Archive for February, 2009

Serious Fraud Investigation Office has invited applications from Chartered Accountants empanelled with the office of C&AG and who may like to be associated with SFIO for carrying out forensic examination of records of companies ordered for investigation by the government. Serious Fraud Investigation Office, Ministry of Corporate Affairs intends to outsource certain Forensic Audit services [...] Full Article

Apex body of CAs, the Institute of Chartered Accountants of India said severe punishment would be meted out to its member-accountants if they are found guilty in the Rs 7,800-crore accounting fraud at Satyam Computer Services. “If any of the CAs, who are the members of the institute, are found guilty in the auditing, exemplary [...] Full Article

SUMMARY OF CASE LAW The annual value of the house property in question would necessarily have to be computed under section 23(1)(a) of the Income-tax Act because the property being not actually let out, there is no basis for presuming either a lesser or a higher rental value than its FRV, i.e. the sum for [...] Full Article

SUMMARY OF CASE LAW The date of receipt of the order of the Commissioner (Appeals) or the Appellate Tribunal, as the case may be, by the Chief Commissioner or the Commissioner, as the case may be, is material and relevant for the purposes (i) filing an appeal to the Tribunal by the Commissioner against the [...] Full Article

SUMMARY OF CASE LAW In cases where Rule 8 applies, the income which is brought to tax as “business income” is only 40 per cent of the composite income and consequently, proportionate depreciation is required to be taken into account because that is the depreciation “actually allowed”. CASE LAW DETAILS Decided by: SUPREME COURT OF [...] Full Article

B.V.V. Paper Industries Ltd. vs. Commercial Tax Officer [(2008) 145 Comp. Cas 815 (Mad]) The Petitioner Company became side and a reference was filed before the Board for Industrial & Financial Reconstruction (BIFR) u/s. 15(1) of Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) for declaring the company a sick company and also for effecting [...] Full Article

Kothari Metals Ltd. vs. Indian steel & Wire Products Ltd. [(2008) 145 Comp. Cas 504 (Cal)] The Petitioners supplied goods to the Respondent company and part payments were made by the Respondent company to all the Petitioners except V. On a reference to the Board for Industrial and financial Reconstruction (BIFR) by the company, a [...] Full Article

Arvind Porwal & Ors. vs. Bharat Kumar Pandya & Anr. [(2008) 145 Comp Cas 302 (MP)]. The Appellant filed a Civil Suit upon refusal by the Second Respondent Company to register shares transferred by the First Respondent in the name of the Appellant on the ground that the signature of the transferor did not tally [...] Full Article