1. Introduction As per Section 455 of Companies Act 2013, where a company is formed and registered for a future project or to hold an asset or intellectual property and has no significant accounting transaction, such company or an inactive company may make an application to the Registrar for obtaining a status of the dormant […]
ACIT Vs PNB Gilts Ltd. (ITAT Delhi) The issue under consideration is whether diminution or reduction in price of the stock-in-trade can be allowed while computing business income? In the given case, the assessee, PNB Gilts Ltd is a Non-Banking Financial Company (NBFC), filed its return of income declaring total income. The return of income […]
Analysis of Section 8 The Basic Clauses It should be a ‘limited’ company and thereby it enjoys all the privileges of a limited company subject to all the obligations. A person or association of persons can register either as a private limited company or a public limited company, however the company so incorporated need not […]
Section 71 of the Companies Act, 2013 (Companies Act) permits a company to issue debentures with an option to convert such debentures into shares, either wholly or partly at the time of redemption; Provided that, the issue of debentures with an option to convert such debentures into shares, wholly or partly, shall be approved by […]
Amendment to Section 89 and 90 is one of the key amendments brought in by the Companies (Amendment) Act, 2017 (‘Amendment Act’). On June 14, 2018, MCA vide its Notification, has enforced the provisions of amended Section 90 of the Companies Act, 2013 and also issued the Companies (Beneficial Interest and Significant Beneficial Interest) Rules, […]
Background An alternative mechanism to the Winding up of a Company is striking off the Company. The Companies Act facilitates two modes of strike-off -Strike off by the Registrar of Companies (Under Section 248(1) of Companies Act, 2013. -Strike off by a Company on its own accord under Section 248(2) of Companies Act, 2013. Grounds […]
Certain transactions which leads to tax being payable in the Previous Year instead in the Assessment Year Mottu: Hello Patlu, it came to my knowledge that you are planning to relocate yourself outside India? Patlu: Hello Mottu, yes, I have got an opportunity in gulf country effective from 19-05-2020 and hence I am relocating out […]
1. SPICe+ is an integrated Web form offering 10 services by 3 Central Govt Ministries & Departments. (Ministry of Corporate Affairs, Ministry of Labour & Department of Revenue in the Ministry of Finance) and One State Government (Maharashtra), thereby saving as many procedures, time and cost for Starting a Business in India and it’s Introduce […]
A] Lets under the Limitation Act, 1963, in brief: The Limitation Act plays a very vital role in ensuring that the non-vigilant aggrieved party does not enjoy the rights of legal remedy. The major purpose of the Limitation Act, 1963 is not to destroy or infringe the rights of an aggrieved person but to serve the public […]
B. M. Sarin Vs ACIT (ITAT Delhi) The appeal filed before us is delayed by 125 days. The assessee received the order of the ld CIT(A) on 15.09.2018, however, the appeal was filed on 18.12.2019. The assessee preferred request for condonation of delay stating that when the order of the ld CIT(A) was received, the […]
