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| Hindustan Copper Limited |
| Description :Appointment of Internal Auditors for F.Y.2014-15 for Hindustan Copper Limited Last Date : 30/04/2014 |
The CBDT has issued Circular No. 09/2014 dated 23.04.2014 in which it has dealt with the important issue of treatment of expenditure incurred for development of roads & highways in Build-Own-Transfer (BOT) agreements.
The CBDT has expressed the view that as the assessee does not hold any rights in the project except recovery of toll fee to recoup the expenditure incurred, the assessee cannot be treated as the "owner" of the property and cannot be allowed depreciation u/s 32(1)(ii) of the Act.
However, the CBDT has also held, following the law laid down in Madras Industrial Investment Corp 225 ITR 802 (SC), that the entire cost of construction and development of the infrastructure facility has to be amortized evenly over the period of the concessionaire agreement and allowed as business expenditure u/s 37(1) of the Act.
The CBDT's view with regard to the assessee not being the "owner" runs counter to the law laid down in Noida Toll Bridge 213 Taxman 333 and several other judgements. In Swarna Tollway, the ITAT has conducted a thorough analysis of the entire law on the subject and concluded that the assessee has to be treated as the "owner" even though it has limited rights on the structure. The Tribunal relied on several judgements of the Supreme Court including Mysore Minerals 239 ITR 775 (SC) where the concept of "owner" has been considered in great detail.
Unfortunately, the CBDT has not applied its mind these aspects and come to a conclusion in a summary manner.
It is well settled that a Circular which is contrary to the law has no binding effect (see Death of a Circular).
However, the CBDT's directive that the expenditure should be amortized and allowed as business expenditure is welcome.
Regards,
Editor,
Seminar on Audit Aspects Relating to
Co-operative Banks & Societies
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CPE
09 Hrs
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Day & Date
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Saturday, 3rd May, 2014 & Sunday, 4th May, 2014
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Venue
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Khimji Kunverji Vikamsey Auditorium, ICAI Tower, Near Standard Chartered Bank, BKC, Bandra (E), Mumbai – 400 051
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Time
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10.00 a.m. to 6.00 p.m. (Saturday) 10.00 a.m. to 1.00 p.m. (Sunday)
(Registration & breakfast 9.30 a.m. to 10.00 a.m.)
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Fees
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Rs. 1,500/- (inclusive of course material, breakfast & lunch) (Please add Rs. 100/- towards CA Benevolent Fund)
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Chief Co-ordinators
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CA. Girish Kulkarni 9225306814
CA. Sushrut Chitale 9821112904
CA. Subodh Kedia 9879267750
(Regional Council Members)
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Co-ordinators
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CA. Aniket Kulkarni 9821690559
CA. Nehal Turakhia 9833991898
CA. Ankit Sanghvi 9820689003
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Topics
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Speakers
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Saturday, 3rd May, 2014
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Important Sections in Maharashtra State Cooperative Act as amended which are having bearing on accounts and audit, eligibility of Auditors Sec 81 including related circulars and Notifications
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CA Ramesh Prabhu
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Auditing in computerized environment and information technology system related issue
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CA Abhay (M.R.) Mate
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Reporting Requirement for Co-operative Bank and other important cooperative societies under MSC Act as well as under RBI Act and other important acts.
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CA Uday Karve
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Corporate Governance in cooperative societies and Banks
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CA Sudhir Pandit
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Sunday, 4th May, 2014
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Maharashtra Co-op Act, Rules and related amendments in respect of
1. Audit Report requirements
1. Records to be maintained by various types of Cooperative Societies.
3.Auditors Responsibilities
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CA. D .A. Chogule,
Divisional Joint Registrar,
Co-operative Societies (Audit),
Kolhapur Division
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Landmark Decisions relating to frauds in Coop sector. Case Studies in frauds in Coop sector.
Responsibilities of auditors in case of frauds , collection of evidence and procedure for lodging FIR in case of frauds
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Justice Shri Suresh Pawar
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To Register Online for event visit http://wirc-icai.org/onlineevents.aspx
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| Role Description | |||
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POSITION TITLE: Executive Pricing
DIVISION: WBB DEPARTMENT NAME/DEPT ID: Pricing LOCATION: HO Mumbai REPORTS TO POSITION TITLE: Asst Manager Pricing | ||
| 10744BR | |
| CA/CMA qualified- Freshers (2013/2014 qualified) | |
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Companies Act, 2013
has brought massive changes for private companies as barring a very
few, all the exemptions which were available to private companies under
the Companies Act, 1956 have been withdrawn in the Companies Act, 2013. In this article, we attempt to throw light on the impact of Companies Act, 2013 on private companies by means of comparison of the significant provisions |
