"10 April 2021" Archive - Page 2

HC allows expense on Foreign Education & Training of Partner related to Business who continued after education

Aswathanarayana & Eswara Vs DCIT (Madras High Court)

Aswathanarayana & Eswara Vs DCIT (Madras High Court) We have examined the facts placed before the lower authorities and we find that the assessee is a partnership firm consisting of two brothers, two sons of one brother. All the four partners are duly qualified Engineers (B.E.) and the firm is carrying on Engineering Consultancy Profe...

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Directorships & Committee Memberships under SEBI & Company Law

In how many companies a Director can hold office or in how many Committees a Director can be a Chairperson or Member ? Legislative Provisions: Following are the legal provisions guiding the above matter : 1. Section 165 of the Companies Act, 2013 – 2. Regulation 17A  of the SEBI (LODR) (Amendment) Regulations, 2021 3. […]...

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Posted Under: Income Tax |

HC directs MSME Facilitation council to decide if council is empowered to act as an Arbitrator

Sanganer Enviro Project Development Vs State of Gujarat (Gujarat High Court)

Sanganer Enviro Project Development Vs State of Gujarat (Gujarat High Court) In this case High Court has directed Micro and Small Enterprises Facilitation Council to decide the following preliminary issue- Whether the respondent No.2 i.e. Micro and Small Enterprises Facilitation Council is empowered to act as an Arbitrator since the Coun...

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NCLAT Checklist for Appeals under Companies Act, 2013 & IBC, 2016

NATIONAL COMPANY LAW APPELLATE TRIBUNAL Checklist for Appeals under Companies Act, 2013 & Insolvency and Bankruptcy Code, 2016 Appeals to be in Form NCLAT-1 (in triplicate) along with an affidavit in Form NCLAT-4 of the National Company Law Appellate Tribunal Rules, 2016 (Rules) 1. Language & Format – Appeal stitched togethe...

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Posted Under: Income Tax |

NCLAT Checklist for Appeals under Competition Act, 2002

NATIONAL COMPANY LAW APPELLATE TRIBUNAL Checklist for Appeals under Competition Act, 2002 Appeals to be in the Form appended to ‘The Competition Appellate Tribunal (Form and Fee for Filing an Appeal and Fee for Filing Compensation Applications) Rules, 2009 (Rules 2009) along with an affidavit’ Refer also Rules 3 & 6 and the Form a...

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Posted Under: Income Tax |

Analysis of Provisions of Section 50D of Income Tax Act, 1961

Dear friends, we know that actual Sale Consideration of Capital Assets forms the basis for computation of Capital Gain Tax and calculated as per provisions of Section 48. But in some cases, the legislature has provided the adoption of the “Fair Market Value (FMV), as Full Value of Consideration. There was dispute in calculation of [&hel...

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Posted Under: Income Tax |

Revised code of ethics & its importance in CA profession

While the revised Code retains the fundamental ethical principles from the earlier code, it covers refreshed approach and contains certain new substantially revised requirements. The part shown in requirements establish general and specific obligations to be complied with by the members, while the application material provides the context...

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Posted Under: Income Tax |

CMA: Extension of time granted to undergo Mandatory Capacity Building Training

Ref. No. : G/128/04/2021 09/04/2021

The practicing members who have taken the Certificate of Practice (COP) during the period 1st February, 2019 to 31st March, 2021 and have not undergone the Mandatory Capacity Building Training (MCBT) and have to renew their COP for the year 2021-22 needs to register and undertake MCBT....

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Posted Under: Income Tax |

ICSI allows 10th passed students to provisionally register to CS Executive Entrance Test

ICSI/ID/03/2021 09/04/2021

Important decisions taken by the Council of the ICSI at its meeting held during 26th & 27th March, 2021 1 Allowing 10th passed students to provisionally register to CS Executive Entrance Test (CSEET)....

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Posted Under: Income Tax |

Compensation for refraining from carrying on competitive business is capital receipt till AY 2003-04

CIT Vs M. Ranjan Rao (Madras High Court)

CIT Vs M. Ranjan Rao (Madras High Court)  The Supreme Court in Gillanders Arbuthnot & Co. Ltd vs. CIT [ 1964] 53 ITR 283 has brought out a dichotomy between receipt of compensation by an assessee for loss of agency and receipt of compensation attributable to the negative/restrictive covenant. If the compensation is received for [&hel...

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