"January, 2010" Archive - Page 42

A Brief on Complications under Section 397/398 of Companies Act, 1956 – Indian Company Law

an effective enforcement of provisions like 397/398 of the Act and the protection of rights of all shareholders without any scope for misuse or abuse is very important for the growth of industry or the corporate world. It is true that we have good regulations regulating the functioning of listed public companies, but, a good focus also to...

Read More
Posted Under: Company Law |

Under “block of assets” even a closed unit is eligible for depreciation

M/s Swati Synthetics Ltd. Vs. Income Tax Officer (ITAT Mumbai)

The assessee had two divisions, one at Dombivili and the other at Surat. The division at Surat was closed since two/ three years. The assessee claimed depreciation on the assets of the said Surat division which was rejected by the AO and the CIT (A) on the ground that the assets were not “used” and depreciation could not be allowed. O...

Read More

Many Companies following financial year from January-December extended their accounting period to follow April-March cycle

An increasing number of companies are extending their accounting period to facilitate the change in financial year from January-December to the commonly-followed April-March cycle. By doing so, the companies would be required to publish balance sheet only for the fiscal year which is also the statutory requirement under Income-Tax Act, i...

Read More
Posted Under: Company Law |

ICAI president message on Synergy with C&AG, New Branches, Membership Restoration, Student Initiatives, Training of Articled Assistants Abroad, Form 112, IFRS Convergence, Companies Bill, 2009 etc

Its that time of the year when we are busy reflecting on our past and setting new goals for our future. Its that time of the year when fresh resolutions are being listed and plans for achieving greater prosperity are being inked. Welcome to 2010 the last year of the first decade of the new millennium. The New Year is a fresh beginning, a...

Read More
Posted Under: Company Law | ,

CVC advised initiations of major penalty proceedings against 113 officers

THE Central Vigilance Commission disposed of 416 cases during October 2009 referred to it for advice. The Commission advised initiations of major penalty proceedings against 113 officers. Of these, 32 were from public sector banks, 27 from M/o Railways, 9 from MCD, 6 each from Central Coalfields Ltd. and Hindustan Copper Ltd., 5 from Mini...

Read More
Posted Under: Company Law |

“Corporate Governance” – Corporate Law – An Understanding?

Company Law is very complicated and interesting subject. If we look at all the corporate regulations or law, it is very clear that it focuses mainly on the interests of the shareholders. The liability of the members is limited in limited companies and as such the shareholders will be clueless often when their investment in the Company is ...

Read More
Posted Under: Company Law |

Background and summary of Companies Bill 2009

The Ministry of Corporate Affairs took up a comprehensive revision of the Companies Act, 1956 (the Act) in 2004 keeping in view that not only had the number of companies in India expanded from about 30,000 in 1956 to nearly 7 lakhs, Indian companies were also mobilizing resources at a scale unimaginable even a decade ago, continuously ent...

Read More
Posted Under: Company Law |

MVAT Notification on Delegation of Powers

Notification No. DC (A&R) PWRJJC/2009/6(2)/ADM-6 02/01/2010

In exercise of the powers conferred by sub-section (5) of section 10 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Commissioner of Sales Tax, Maharashtra State, Mumbai, hereby amends the notification No. Sr. D. C. (A & R)/PWR/1006/2/Adm-3, dated 6th October 2007 as follows, namely:—...

Read More

IT department investigating tax evasion by showing bogus investment losses, May take action against chartered accountants

Income tax department in the past has stumbled up on many strange things, but nothing as strange as a company exclusively providing bogus stock contract notes to evade taxes, a trail that may lead to it knocking on the doors of many auditors. The Mumbai I-T department estimates that around Rs 1,000 crore of taxes may have been evaded by ...

Read More
Posted Under: Company Law |

Hyderabad CBI completed investigations in 66 cases, including Satyam

IN Hyderabad Zone during the year 2009, investigations in 66 cases have been completed and in the cases where sufficient evidence has been collected, charge-sheets have been laid in the corresponding jurisdictional courts. These include the Satyam Scam Case, Cases pertaining to the public servants belonging to South Central Railways, Inco...

Read More
Posted Under: Company Law | ,

Search Posts by Date

August 2021
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031