Daily Updation 17-10-2014 A paper flying in air is due to its luck but a bird is flying due to its effort. So if luck is not with you, efforts are always there to support you. Good Morning CA. Vinay Mittal, Ghaziabad ----------------------- Companies which do not have any of their Directors/Signatory details registered in the MCA21 system and who are desirous of filing DIR-3C Form are requested to get atleast one authorised signatory registered by contacting the concerned Registrar of Companies. Instructions have already been issued to ROCs and RDs in this regard. --------------------- ICAI invite suggestion on Preston Budget Memorandum 2015. Suggestions may submitted by 31st. October 2014. Please click on below noted link icai.org/app_forms/prebudgetsugg2k13/index.html --------------------- Section 80G of the Income-tax Act, 1961 - Deductions - Donations to certain funds, charitable institutions (Approval of exemption) - Assessment year 2012-13 - Whether at time of granting approval of exemption under section 80G, only object of trust is required to be examined and, therefore, assessees application seeking approval under section 80G(5) could not be rejected on ground that it failed to incur expenditure to extent of 85 per cent of its income during relevant year - Held, yes [Para 8] [In favour of assessee] [2014]49 taxmann 171 (Gujarat) HIGH COURT OF GUJARAT Commissioner of Income-tax v. Shree Govindbhai Jethalal Nathavani Charitable/Trust ----------------------- IT : Where society, running school, had received development fund as part of students fee which was utilised in amenities and welfare of students, same was to be regarded as capital receipt not chargeable to tax IT : A registered trust is entitled to claim depreciation even though benefit of application of fund had already been granted to it at time of purchase of assets [2014]49 taxmann 294 (Delhi - Trib.) Income-tax Officer (Exemption) v. J.D.Tytler School Society ------------------- No sec. 69B addition in hands of assessee when he was dealing in land as broker on behalf of investors [2014]49taxmann 189 (Jaipur Trib.)Gaurav Kumar Sharma v. Assistant Commissioner of Income-tax -- With warm regards, CA. Vinay Mittal, FCA 34 Navyug Market, 2nd. Floor Ghaziabad - 201001 Tel No. 0120-4120140 Mbl. 09910691575
Posted on: Fri, 17 Oct 2014 00:51:21 +0000
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