As per the decision of Punjab & Haryana High court in case of CIT v/s Pepsu Road Transport corpn. (2002) 121 Taxmann 232/ 253 ITR 303 If a machine is ready for use at any moment in a particular factory,the machinery can be said to be "used" for the purpose of business, although in fact it had not worked during the year.So assessee can claim depreciation on assets ready for use.

Now as per the decision given by Bombay High Court in case of Dinesh Kumar Gulabchand Agrawal v/s CIT (2004) 267 ITR 769 It was held that expression "used" means "actually used" for the purpose of business and not merely ready for use.Hence,depreciation shall not be allowed unless the asset is actually used for the business.

My question is which decision should be followed and why?

I noticed for various (new) companies, the paid up capital is mentioned as ‘00’ in the company master details of MCA21 Portal. How do we address the issue ?

The firm in which i am working i am feeling a lot pressure. Not due to work but due to communication takes place in the office. My manager speakes very badly to me. I am in first year and he is telling me to do those work which i don't know which i'll be learning in final or after PCC. I informed him the same thing but he is not ready to listen any thing. he says see na, see na and tryes to make me liable not even for these but also for those which others did. He always keeps on insulting me infront of client and also infront of other students.
Last time on outstation audit he told me that he is checking out hotel in the morning and catching the morning flight and my bus was in the night, till 12 hours will I stay on footpath?
And many more such incidents.
In short he wants me to do the work which need to be performed by final students and makes me liable for such things.
He shouts on me like mad persons. It looks he is playing game with me. He tells me something else and to others some thing else.
He is trying to create differences between me and my friends.
Partner is not at all interested in office. He acts like it is his pat time work.
Tell me what to do? I am thinking to change articles. Guide me what to do?

The firm in which i am working i am feeling a lot pressure. Not due to work but due to communication takes place in the office. My manager speakes very badly to me. I am in first year and he is telling me to do those work which i don't know which i'll be learning in final or after PCC. I informed him the same thing but he is not ready to listen any thing. he says see na, see na and tryes to make me liable not even for these but also for those which others did. He always keeps on insulting me infront of client and also infront of other students.
Last time on outstation audit he told me that he is checking out hotel in the morning and catching the morning flight and my bus was in the night, till 12 hours will I stay on footpath?
And many more such incidents.
In short he wants me to do the work which need to be performed by final students and makes me liable for such things.
He shouts on me like mad persons. It looks he is playing game with me. He tells me something else and to others some thing else.
He is trying to create differences between me and my friends.
Partner is not at all interested in office. He acts like it is his pat time work.
Tell me what to do? I am thinking to change articles. Guide me what to do?

What is there on 21st april.
What is there on 31st march

can a company which takes over another company carry forward set off of losses of the loss making company.

Eg: A Ltd is a loss making company. B ltd acquires A ltd by purchase of Equity capital of A ltd.
Is B ltd eligible for carry forward & set off of losses of A ltd with its profit.

Is there any case law etc in this regard.

1. Do the interest on the education loan borrowed for studying Masters in Accounting
ie.,M.Com., qulify/eligible for deduction u/s 80 E, rather M.Com., be considered as higher education as defined u/s 80 E?

2) Do the interest on Loan borrowed to Study Masters in Engineering abroad will qualify for deduction u/s 80 E in other words interest on education loan for studying abroad will qualify for deduction u/s 80 E?

Any circulars or notification by CBDT inthis regard may be referred.

Adinarayana
Email Id: t.adinrayana@yahoo.com

Respected,

my friend is a doctor and he working with some hospital,

he does not invest anly money in that hospital and he work there at partnership, when he attent anly patient the money they receive from that patient 70% is goes to my friend and 30% goes hospital, some time he got call from other hospital where he vist and receive money.

please suggest, is that income is taken as salary income or business income.

thanks in advance


Regards,

Naresh Kansal

Sir,

I am a student of PCC and my PCC examination is due on June, 2009. I have purchased the institute examination form and the supplementary for as well. In the supplementary form there is a section where principal's signature alongwith his/her membership no. is required to certify that the articled assistant has served the prescribed period of articleship. But my principal is not in India at present and will be back in middle of april. At this circumstances can any other partner in my firm sign the form on behalf of my principal.

At this circumstances your valuable suggestion will be very precious to me.

--
Sayan Banerjee

Articled Assistant
M/S Mookherjee Biswas & Pathak
(Chartered Accountants)

Dear All,

Ms.X has obtained Housing Loan for Construction of Property. The Property is neither let Out nor Self Occupiedt(the Construction is under progress). How should the Interest on Loan and the Principal Repayment be treated in her IT Returns. Can the Interest and the Principal be claimed as Deduction. If yes, what is the quantum of deduction.