Dear Sir,
The AO intends to treat total cash sale as bogus and wants to add it under sec 68 as unexplained cash. We have already shown it as income in our books and have produced sales tax returns for the same. The sales are for AY 07-08 and the purchasers were not found by the AO item being iron & steel. Now he intends to disallow sale and add back the same u/s 68 and also to increase the stock by that value. The stock details show the actual movement of the stock but as the unit is a trading unit and not registered under excise, the records are not accepted as genuine by the AO. AO has also verified the stock statement from the Bank which has given CC limit tothe assessee and has foung it to be in agreement with the books. He still wants to add double the amount of cash sale, once as stock and other as unexplained cash.
What remedy is available to the assessee??
Please provide reference of case laws if any.

Dear Sir,

Pl confirm what you meaning of deferred revenue

Thanks & Regards
Radhakrishnan.G

R/ Sir,

i want to know about WCT ,
1. IN WHICH CONDITION IT IS ACCLIBLE
2. WHAT RATES OF IT
2. WHAT IS PROCESS OF FILLING WCT ,E FILLING

desperately waiting for your reply.

Best Regards

SIRS,

CAN YOU PLEASE SEND ME ANY BEST BOOK FOR LAW (PE II)

MY ID mayuramsankar@gmail.com

THANK YOU

SANKAR

MY FRIEND PURCHASED LAND IN 1992. IN 2008 ENTERED INTO DEVELOPMENT AGREEMENT WITH SHARE OF50 -50. TOTAL NO OF FLATS 14 AND LANDOWNER SHARE 7 FLATS.

MY QUERY IS HOW TO CALCULATE THE CAPITAL GAINS. LANDOWNER WANTS TO KEEP 2 FLATS HIMSELF AND BALANCE FIVE ( 5 ) TO SELL.
WHAT IS THE SYSTEM TO CALCULATE THE CAPITAL GAINS.
PLEASE LET ME ADVICE THE CALCULATION OF CAPITAL GAINS TAX ON SALE OF FLATS / LAND DEVELOPMENT.
WHETHER LAND OWNER TO INCORPORATE THE VALUE OF CONSTRUCTION FOR 5 FLATS OR NOT.

Dear members,

Kindly claarify me on the following:

A private limited co. is to be formed for the purpose of carrying on real estate business (construction of residential premises)in India? The company is to receive funds from abroad for the share capital. What formalities are there that we have to take care of for receiving such funds in a Pvt. Co as under FEMA, RBI & Cos Act?
Is the co. restricted from obtaining FDI for carrying on the above business?

regards

Raja rajeswari S

Are listed companies required to present CFS under AS 3 in Indirect method only?

Hello everybody,
i am auditing a public co. the client use to deduct TDS amount exclusive of service tax.
But as far as i know they should include service tax for deducting TDS.
please help me out also give reference of any circular/notification which will be useful
thankyou

A soya Company purchases Soya Seeds from the supplier and supplier charge VAT @ 4% in MP. Company makes payment to supplier without VAT and issue TDS Certificate for the VAT Amount as per Section 26-A of M.P. VAT Act.
Summarize position is as follows:

Purchase Value 20 M.T. @ 17,000/- per M.T. = 3,40,000/-
Add: VAT @ 4% = 13,600/-
Total Purchase Value = 3,53,600/-

Company is making payment of Rs. 3,40,000/- to supplier and issuing TDS certificate of Rs. 13,600/- to supplier. Amount of TDS of Rs. 13,600/- is not required to be deposited to govt.

What will be the accounting Entry?

Kindly advise the full section which narrates Related Party transactions under the Companies Act.

I wanted to know the obligations for the company as well as its Directors for Related Party transactions.

Thanks in advance.