validity

As per the Listing Agreement with the Stock Exchanges, the issuer company deposits 1% of the issue amount of the securities offered to the public and/or to the holders of the existing securities of the company, as the case may be, with the designated stock exchange. This amount was being released to issuer companies after obtaining a No Objection Certificate (NOC) from SEBI in accordance with the SEBI (Disclosure and Investor Protection) Guidelines, 2000. Since these Gui.. Full Article

Mahanagar Telephone Nigam Ltd on Monday said it will offer new 3G prepaid connections for Rs 109 in its Mumbai circle.New subscribers can avail new '3G Tariff', with local voice and video call charges at 20 paise per minute on own local network and 50 paise per minute for other local networks across Mumbai telecom circle with lifetime validity, MTNL said in a statement. Full Article

SUMMARY OF CASE LAW The Tribunal cannot examine the validity of the action of search under section 132(1); search warrant cannot be treated as illegal merely because full name of assessees are not written. CASE LAW DETAILS Decided by: ITAT, PUNE BENCH `A’, PUNE, In The case of: ACIT v. Chilka Vyankatesh Sidram, Appeal No.: ITA No. [...] Full Article

SUMMARY OF CASE LAW The relationship between the assessee-airlines and the travel agent is one of principal and agent; the supplementary commission which is the amount retained by the travel agent is commission within the meaning of section 194H read with Explanation (i) to the said section; the difference between the full value of the [...] Full Article

SUMMARY OF CASE LAW Provisional attachment can be levied even in cases where the proceedings are yet to be initiated; therefore, issuing 153A notice and invoking section 281B on the same day would not affect the validity of the order passed under section 281B; fluctuation in the prices of shares in the share market is [...] Full Article

TRADE CIRCULAR Trade Circular No. 18 T of 2009  Mumbai, Dated – 11.05.09 No. MVAT/e-Return/Returns Br./ Sub-   1) Mandatory filing of e-return 2) Acceptance of returns/challans not containing valid TINs. Ref-    1) Notification, bearing No. VAT/AMD-1007/ IB/Adm-6. dt. 04.03.2009, issued by the Commissioner of Sales Tax, M.S 2) Trade Circular No. 7 T of 2009, dtd. 05.02.09.  Gentlemen/Sir/ Madam,  1. Mandatory filing of [...] Full Article

State of H.P. vs. Sardara Singh (Supreme Court) -Where the High Court summarily dismissed an application without giving any reasons HELD that this manner of dealing left a lot to be desired. It was imperative to record reasons and the failure to do so rendered the order unsustainable. Full Article

As expressly mentioned in Section 22, the primary object of business audit is to promote compliance with law. Business audit is a device with the Department to ascertain and ensure compliance of laws that are implemented by the Department. At a practical level, the object of audit is to ascertain the correctness of returns and to identify inadequacies in returns, if any when checked against the books of account and the circumstances of the business. If the returns are no.. Full Article