The expenditure is to be fully allowed in the year in which the same is incurred provided it fulfills the test laid down under s 37, and only in exceptional cases can the expenditure be allowed to be spread over, that too, when the assessee chooses to do so as held by Delhi High Court in CIT v Citi Financial Consumer Finance Ltd — In favour of : The Assessee ; ITA Nos. 1820, 1974/2010 and 5/2011.
The provisions of section 153C are analogous to section 158BD and, therefore, decisions rendered with reference to the provisions of section 158BD would apply with reference to the cases falling u/s 153C unless the context requires otherwise. The Apex Court in the case of Manish Maheshwari (supra) after considering the provisions of section 158BD held that:
THE Ministry of Corporate Affairs has decided that with effect from 12th June, 2011, all DIN-1 & DIN-4 applications have to be digitally signed by the practicing Chartered Accountants, Company Secretaries or Cost Accountants who shall also verify the particulars of the applicant given in the applications. All these applications will be approved online.
It has been noticed that despite having clear provision in section 616 (C) of the Companies Act, 1956, the companies engaged in the generation or supply of electricity are approaching Ministry of Corporate Affairs for fixing rate of depreciation in individual cases. The Ministry has, considered the whole matter and it is hereby clarified that Section 616 (C) the Companies Act, 1956 provides that the same shall apply to companies engaged in the generation or supply of electricity, except in so far as the said provision is inconsistent with the provisions of the Indian Electricity Act, 1910 or the Electricity Supply Act, 1948 as repealed by enactment of the Electricity Act, 2003.
MCA has replaced the Postal Ballot rules by incorporating the green initiatives in the Postal Ballot mechanism. Sending of Notice and voting by shareholder through electronic mode has been recognized. However, there is no option to the Company to adopt both, manual as well as electronic mechanism. (Notification [GSR 419(E)] dated 30 May 2011)
In sync with several other major economies, India initiated less number of anti-dumping probes against imports between October, 2010 and April 2011, according to a joint report of the multilateral agencies. India launched 15 anti-dumping investigations during this period as against 20 in the same months (October 2009 to April 2010) of earlier period, the report of the World Trade Organisation, OECD and UNCTAD said.
In an effort to curb the use of black money in the electoral process, the Election Commission now plans to ask political parties to conduct their finances in a corporate fashion by getting their accounts audited and publishing their audited finance sheets annually. The EC has received a host of such recommendations from the country’s auditing regulator — the Institute of Chartered Accountants of India (ICAI) — and will notify the official guidelines to political parties and financial enforcement agencies like the Income Tax department and the Enforcement Directorate (ED) soon.
Accounting regulator ICAI today said it will soon conclude the disciplinary proceedings against S Gopalakrishnan and Srinivas Talluri , the two auditors embroiled in the multi-crore Satyam fraud . The Disciplinary Committee of the Institute of Chartered Accountants of India (ICAI) would be holding the hearing(s) in the said matter(s) at regular intervals and would try to conclude these cases by adopting the fast track mode, ICAI President G Ramaswamy said in a statement.
A plantation company and its two directors have been slapped with a fine of Rs2.25 lakh by a Delhi court for collecting a huge sum of money from the public, promising them high returns, without prior Securities and Exchange Board of India (SEBI) permission. Additional sessions judge Pawan Kumar Jain fined Yojna Agro Forestry Ltd, a firm among hundreds of collective investment companies (CIS) on a complaint by market watchdog SEBI to prosecute the plantation company for not getting prior certificate from it as prescribed by the SEBI Act.
Planning Commission’s Deputy Chairman Montek Singh Ahluwalia today said the issues like cash subsidy and PPP, especially raised by Bihar, would be addressed prominently in the approach paper to 12th five year plan. ‘We will give thrust on ensuring faster and inclusive growth and sustainability,’ Mr. Ahluwalia said.
