"October, 2019" Archive - Page 60

Efficiency of Bankruptcy Institutions

Banks' willingness to lend depends on their ability to get back the money that they have lent out. Banks lend to risky projects that are able to meet the debt repayment Schedule when they are successful but are unable to meet the banks' claims when they fail....

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Posted Under: Corporate Law |

IBC 2016: A Journey of Endless Hope

Dr. M. S. Sahoo* A dialogue between two characters in a novel goes¹ like this: ‘How did you go bankrupt?’ Bill asked. ‘Two ways,’ Mike said, ‘Gradually and then suddenly.’ Most bankruptcies happen that way. The insolvency reforms in India also happened in the same way. While in the works for many years...

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Posted Under: Corporate Law |

Depository Receipts (Amendment) Scheme, 2019

Notification No. F. No. 9/1/2013-ECB(Pt-2) 07/10/2019

This Scheme may be called the Depository Receipts (Amendment) Scheme, 2019.- 5. International Financial Services Centre in India set up under section 18 of the Special Economic Zones Act, 2005 (No. 28 OF 2005)...

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Three Possible Reasons of Failures in CA Exams

Now it’s hardly a month left for the exam to begin with and the excitement has already started knocking the doors. I hope the studies for the ensuing exams are under heat and you are giving your best to fight each and every obstacle coming your way. ...

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Posted Under: Corporate Law |

Recommendation of 37th GST Council meeting, not notified so far

It is important to note that whatever is recommended by GST Council , does not becomes the law unless and untill the recommendation is notified in the offical garetta of India. The GST Council in its 37th meeting held in Goa had made the following recommendation , which are yet to be notified √ Small […]...

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Posted Under: Corporate Law |

Reform of international tax system: radical change or yet another short-term fix?

In a new report, ICRICT evaluates the forthcoming OECD solution to tax multinationals and calls for a fair and comprehensive reform that would tax multinationals as single firms, using formulary apportionment based on objective factors, together with a minimum effective corporate tax rate of 25%. A significant challenge to resource availa...

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Posted Under: Corporate Law |

CG constitutes Inter-ministerial Co-ordination Committee under PMLA

G.S.R. 762(E) 07/10/2019

In exercise of the powers conferred by section 72A of the Prevention of Money Laundering Act, 2002, the Central Government, hereby constitutes an Inter-ministerial Co-ordination Committee (IMCC), consisting of the following members, namely:—...

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FM to inaugurate National e-Assessment Centre

FM to inaugurate National e-Assessment Centre of Income Tax Department Tomorrow Shall usher introduction of Faceless e-Assessment in the Income Tax Department New Initiative shall impart greater efficiency, transparency and accountability in the assessment process The Income Tax Department is ushering in a paradigm shift in its working by...

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Posted Under: Corporate Law |

Non-holding of enquiry for determination of FMV- Matter remanded back

CIT Vs M/s.Vaani Estates Pvt. Ltd. (Madras High Court)

CIT Vs M/s. Vaani Estates Pvt. Ltd. (Madras High Court) Having heard the learned counsel for the parties and considering the aforesaid provisions, we are of the opinion that the learned Assessing authority was required to undertake the exercise of fact finding by determining the Fair Market Value of the Shares in question as required [&he...

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Section 54B Deduction not claimed in return- Can CIT(A) Allow

ITO Vs Smt. Uma Dnyanoba Bhintade (ITAT Pune)

ITO Vs Smt. Uma Dnyanoba Bhintade (ITAT Pune) The limited issue which arises in the present appeal filed by Revenue is against directions of CIT(A) in allowing the benefit claimed under section 54B of the Act by Assessing Officer, in case the assessee has fulfilled all the conditions laid down in the said section. Admittedly, […]...

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