Easy Exit Scheme - Urgent
This query is : Open
23 February 2011
Can a defunct company having immovable property in its B/S apply for EES, 2011?
The company absolutely doesn't carry any business for last 3 years.
Plz reply.
The company absolutely doesn't carry any business for last 3 years.
Plz reply.
24 February 2011
“defunct company” means a company registered under the Companies Act, 1956 which is not carrying over any business activity or operation on or after the 1st
April, 2008 and includes a company which has not raised its paid up capital as provided in sub sections (3) and (4) of section 3 of the Companies Act, 1956;
So in my opinion, the Company can apply for the EES , 2011.Since your Company falls under the above mentioned criteria of defunct company and having Immovable property can not become a ground for non applicability of the scheme.,
OR for fixed assets( Immovable Property) , u should show sale of assets and accordingly manage the balance-sheet in such a way that it shows no business and assets & liabilities in the balance-sheet.
April, 2008 and includes a company which has not raised its paid up capital as provided in sub sections (3) and (4) of section 3 of the Companies Act, 1956;
So in my opinion, the Company can apply for the EES , 2011.Since your Company falls under the above mentioned criteria of defunct company and having Immovable property can not become a ground for non applicability of the scheme.,
OR for fixed assets( Immovable Property) , u should show sale of assets and accordingly manage the balance-sheet in such a way that it shows no business and assets & liabilities in the balance-sheet.
Message likes :
1 times
25 February 2011
I know at least about one company which had fixed assets under assets and still its strike off process has been approved by ROC under EES 2011.
Message likes :
1 times
25 February 2011
Thank you very much K. K. Daruka Sir for sparing your valuable time and guiding me.
27 February 2011
I got the answer for applicability of the scheme.
Few further questions arised on the same issue as under :-
1) How to dispose of property after the name has been striked off from ROC records, as the very existence of company comes to an end after approval of EES Application by ROC?
2) Can the powers given by POA or Board Resolution given by company before application to EES,2011 be enforced after approval of EES?
3) If any of the director or any other officer is empowered by Board Resolution or POA before applying for EES, 2011 to dispose of the property will it lead to "DEEMED TRANSFER" for capital gain purposes under Income Tax Act, 1961?
Few further questions arised on the same issue as under :-
1) How to dispose of property after the name has been striked off from ROC records, as the very existence of company comes to an end after approval of EES Application by ROC?
2) Can the powers given by POA or Board Resolution given by company before application to EES,2011 be enforced after approval of EES?
3) If any of the director or any other officer is empowered by Board Resolution or POA before applying for EES, 2011 to dispose of the property will it lead to "DEEMED TRANSFER" for capital gain purposes under Income Tax Act, 1961?
27 February 2011
Thanks Expert CS Taher and Expert Aditi. I am agree with expert Aditi about her views about applicability of scheme. But it is not giving the exact solution to my query about immovable property i.e. whether I can keep the property or I should sell it before application. Please guide me on this.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Supply through E-commerce Operators
- Sales return eway bill
- Relief u/s Section 89
- TAN for Partnership
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- Specified Profession
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
