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: Amortization, Depreciation, Earnings before interest and taxes, Earnings before interest taxes depreciation and amortization, EBITDA, finance, Net profit, Reserve 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: Capital account, chartered accountant, CIT, Delhi High Court, Depreciation, High Court, Income tax, Revenue, Rupee, The 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: Business, CIT, Del, Delhi High Court, Depreciation, Finance lease, India, IndusInd Bank, Leasing, Mumbai, Sale & Lease Back, Supreme Court, The Silver Chair