"30 October 2019" Archive - Page 2

Payment made to legal heirs of deceased partner is admissible expenditure

Principal CIT Vs Wadia Ghandy & Co. (Bombay High Court)

Since firm envisaged payment to a outgoing partner on the basis that the partner would have rendered service during his tenure but could not enjoy the fruits thereof on account of the fact that the work having remained incomplete, the concerned client had not been billed for the work already done, therefore, payment to the partner would a...

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Disclosure requirement in compliance of AS 15 (Revised 2005) for SME and Non SME Companies

Disclosure requirement in compliance of AS 15 (Revised 2005) for SME and Non SME Companies in India In Indian context, Companies needs to comply with Accounting Standards notified under Section 133 of Companies Act 2013 to prepare the financial statements at the end each Financial Year. Ensuring the proper compliance and provisions of the...

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Posted Under: Income Tax |

Key Tip for SAMVAT 2076 Investment

The battle for SAMVAT 2076 is not between large-cap, Midcap and Small-cap. The battle is for making an efficient portfolio of investments. This article does not recommend any stock names or Mutual Fund scheme names but it shows the road map for deciding to construct the portfolio of investments. I find SAMVAT 2076 to be […]...

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Posted Under: Income Tax |

Regional Director, New Delhi to have Jurisdiction over UT of J&K & Ladakh

Notification No. S.O. 3957(E) (30/10/2019)

MCA notifies revised Jurisdiction of  Regional Director, North Region Directorate, Headquarter at New Delhi to States of Haryana, Punjab, Himachal Pradesh, Uttar Pradesh, Uttarakhand and Union territories of Chandigarh, Jammu and Kashmir, Ladakh and National Capital territory of Delhi. Ministry of Corporate Affairs Notification New Delhi...

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ROC Jammu-Jurisdiction of Adjudication of Penalties-UT of J&K & Ladakh

Notification No. S.O. 3956(E) (30/10/2019)

Registrar of Companies-cum‑ Official Liquidator, Jammu have Jurisdiction for Adjudication of Penalties under Companies (Adjudication of Penalties) Rules, 2014, over Union territory of Jammu and Kashmir and Union territory of Ladakh. Ministry of Corporate Affairs Notification New Delhi, the 30th October, 2019 S.O. 3956(E)._ In exercise o...

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ROC Jammu has Jurisdiction of UT of JK and UT of Ladakh

Notification No. S.O. 3955(E) (30/10/2019)

Registrar of Companies Jammu shall have jurisdiction in respect of Union territory of Jammu and Kashmir and Union territory of Ladakh, for the purpose of registration of companies and discharging the functions under the Companies Act, 2013. MINISTRY OF CORPORATION AFFAIRS NOTIFICATION New Delhi, the 30th October, 2019 S.O. 3955(E).— In ...

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Valuation of shares should be based on various factors and not merely on financials

M/s India Convention and Culture Centre Pvt. Ltd. Vs ITO (ITAT Delhi)

Valuation of the shares should be made on the basis of various factors and not merely on the basis of financials and the substantiation of the fair market value on the basis of the valuation done by the assessee simply cannot be rejected where the assessee has demonstrated with evidence that the fair market value of the asset is much more...

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Jammu and Kashmir Reorganisation (Removal of Difficulties) Order, 2019

Notification No. S.O. 3912(E) (30/10/2019)

Central laws and rules made thereunder which are applicable to the existing State of Jammu and Kashmir are continued to be made applicable to the Union Territory of Jammu and Kashmir and the Union Territory of Ladakh;...

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IRDAI (Insurance Intermediaries) (Amendment) Regulations, 2019

Notification No. F.No. IRDAI/ Reg/13/164/2019 (30/10/2019)

These Regulations may be called the Insurance Regulatory and Development Authority of India (Insurance Intermediaries) (Amendment) Regulations, 2019....

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Bogus loss from Client Code Modification: AO cannot make addition to broker without bringing any evidence

Pr. Commissioner of Income Tax­-13 Vs Pat Commodity Services Pvt. Ltd. (Bombay High Court)

Pr. CIT Vs Pat Commodity Services Pvt. Ltd. (Bombay High Court) Bogus loss from Client Code Modification (CCM):However, the Tribunal accepted the assessee’s explanation and discarded the Revenue’s theory that profit of the assessee’s company were passed on to the clients. It was also noticed that the Revenue has not cont...

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