"15 January 2011" Archive

How to ascertain 'oppression' under section 397 of Companies Act, 1956?

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...

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Posted Under: Company Law |

Refund rejected on the ground that original TR-6 challan not enclosed with claim, can be allowed on submission on the same

M/s Kafila Forge LTD. Vs CCE (CESTAT Delhi)

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 t...

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ICWAI – President's Message – January 2011

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,...

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Posted Under: Company Law |

Housing Price may decline in Mumbai and May go up slightly in Delhi – CRISIL

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 ...

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Posted Under: Company Law |

Punjab National Bank e-payment facility

VAT Notification No.F.7(7)/Policy-III/VAT/2005-06 (06/01/2011)

(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/20...

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No section 14A disallowance for personal tax-free investments if business expenditure not disallowed on ground of being for personal purposes

Shri D. Manmohan Vs Shri B. Ramakotaiah (ITAT Mumbai)

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 person...

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SC to proceed against Prashant Bhushan in contempt case

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....

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Posted Under: Company Law |

Dispute Resolution Panel (DRP) Constitution w.e.f 12.01.2011

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. ...

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Posted Under: Company Law |

SEBI directs Reliance Infra to not to appoint Price Waterhouse for 3 yrs

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...

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Posted Under: Company Law |

Cause of Action to Appeal to DRT continues at various stages under SARFAESI Act, 2002?

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...

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Posted Under: Company Law |