The Securities and Exchange Board of India’s (Sebi) committee on takeovers headed by C Achuthan is seriously considering making it mandatory for boards of target companies to guide shareholders in the event of competitive bids in line with global best practice.
Price Waterhouse auditor Subramani Gopalkrishnan, who was arrested in the Rs 7,136-crore Satyam fraud for allegedly conniving with its founder B Ramalinga Raju and other aides, on Friday moved the Supreme Court seeking bail.
Provisions of s. 124(3) are self- explanatory. No person shall be entitled to call in question the jurisdiction of an AO after the expiry of one month from the date on which he was served with a notice or after the completion of the assessment, whichever is earlier. Undisputedly, assessee did not raise this issue either after the expiry of one month from the date
A bare reading of s. 2(28A) would reveal that interest is payable in respect of ‘moneys borrowed’ or ‘debt incurred’. It, of course, would include a deposit, claim or other similar right or application of any service fee or other charges in respect of the moneys borrowed or debt incurred. All the subscribers/ members of the chit contribute moneys each month and bid takes place among the members.
in Schedule-A, in entry 45, in column, (2) for the words, figures and brackets the Additional Duties of Excise (Goods of Special Importance) Act, 1957 (58 of 1957), the words, figures and brackets the Additional Duties of Excise (Goods of Special Importance) Act, 1957 (58 of 1957) but excluding those specified in Schedule-C shall be substituted;
The Committee of Secretaries (CoS) set up to formulate changes in the foreign direct investment (FDI) policy in sensitive sectors that are now under the automatic approval route has added a rider subjecting them to post-investment surveillance.
BJP today said it would take legal action, if the state government fails to implement a cabinet decision to impose entertainment tax on the Indian Premier League(IPL) matches here. Finance minister Sunil Tatkare’s recent announcement that there will be no entertainment tax on the IPL matches, has evoked a sharp reaction from the main opposition.
Norms for issuing export licences should be tightened, the Central Board of Excise and Customs (CBEC) has told the Directorate-General of Foreign Trade (DGFT). The directive is believed to have come immediately after a probe by the Directorate of Revenue Intelligence (DRI) showed up inconsistencies in exports of textiles, gems and jewellery, to W Asian destinations.
Notification No. 20/2010 – Customs (N.T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Cus (N. T.), dated, the 3rd August 2001, namely: –
In respect of AY 2004- 05, the assessee computed its book profits u/s 115JB by claiming a deduction for provision for doubtful debts and advances and the same was allowed vide order u/s 143 (3). On 18.07.2008 (within 4 years), the AO issued a notice u/s 148 inter alia on the ground that the provision for doubtful debts had to be added back to the book profits.
