For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) have to furnish Income Tax Return in ITR 7 and Format of the same for A.Y. 2011-12 is as give below:- ITR 7 in excel format for A.Y. 2011-12- Financial Year 2010-11
F. NO. 52/26/CAB-2010; Cost Audit made Applicable for the companies in Bulk Drugs, Fertilizers, Sugar, Petroleum, Electricity, Telecom, Alcohol and Petroleum Industry if aggregate value of net worth as on the last date of the immediately preceding financial year exceeds five crores of rupees; or wherein the aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds twenty crores of rupees ; or wherein the company’s equity or debt securities are listed or are in the process of listing on any stock exchange,whether in India or outside India
1. (1) Short Title and Commencement: (1) These rules may be called Director’s Relative (Office or Place of Profit) Rules, 2011. (2) They shall come into force on the date of their publication in the Official Gazette.
Purpose of Arbitration Act-The purpose of Arbitration and Conciliation Act, 1996 (‘the Act’) is to provide quick redressal to commercial dispute by private Arbitration. Quick decision of any commercial dispute is necessary for smooth functioning of business and industry. Internationally, it is accepted that normally commercial disputes should be solved through arbitration and not through normal judicial system. An arbitrator is basically a private judge appointed with consent of both the parties. He is expected to give his decisions quickly as he is not bound by the technical formalities of a court. In India, the need of arbitration is more because of very heavy burden on the judicial system and huge backlog of pending cases.
Hon’ble Supreme Court in Mohd.Akram Ansari Vs. Chief Election Officer & Ors , observed that it is not ordinarily open to the party to file an appeal and seek to argue a point which even if taken in the petition or memorandum filed before the Court below, has not been dealt with in the judgment of the Court below. The party who has this grievance must approach the same Court which passed the judgment, and urge that the other points were pressed but not dealt with. Para 14 of the judgment is reproduced below for ready reference.
Civil aviation regulator DGCA today asked private airlines not to charge exorbitant spot ticket prices and ensure that these were not more than the maximum fares published on their website. The directive came at a meeting DGCA chief E K Bharat Bhushan held with senior officials of private airlines, following complaints that exorbitant spot-fares being charged by the carriers in the wake of cancellation of Air India flights due to the ongoing pilots’ strike.
Clause (o) of sub-section (1) of Section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 has defined a non performing asset as follows – non-performing asset” means an asset or account of a borrower, which has bee classified by a bank or financial institution as sub-standard, doubtful or loss asset
Under Securitisation Act, if the secured creditor is acting in violation of the rights, duties and obligations, the mortgagor can come to the Civil Court before sale with a civil suit for injunction for staying the sale. In Mardia Chemicals Ltd.. Vs U.O.I. & Ors.
Therefore, it is explicit that more than one Court may have jurisdiction in respect of the same subject matter as per the circumstances of the particular case. In such a situation, the parties may enter into an agreement and confer exclusive jurisdiction on one of the Courts, having jurisdiction as detailed above, and at the same time oust the jurisdiction of other Courts, which may also have jurisdiction on the subject matter as provided in the Code. With a view to draft such a jurisdiction ouster clause, some principles have been culled from the following judgments.
Essential Feature of Guarantee-Recoverable Debt Necessary – The purpose of a guarantee being to secure the repayment of a debt, the existence of a recoverable debt is necessary. It is of the essence of a guarantee that there should be someone liable as a principal debtor and the surety undertakes to be liable on his default. If there is no principal debt, there can be no valid guarantee. A contract of guarantee is a tripartite agreement which contemplates the principal debtor, the creditor and the surety. This was so held by the House of Lords in the Scottish case of Swan v. Bank of Scotland {(1836) 10 Bligh NS 627} decided as early as 1836.
