For Conversion of ECB into Equity it is mandatory that company had entered into agreement at time of raising loan and it is mentioned in any clause that company can convert loan into Equity/Preference shares in future.
Goods and Services Tax (GST) is a destination-based consumption tax that was introduced in India in 2017. Under the GST framework, the concept of zero-rated supply is of significant importance, especially for businesses engaged in exports and supplying to Special Economic Zones (SEZs).
Calcutta High Court held that for earlier assessment years already tax in respect of sale of shares was treated and accepted as long term capital gains. Thus, when the shares were held to be investments and accepted as earlier AYs, it cannot be said to be not an investment in the current AY. Accordingly, profit taxable as capital gains and not business income.
ITAT Delhi held that addition is made on the basis of documents found from the separate search at another person. Accordingly, assessment should have been done under section 153C of the Income Tax Act and not under section 153A of the Income Tax Act.
NCLAT Chennai held that National Company Law Tribunal (NCLT) is not proper Fora to determine the controversies revolving around the attachment of property under the Prohibition of Benami Property Transactions Act, 1988.
Learn about the tax exemptions enjoyed by educational and medical institutions and the implications for other charitable organizations.
Date : ……… Stock Audit of… Objectives of the Stock Audit To ascertain whether physical stock tally with the stock as per books/stock registers as of ……. To ensure proper internal control over stock management. To ensure proper preservation/storage and handling of stock. To identify whether there exists any obsolete/expired stock & if yes, whether […]
It has been noticed that customs field formations have adopted varying practice in work allocation between the Special Intelligence and Investigation Unit (SUB) [Import/Export] and the Central Intelligence Unit (CIU) in relation to anti-smuggling cases.
Reopening of the assessment based on a different method of computation or application of the section was nothing else but a change of opinion as there was no failure to make a full and true disclosure ans the same was impermissible in law.
One person Company is totally a revolutionized concept brought by Companies Act, 2013 where a single person can easily form a company of his own enjoying both the benefits of sole ownership as well as corporate identity.
