Following HCL Comnet 305 ITR 409 (SC), the Tribunal took the view vide order dated 17.3.2009 that provision for bad debts debited to the P&L A/c could not be added to the “book profits” u/s 115JA. To supercede HCL Comnet, clause (g) was inserted in the Explanation to s. 115JA by the F. A. 2009 w.r.e.f 1.4.1998. The amendment received the assent of the President on 19.8.2009, after the order of the Tribunal was passed. The department filed a MA contending that in view of the said retrospective amendment, there was a “mistake apparent from the record”. HELD dismissing the application:
The Institute of Company Secretaries of India-Northern India Regional Council jointly with Surana & Surana International Attorneys, Chennai is organizing the 8th All India Moot Court Competition-2010 on 6th ,7th and 8th August, 2010 at New Delhi
The Reserve Bank of India, having considered it necessary in public interest and to regulate the financial system of the country to its advantage, in exercise of its powers conferred under sections 45K, 45L and 45W of the Reserve Bank of India Act, 1934 and of all the powers enabling it in this behalf, hereby gives to the agencies dealing in securities and money market instruments, the following directions for issuance of Non-Convertible Debentures (NCDs) of original or initial maturity up to one year.
The process of organizing the Tenth ICSI National Award for Excellence in Corporate Governance 2010 which was instituted in the year 2001 by the Institute of Company Secretaries of India has commenced. The Award aims to identify corporates which best establish and follow good corporate governance norms in letter and spirit.
Loan defaulters will now find it difficult to rid themselves of all their liabilities through the one-time settlement scheme. Public sector lenders plan to insert a clause that will bar them from withdrawing criminal cases against private persons, irrespective of a settlement.
Addressing a press conference here, Mr Vinayak S. Khanvalkar, President, ICSI, said ICSI’s priority would be to ensure that student services are more effective and efficient. The institute will make endeavour to see that they are appropriately skilled to meet the expectations of corporates.
Mediclaim policyholders, who are not satisfied with the service of their existing service providers, will be able to switch to another insurer soon without any change in the premium outgo.However, this facility will be available to those policyholders who are insured for a sum of Rs 1 lakh and above, to begin with.
The revised DTC proposed to continue with the exempt-exempt-exempt (EEE) regime for Government Provident Fund (GPF), Public Provident Fund (PPF) and Recognised Provident Funds (RPFs) and the pension scheme administered by the Pension Fund Regulatory and Development Authority. In addition, approved pure life insurance products and annuity schemes would also get the same tax treatment.
Revised discussion paper on direct taxes code clarified that the domestic code would not override the double taxation avoidance agreements.This could come as a huge relief as majority of the FIIs operating in India are registered in tax havens. The discussion paper also removed the ambiguity on income classification for tax computation.
The Ministry of Corporate Affairs (MCA) has shelved its idea of auditing the books of listed companies by independent auditors.It was part of the joint plan of market regulator Securities and Exchange Board of India (Sebi) and the ministry to conduct peer review of audits, which involves getting the audit reports of a company vetted by another auditor for a second opinion.
