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Archive: 02 September 2014

Posts in 02 September 2014

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6462 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Appointment of Auditor under Companies Act, 2013

September 2, 2014 557524 Views 46 comments Print

As per section 139(6) the first auditor of the company shall be appointed by the Board within 30 days of Incorporation. In case of Board’s failure, an EGM shall be called within 90 days to appoint the first auditor. The law is silent regarding from when this time limit of 90 days be reckoned, it is better to take a stricter view and interpret that the 90 days limit starts from Incorporation rather than expiry of 30 days(i.e. failure of Board) from it.

Issue and redemption of preference shares by company

September 2, 2014 41128 Views 9 comments Print

As per Explanation(ii) to section 42 of the Companies Act, 2013 (‘the Act’), the term preference shares mean and includes that part of the share capital the holders of which have a preferential right over payment of dividend (fixed amount or rate) and repayment of share capital in the event of winding up of the company.

Cenvat credit not available on Tower Parts & Pre-fabricated buildings

September 2, 2014 3322 Views 0 comment Print

We are sharing with you an important judgment of the Hon’ble High Court of Bombay in the case of Bharti Airtel Ltd. Vs. The Commissioner of Central Excise, Pune III [2014-TIOL-1452-HC-MUM-ST]on following issue: Issue: Whether Cenvat credit is available to provider of Cellular Mobile Service on Tower Parts & Pre-fabricated buildings? Facts & Background: Bharti […]

Return Cannot Be Treated As Defective If Tax Audit Report Not Attached

September 2, 2014 9578 Views 12 comments Print

We know that a good deal of discussion is going on as to whether the date of ITR is also extended, whether it is mandatory to attach the copy of the tax audit report with the return and whether the return will be defective if no tax audit report is attached to the ITR.

Seeks to Amend Notification No.12/97-Customs (N.T.) dated 2nd April, 1997

September 2, 2014 382 Views 0 comment Print

In exercise of the powers conferred by clause (aa) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes the following further amendments in the notification of the Government of

No TDS on Reimbursement of Leased Line Expense to Parent Company

September 2, 2014 756 Views 0 comment Print

ITAT Chennai ruling on reimbursement of communication expenses to foreign company and managing sales affairs outside India by International Flavours & Fragrances.

Deferred tax can neither be taxed U/s. 41(1) nor U/s. 28(4) of Income Tax

September 2, 2014 4086 Views 0 comment Print

CIT Vs. M/S Mcdowell & Co Ltd Now Known As United Spirits Ltd (Karnataka High Court) In the instant case, as per the scheme he was allowed to retain the sales tax as determined by the competent authority and pay the same 15 years thereafter. The tax collected was deemed to have been paid and, […]

Haryana VAT for Developers – A Sea of Uncertain Territories & Way Forward

September 2, 2014 1048 Views 0 comment Print

Continuing from my earlier writings on the subject matter of Haryana Vat for developers and builders, it is quite noteworthy that the recently implemented notification of 1% composition scheme as prescribed under new inserted Rule 49A of Haryana Rules faced no changes from the earlier version of draft notification to the extent it was made […]

ICAI provides opportiunity to correct mistakes in November-2014 Online Exam Forms

September 2, 2014 6573 Views 0 comment Print

It is seen that candidates while filling the exam forms ( either online or physical) do not exercise reasonable care and commit errors. This creates lots of difficulties for them as well as the office at Admit Card stage and thereafter.

ICAI President's Message September 2014

September 2, 2014 763 Views 0 comment Print

Integrated Reporting for Corporates— New Era The International Integrated Reporting Council (IRC) is working towards making the integrated report a corporate reporting norm. In this direction, the IRC has released The International Framework to establish guiding principles and content elements that govern the overall content of an integrated report, and to explain the fundamental concepts.

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