"10 September 2012" Archive

All about Investor Education & Protection Fund

The Preamble of the SEBI describes the basic functions is to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected therewith or incidental thereto. The SEBI only act as market regulator and control the irregular market practices....

Read More
Posted Under: SEBI | ,

Right To Use –Tax Applicability & Tax Planning

Transfer of Right to use is a taxable event in the eye of law. A thin line of demarcation has been made as to when the activity will be covered under the provisions of Sales Tax law and when the same will be qualified as a service. To getting a clear understanding of the same, the provisions laid down are discussed here forth....

Read More
Posted Under: SEBI | ,

MVAT- Latest Suspicious Dealers List of 1362 Dealers

The Department of Sales Tax, Maharashtra State has declared the List of Suspicious Dealers who has issued false bills without delivery of goods on their website http://mahavat.gov.in in Excel 2007 file containing 698 names firstly. An additional list making total 817 names was declared later and further list was updated covering 1009 name...

Read More
Posted Under: SEBI |

Clarification on Reverse Charge Mechanism

The main question arise whether the service providers whose gross turnover is less than Rs. 10 lacs has to registered with service tax if they provide services mentioned under reverse mechanism....

Read More
Posted Under: SEBI | ,

Court should not interfere in decision passed by overwhelming majority of share-holders

J.K. Agri Genetics Ltd. Vs Union of India (Calcutta High Court)

In a case of scheme of arrangement pending for approval of the Court under Section 391 Court should act as umpire. It would not be a rubber stamp being a blind folded instrument of putting of seal of approval. It would certainly consider the objections raised by the objectors, to the extent, permissible under the corporate jurisprudence. ...

Read More

ST – Reverse Charge Applicability on entity with less than Rs. 10 Lakh Turnover

The threshold exemption limit (currently Rs. 10 lakh) is only available to service providers and not to service receivers. In this case, service tax under reverse charge is to be paid by service receivers from very first rupee paid to service providers (given that other exemptions are not available) and the amount of turnover of service r...

Read More
Posted Under: SEBI | ,

Different Dimensions of Mergers & Demergers

The term ‘Amalgamation’ or ‘Merger’ or ‘De-merger’ is not defined in the Companies Act, 1956. Chapter V of Part VI of Companies Act comprising sections 390 to 396A contain provisions regarding Compromises, Arrangement and Reconstructions....

Read More
Posted Under: SEBI | ,

ICAI to take action against those misusing name of CA firms

Cases of (1) alleged forged use of signatures and seal of members of the Institute / Proprietary concerns / firms of Chartered Accountants on various documents; (2) alleged false representation/practice as Chartered Accountants by non-Chartered Accountant (1) The Institute has been receiving complaints from members of the Institute, propr...

Read More
Posted Under: SEBI | ,

To claim bad debts,assessee need not prove that debt actually become bad

Additional Commissioner of Income Tax Vs M/s Pyarelal Coir Products Ltd. (ITAT Delhi)

Thus, as per the decision of Hon’ble Apex Court, for claiming the deduction of bad debts, the assessee need not prove that the debt has actually become bad. Mere writing off in the books of account is enough. ...

Read More

Non or Inaccurate Submission of Assets bills makes Assessee liable to penalty u/s. 271(1)(c)

Clariant Chemicals India Ltd. Vs Assistant Commissioner of Income-tax, 1(1) (ITAT Mumbai)

The contention of the assessee that Audit Reports and minutes of meeting of Board of Directors were enough to prove the genuineness of the transactions in the case under consideration was unacceptable. There is no doubt that Tax Audit Report is an important document, but it cannot take place of the evidence required for claiming a deducti...

Read More

Search Posts by Date

August 2022
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031