negotiations

Foreign Law Firms are not eligible to open liaison offices or to practice law in India. Even giving an opinion on a legal matter amounts to “practise of law”. Non-Advocates cannot practise law. Full Article

British newspaper The Independent reported that the banks include HSBC, Royal Bank of Scotland, Lloyds Banking Group, and Standard Chartered. The banks' total loans to Dubai World exceeds US$ 30 billion. Full Article

In the Case of : Western Coalfields vs. ACIT (ITAT Nagpur), Decided by : ITAT Nagpur Bench, Date of Order: 30.06.2009, Appeal No. : ITA No. 261/Nag. 2008 (Assessment Year 2003-04) Explanation to s. 37 (1) does not apply to “penalty” which is not of the nature of illegal / unlawful expenditure The assessee became [...] Full Article

Section 141 of the Negotiable Instruments Act, 1881 - Dishonour of cheque for insufficiency, etc., of funds in account - Offences by companies - Whether for showing a vicarious liability of a director, it is incumbent upon complainant to plead in complaint that accused was responsible to company for conduct of business of company ; negotiation for obtaining financial assistance on behalf of company by its directors itself is not an ingredient for purpose of constituting .. Full Article

The assessee's contention that above income is to be assessed under the head other sources as he is not owner of the premises, is well taken and is required to be accepted. There is no question of estimating annual letting value of the property. It is to be assessed as per agreement between the parties under the head other sources. The Revenue authorities were not justified in assessing rental income under the head house property. On facts of the case, we direct the AO t.. Full Article