"02 September 2014" Archive

Appointment of Auditor under Companies Act, 2013

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 int...

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Issue and redemption of preference shares by company

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....

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Posted Under: Company Law |

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

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?...

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Posted Under: Company Law |

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

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....

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

Notification No. 74/2014-Customs (N.T.) (02/09/2014)

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 ...

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

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 mad...

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Posted Under: Company Law |

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

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....

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Posted Under: Company Law |

ICAI President's Message September 2014

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 int...

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Posted Under: Company Law |

Income Tax Scrutiny Criteria- Financial Year 2014-15

Instruction No. 6/2014 (02/09/2014)

CBDT hereby lays down the following procedure and criteria for manual selection of returns/cases for scrutiny during the Financial-year 2014-2015:- a) Cases involving addition in an earlier assessment year in excess of Rs. 10 lakhs on a substantial and recurring question of law or fact which is confirmed in appeal or is pending before an ...

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CBDT Forms Committee to approve any action proposed by AO to tax indirect transfer due to retrospective-amendment

PRESS RELEASE (02/09/2014)

Vide the Finance Act, 2012, certain clarificatory amendments were introduced in clauses (14) and (47) of section 2, in clause (i) of sub-section (1) of section 9 and in section 195 of the Income-tax Act, with retrospective effect from 01.04.1962 in relation to transfer of assets. For the proper administration of these provisions of the Ac...

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Posted Under: Company Law |

What should be first, ITR or Tax Audit report? Lord Ganesha -Please Help!

Karniti -Dear Vighnaharta .., what should be first…, Income tax return or Tax Audit report? Please remove the Vighna (Complications). Arjuna (Fictional Character): Krishna, the festival of Lord of Wisdom Shri Ganesha is being celebrated with Joy all over India, but the Income Tax payers under Tax audit are facing the obstacles in their ...

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Service Tax – Relevance of General Clauses Act Vis. A. Vis British Calendar

In the very recent decision vide 2014-TIOL-1635-CESTAT-MUM in the case The Ahmednagar Merchants Co-Op Bank Ltd vs. CCE the Hon’ble CESTAT, Mumbai has interpreted the relevance of definition of British Calender Month as per The General Clauses Act under service tax law. The brief facts of the case were as follows: Facts:“The lower appe...

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Posted Under: Company Law |

Leased Assets qualify for Industrial Undertaking Purposes- holds Bombay HC

Whether the film production companies are Industrial Undertaking for the purpose of Section 80IB of the Income Tax Act, 1961? Whether a film production company can be considered as Industrial Undertaking under the provision of Section 80 IB of the Income tax Act, when the plant or machinery of such company is not owned by the assessee and...

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Posted Under: Company Law |

Whether all returns filed before filing Tax Audit Report are defective?

As you are aware CBDT vide order no. F.No. 133/24/2014-TPL dt. 20.08.2014 issued order thereby exercising power conferred u/s 119 of the Income Tax Act for extending the due date for obtaining and furnishing of report of audit u/s 44AB of the Act for the Assessment Year 2014-15. In the absence of any reference to section 139 of the Act in...

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Posted Under: Company Law |

Validity of reopening of assessment has to be determined on the basis of reasons for reopening

CIT Vs Shri Samraj Krishan Chaudhary (Allahabad  High Court)

In the present case, the submission of the assessee before the Tribunal, as recorded in paragraph 3 of the impugned order, is that the only reason which was given by the Assessing Officer for initiating reassessment proceedings was that the property was sold by the assessee for Rs.31 lacs...

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Avoid the Mistakes of Bull Market Rally

Nifty is at 8000 levels, GDP growth is around 5.7% and the optimism in the Indian economy is galloping. Among all these I find a couple of strong negative battles which we all will be facing in the next 6 months and we all need to take preventive steps. We all know about the Bushan […]...

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Posted Under: Company Law |

SEBI further amends ICDR Regulations

SEBI has vide Notification No. LAD-NRO/GN/2014-15/06/1372 dated 25th August, 2014 issued Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2014 (the Amendment) making few amendments in the conditions for IPO, Minimum offer to Public, allocation of net offer to public, pri...

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Posted Under: Company Law |

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