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he Ministry of Corporate Affairs (MCA) has worked out new parameters for scrutiny of companies. These are based on reports on the Satyam fraud investigation. In instructions to the Registrar of Companies (RoC), MCA has pointed to 'cash at bank' as a vital parameter for scrutiny. Till now, the auditor's certificate was sufficient. Full Article

The article specified the criteria to determine whether an intra-group service has been rendered by a related entity. Once it has been concluded that a service has been rendered, the second of the two primary issues pertaining to intra-group services needs to be addressed, namely, the amount to be charged for the service rendered. Full Article

After careful consideration of1 above provisions and facts and circumstances of the case, I am unable to accept the stand of the Revenue. As noted above actual cost should ordinarily mean real cost or real worth of assets. If it is not market value, then what is it? Mechanism to take W.D.V as provided in Explanation 2 to Section 43(6)(c) is not available in Explanation 3 \o auction 43(1). Further, assets whose actual cost is to be determined under Explanation 3 are secon.. Full Article

Mumbai: Officials from the income-tax (I-T ) department on Wednesday and Thursday carried out searches at various offices of Bombay Rayon Fashion, a textile company promoted by Janardhan Agarwal. The company is into garments , textile and retail. Full Article

It has been observed that there have been a number of cases in banks and financial institutions wherein due to the erroneous/ambiguous advice tendered by the respective Chartered Accountants, borrowal accounts have had to face quick mortality resulting in loss for the bank. Many a time this has also resulted in vigilance cases being initiated [...] Full Article

Investment is one of the major decisions in finance. Analysis of Financial information provided by the entity is one of the significant task to take right decisions. To protect the interest of the investors, transparency in the books of account is essential. Indian companies have been viewed by the outside world as family controlled and [...] Full Article

The method adopted by a company to arrive at a transfer price is valid unless the tax officer can prove that the company had manipulated the price to shift profits outside India, the Income-Tax Appellate Tribunal (ITAT) has ruled. The tribunal has also observed that the transfer pricing officer (TPO) should have sufficient ground to suspect the shift in profits before invoking the transfer pricing rules. Full Article