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As we all aware, section 397/398 of the Companies Act, 1956 deals with oppression and mismanagement and the protection to the minority against the majority. The law makers could not have expected that a situation will come where a majority are harassed or oppressed by the minority. Sections 397/398 and other connected provisions of companies act, 1956 meant to provide relief to the minority shareholders against the majority when minority are oppressed or the property of the company is mismanaged.
Background :-The Central Board of Direct Taxes (CBDT) had made certain amendments vide Notification No. 31/2009 dated 25th March, 2009 in respect of –the Tax Deduction at Source (TDS)/ Tax Collection at Source (TCS) payments; and Compliance requirements (furnishing of quarterly statements / forms, issue of annual certificates, etc.).
The Finance Minister presented the Economic Survey 2009-10 before the Parliament. It is a report card of India’s economic performance which gives the current and expected direction of the Government Policies. The key highlights of the same are given below:
The income tax department has sought the Supreme Court’s direction to decide if Reliance Industries Ltd should pay tax on sales tax incentives given to them by the governments of Maharashtra and Gujarat. A bench headed by Justice S H Kapadia has sought reply from the company headed by Mukesh Ambani. The tax of Rs 368 crore is for the company’s two units at Hazira and Patalganga for the assessment year 1998-99.
No. VAT. 1510/CR. 47A/Taxation- l.—In exercise of the powers conferred by sub-entry (a) of-entry 101 of Schedule C appended to the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby, with effect from the 1st April 2010, specifies the following goods, more particularly described in the SCHEDULE appended hereto, to be fabrics, for the purposes of the said sub-entry, namely