"July, 2011" Archive - Page 5

MCA issues Master Circular on Prosecution of Directors

Master Circular No. 1/2011 (29/07/2011)

The question of treating a person as an officer in default by ROCs when prosecutions are launched against a company and its directors for violations under Companies Act, 1956 has come up for examination time and again. The Department has issued various circulars in this regard so far. It may be recollected that the Department vide circul...

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Notification No. 69/2011-Customs dated the 29th July, 2011

Notification No. 69/2011-Customs (29/07/2011)

Provided that the exemption shall be available only if importer proves to the satisfaction of the Deputy Commissioner of Customs or Assistant Commissioner of Customs, as the case may be, that the goods in respect of which the benefit of this exemption is claimed are of the origin of Japan, in terms of rules as may be notified in this reg...

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Draft Circular on Providing Gifts to shareholders during Annual General Meeting (AGM) of the Company – Comments Invited

Draft Circular (29/07/2011)

Keeping the principle of good corporate governance view, it has been decided that no company shall offer any other thing except tea, coffee, soft drinks and snacks etc in the AGM. As a courtesy to the shareholders, the same may be made available before the start of the meeting. Any other gifts, food coupons or gift coupons and other entic...

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Foreign travel expenditure of the spouse of the Managing Director, pursuant to the board resolution, is allowable as business expenditure

J. K. Industries Limited Vs CIT (Calcutta High Court)

J. K. Industries Limited Vs CIT (High Court of Calcutta)- The expenditure may not have been incurred under any legal obligation, but yet it is allowable as business expenditure if it was incurred on grounds of commercial expediency. Thus, the borrowed fund advanced to a third party should be for commercial expediency if it is sought to be...

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Bonus shares eligible for benefit u/s 115F of the Act if if original shares acquired in foreign currency – ITAT Mumbai

Sanjay Gala Vs ITO (ITAT Mumbai)

Sanjay Gala Vs ITO (ITAT Mumbai)- In the present case, the assessee subscribed to shares in convertible foreign exchange and acquired the foreign exchange asset. In so far as this aspect is concerned, there is no dispute from the revenue authorities. ...

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Unabsorbed depreciation for and up to AY 1996–1997 could be carried forward and set-off against income chargeable under any head of income in any subsequent year

CIT Vs Kriti Resorts Pvt. Ltd. (Himachal Pradesh High Court)

These appeals are being disposed of by a common judgement since all these appeals have been admitted on the following substantial questions of law...

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Canvassing agent not business connection , Non-Resident, even with ‘business connection’, can be taxed only in respect of business operations carried out in India

ADIT Vs Star Cruise India Travel Services (ITAT Mumbai)

ADIT Vs Star Cruise India Travel Services (ITAT Mumbai)- In the case of a business of which all the operations are not carried out in India, the income of the business deemed under this clause to accrue or arise in India shall be only such part of the income as is reasonably attributable to the operations carried out in India” but then ...

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It is impermissible in a review petition for an assessee to re-argue and re-agitate the issues/questions which have been already considered and decided by the High Court

Ravina Khurana Vs CIT (Delhi High Court)

Ravina Khurana Vs CIT (Delhi High Court)- The applicant wants to re-argue and re-agitate the issues/ questions which have been considered and decided by this Court in the decision dated 20th April, 2011. This is not permissible. The review application has no merit and it is accordingly dismissed. ...

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Genuineness of transaction, being essentially a question of fact, cannot be lawfully raised for the first time before the Tribunal

Hari Shankar Bhartia Vs CIT (Calcutta High Court)

This appeal under section 260A of the Income-tax ("Act"), 1961 is at the instance of an assessee and is directed against an order dated September, 2002, passed by the Income-tax Appellate Tribunal, "B"Bench, Kolkata in Income-tax Appeal bearing ITA No. 1449 (Cal)/2000 for the Assessment Year- 1997-98 and thereby dismissing the appeal pref...

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Notification No. 39/2011 – Income Tax Dated 28/7/2011

Notification No. 39/2011 - Income Tax (28/07/2011)

Notification No. 39/2011 - Income Tax [F. NO. 203/58/2010/IT(A-II)], DATED 28-7-2011 It is hereby notified for general information that the organization Central Manufacturing Technology Institute, Bangalore has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 19...

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