"14 December 2017" Archive

Time Period Under ‘IBC’ Mandatory or Recommendatory

In this editorial author discuss the provisions under of I&B Code, 2016 in respect of different – 2 time limits mentioned under the Act i.e. Section 12. (1) Subject to sub-section (2), the corporate insolvency resolution process shall be completed within a period of one hundred and eighty days from the date of admission of the applica...

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Posted Under: Corporate Law |

Whether POA Holder Can File Application Under IBC, 2016

Shriram EPC Limited Vs. Rio Glass Solar SA (NCLAT Delhi)

The 'I&B Code' is a complete Code by itself. The provision of the Power of Attorney Act, 1882 cannot override the specific provision of a statute which requires that a particular act should be done by a person in the manner as prescribed thereunder. Therefore, we hold that a 'Power of Attorney Holder' is not competent to file an applicat...

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Posted Under: Corporate Law | |

CA IPCC Results Nov 2017 on 1st February 2018 at icaiexam.icai.org

CA IPCC November 2017 exams completed on 16th Nov 2017. Approximately one lakh fifty thousand students attended the exams. Students who have written these exams are eagerly waiting for their CA IPCC exam result Nov 2017. Today we are discussing when will ICAI declare the results and how to check your CA IPCC result....

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Posted Under: Corporate Law |

Repeated adjournments by Department Representatives before ITAT

Undersigned is directed to state all Department Representatives of your region may be directed to not seek adjournments in cases listed before ITAT without a substantial cause or reason....

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West Bengal FM says GST rollout a hasty one, while J&K & Bihar FMs term GST a landmark move

The implementation of Goods and Services Tax (GST), dubbed as the single-most important reform measure in the annals of Indias taxation regime, witnessed three State Finance Ministers express their views ranging from unprecedented in its adverse consequences, especially for the SMEs...

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Posted Under: Corporate Law |

Remove clause in FRDA Bill that has created panic among bank depositors: ASSOCHAM to Govt

Government's assurance that depositors' interest in case of a bank going down under would be fully protected should be clearly and unambiguously spelt out in the Financial Resolution and Deposit Insurance (FRDA) Bill and a clause that seeks to treat depositors as other creditors and shareholders for bail- in, must be removed, the ASSOCH...

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Posted Under: Corporate Law |

HC on Validity of Service of notice by post, in person and then by affixture

Success Tours & Travels (P) Ltd. & Anr. Vs. ITO & Ors. (Calcutta High Court)

Service by post, which had been returned with the endorsement addressee not found, followed by an attempt at personal service and subsequent affixture would constitute substantial compliance of sec­tion 282 ...

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Section 14A cannot be applied to losses due to diminution in value of investments due to merger/amalgamation

ACIT Vs Af-taab Investment Company Limited (ITAT Mumbai)

These are bunch of seven appeals filed by the assessee as well as the Revenue for assessment year 2006-07, 2007-08, 2009-10, 2010-11 and 2011-12 . First we shall take up cross appeals field by the assessee as well as the Revenue in ITA 4284/Mum/2014 and 1807/Mum/2011 for assessment year ( AY ) 2006-07 respectively....

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12 principles governing section 44BB culled out from various judgments

Swiwar Offshore Pte. Ltd. Vs. Addl. DIT (ITAT Mumbai)

The Income Tax Appellate Tribunal recently ruled that the service tax collection shall be deducted from gross Receipts while computing the profit for the purpose of Section 44BB of the Income Tax Act, 1961. ...

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Cancellation of Assess Trust justified for accepting donation and giving back the same in cash

Batanagar Education & Research Trust Vs CIT (Exemptions) (ITAT Kolkata)

These are appeals by the assessee against two orders both dated 25-2-2016 of C.I.T. (Exemptions), Kolkata (i) passed under section 12AA(3) of the Income Tax Act, 1961 withdrawing/cancelling the registration with effect from 1-4-2012...

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