"04 November 2015" Archive

Summary of Recommendations of Bankruptcy Law Reforms Committee (BLRC)

NA (04/11/2015)

The major recommendations of the Report are as follows: i. Insolvency Regulator: The Bill proposes to establish an Insolvency Regulator to exercise regulatory oversight over insolvency professionals, insolvency professional agencies and informational utilities. ii. Insolvency Adjudicating Authority: The Adjudicating Authority will have t...

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Additions for unexplained investment based on mere DVO report not sustainable

ACIT Vs Shri Kanakkumar J. Jariwala (ITAT Ahmadabad)

ITAT Ahmadabad held In the case of ACIT vs. Shri Kanakkumar J. Jariwala that mere valuation report is not sufficient to conclude that the assessee has made unexplained investment. From perusal of the assessment...

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No TDS liability on assessee for mere reimbursement of expenses – ITAT

Luxmi Rice Mills Vs ITO (ITAT Delhi)

ITAT Delhi held In the case of Luxmi Rice Mills vs. ITO that there is no TDS liability on the assessee on account of reimbursement of expenses. In the present case, the assessee reimbursed the expenses to the bank and the bank ought to have deducted the TDS when there was a contract in between the bank and the NBHC...

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Addition on account of stock received for Job work as unexplained stock is not permissible – ITAT

ACIT Vs M/s. Vipan Industries (ITAT Ahmadabad)

ITAT Ahmadabad held In the case of ACIT vs. M/s. Vipan Industries that where there are records available to show that the excess stock found during the survey not belong to the assessee but infact was of the other party who has taken said premises on lease, addition is not justified....

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S. 69C Addition not sustainable where subsequently payment to parties made through normal banking channels

Mukesh Ashmal Bokadia Vs ITO (ITAT Ahmadabad)

ITAT Ahmadabad held In the case of Mukesh Ashmal Bokadia vs. ITO that AO is not justified to make addition on account of purchases as this is not the situation because books of account have not been fully rejected, none of the parties has previously been proved as bogus...

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Loss on cancellation of forward contracts related to cancelled export orders is ordinary business loss

Shri Jayant Kr. Bhura Vs ITO (ITAT Kolkata)

ITAT Kolkata held In the case of Shri Jayant Kr. Bhura vs. ITO that the loss arising to the assessee upon cancellation of the forward contracts was referable to and related to the assessee's export business and arose out of the export business....

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Note on Establishment of Branch Office Abroad by Indian Company

If a person resident in India desires to enter into overseas market, he can enter either by establishing branch office or liaison office outside India or he can form an independent Company outside India. The Company formed outside India may be in the form of wholly owned subsidiary or Joint Venture Company....

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Posted Under: Corporate Law |

Revision in rates of Maharashtra Value Added Tax

Trade Circular No. 16T of 2015 (04/11/2015)

The State Government has issued notifications on 30th September 2015, which have already been made available on the Department's web site. By virtue of the notification No. VAT.1515/C.R.128A/Taxation 1, dated 30th September 2015 the schedule rates of tax on certain commodities have been increased with effect from the 1st October 2015....

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Draft Guidance Note on Reporting on Fraud U/s. 143 (12 ) of Companies Act, 2013

Request for Comments On Exposure Draft of Guidance Note on Reporting on Fraud under Section 143 (12 ) of the Companies Act, 2013 Professional Development Committee of the Institute, has approved the release of Exposure Draft of Guidance Note on Reporting on Fraud under Section 143 (12) of the Companies Act, 2013 in it’s 19th […]...

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Posted Under: Corporate Law |

Sovereign Gold Bonds, 2015-16 – Operational Guidelines

RBI/2015-16/222 IDMD.CDD.No.968/14.04.050/2015-16 (04/11/2015)

1. Application -Application forms from investors will be received at branches during normal banking hours from November 5 to 20, 2015. Relevant additional details may be obtained from the applicants, where necessary. Receiving offices need to ensure that the application is complete in all respects....

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UCO Bank have Vacancies for 100 CAs

UCO Bank a leading listed Public Sector Bank invites applications from Indian citizens for 100 posts of Chartered Accountant in MMGS II who should be Chartered Accountant for their utilization in the area of Treasury/Credit/International Banking/Loan syndication/Inspection/Risk Management etc. as per the need of the Bank....

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Posted Under: Corporate Law |

SEBI issues Format for Voting Results

Circular No. CIR/CFD/CMD/8/2015 (04/11/2015)

Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as Listing Regulations), has prescribed that the listed entity shall submit to the stock exchange, within forty eight hours of conclusion of its General Meeting, details regarding the voting results in the format speci...

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Format for quarterly holding pattern, corporate governance report and compliance with two-way fungibility of IDRs

Circular No. CIR/CFD/CMD/9/2015 (04/11/2015)

SEBI issues format for Format for quarterly holding pattern, disclosure norms for corporate governance report and manner for compliance with two-way fungibility of Indian Depository Receipts (IDRs) vide Circular No. CIR/CFD/CMD/9/2015 Dated-November 04, 2015...

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SEBI issues Format for Business Responsibility Report (BRR)

Circular No. CIR/CFD/CMD/10/2015 (04/11/2015)

1. At a time and age when enterprises are increasingly seen as critical components of the social system, they are accountable not merely to their shareholders from a revenue and profitability perspective but also to the larger society which is also its stakeholder. Hence, adoption of responsible business practices in the interest of the s...

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Central Excise Act 1944 with special emphasis on Constitution of India

We have analysed following two entries relating to Excise Act 1944 Union List. Entry No 84 Duties of excise on tobacco and other goods manufactured or produced in India except alcoholic liquors for human consumption, Opium, Narcotics but including medicinal and toilet preparations containing alcoholic liquors, Opium, Narcotics. State List...

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Posted Under: Corporate Law |

Bad Times: A Good Teacher

The most significant point of your life won’t be when you reach the last step of the ladder. It will be when you fall down while climbing, when the ladder breaks down in the middle of your little adventure, it will be in all those difficulties you face till you reach your destination, as for a matter of fact, reaching on the stop point ...

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Posted Under: Corporate Law |

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