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Query: In case the appointment of an auditor is not ratified by the shareholders at annual general meeting as required under proviso to Section 139(1), what recourse does the company have?
Answer: Explanation to Rule 3(7) of the Companies (Audit and Auditors) Rules, 2014 provides that if the appointment is not ratified by the members of the company, the Board of Directors shall appoint another individual or firm as its auditor or auditors after following the procedure laid down in this behalf under the Act.
Industrial construction service – Painting of walls of the floor of commercial building would fall under industrial construction service and being in the nature of completion and finishing service would not be entitled to abatement of 67% under Notification No.15/20045– (CCE, Ludhiana Versus M/s. Surinder Kumar, CESTAT NEW DELHI)
Denial of cenvat credit – GTA services – credit availed by the appellant as a recipient of GTA services discharged by their registered office and distributed to the appellant unit – credit allowed– (Godrej Saralee Ltd. Versus Commissioner of Central Excise, Puducherry- CESTAT CHENNAI)
Rejection of Books of Account – The Assessing Officer was unable to pinpoint as to any specific defect noticed during course of the proceedings except that the Books of Account were rejected on certain discrepancies.
It was for the AO to come out clearly as to the basis for rejection of the Book of Accounts – (Principal Commissioner of Income Tax, Jaipur-2, Jaipur Versus M/s Hues India Pvt. Ltd.- RAJASTHAN HIGH COURT)
Non deduction of TDS u/s 194A – additions u/s 40(a)(ia) – payee has taken the amount in computing its income and paid tax thereon – the proiviso that was inserted w.e.f. 1.4.2013 are to remedy unintended consequences
Therefore, the same are treated as clarificatory in nature and retrospective in operation – (Dy. Commissioner of Income Tax, Circle 1 (1) , Hyderabad Versus A.P. Industrial Infrastructure Corporation Ltd, ITAT HYDERABAD)
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