"04 December 2011" Archive

Companies Bill, 2011 Cleared by Union Cabinet

The Union Cabinet on Thursday cleared the Companies Bill, 2011 and decided to take up the Bill in the Winter Session itself for approval by Parliament. Once approved by Parliament, it will replace half-a-century-old Companies Act. The Cabinet has cleared Companies Bill, 2011. It is likely to be tabled (for consideration and passage) in th...

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Posted Under: Company Law | ,

ITAT President has no authority to record the Annual Confidential Reports (ACRs) of the Members – HC

Uttam Bir Singh Bedi Vs. Union of India & 8 Others (Madras High Court)

Uttam Bir Singh Bedi vs. UOI (Madras High Court) - The ITAT is a judicial body and under the provisions of Sections 252 and 255 of the Income-tax Act, statutory powers are conferred on the President, including delegation of powers to the Senior Vice President or the Vice President. The President exercises administrative control over the B...

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Waiver of principal amount of working capital loan not a capital receipt; Amount waived off taxable as deemed business profit u/s 41(1)

Rollatainers Ltd. Vs. Commissioner of Income Tax (New Delhi High Court)

The assessee, Rollatainers Ltd was declared as a sick company by Board for Industrial Financial Reconstruction (BIFR) due to poor financial position and erosion of entire net worth. Pursuant to Restructuring Package as approved by Corporate Restructuring Cell, the bank waived off the interest and principal amount of working capital loan g...

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Tax On Sales-tax Subsidy – SC asks HC to decide whether sales-tax subsidy is a capital receipt

Commissioner of Income Tax Vs. Reliance Industries Ltd. (Supreme Court of India)

CIT vs. Reliance Industries Ltd (Supreme Court)- Having heard learned counsel on both sides, we are of the view that the High Court ought not to have dismissed the appeal without considering the following questions, which, according to us, did arise for consideration. They are formulated as under: "(A) Whether on the facts and in th...

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Whether the expenditure is capital or revenue in nature cannot form the subject matter of block assessment

Commissioner of Income Tax Vs East India Syntex Limited (Delhi High Court )

CIT Vs. East India Syntex Limited (Delhi High Court)- It is not in dispute that the entries were made contemporaneously when the expenditure was incurred between September, 1997 and December 1997. Therefore, though the search was in September, 1998, it cannot be denied that the entries had been made in the books of accounts by that time...

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