"14 September 2015" Archive

Performance Evaluation Of Board & Directors Including Independent Directors

In the Board’s Report a statement has to be given indicating the manner in which formal annual evaluation has been made by the Board of its own performance and that of its committees and individual directors [Section 134 & Companies { Accounts} Rules 2014}]....

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Posted Under: Company Law |

Types of Leases and its Disclosure in Financial Statements

Lease: is defined as a lease is an arrangement whereby the lessor conveys to lessee in return for a payment or series of payments the right to use an asset for an agreed period of time. In an agreement of Lease the Lessor and the Lessee enter into an arrangement in which lessor transfer right to use an asset to Lessee against a payment of...

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Posted Under: Company Law |

Private Placement Offer Letter

PRIVATE PLACEMENT OFFER LETTER UNDER SECTION 42 OF THE COMPANIES ACT 2013 AND RULE 14 OF PROSPECTUS AND ALLOTMENT OF SECURITIES CHAPTER III. Section 42 of Companies Act 2013 provides, companies shall make a private placement through issue of a private placement offer letter (PPOL)....

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Posted Under: Company Law |

Pre-deposit u/s 35F not applicable to stay applications &appeals pending prior to commencement of Finance Act (2 of 2014)- HC

Fifth Avenue Sourcing (P) Ltd. Vs Commissioner of Service Tax (Madras High Court)

In the case of Fifth Avenue Sourcing (P) Ltd. V/s Commissioner of Service Tax it was held BY Madras High Court that second proviso to Section 35F of the Act makes it abundantly clear that the proviso to this Section shall not apply to stay applications and appeals pending before the appellate authority prior to the commencement of the Fin...

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Depreciation on enhanced cost of asset is allowed from the date when the obligation to pay customs duty arose

Commissioner of Income Tax Vs Noida Medicare Centre Ltd, (Delhi High Court)

In the of CIT Vs. Noida Medicare Centre Ltd, Delhi High Court held that the AO erred in disallowing the capitalization of the additional customs duty in the manner claimed by the Assessee and adding the entire customs duty paid in the relevant AY to the income of the Assessee....

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Comparable transactions/entity must be selected based on similarity with controlled transaction/entity

Rampgreen Solutions Pvt Ltd Vs Commissioner of Income Tax (Delhi High Court)

In the case of Rampgreen Solutions Pvt Ltd vs CIT, Delhi High Court inter-alia held that the expression ‘BPO’ and ‘KPO’ are, plainly, understood in the sense that whereas, BPO does not necessarily involve advanced skills ...

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High Courts, being Courts of Record, have the inherent power of review

Commissioner of Income Tax Vs M/s.Meghalaya Steels Ltd. (Supreme Court of India)

In the case of CIT vs M/s.Meghalaya Steels Ltd. the Supreme Court held that High Courts being Courts of Record under Article 215 of the Constitution of India, the power of review would in fact inhere in them....

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Consignment wise duty payment can be made through CENVAT credit balance: SC

M/s Jayaswal Neco Ltd. Vs Commissioner of Central Excise, Raipur (Supreme Court of India)

In the case of M/s Jayaswal Neco Ltd. V/s Commissioner of Central Excise it was held by Supreme Court that even during the period when the facility of payment of excise duty in instalments on fortnightly basis is not available and remains suspended...

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Service tax cannot be levied on indivisible works contracts prior to 1st June, 2007: SC

Commissioner, Central Excise & Customs, Kerala Vs M/s Larsen & Toubro Ltd. (Supreme Court of India)

In the case of Commissioner, Central Excise & Customs, Kerala Vs. M/s Larsen & Toubro Ltd., it was held by Supreme Court that service tax cannot be levied on indivisible works contracts prior to introduction, on 1st June, 2007....

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Mere addition in value after certain process does not amount to manufacture– SC

M/s. Satnam Overseas Ltd. Vs Commnr. of Central Excise, New Delhi. (Supreme Court of India)

In the case of M/s. Satnam Overseas Ltd. V/s. Commnr. of Central Excise it was held by Supreme Court that mere addition in the value after the original product has undergone certain process, would not bring it within the definition of 'manufacture' unless its original identity also under goes transformation and it becomes a distinctive ...

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