"13 December 2014" Archive

Merger of ING Vysya And Kotak Mahindra Bank

The banking industry is largely fragmented in India with more than half of the commercial banks being state-run entities. Also amongst them only two of them figure among the world’s 100 largest banks. Besides, there have not been many mergers in Indian banking space and the merger of ING Vysya Bank with Kotak Mahindra Bank […]...

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Posted Under: Corporate Law |

Asset Side of Balance Sheet cannot be isolated from Liability side

M/s. Manas Greenland Pvt. Ltd. Vs ITO (OSD) (ITAT Hyderabad)

The assessee is engaged in agricultural and allied activity. This company is one of the group companies constituted by Shri B.Ramalinga Raju and his family members. During the course of scrutiny proceedings, the Assessing Officer called for the books of account of the assessee...

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Interesting Legalities Connected With CESTAT- Part -I

a. No Dismissal for Non-Prosecution- In Balaji Steel Re-Rolling Mills Versus Commissioner Of C.Ex. & Customs reported in 2014(310) E.L.T 209 (SC), the Honourable Apex Court referred to Rule 20 of CESTAT (Procedures) Rules ,1982 and Section 35C of CEA,1944 and held that Tribunal can only pass order on appeal confirming, modifying or annu...

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Posted Under: Corporate Law |

Availing Bank Loan In Case Of Poor Credit Rating

Mayur Gupta Most banks these days ask for a credit score from the applicant before extending a loan. Credit score is a rating which a rating agency assigns to an individual based on his past credit and repayment history. Higher the credit score higher is the chance of securing the loan at better terms. However […]...

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Posted Under: Corporate Law |

Bill to amend companies law in Lok Sabha

The Union government, on Friday 12th December 2014 , introduced a Bill in the Lok Sabha to amend the Companies Act, 2013 to provide stringent punishment for illegal money pooling activities, among other things. The Companies (Amendment) Bill, 2014, introduced by Finance Minister Arun Jaitley, proposes as many as 14 changes in various prov...

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Posted Under: Corporate Law |

Govt not to change tax law retrospectively if it creates a fresh liability

Concept of Retrospective Taxation Retrospective taxation means bringing changes in the legislation which impact the tax consequences of certain actions undertaken before the enactment of such legislation. The policy of the Government in respect of retrospective taxation has been spelt out in the speech of the Finance Minister while presen...

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Posted Under: Corporate Law |

Attachment of Properties Against Income Tax Tax Arrears

Total amount of direct taxed arrear demand as on 31.10.2014 is Rs. 6,15,295 crore. An amount of Rs. 23,653 crore has been collected/recovered during the period 1.4.2014 to 31.10.2014. The target for cash collection out of arrear demand by the field authorities for the FY 2014-15 has been fixed at Rs. 41,997 crore. Out of […]...

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Posted Under: Corporate Law |

Harassment of Tax Payers – No centralized system of maintaining database of complaints

Fishing Expedition of CBDT Officers The complaints including complaints regarding harassment of tax payers by the income tax officers are received by the Government and various income tax authorities all over the country. There is no centralized system of maintaining category-wise database of complaints, which are dealt with by the office...

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Posted Under: Corporate Law |

Black Money – CBDT directs AOs to Finalize Assessments

Relevant Portions of the Second Report of the Special Investigation Team (SIT) on Black Money Released; On the Directions of SIT, CBDT Directs Various Assessing Officers to Finalize the Assessments for all Actionable Cases (427), whose names are appearing in the HSBC List Received by the Department....

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Posted Under: Corporate Law |

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