Government has no info regarding incomplete, wrong non-updated financial reports by companies with ROC

Ministry of Corporate Affairs Press Release 08-03-2016 Submission of Financial Reports There is no information with the Government regarding companies registered in the offices of registrar of companies are incomplete, wrong and not updated. However, several companies have not submitted their annual report/return, audited report, balance sheet and …

Investigation of Corporate Frauds by SFIO

Ministry of Corporate Affairs Press Release 08-03-2016 To investigate corporate frauds of serious and complex nature the Government has set up a Serious Fraud Investigation Office (SFIO). The SFIO established vide Government of India’s Resolution No. 45011/16/2003-Admn-I dated 02-07-2003, has been notified under sub-section (1) of Section 211 of …

Penalty-2711c not imposable if income estimated u/s 144 where books of accounts not produced

INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH; AMRITSAR ITA No.293(Asr)/2013 Assessment year: 2005-06 Income Tax Officer (Appellant)  vs. M/s. Age Construction Pvt. Ltd. (Respondent) Date of Order: 04-03/2016 ORDER PER A.D. JAIN, JM: This is the Department’s appeal for the assessment year 2005-06 against the order, dated 06.02.2013, passed by the …