As per Sec145(3) on Income Tax Act, if AO is not satisfied about the correctness or completeness of the accounts of the assessee, or where the method of accounting provided in sub-section (1) or accounting standards as notified under sub-section (2), have not been regularly followed by the assessee, the Assessing Officer may make an assessment in the MANNER provided in section 144. Is this means that in this case only best judgement assesment under Sec 144 will be done? In other words can best judgement assesment be done in cases other than specified in sec144?
Q2.Can refund be granted u/s 144. If yes, in what conditions?

As per para 15 of AS 11 Exchange difference arising on a net investment in a non-integral foreign operation (Foreign Subsidiary) should be accumulated in a Foreign Currency Translation Reserve in the Enterprise's financial statements until the disposal of the net investment, at which time they should be recognised as income or as expenses in accordance with para 31.

As per para 31 the exchange differences which have been so deferred/accumulated should be recogniosed as income or expenses at the time of disposal of a non-integral foreign operation.

Now query is as follows -
When such exchange differences are to be accumulated and not to be recognised as income or expense when the investment is in force what accounting treatment should be given.

One effect is to be given to Foreign Currency Translation Reserve as per para 15. Where the second effect can be given?

Whether the second effect can be give to the investments? If yes, can the value of investments be reduced if there is FE loss?

Please note that the financial statements of subsidiary are not consolidated with the enterprise's statements.

Sir,

How i will conduct the Scrutiny of Ledger during the Audit of F.Y -2007-08.

Please guide me sir

Plz inform me the procedure to get the TDS exemption certificate from IT department if the assessee is not making profits but its client are deducting TDS on invoices raised.

Hi, I have taken a loan from our parent (from USA) company in 2003, each year we do provision of interest in our book, now we have to re-pay total amount with intterest. The question is = i) How do we deposit the tds for interest for the year ended 2004, 2005 and so on till the date? how much panalties to be there etc. At that time we just make a entry of provision of interest and nither deducted TDS nor deposited.

i am doing my b.com in reputed college in chennai timings being 15.30-19.45 hrs... i am pursuing pcc, completed 100 hrs itt... i am going take pcc in may 2009,.. now the icai has said indirectly that nobody is allowed to pursue degree in college... at this stage what should i do ? should i leave college or temporarily withdraw myself from CA course

sirs,
I have taken transfer from kanpur to join a CA Firm in Delhi (ie; transfer from CIRC to NIRC). Unfortunately I was deceived by my principal in Delhi as because before joining my articleship I was told that his firm has good audit jobs. But when I joined the firm I discovered that he is having no work except few accounting jobs.
Now I want to take transfer from him and I want to move back to my earlier firm in Kanpur or to move to reputed firm in Kolkata where one of my friend is also undergoing training.(ie; to move from NIRC to CIRC or EIRC).
I have come to know that such Zonal transfers may attract disciplinary actions from the institute.
Kindly guide me that is it true??
also how many transfers an article can take.??

A FIRM WHOSE PURCHASES ARE RS 42.LAKHS AND SALES ARE RS.39 LAKHS ARE LIABLE TO TAX AUDIT PL.ANY CASE LAW

Respected Sir,

First Thanks for all reply of my query and Good Morning. These are my following queries regarding Excise:

1) Due Dates of EXcise Duty and by which form excise is deposited.

2) Due Dates of Excise return and by which form Excise Return filed

3) What is P/L Account in Excise.

This is urgent.

Thanks in advance, sir

Amit Kumar Roy

Facts :

There are 2 Holders (Husband & Wife resp.) to a Flat in a Co-op Hsg. Soc.(situated in Mumbai) First Holder has died.

Query :

1]What is the Procedure for Deletion of 1st Holder's Name from the Ownership of Flat ?
2]Further, 2 unmarried daughter's names need to be added as 2nd & 3rd Holders resp.
what will be the Documentaion,etc need to be complied with ?
3]Any Deed / NOC need to be submitted ?
4]Any Notary,etc need to be done ?
5]Can the Flat be sold without such Deletion of 1st Name ?
6]Does the 2nd Holder is deemed to enjoy 100% Ownership on 1st Members's Death ?

Awaiting urgent reply.