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"31 October 2021" Archive

Buy-back of shares as per Companies Act, 2013

1. Brief Introduction and Purpose of Buy Back: A Company having excess fund and does not have any good investment solution and considering it that unused Cash is costly for the Company therefore by using that Cash Company can Bay back its shares from the Market, though Companies do buybacks for various reasons, including company […...

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Posted Under: Company Law |

Income Tax liability of an Individuals

The power to levy income tax is available with the central government vide Entry 82 of the Union list of the Seventh Schedule to the Constitution of India. Tax is nothing but money that people have to pay to the government, which is then used by the government to provide public services. Tax is not […]...

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Posted Under: Company Law |

ITC of inputs, capital goods & services used in fabrication, erection, installation of towers & shelter is admissible

Vodafone Cellular Limited Vs Commissioner of GST &

Brief issue involved in the matter is that whether the credit on inputs and capital goods / services used in fabrication, erection, installation of towers and shelters is admissible or not. Further, issue also involves that whether extended period can be invoked in the present matter....

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No amortization on additional supplies when cost fully amortized on initial supply

Lakshmi Machine Works Ltd. Vs Commissioner of GST &

The appellant received patterns from their customers to whom they supply the casting manufactured using the patterns. In one of the order the total cost of pattern was amortized and accordingly the appellant did not took into consideration the value of pattern while clearing the additional order....

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ICAI President’s Message – November 2021

Dear Professional Colleagues, India has achieved a major milestone with 100 Crore vaccines administered to the eligible population under the vaccination drive. Commendable efforts and kudos to all our COVID heroes for working tirelessly to achieve this milestone. This is indeed a testimony of our enterprise and collaborative spirit in the...

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Posted Under: Company Law |

Incorporation of Private Limited Company – FAQ’s

In this blog, we will discuss about the FAQ’s related to Incorporation of Private Limited Company which are generally asked by new entrepreneurs....

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Posted Under: Company Law |

Dishonour of Cheque issued as Security attracts Section 138 of N.I. Act: SC

Sripati Singh (since deceased) Through His Son Gaurav Singh Vs State of Jharkhand & Anr. (Supreme Court of India)

A cheque issued as security pursuant to a financial transaction cannot be considered as a worthless piece of paper under every circumstance. ‘Security’ in its true sense is the state of being safe and the security given for a loan is something given as a pledge of payment....

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HC Grants Bail to Person Accused of Money Laundering/Hawala Business

Lal Pabbi Vs Directorate of Enforcement (Punjab & Haryana High Court)

During investigation, it was found that the petitioner is involved in the acts of cheating and forgery in Netherlands by transferring of money of other persons through Hawala operations and earned commissions in the shape of cash....

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Tribunal can also amend its order for mistake of counsel for parties

Federal Mogul Goetze (India) Limited Vs ACIT (Delhi High Court)

Federal Mogul Goetze (India) Limited Vs ACIT (Delhi High Court) It is our view that, the power available to the Tribunal under sub­section (2) of Section 254 of the Act is not limited to a mistake committed by the Tribunal. The amendment to the order of the Tribunal can also be made, if it is […]...

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Section 12A Registration cannot be denied merely for Leasing of Developed Plots to Members

Confederation of Pharma Dealers Association Vs CIT (Exemption) (ITAT Raipur)

Confederation of Pharma Dealers Association Vs CIT (ITAT Raipur) Section 12A Registration cannot be denied merely for Leasing of Developed Plots to Members and Object beneficial to a section of public is also an object of general public utility It is evident that the objects of the assessee trust meant for benefit of pharma dealers [&hell...

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