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Where share application money is returned without any allotment of shares, such refund cannot be classified as loan or advance under section 2(22)(e), unless mala fide intentions of assessee are proved [ Vikas Oberoi Vs. DY. CIT (2013) 37 taxmann.com 46 (Mumbai - Tribunal)]
Please join ICAI Master in Business Finance Certificate Course 6th Batch Classes starting at Delhi on 5th October 2013[See www.icai.org or Contact 9350799912]
Members are requested to give suggestions on Draft Rules under The Companies Act 2013 by 20th September 2013 at draftrulesmca@icai.in
In the case of State of Andhra Pradesh v/sRashtriyaIspat Nigam Limited., 2013(13) S.T.R. 513 (SC), Honorable Supreme Court has observed that when the effective control of the goods remains in the hands of the transferor only, despite of it being used by the transferee, then hire charges received in lieu of the goods used, is not leviable to sales tax
Guidelines for arrest and bail under Service Tax, Customs Act and Excise Act[Circulars 171/6/2013-Service Tax, 38/2013-Customs &974/08/2013-CX of 17-09-2013].
Please join ICAI Master in Business Finance Certificate Course 6th Batch Classes starting at Delhi on 5th October 2013[See www.icai.org or Contact 9350799912]
Members are requested to give suggestions on Draft Rules under The Companies Act 2013 by 20th September 2013 at draftrulesmca@icai.in
In the case of State of Andhra Pradesh v/sRashtriyaIspat Nigam Limited., 2013(13) S.T.R. 513 (SC), Honorable Supreme Court has observed that when the effective control of the goods remains in the hands of the transferor only, despite of it being used by the transferee, then hire charges received in lieu of the goods used, is not leviable to sales tax
Guidelines for arrest and bail under Service Tax, Customs Act and Excise Act[Circulars 171/6/2013-Service Tax, 38/2013-Customs &974/08/2013-CX of 17-09-2013].