"26 June 2012" Archive

CLB have no jurisdiction over asset acquired & sold by director on companies behalf but in his own name

T. Vinayaka Perumal Vs T. Balan (Madras High Court)

In the instant case, admittedly, sale deed was executed in favour of the respondent-director in the year 1989, while purchasing the land on behalf of the company. The property was mortgaged by the respondent-director in his individual capacity. The parties also came to know about the property being in the name of the respondent-director, ...

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Board Meetings without quorum & irregularities in filing Form 32 is Oppression & Mismanagement

Naresh Mohan Mittal Vs Sangeeta Construction (P.) Ltd. (Company Law Board Delhi)

The fiduciary capacity within which directors have to act enjoins duty upon them to act on behalf of the company with utmost care and skill and due diligence and in the interest of the company. More so, in a family company where even directorial complaints can be looked into. Directors have a duty to make full and honest disclosures to sh...

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Transfers & Postings Of Additional/ Joint Commissioners of Income-tax – Order No. 131 of 2012

Order No. 131 (26/06/2012)

Vide Order No. 131 dated 26.06.2012 the CBDT has transferred and posted several officers in the grade of Additional/ Joint Commissioners of Income-tax with immediate effect. ...

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If fees for technical service not taxable as Business Income it cant taxed as Other Income too

DCIT Vs Andaman Sea Food Pvt Ltd (ITAT Kolkata)

The applicant’s counsel submitted that an item of income can be said to have been dealt with in an article of the Treaty only if it defines its scope as well as allocates the right to tax such income between the two Contracting States. Mere exclusion of shipping business profits from article 7 does not amount to dealing with that item o...

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No disallowance u/s 14A if tax-free investments capable of taxable income

Avshesh Mercantile P. Ltd. (And 15 Others) Vs DCIT (ITAT Mumbai)

As regards the applicability of section 14A, it was submitted that the only income by way of dividend on shares was exempt from tax in respect of securities notified for the purpose of section 10(23G). It was submitted that since the said shares were also capable of generating other income in the form of short term capital gain, income fr...

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SEBI – Manner of dealing with Audit Reports filed by listed entities

PR No. 67/2012 (26/06/2012)

In order to enhance the quality of financial reporting done by listed entities, it has been decided to put in place, a mechanism to process qualified annual audit reports filed by the listed entities with stock exchanges and Annual Audit Reports where accounting irregularities have been pointed out by Financial Reporting Review Board of t...

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Proceedings u/s. 543 cannot be initiated merely based on realizable value of assets

Official Liquidator of Mandya National Paper Mills Ltd. (In Liquidation) Vs S.K. Sengupta (Karnataka High Court)

Considering the fact that the entire claim in the instant application is based on the declaration made in the statement of affairs which was on the basis of the realisable value indicated in Ex. R1 and in that regard, if the view taken by this Court in the case of the Official Liquidator, Bangalore Batteries (P.) Ltd. (In Liquidation) v. ...

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All income of recovery agent may not be for services rendered as recovery agent

Pioneer Services Vs CCE (CESTAT Ahmedabad)

we find that the appellant's claim that they have produced some records and the documents, indicating that the income mentioned in the balance sheet may not be totally out of the income as a recovery agent is borne out from the Chartered Accountant's certificate and adjudicating authority has recorded the same in the submissions made by a...

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Export of Specified products from North Eastern Region & Sikkim entitled for additional 1% Duty Credit Scrip

Public Notice No. 7 (RE-2010)/ 2009-14 (26/07/2012)

Note: Export of product listed in Table 1 & Table 2 above through any of the Land Custom Stations (LCSs) situated in the States of Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Tripura and Sikkim shall be entitled for additional Duty Credit Scrip @ 1% of FOB value....

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Interest subvention of 2% on rupee export credit for 7 Sectors & SME Units for 2012-13

RBI/2011-12/619 UBD.BPD.(AD) Cir No. 8/13.05.000/2011-12 (26/06/2012)

Government of India has decided to extend interest subvention of 2% on rupee export credit on specified export sectors from April 1, 2012 to March 31, 2013. Accordingly, the interest subvention on pre-shipment and post-shipment rupee export credit is extended from April 1, 2012 to March 31, 2013 on the same terms and conditions as mention...

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