conversion

The agitation by the revenue is that the assessee company was not entitled to deduction under section 10A as the CIT (A) failed to appreciate the fact that the assessee had commenced manufacture, production of software prior to its registration as STPI and the STPI authorities had granted approval on 18.3.2000 for setting up a new undertaking and not for the existing unit and therefore the company was not entitled to benefit of the deduction under section 10A of the Inco.. Full Article

Limited Liability Partnership Act, 2008 (LLP Act) was passed by the Parliament in December, 2008. Some of the sections of the LLP Act were made effective on 1-4-2009. Sections relating to conversion of existing partnership firms and private as well as public unlisted companies into LLP have been brought into force on 31-5-2009. Sections relating to liquidation and winding up of LLP have not yet come into force. LLP Rules, 2009, have also been made and they have now come .. Full Article

The test for determining whether “manufacture” can be said to have taken place is whether the commodity, which is subjected to a process can no longer be regarded as the original commodity but is recognized in trade as a new and distinct commodity; the word “production”, when used in juxtaposition with the word “manufacture”, takes in bringing into existence new goods by a process which may or may not amount to manufacture; the word “production” takes in .. Full Article

Recently the Central Board of Excise and Customs issued a circular, Circular No. 4/2004 dt. 16-01-2004 [2004 (163) ELT T29], saying that conversion of Shipping Bills from free Shipping Bill to drawback Shipping Bill or from one export incentive scheme to other should not be encouraged. The said circular imposes conditions which have made it almost impossible to attain such conversion. In this context, the present paper seeks to examine the relevant legal provision for.. Full Article

Conversion of Firm under Part IX  of the Companies Act, 1956 :- The firm may be converted into a company by following the provisions of Part IX of the Companies Act, 1956. Sections 565 to 581 deal with conversion of firms into a company under the Companies Act, 1956. For the purpose of Part IX so [...] Full Article

Important Announcement Regarding Examination Form of IPCE – Nov. 2009 Candidates who have converted into IPCC/ATC from Intermediate/ PE-II/ PCC on or before 1st February, 2009 but have not completed 9 months of registration in Intermediate/ PE-II/ PCC, should fill up the form as under: Full Article

Corporate Affairs Minister Salman Khursheed has said, contrary to expectation, the Budget will not address the taxation issue related to limited liability partnerships. The issue will be clarified only next year, he added. “It is too short a time for us to sort out the issue, but it is flagged,” Khursheed told. The Ministry of [...] Full Article

In exercise of the powers conferred by sub-section (3) of section 1 of the Limited Liability Partnership Act, 2008 (6 of 2009), the Central Government hereby appoints 31-5-2009 as the date on which the provisions of sections 55 to 58, Second Schedule, Third Schedule and Fourth Schedule of the said Act shall come into force. [...] Full Article