What is mean by Hedging? Please clarify in simple terms.

An AO disallowed payments not made for service tax and VAT which were actually not paid before the filing of the return u/s 139 of the Act.The AO made addition to the same as they were mentioned in the audit report as payments not paid.The AO imposed penalty u/s 271(1)(c)as concealment though it has been held in the case of Akshay Enterprises (P) Ltd. vs. ACIT – (2007) 161 Taxman 168 (Amritsar)that- that as material facts necessary for dis allowance were duly disclosed in audit report filed with Return of Income,the assessee’s contention was being genuine, bonafide and innocent mistake was accepted, and that penalty cannot be imposed, as there was no malafide intentions on the part of assessee to conceal income.
My Queries are
1) Should we go for appeal against the assessment order u/s 143(3)or will that consitute as genuine bonafide mistake not accepted.
2) If we don't go for appeal against the assessment order u/s 143(3)as it may go against us as not accepting the bonafide mistake. Will we be able to go against the order of penalty u/s 271(1)(c) only claiming our mistake as bonafide so that no penalty can be imposed of concealment as all the facts were clearly stated in the audit report.

Hi

What could be the modus Operandi to convert sole proprietorship/partnership firm into a private limited company.

Can land used for Container Frieght station be treated as plant. Land is levelled and made suitable for movement of heavy trucks and cranes to load and unload containers of upto 40 tonnes.
Substantial investment is made to make the land suitable for storage of containers.

Can we claim depreciation by treating as plant.

We have acquired shares on say 24-sep-07 and sold the same on 24-sep-08.

As per S/112 what is the period of holding for 12 Month.

Whether the said transaction is STCG/LTCG.

To whom AS - 22 is applicable and not applicable?????

for a residential house what shall be the cost for capital gain calculation
1. actual amount paid i.e. 7 lakhs
2. amount recorded in sale deed i.e. 3 lakhs

Dear Members of CA Club,

Need your guidance in this situation : -

Passed PE-II Group 1, Waiting for Group-2 Result, This was the 5th attempt.

If passed what to join PCC or IPCC (Which one is better- articleship is due).

If failed then which scheme to switch over PCC or IPCC ?

Although last PE-II exam is in May 2009 ? It will be the 6th attempt, Wether it is allowed for the 6th attempt ?

Waiting for your quick & complete guidance.

How should I take cenvat credit on banking charges they do not provide me any bank advise for each and every charge to me......... Can it be available through Bank Statment but this does not contain any signature or any other thing which is a valid document for cenvat credit

What is the procedure for making a gift in DD.

1.My uncle want to make a gift in form of DD to his daughter.
2.can a person who is not relative of that daughter can make a gift to her on her marriage.
what is the procedure for that.as per the income tax law.
Is wrritten record of such gift required to submit in income tax department.