Tatia Sky Line & Health Farms Ltd. Vs ACIT (Madras High Court) Conclusion: Expenses incurred by assessee for Public Issue was not allowable as revenue expenditure as assessee miserably failed to establish the tenability and truthfulness of its claim that the expenditure was revenue in nature. Held: Assessee, a public limited company, was in the […]
Explore the CESTAT Bangalore order on Continental Automotive Components (India) Pvt Ltd vs. C.C., challenging the classification of LCD modules. Learn about the key findings and legal sustainability.
REQUIREMENTS AS PER RBI ACT, 1934 1. Requirement of prior approval of Reserve Bank Requirement for obtaining prior approval of RBI in cases of acquisition/ transfer of control of Non-Banking Financial Companies (NBFCs). 2. Application for prior approval NBFCs shall submit an application, in the company letter head, for obtaining prior approval of the Bank, […]
Adjournment must be with the consent of Majority of Board Members present at Board Meeting: Secretarial Standard Para 1.1.2‑ The Chairman may, unless dissented to or objected by the majority of Directors present at a Meeting at which a Quorum is present, adjourn the Meeting for any reason, at any stage of the Meeting. This […]
Explore the case of Kirloskar Ferrous Industries Ltd. vs. Commissioner of Customs (CESTAT Bangalore) where excess duty payment is contested. Learn about the implications, challenges, and legal decisions.
The Managing Committee of the Chartered Accountants Benevolent Fund (CABF) ICAI has considered the difficulties being faced by Members in the time of pandemic and has decided to grant Medical Financial Assistance to the Members and their dependents suffering from CORONA.
Carbon Credit was not an offshoot of business, but an offshoot of environmental concerns. No asset was generated in the course of business, but it was generated due to environmental concerns. Therefore, income from sale of carbon credits was to be considered as capital receipt and not liable for tax under any head of income under the Income Tax Act, 1961.
Levy of GST on notice-pay recovery from employees has always been a matter of debate since the introduction of GST. Though schedule III to CGST Act, 2017 clearly states that supply of service by an employee to the employer in the course of or in relation to employment is neither supply of goods nor supply […]
Section- 14 of Insolvency and Bankruptcy Code, 2016 (hereinafter referred as the Code) provides for the imposition of moratorium once the application of insolvency is admitted and CIRP has been initiated by the order of Adjudicating Authority. During this moratorium period certain acts, enumerated u/s 14(1) of the Code, have been made to be prohibited. […]
Sir, we are a family of 5000 + mobile retailers in Jharkhand who arc suffering very badly since the first Swasthya Suraksha Saptah. Despite our huge losses in businesses we always kept your word and paid full payment to our staff throughout the year.
