"22 January 2013" Archive

Transformation from Accounting to Management in Indian scenario

In past about a decade, if one gives a close look at the business environment, professional experience with clients and employer expectations, one could derive that the period has witnessed a theory of ‘Big change’. The drivers at macro level are altering the business environment radically and as a result transforming the accounting p...

Read More
Posted Under: Corporate Law |

If job worker not availed ST exemption, Service Receiver can claim Input Credit

Royal Touch Aluminium (P.) Ltd. Vs Commissioner of Central Excise, Ahmedabad (CESTAT Ahmedabad)

Cenvat credit in respect of duty paid by the job worker has already been considered by the Tribunal and in the case of Multi Organics (P.) Ltd. v. CCE [Order Nos. A/180-181/2010/SMB/C-IV, dated 31-3-2010]. It has been held that even though the job worker is entitled to exemption under Notification No. 8/2005-ST and if he has not availed t...

Read More

CLB can allow amendment to petition filed u/s. 397 & 398, if it isn’t prejudicial to parties

Gharda Chemicals Ltd. Vs Jer Rutton Kavasmanek (Bombay High Court)

CLB has rendered a finding that the application for amendment was allowed for determination of the issues between the parties and for the purpose of framing issues for avoiding multiplicity of litigations. ...

Read More

Petitioner cannot exercise his right as shareholder if never initiates to register his shares in Register of members

In re Tony Electronics Ltd., (Delhi High Court)

Record shows that the name of the petitioner was never entered into the register of members as a holder of 52470 shares; his own case is that the share transfer forms were available with him in 1998; he however took no steps to get himself on to the register of members; fault was entirely of the petitioner;...

Read More

Some Helpful Tips For Filing Wealth Tax Returns

The W.T. return for Individuals, Hindu Undivided Families and Companies is to be filed in Form BA. Value of an asset for an assessment year is to be declared as on the relevant Valuation Date i.e. 31st March of each year. Thus, for the assessment year 2012-13, the valuation date will be 31.3.2012, while for the A.Y. 2013-14, the valuation...

Read More

Whether foreign airlines had abused their dominant position in terminating commission payable to travel agents?

Travel Agents Association of India Vs Lufthansa German Airlines (Compitation Appellate Tribunal)

Director General had concluded on the basis of his investigation that it was not proved that foreign airlines hold about 90% market share in the relevant market of international flying to and fro from India. The appellant was unable to give any specific statistics before the CCI or even before us. On the other hand, from the documents on ...

Read More
Posted Under: Corporate Law |

If ‘business income’ not taxable due to absence of PE in India, it cannot be taxed as ‘other income’

P.T. McKinsey Indonesia Vs Deputy Director of Income-tax (International Taxation) (ITAT Mumbai)

If a certain receipt cannot be taxed under any other head, only then the sections dealing with 'Income from Other Sources', come into play in domestic taxation matters. Likewise, under the DTAAs, if a sum can be taxed under any other Article, provisions of Article 22 will not be applicable. We are of the opinion, in light of the earlier d...

Read More

Ordinary director cannot be treated as officer-in-default if company had a MD, whole time director & manager

Kalpesh Dagli Vs State of Gujarat (Gujarat High Court)

In the present case, as stated hereinabove, admittedly original accused No. 2 was appointed as managing director of original accused No. 1-company and original accused No. 1-company had also the whole-time directors and the manager. The petitioner was arraigned as an accused only as a ordinary director. ...

Read More

No restriction in considering companies with either abnormal profits / losses as comparable to tested party, as long as they are functionally comparable

Trilogy E-Business Software India (P.) Ltd. Vs Deputy Commissioner of Income-tax (ITAT Bangalore)

As far as the provisions of the Act are concerned, they lay down that the comparable companies should be functionally comparable to the tested party. There are no specific standards of comparability on the basis of abnormal profits or loss. Rule 10B(2) provides that the comparability of an international transaction with an uncontrolled tr...

Read More

S.32 Depreciation allowable on goodwill paid for Purchase of clientele base of sub-broker

M/s. India Capital Markets P. Ltd. Vs. DCIT (ITAT Mumbai)

Certain intangible assets on which depreciation could be claimed are - knowhow, patents, copy rights, trade marks, licenses, franchise or any other business or commercial rights of similar nature. This expression "any other business or commercial rights of similar nature" by itself would mean to include all kinds of commercial rights. ...

Read More

Search Posts by Date

January 2021
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031