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The study of various judgments of High Court and Supreme Court under section 397/398 of Companies Act, 1956 speak volumes about the complications in dealing with the cases of ‘oppression and mismanagement’ under section 397/398 of Companies Act, 1956. There were many judgments under section 397/398 explaining the powers of Company Law Board, meaning of ‘oppression’, powers under section 402, the powers of Company Law Board in passing orders under section 402 in order to regulate affairs of the company in future, the responsibility of the board to hear all the necessary parties to the proceeding, the issue of public interest, the issue of dead-lock, the issue of applying the principles of partnership in closely held private companies, the scope of section 399, the issue of granting ‘consent’ by members, the issues of maintainability and the procedure to be followed by the Company Law Board etc.
The only ground on which the refund claim has been rejected is that the original copy of TR-6 challan was not produced. Since according to the appellant, the original copy is now available with them, the appellant are directed to produce the same before the original Adjudicating Authority. The impugned order is, therefore, set aside and the matter is remanded to the original Adjudicating Authority for reconsidering the refund application on merits after taking into account the original copy of the TR-6 challan produced by the appellant. The same can be accepted, if on verification, the department is satisfied about its authenticity.
India is becoming a hot destination for the investment among the top countries in the world. This is evidenced by the recent visits of Heads of States of all the important economic powers in the international arena. Starting with UK, followed by USA,
CRISIL Research expects divergent price trends during the year in Mumbai and NCR (National Capital Region), the two largest residential real estate markets in India. In 2011, prices of houses are likely to decline in Mumbai, whereas prices will rise
(TO BE PUBLISHED IN PART IV OF THE DELHI GAZETTE EXTRAORDINARY) GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI OFFICE OF THE COMMISSIONER OF VALUE ADDED TAX DEPARTMENT OF TRADE AND TAXES VYAPAR BHAWAN, I.P. ESTATE, NEW DELHI-110 002 No.F.7(7)/Policy-III/VAT/2005-06/ 1878-89 Dated: 06-01-2011 NOTIFICATION No.F.7(7)/Policy-III/VAT/2005-06/ : In exercise of the powers conferred under sub-rule (5) of […]
The assessee is maintaining separate books of account for the purpose of business. The tax-free investments are in his personal capacity. As the AO has not disallowed any expenditure of personal nature out of the business income, the expenditure claimed in the business of share dealings cannot be correlated to the incomes earned in personal capacity that too on dividend, PPF interest and tax free interest on RBI bonds. Accordingly, the estimation of expenditure of Rs. 20,000 out of business expenditure as being incurred for earning tax free income is not acceptable.
With advocate Prashant Bhushan — facing contempt of court charges for his interview alleging corruption in judiciary — making it clear that he would not tender an apology, the Supreme Court on Thursday decided to proceed with the case on merits.
Vide Order No. 1/FT & TR 2011 dated 12.01.2011, the Central Board of Direct Taxes has constituted 12 (Twelve) Dispute Resolution Panels (DRP) to sit at various locations across the Country.
Sebi directed Reliance Infrastructure not to appoint Price Waterhouse as its statutory auditor for three years. Sebi passed the order in response to a consent application filed by the company, after Sebi initiated investigations into R-Infra’s use of
It is felt that enormous powers are conferred on Banks or Public Financial Institutions under SARFAESI Act, 2002 from the stage of determination of outstanding due, entertaining objections, taking possession of the property and selling the property through private treaty at times and in public auctions very often. The borrower too has got a right to question the illegality if any on the part of the Bank in proceeding against the ‘secured asset’ under the Act.
