"27 August 2015" Archive

Comments on Arbitration and Conciliation Act, 1996

Carrying on business activities entails many issues one of which is parties entering into various contracts which lay down the terms and conditions. Although, generally, efforts are made for unhindered implementation of the contracts, it may so happen that, in their performance, disputes could arise which the existing stipulations cou...

Posted Under: Company Law |

Gist of Resolutions Under Companies Act, 2013

Companies (i.e Public and Private) are required to file various resolutions and agreement in e-form MGT-14 with RoC under the Companies Act 2013. Provisions are as under:- Section 117(Resolutions & Agreement to be file) of the Act; Section 179(3) (Powers of the Board) read with rule 8 of the Act and Under various other Sections and R...

Posted Under: Company Law |

No denial of Cenvat credit availed on invoices issued in the name of unregistered premises

The Hon’ble CESTAT, Delhi accepted the contentions of the Appellant and held that in the absence of any such dispute regarding availment of Impugned Services and their utilization for payment of Service tax or proper accounting of the same...

Posted Under: Company Law |

Income paid to member or to a cooperative society by a Co-operative Society is not liable to TDS

Almora Urban Co-operative Bank Ltd. Vs ITO (TDS) (ITAT Delhi)

Section 194A (3) (b) Imposes duty on a co-operative society engaged in banking to deduct TDS where amount exceeds Rs. 10,000/-, whereas section 194A (3) (v) grants specific exemption to cooperative societies where payment made by it to members or to another co-operative society. ...

Purchase of application Software is revenue expenditure

G.E. Capital Services India Vs Addl. CIT (ITAT Delhi)

It is a general presumption that, expenditure in acquisition of assets is a capital expenditure there by not eligible for deduction u/s 37 (1) of the IT Act (However depreciation is allowed as per IT Rules) The honorable CIT (A) failed to note the difference in the nature of the soft-wares as dealt in Maruti Udyog Ltd. vs Deputy Commissi...

Bad debt Actually Written Off is sufficient to claim allowance, there is no need to prove Debt as irrecoverable

G.E. Capital Services India Vs Addl. CIT (ITAT Delhi)

The decision of the case is based on the verdict by Apex Court of India in the case of TRF Limited Vs CIT, [323 ITR 397 (SC)] Where Honorable Court has held that, it is not necessary for the assessee to establish that the debt, in fact, has become irrecoverable....

No disallowance of interest for investment earning exempt income if investment are made out of interest free funds

G.E. Capital Services India Vs. Addl. CIT (ITAT Delhi)

If the investments are not made from borrowed funds, then there should not be any disallowance. Since in this case it was evidenced from the records and evidence s that the income accured was from internal accruals consequently addition deleted ...

No disallowance of interest for loan advanced to Sister Concern out of Share Capital and Reserves

ACIT Vs M/s. Edicon Mining Equipment (ITAT Mumbai)

The first arguments which has been considered was regarding the source of advances in the 100% subsidiary comapy, which the assessee company argued to be out of reservs and suplus, which could not be contradicted by the Revenue....

Interest payable if drawback not paid within one month from the date of filing a claim – HC

M/s. Karur K.C.P. Packagings Limited Vs The Commissioner of Customs (Madras High Court)

In the case of M/s.Karur K.C.P.Packagings Limited vs. The Commissioner of Customs, it was held by Madras High Court that that where any drawback payable to the claimant is not paid within a period of one month from the date of filing a claim for payment ...

Revisesd procedure for Detection and reporting of Counterfeit Notes

RBI/2015-16/162 DCM (FNVD) No. 776/16.01.05/2015-16 27/08/2015

The procedure for detection of counterfeit notes has been reviewed in consultation with the Government and it has been observed that certain modifications are required for bringing improvement in reporting of counterfeit notes and facilitating maintenance of records by banks. Accordingly, the changes in the instructions are advised as und...

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