Amid controversies over its use of US business visas, Infosys today said an American court has sought documents and records related to the company’s sponsorships and utilisation of B1 business visas. The development comes at a time when Infosys is facing a lawsuit by a former employee Jack Palmer, alleging that he was asked by the firm to sign on documents which said workers were heading to the US to have meetings rather than to work there.
9TH All India Moot Court Competition 2011 Organized by Western India Regional Council of ICSI And Hosted by Pune Chapter of WIRC of ICSI. Rules for the Competition -Eligibility – Only registered students of ICSI. Only team entries are allowed. Practicing Advocates, Chartered Accountants & Cost Accountants are not eligible to participate.
J K College Of Nursing & Paramedicals vs. UOI & ORS (Delhi High Court)- It was held that if any establishment or employer claims to be not covered under the said Act, then it is for the employer to place sufficient cogent and convincing material before the designated authority in an enquiry under Section 7A of the Act, so as to satisfy the Authority with regard to non-applicability of the Act and further held that on failure to place any such material, the onus cannot be shifted on the EPF authorities to prove the applicability of the Act. It was yet further held that the EPF authorities under no circumstances can be in possession of necessary records evidencing the extent of strength of employees in any particular establishment.
Sri Rajeswari Agencies V. Additional Deputy Commercial Tax Officer II, Sales Tax – Declaration Forms – Arrears Of Tax – C Form Cannot Be Refused To Be Issued On Ground Of Arrears Of Tax – Central Sales Tax Act (74 Of 1956), S. 9(2) – Central Sales Tax (Registration And Turnover) Rules, 1957, Form C.
Manori Properties Pvt. Ltd., Vs. Income Tax Officer 6(3)(3), Mumbai.The appellant has purchased debts of amount due to Rose Patel Mercantile Co. Ltd. for Rs.10,85,000/- by paying the said amount on 10-1-1996 Rs. 5,00,000/- and on 29-1-1996 Rs. 5,85,000/-. The amount was due from Qualitron Components Ltd. Unfortunately due to losses the company closed down its operations and ultimately wound up by the order of Gujarat High Court. The Assessing Officer has clearly pointed out that the said debts of Rs. 10,85,000/- was not trading debt. Therefore the conditions specified u/s. 16(1)(vii) r.w.s. 36(2) is not fulfilled as the amount has not been taken into consideration while arriving to the profit of the appellant company.
In order to reduce cost of posting and speedy delivery of documents, service of documents through electronic mode has been permitted under section 53 of the Companies Act, 1956 in place of service of document under certificate of posting. Similarly, to reduce the consumption of papers and speedy secure delivery, service of copies of Balance Sheets and Auditors Report etc., to the members of the company as required under section 219 of the Companies Act, 1956 has been allowed to be served through electronic mode by capturing their e-mail addresses available with the depositories or by obtaining directly from the shareholders.
Review of the policy on Foreign Direct Investment- Allowing FDI in Limited Liability Partnership firms-amendment to paragraphs2.1, 3.3.5 and 3.3.6 of ‘Circular I of 2011-Consolidated FDI Policy’. The Government of India has reviewed the extant policy on FDI and decided to permit FDI in LLP firms, subject to specified conditions.
Delhi HC Reserves the Judgement in the case related to applicability of of service tax on renting of immovable Property on 20.05.2011 after hearing the submission of by way of rejoinder from Sr. Counsels Mr. Abhishek Manu Singhvi, Mr. S. Ganesh and Mr. PK Sahu, Advocate (a fromer IRS officer). To ascertain whether renting of immovable property is taxable service or not, the test should not be whether there is value addition or not. The concept of value added tax is different for different tax laws.
In exercise of the powers conferred by sub Section (1-A) of Section 81 of the Companies Act 1956 read with Section 642 of the said Act, the Central Government hereby makes the following rules in supersession of unlisted Public companies (Preferential Allotment) Rules, 2003. 1. Short Title and Commencement -(i) These rules may be called Unlisted Public Companies (Preferential Allotment and Private Placement) Rules 2011 (ii) They shall come into force on the date of their publication on official Gazette.
The government today eased rules for incorporating not-for-profit companies, by giving the Registrar of companies the power to directly issue licences. Besides, it has reduced the time taken for setting up Section 25 companies by doing away with some mandatory provisions, Ministry of Corporate Affairs Joint Secretary Avinash Srivastav told reporters here.
