"11 January 2009" Archive

CBDT investigation into Satyam Computer Services

When it rains, it pours. The Central Board of Direct Taxes (CBDT) has launched an investigation into Satyam Computer Services, joining a growing list of authorities investigating the company whose fate hangs in the balance following an admission of financial irregularities by its founder-chairman....

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Posted Under: CA, CS, CMA |

Price Waterhouse says audit of Satyam in accordance with auditing standards

Price Waterhouse, the statutory auditor to Satyam Computers, on Thursday said that their audits of Satyam’s books were conducted in accordance with auditing standards. “Over the last two days, there have been media reports with regard to alleged irregularities in the accounts of Satyam Computer Services. The audits were conducted ...

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Posted Under: CA, CS, CMA |

Govt orders probe into 8 cos promoted by Raju

The government on Thursday ordered a probe into all the eight companies promoted by Ramalinga Raju, the former chairman of Satyam Computer Services. Raju had on Wednesday admitted to cooking up books of Satyam, India’s tier one IT services company.Hyderabad. Declining to give a direct answer on the possibility of appointing governme...

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Posted Under: CA, CS, CMA |

Deemed Dividend – Section 2(22)(e) of Income Tax Act can be applied only in the hands of shareholder

ACIT Vs Bhaumik Colour Pvt. Ltd. (ITAT Mumbai)

35. The intention behind enacting provisions of section 2(22)(e) are that closely held companies (i.e. companies in which public are not substantially interested), which are controlled by a group of members, even though the company has accumulated profits would not distribute such profit as dividend because ...

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The new Satyam nursery rhyme

1 Raju Raju sat on the wall Raju Raju had a great fall Balance sheet died Shareholders cried Raju Raju made a fraud 2 Raju Raju Yes baba Cheating us No baba Telling Lies No baba Open the balance sheet HA HA HA...

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Posted Under: CA, CS, CMA |

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