Limitation on deduction of expenses under Section 44D of the Act cannot be invoked if the consideration received by the foreign company is not Fees for Technical Services as defined in India-USA tax treaty
The Institute of Chartered Accountants of India (ICAI) will submit its report against unethical practices by big four auditing and consulting firms — Ernst & Young, KPMG, Price Waterhouse Coopers and Deloitte Sells and Heskins — to the Ministry of Co
THE GOVERNMENT’S employment minister has ‘serious concerns’ over a lack of competition in the audit market, and has urged company audit committees and shareholders to encourage companies to use accountants outside the Big Four firms to improve choice in audit services. Ed Davey, who is also minister for consumer and postal affairs, yesterday told a House of Lords inquiry into the audit industry that using regulation to improve choice within audit services was not the government’s ‘first approach,’ but did not rule out this out should other approaches fail.
Mr. X. held certain shares in dematerialized account with a depository. Mr. X executed nomination in the prescribed form following the prescribed procedures in favor of his nephew (Mr Y). Upon the demise Mr. X, wife of Mr. X (say Mrs. X) filed a suit claiming an interest in those shares as a legal heir and representative. The Bombay High Court interpreted provisions of Section 109A of the Companies Act (Nomination of Shares), the Depositories Act and the bye law 9.11 of National Securities Depository Limited [NSDL] and held that where a shareholder of a company executes valid nomination form in the prescribed manner, upon death of the shareholder (i.e. Mr. X), the rights in shares including ownership rights vests in the nominee (Mr. Y) to the exclusion of other person (i.e. Mrs. X). The High Court further held that the bye law 9.11 of NSDL makes the nominee’s position superior to even a testamentary disposition and that the non obstante clause in bye law no. 9.11.7 gives the nomination the effect of the testamentary disposition itself.
The Delhi High Court has inter alia held in the case of Delhi Towers Ltd. V. G.N.C.T. of Delhi [2010] 159 Comp Cas 129 (Del) that an order passed by the Court in terms of the provisions of Section 391 read with Section 394 of the Companies Act 1956 approving a scheme of amalgamation of companies is “conveyance” under Section 2(10) of Indian Stamp Act 1899 [ISA]. The High Court further held that such approved scheme of amalgamation would be an “instrument” under Section 2(14) of the ISA chargeable to stamp duty.
Definition of ‘Qualified institutional buyer’ and ‘Retail individual investor’ • Insurance funds set up and managed by the Department of Posts, India have been given the status of Qualified Institutional Buyers [QIBs]. Accordingly, Postal Li
A Non-Banking Financial Company (‘NBFC’) is a company registered under the Companies Act, 1956 and is engaged in the business of loans and advances, acquisition of shares/stock/bonds/debentures/securities issued by Government or local authority or other securities of like marketable nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, sale/purchase/construction of immovable property.
Though the High Court was dealing with a contention that the depreciation on goodwill could be a possible view and agreed with that view, the decision highlights that it may be possible to claim depreciation on goodwill where the facts demonstrate t
By considering the potential loss on the long standing receivables as a genuine adjustment in the course of assessment, the Tribunal has reinforced the principles that the concept of TP cannot be that of an exact science and that constant application
As you are aware, the Apex Court of the country has time & again expressed its anguish & annoyance over the delayed filing of SLPs as also appeals in the High Courts. In some cases, such delay is inordinate. The inordinate delay is more pronounced in
