"April, 2015" Archive - Page 10

Analysis of Secretarial Standard on General Meetings – SS2

Secretarial Standard on General Meeting issued by the Council of the ICSI and approved by Central Government is to be mandatorily adhered by all Companies as per the Provision of Section 118 (10) of Companies Act, 2013....

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Posted Under: Company Law |

Consultative Paper On Guidelines On Overseas Investments and Other Issues/Clarifications For AIFs/VCFs

A. Overseas Investment by Venture Capital Funds (VCFs) registered under SEBI (Venture Capital Funds) Regulations, 1996) VCFs registered under erstwhile SEBI (Venture Capital Funds) Regulations, 1996 are permitted to invest in Offshore Venture Capital Undertakings, which have an Indian connection, upto 10% of the investible funds of a VCF...

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Posted Under: Company Law |

If AO not conducted proper inquiry, the obligation to do so is on CIT(A) & ITAT

Commissioner Of Income Tax Vs M/s. Jansampark Advertising And Marketing (P) Ltd. (Delhi High Court)

Assessment proceedings under the Income Tax Act are not a game of hide and seek. The inquiry in the wake of a notice under Section 148 is not an empty formality. It must be effective and with a sense of purpose....

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Merely Approval without application of mind not sufficient and renders reopening void

ITO Vs M/s. Direct Sales (P) Ltd. (ITAT Delhi)

The power vested in the Commissioner to grant or not to grant approval is coupled with a duty. The Commissioner is required to apply his mind to the proposal put up to him for approval in the light of the material relied upon by the Assessing Officer....

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Reopening on mere ground of Cash Deposit in Bank Account not Valid

Bir Bahadur Singh Sijwali Vs ITO (ITAT Delhi)

In this case reasons recorded for reopening indicate is that cash deposits aggregating to Rs 10,24,100 have been made in the bank account of the assessee, but the mere fact that these deposits have been made in a bank account does not indicate that these deposits constitute an income which has escaped assessment....

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Legislature / Amendments cannot directly overrule a Court decision : SC

Asst. Commnr. Of Agri. Income Tax & Ors. Vs M/S. Netley 'B' Estate & Ors. (Supreme Court of India)

In exercising legislative power, the legislature by mere declaration, without anything more, cannot directly overrule, revise or override a judicial decision. It can render judicial decision ineffective by enacting valid law on the topic within its legislative field fundamentally altering or changing its character retrospectively. ...

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Fraud Reporting by Auditor under Companies Act, 2013

The Companies Act, 2013 has introduced many new reporting requirements for the statutory auditors of companies. One of these requirements is given under the sub-section 12 of Section 143 of the Companies Act, 2013 which requires the statutory auditors to report to the Central Government about the fraud/suspected fraud committed against th...

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Posted Under: Company Law |

All about Foreign Companies under Companies Act, 2013

In General, a foreign company is a company which is incorporated outside India but having its place of business in India. To understand more about Foreign Company, let’s discuss some important definitions: Definition of Company under Companies Act, 2013-Section 2(20): Company means a company incorporated under this Act or under any prev...

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Posted Under: Company Law |

Quantum of Pre-deposit for an Appeal U/s. 35F of CEA,1944

Advocate Anandaday Misshra The era of appeals have changed from 06.08.2014 when mandatory pre-deposit was introduced via Section 35F of CEA,1944 .Similar provisions exist for customs and service tax as well . In order to understand the implication of such a change, Section 35F is produced herein below and it is broken in parts for better...

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Posted Under: Company Law |

Amount paid to authorized dealer for protection from foreign exchange rate fluctuation is revenue expenditure

CIT Vs M/s Britannia Industries Ltd. (Calcutta High Court)

Calcutta High Court held In the case of CIT vs. M/s Britannia Industries Ltd. that bank charges claimed by the assessee are not relatable to the fixed assets. Bank charges are payable in consideration of the risk undertaken by the bank. ...

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