clauses

For the aforestated reasons, we hold that AAD is a timing difference, it is not a reserve, it is not carried though profit and loss account and that it is "income received in advance" subject to adjustment in future and, therefore, clause (b) of Explanation- I to Section 115JB is not applicable. | Accordingly, the impugned ruling is set aside and the civil appeal filed by the asscssee stands allowed with no order as to costs. Full Article

The market regulator SEBI on Monday asked mutual fund companies to make all the disclosures about market risks involved in the products more prominent in their communication. "To make these statements more prominent, it is advised that the disclosures as stated in the clauses 10, 13 and 14 of schedule VI of SEBI (Mutual Funds) Regulations of 1996 on Advertisement Code shall be printed in bold," the regulator said in a circular here today. Full Article

In exercise of the powers conferred by clauses (a) and (b) of Explanation 2 to section 90A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following as specified territory and specified association respectively for the purpose of the said section, namely :- Full Article

Capital market regulator SEBI has tightened key clauses in the client-broker agreement, as part of its attempts to curb the misuse of client money by brokers. In a circular on Thursday, SEBI said stock brokers should maintain a book containing all the mandatory and non-mandatory documents required for registering a client. Full Article

In the case of Mayawati v. CIT [2009] 222 CTR 117 (Delhi), it is nowhere mentioned that for drawing the presumption u/s 27 of the General Clauses Act, there is necessity of acknowledgment due. Full Article

Compliance to be ensured by candidates, their authorised representatives/supporters/volunteers, in particular, and members of the institute, in general, within as well as outside the zero tolerance zone in relation to polling booths set up. Full Article

The Maharashtra Purchase Tax on Sugarcane Act, 1962 was amended in the year 2002 and year 2003. Thereafter, a Trade Circular cited at reference (1) was issued. By the aforesaid Trade Circular the effects of amendments were explained. In Para 2 of the Trade Circular, it was mentioned that the levy of purchase tax on sugarcane will continue to be based on purchase price as it existed prior to 01.05.2002. In the said Para it was further stated that the purchase price woul.. Full Article

It cannot be doubted that the technology/know- how transfer that is contemplated by clause 2 of the `Technology Transfer Agreement' between the parties gets covered by more than one sub-clause of Explanation 2 to section 9(1)(vi) of the Income-tax Act, 1961 i.e., sub-clauses (i),(ii) and (iv); the services in the form of technical assistance and consultancy connected with those items fall under sub-clause (vi); therefore, the consideration received by the American Compan.. Full Article