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Archive: 18 April 2016

Posts in 18 April 2016

Mere acquittal in criminal case is not a ground for reinstatement, if termination is outcome of a departmental enquiry

April 18, 2016 1620 Views 0 comment Print

The petitioner would assail the legality and validity of the order passed by the SP, Rajnandgaon on 11.3.2003 dismissing him from service; the appellate order dated 9.6.2003 passed by the IG, Police, Raipur Range and the order dismissing his mercy petition by the DGP, PHQ, Raipur in October, 2003 whereby his appeal and mercy petition were dismissed.

Payment Gateway – helping the business globally

April 18, 2016 6250 Views 2 comments Print

In common parlance, a Payment gateway is an online platform which facilitates acceptance of payments electronically through various available options like credit card, debit card , bank transfer and real-time bank transfer based on online banking. The role of payment gateway in facilitation of payment acceptance online makes them an essential element of the e-commerce industry. These are growing and emerging along with the e-commerce industry. (Example: Paypal, Directpay, Alert pay, CCAvenue, PayUMoney etc.).

New Law “Maharashtra Settlement of Arrears in Dispute Act, 2016”

April 18, 2016 3712 Views 0 comment Print

Central Government has introduced various new provisions in the budget to settle tax related old disputes. Following that, the state government also has brought up law to settle the disputes between taxpayer and sales tax department, what is that law?

Notaries (Amendment) Rules, 2016

April 18, 2016 19519 Views 0 comment Print

In the Notaries Rules 1956, (hereinafter referred to as the said rules), in rule 7, in sub-rule (3), after clause (e), the following proviso shall be inserted, namely:- Provided that in respect of categories (b) and (c), if the memorial in Form II is found to be in order, the competent authority may issue certificate of practice as Notary directly by exempting appearance before the Interview Board.

Sec.69/69A- Addition cannot be challenged on mere denial of transaction

April 18, 2016 2572 Views 0 comment Print

ITAT Mumbai held in the case of Hassan Ali Khan vs. DCIT that the assessee claiming that he has no bank account or based on transfer instructions, no transfer of funds had, however, been effected, would be of little moment in-as-much as the addition is toward unexplained money or bank deposit.

TP- Unrelated Internal comparable supersede External comparable

April 18, 2016 1906 Views 0 comment Print

ITAT held that Revenue has not disputed the fact that effective rate of interest paid by assessee in India was 6.62% on loans whereas Interest paid by assessee on loans taken from AE abroad was 5%. This was below the rate of interest assessee was paying on loans taken within India.

Proposed Amendment to Provisions related to Object Clause

April 18, 2016 26224 Views 3 comments Print

As we know the basic feature of a Company is that it is an artificial person in the eyes of law which is capable of pursuing its object in its own name. The main object clause of the Memorandum of the company reflects the business activity to be carried out by the company. In this article, we are going to discuss the concept of object clause and its consequences by analysing the provisions of the Companies Act, 1956 (hereinafter referred to as ‘1956 Act’),Companies Act, 2013 (hereinafter referred to as ‘2013 Act’) respectively, and what are the changes expected as a result of the proposed Companies (Amendment) Bill, 2016.

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