji – Tribunal].