- Tuesday, May 18, 2010, 7:03
- Company Law
Everybody knows that the legislature has proposed to constitute a special tribunal to deal with the issues under the Companies Act, 1956 through Companies (Second Amendment) Act, 2002. The constitution of National Company Law Tribunal and Appellate Tribunal is challenged by the Madras Bar before the High Court of Madras. Justice Jayasimha Babu of Madras High Court has passed a considered and laudable judgment while disposing of the Writ Petition filed by the Madras Bar ..
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- Tuesday, May 18, 2010, 7:02
- Income Tax Case Laws
In a recent ruling Mumbai Income Tax Appellate Tribunal (ITAT) [2010- T11-41-ITAT-MUM-INTL] in the case of J Ray McDermott Eastern Hemisphere Ltd. (Taxpayer) held that receipts pertaining to transportation and installation contract executed by the Taxpayer outside India cannot be taxed under the special provisions, which provide for taxation of certain income of a non-resident on presumptive basis, if the income is not chargeable to tax under the general provisions of th..
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- Tuesday, May 18, 2010, 7:01
- Income Tax Case Laws
In a recent ruling in the case of Tekmark Global Solutions LLC (Taxpayer) [[2010] 3 taxmann 38 (Mum. - ITAT)] the Mumbai Income Tax Appellate Tribunal (ITAT) held that as the deputed personnel do not work under the control and supervision of the Taxpayer, such personnel do not create a PE for the Taxpayer in India.
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- Tuesday, May 18, 2010, 6:57
- Finance
The concept of HUF under Hindu law as well as Income-tax Act, 1961 is the same. As stated earlier, HUF is purely a creature of law and cannot be created by an act of parties (except in case of adoption and reunion). A HUF is a fluctuating body, its size increases with birth of a male member in the family and decreases on death of a member of the family.
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- Monday, May 17, 2010, 18:20
- SEBI
Accounting regulator ICAI has requested the Securities and Exchange Board of India to defer by at least six months implementation of its decision with regard to publishing of quarterly results by listed companies.
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- Monday, May 17, 2010, 18:11
- Corporate Law
The terms insolvency and bankruptcy are used with reference to the financial position of a person. They are often considered to mean the same. Actually, the terms mean differently. Individuals and corporates are both amenable to insolvency and bankruptcy.
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- Monday, May 17, 2010, 8:52
- CA CS ICWA
The Institute of Chartered Accountants of India (ICAI) has recommended strict penal action, including imprisonment, for auditors who are found associated with serious accounting frauds. It also wants the Ministry of Corporate Affairs to frame a code of conduct for financial analysts and investment bankers for better scrutiny of firms that may indulge in such illegal affairs.
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- Monday, May 17, 2010, 8:42
- Service Tax
This article summarizes Circular No 122/03/2010 -ST F. No. 137/71/2009 - CX.4 dated 30 April 2010 (Circular) providing clarification on issues arising in respect of the availment of CENVAT Credit in relation to book adjustments for Associated Enterprise transactions and invoices, for which payments have not been received in total.
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