"05 July 2016" Archive

List of Cabinet Ministers of Modi Government with Portfolio

The President of India, as advised by the Prime Minister, has directed the allocation of portfolios among the following members of the Union Council of Ministers:-...

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Posted Under: Corporate Law |

15 things you should know about Model GST Law

On June 14, 2016 the Finance Ministry has released the 'Model GST Law'. It outlines the structure of the GST regime. Further, the draft of 'Integrated GST Bill, 2016' is also released along with such Model GST laws. It also provides the framework for levy and collection of CGST and SGST. CGST is the tax levied under the Central Goods and ...

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Incorporation of Private Limited Company -Procedure & Law

This Article contains a checklist entailing the procedure for incorporation a Private Company. It is an attempt to provide a short and crisp checklist to save your valuable time from going through detailed provisions. Hope this article would be of some help w.r.t your professional working:...

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Posted Under: Corporate Law |

Construction companies in ancillary manufacturing can claim S. 80HH & 80I deduction

Indian Railway Const. Co. Ltd. Vs. IAC (A) (ITAT Delhi)

Deduction u/s 80HH of the Act in respect of profit and gains from newly established industrial undertaking in backward areas would be given subject to fulfillment of certain conditions as provided in sub section (2) of the said provision. In the case in hand it is not the case of the AO that the assessee […]...

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Pre-School falls in the term 'education' as envisaged u/s 2(15)

Green Acres Educational Trust Vs. DCIT (ITAT Mumbai)

The education has got different meaning, purpose or object for each person depending upon its position and background. We have education of various types e.g. Pre-schooling, schooling, higher education, professional education, vocational training, professions training etc etc....

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Bombay & Madras High Court names to change soon

The High Courts of Bombay and Madras were named after the cities in which they were located. Consequence to the change in the names of these cities, therea has been demands for change in the names of these High Courts. At present, there is no Central Law under which the proposal for change of names of these High Courts can be addressed. T...

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Posted Under: Corporate Law |

NCLT constitutes Benches to discharge Tribunal's powers &functions

File No. 10/03/2016-NCLT (05/07/2016)

In exercise of the powers conferred by Section 419 of the Companies Act, 2013 the President, National Company Law Tribunal hereby constitutes the following Benches for the purpose of exercising and discharging the Tribunal's powers and functions....

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Interest on compensation for personal disability cannot be taxed

Urvi Chirag Sheth vs. ITO (ITAT Ahmedabad)

Clearly, unless a receipt is not an income, there is no occasion for the provisions of Section 56(1) or 56(2) coming into play. Section 56 does not decide what is an income. What it holds is that if there is an income, which is not taxable under any of the heads under Section 14, i.e item A to E, it is taxable under the head income from o...

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CBEC relaxes norms for recovery of confirmed demands

The Circular further provides that in cases where demand is confirmed by Hon’ble CESTAT or Hon’ble High Court recovery proceeding may be initiated after a period of sixty days from the date of the order provided that no stay is in operation. ...

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Posted Under: Corporate Law |

Understanding Uniform Civil Code

If we require Uniform Civil Code, does this mean India does not have a civil law or India is not a civil society? India is perfectly a civil society. The Constitution of India, 1950 being the highest piece of law. Even parliament cannot change the basic structure of constitution of India. Later, Code of Civil Procedures, 1908, Criminal pr...

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Posted Under: Corporate Law |