Home Highlights November 2012 Year 2012 This

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1. CIRP - Application filed u/s 7 of IBC dismissed on the ground of time limitation - After perusing the relevant balance sheets and director’s report, it is satisfied that...

2. Reversal of CENVAT Credit - creation of provisions in the balance sheet for the old and slow-moving inputs - On perusal of the balance sheet, it can be seen that the...

3. Maintainability of application - initiation of CIRP - Period of limitation after default - the Adjudicating Authority relied on the balance sheet to hold that there was...

4. Addition u/s 56(2)(vii)(c) - determination of FMV of shares - drawing up a balance sheet as on valuation date or previous audited balance sheet is to be taken as the...

5. Addition on account of balance-sheet difference - difference crept out of the balance-sheet item does not result as understatement of income.- AT

6. Demand based on reconciliation of ST returns with the balance sheet - stay granted - AT

7. Addition u/s 68 of the Income Tax Act. The assessee, who did not maintain books of accounts, received interest-free loans from Shri Anil Kumar Singh through normal...

8. Addition u/s 68 - accommodation entry - unsecured loan shown under the head of trade payables - Though the objection that the assessee has not conducted any business and...

9. Filing of Balance Sheet and Profit and Loss Account in eXtensible Business Reporting Language(XBRL) mode for the financial year commencing on or after 01.04.2011 - Circular

10. Filing of Balance Sheet and Profit and loss account in Extensive Business Reporting Language mode for the financial year commencing on or after 01.04.2012 - Circular

11. Filling Of Balance Sheet and profit and loss Account by Companies in Non-XBRL for the accounting year commencing on or after 01.04.2011 - Circular

12. Calculation of Tax Liability based on subsequent year's Balance Sheet - non-service of SCN - Obligation to monitor GST Portal - The High Court found merit in the...

13. Initiation of CIRP - Period of limitation - it is well settled position of law that Annual Returns/Audited Balance Sheets can be referred to and relied on to see if...

14. Levy of GST - Levy of GST - Services are in relation to conduction of examination - job to scan the OMR Flying slip, OMR marks Foil with barcode sticker, scanning of OMR...

15. Unaccounted opening cash balance - In the Balance sheet the cash balance and sundry creditor is shown at NIL figure - in the light of the reason given by the assessee...