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Archive: 01 March 2010

Posts in 01 March 2010

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6435 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Search and Seizure under Income Tax Act, 1961

March 1, 2010 6441 Views 0 comment Print

Search means not looking for something which is produced or Open but which is hidden, concealed or not obvious. The word has varied meanings and it should be given the general meanings ‘to look for’ or ‘to seek’ which are well known meaning attributable to the word in the context of section 132 as has judicially been held in Assainar Vs ITO reported in 101 ITR 854.

Termination of dealership must be fair

March 1, 2010 921 Views 0 comment Print

The Supreme Court has dismissed the appeal of Hindustan Petroleum Corporation which had terminated its dealership agreement with Super Highway Services, a retail dealer. The action was taken after a check on the private company’s stock of high speed diesel for its quality. The dealer moved the Patna high court, which set aside the termination.

Arbitration tribunal cannot award interest on interest

March 1, 2010 385 Views 0 comment Print

The Supreme Court has ruled that an arbitral tribunal has no power to direct payment of compound interest or interest on interest on the award amount from the date of the award to the date of payment. It declared in the appeal case, State of Haryana vs SL Arora & Co, that the Punjab Haryana high court was wrong in taking a contrary view.

Role of Chartered Accountnats in Insurance Survey

March 1, 2010 3809 Views 0 comment Print

Besides the traditional fields of Statutory Audit, Internal Audit and Tax Audit there is vast scope for CAs in providing services such as Surveyors, Loss Assessors, Claim Assurors, Claim Negotiators etc., 1.2 Amidst this golden phase of transition and sky-rocketing growth graph of insurance industry, only sky is the limit for all the enterprising accountants as the king-size pool of whole new opportunities beckon them. The insurance cake is getting bigger and better and Chartered Accountants can not only have it but eat it too.

Procedure for Mergers and Amalgamations under the Companies Act, 1956

March 1, 2010 66305 Views 9 comments Print

The terms merger and amalgamation have not been defined in the Companies Act, 1956 (hereinafter referred to as the Act) though this voluminous piece of legislation contains 69 definitions in Section 2. The concept paper recently issued by the Ministry of Company Affairs, the fate of which is still unknown, contained 100 such definitions but still stopped short of defining merger or amalgamation. The terms merger and amalgamation are synonyms and the term ‘amalgamation’, as per Concise Oxford Dictionary, Tenth Edition, means, ‘to combine or unite to form one organization or structure’.

An Overview of Tax Audit

March 1, 2010 11406 Views 0 comment Print

The main objective of the tax audit is to compute the taxable income according to the law and for maintaining transparency in the financial statements filed by the assessees with the Income-tax department. The tax audit u/s. 44AB of the Income-tax Act 1961 is significant practice area for Chartered Accountants. Since the introduction of tax audit, we have been given responsibilities to discharge the duties as tax auditors for the proper compliance of tax law by the assessees.

MCA's early warning system detects fraud in 160 companies

March 1, 2010 672 Views 0 comment Print

The government has found financial irregularities in 160 companies — a whopping 30 of them owned by it — thanks to the early warning system (EWS) put in place last year. After the nearly Rs 10,000-crore Satyam fraud last year, the Ministry of Corporate Affairs (MCA) in September had developed an EWS to detect corporate frauds. The software-based fraud detecting system scans companies based on 10 financial parameters set by the ministry.

How to Write a Resume That Shouts ‘Hire Me’

March 1, 2010 438 Views 0 comment Print

A resume is a marketing document that ‘can serve as a magnet to draw job opportunities to you,’ said Susan Ireland, author of ‘The Complete Idiot’s Guide to the Perfect Résumé.’ That’s largely because more résumés are now on job boards and social media sites, and are included on company databases, she said., people place too much emphasis on the parts of past jobs that they hated — and get new jobs they end up hating, too, she said. ‘Your résumé is about your future,’ she said, ‘it’s not about your past,’ so stress experiences that are most relevant to the position you aspire to hold.

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