My nephew ran a factory before few years and had taken a hypothication loan for his machinery. My dad became a guarantor in this loan. Over the time things didn't go well and my nephew sold off all the hypothicated machinery. Also his condition is pretty bad and he doesn't have any property in his name as well.

Now the bankers are pressurizing my dad to pay the loan or else they will get attachment on our properties and auction it off.

Some of the points to ponder in the matter are:

1) Since the hypothication was done on movable goods, bank officials should visit the site regularly and see the hypothicated goods are in order. If any fraud is found they should file a complaint with police.

Even after 5 years of sale of the hypothicated goods, bank has still not given any complaint to police.

2) The properties that my dad has are
a) My house which is actually in name of my dad's HUF, my mom, myself and my wife are other members of HUF
b) My factory which infact is run in a rented shed.
c) Machinery of my factory. My factory is Proprietorship firm and my dad is the Proprietor.


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Since the bankers have not complained to police I believe that some of the officials were corrupt and didn't let the facts to surface. Can my dad be released out of his guarantor liability since it were the bank officials who didn't follow the procedure at the right time and my nephew got chance to sell off his factory as well.

Can bank get attachment on my house (HUF Property)? We do not have any other residential property.

Since it is internal matter, can I sell off all the machinery in name of my father's company to another company which is in my name?

Dear Members,

Kindly resolve this:
We incorporated a company XYZ, a subsidiary of a foreign company with Authorized & Paid up Capital of Rupees 1 Crores.
Now we received only Rs. 1 Lacs in the bank account of the company as an allotment money from the client.
So now the issue is that client is saying that he is not willing to give any more rupees above 1 lacs against the actual paid up capital i.e 1 Crore.
So can we show 1 lacs as called up capital and the remaining i.e 99 lacs as uncalled in companies balance sheet.
Kindly note that the company doesn't want to go for Reduction of share capital U/s 100-104

Dear All,
I have a query regarding a consignment sent from a manufacturer to an SEZ under an ARE-1 without payment of duty. Due to some technical difficulties, the customer in the SEZ was able to accept & get stamped and certified the ARE -1 with goods 2 months after the clearance from the manufacturers factory. Now the manufacturer is stating that there is a time limit of 45 days for receipt back of the certified ARE docs from the SEZ, and hence are insisting on the payment of excise duty with interest & penalty. Is this correct. Pls guide us.

Please quote any of the case law where assessee is following mercantile accounting system but in order to account for interest assessee has used cash accounting system???

Whether such method of accounting is allowed or not??

If allowed kindly quote any relevant case law

will tds be deducted on flex printing and other hoardings. designs are provided by us. bills raised by the party include vat and no labour portion is specified. the printed material is used as advertisement. any material required is acquired by the party itself and the finished product is delivered as per our specifications. will tds be deducted u/s 194C

Dear sir,
one of my clients (a partnership firm) is having a property registered in the name of the firm. The partnership firm is out of business for a long time now intends to get in to business back. The property is going for redevelopment. What should be done here to save tax on the above redeveloped property in the hands of the firm.

Dear Sir/Madam,
i am working in a manufacture company. here doing motor repair and rewinding work based on work order.My query is this work applicable TDS or Not,section etc.

Pl. clarify it.

Hi,

One of my Customer has an query related to availing LTA exemption for this year fy 2012-13.

Travel date and travelers details as below.

18-Oct-2012- His mother and father travel from CHIRALA (Native) TO BANGALORE via train and the fare was - 340.
18-Oct-2012 his wife and 2 daughter also travel from Bangalore to Delhi via airline with fare of 12930.
19-Oct-2012 his parents travel from Bangalore to Delhi via train and fare was Rs. 2840.
21-Oct-2012 along with his parents, Wife and daughter he also travel from H Nizamudin to Udaipur via train and on 24-Oct-2012 from Udaipur to Mumbai and the total cost of travel was Rs. 8285.
26-Oct-2012 along his family members he travel from Mumbai to Begampet that cost him Rs. 7895 via train.
28-Oct-2012 along his wife and daughter he traveled from Begampet to Bangalore which cost him Rs. 1303.
28-Oct-2013 his Parents travelled from Secundrabad to Chirala which costed him Rs.696.

Note:
He was on leave officially from 22-Oct-2012 to 25-Oct-2012. though the 21-oct-2012 was on Sunday he started his journey from 21-Oct-2012.

Kindly help me in calculating the LTA exemption for this FY 2012-13.

Thanks in advance.

Dear Experts,

A debatable issue has arisen with regard to changing name of a Company (Private Limited) :-

For changing the name of a company, the company has done the following tasks:-

1. Passed Board Resolution approving change of name.

2. The company has obtained name approval vide Form 1A from Office of ROC.

3. The Company has duly convened the EGM of members and passed the following resolution:-

"RESOLVED THAT pursuant to the provisions of Companies Act,1956 the name of the company be and is hereby changed from ....PRIVATE LIMITED to .....PRIVATE LIMITED and necessary alterations in the name clause of MOA and AOA and all such papers, documents,matters be made to give effect of the changed name accordingly"

If the Company is required to submit Certified Copy of Altered MOA and AOA to ROC for getting them registered, then whether the rubber stamp of the company should bear old company name or new company name?

Some people are of the opinion that it should bear New company name while some opine that the name should be old one on the rubber stamp.

Now, here the issue arises.

Please clarify this debatable issue by giving your valuable opinions in this regard.

deat sir, i hav opt a new signature. i am registered with the icai with my old signature. what should i do now. i jst cleared out my ipce n i nw wish to enroll myself as a final stdnt. does i need to send a letter to the institute intimating the change in my signature or i should get myself register in ca final with the icai with my new signature directly..????