Performance of the Private Corporate Business Sector during Fourth Quarter of 2012-13 – Data Release

The Reserve Bank of India today released, on its website, the data on the performance of non-financial private corporate business sector during fourth quarter of 2012-13 (January-March 2013). The data compiled are based on the abridged financial results of 2,686 listed non-government non-financial (NGNF) companies. To enable comparison, similar data pertaining to Q3:2012-13 and Q4:2011-12 are also presented.… Read More

Tags: AmortizationDepreciationEarnings before interest and taxesEarnings before interest taxes depreciation and amortizationEBITDAfinanceNet profitReserve Bank of India

“Bonafide Mistake” in filing returns does not call for penalty u/s 271(1)(c)

CLR Editorial Note: In this case, the assessee had filed a return of income in which two mistakes were committed (i) The assesssee claimed depreciation of Rs.1.70 crores instead of Rs. 1.05 crores due to a calculation mistake, (ii) the assessee had sold its garment manufacturing machine and had suffered a loss of Rs.21.68 lakhs… Read More

Tags: chartered accountantCITDelhi High CourtDepreciationHigh CourtIncome taxRevenueRupeeThe Honourable

Special Bench verdicts on Sale & Lease Back & lease finance are not good law

CLR Editorial Notes: In this case, the assessee, a Bank, had bought assets from a customers and had then leased it back to them under a sale and lease back agreement. It had also purchased assets which were identified by its customers and leased it to back to them under a finance lease agreement. The… Read More

Tags: BusinessCITDelDelhi High CourtDepreciationFinance leaseIndiaIndusInd BankLeasingMumbaiSale & Lease BackSupreme CourtThe Silver Chair

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