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S. 11 Running Allopathic hospital is conducive to the object of Trust to provide treatment under Ayurvedic system

December 22, 2015 690 Views 0 comment Print

ITAT Delhi held In the case of JDIT vs. Mool Chand Kharaiti Ram Trust that Merely because, running of an Allopathic hospital is not specifically mentioned, it does not necessarily mean that the same would be ultra vires the objects

SEBI Listing obligations & Disclosure Requirements Regulations, 2015

December 22, 2015 31191 Views 0 comment Print

No. SEBI/LAD-NRO/GN/2015-16/27.─ In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, namely:-

Regarding imposition of cost by CESTAT on grounds of quality of adjudication order

December 22, 2015 2369 Views 0 comment Print

F. No. 390/CESTAT/69/2014-JC During the recent past there have been certain decisions of the CESTAT wherein cost was imposed either on department or on the adjudicating officer / appellate officers. The cost so imposed was ordered to be paid to the assesse or to the Registry of the Tribunal.

SEBI (Substantial Acquisition of Shares and Takeovers) (Fourth Amendment) Regulations, 2015

December 22, 2015 1203 Views 0 comment Print

No. SEBI/LAD-NRO/GN/2015-16/026.—In exercise of the powers conferred under section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, namely:—

RBI creates Helpline for guiding Start-ups in India on Forex Matters

December 22, 2015 1379 Views 0 comment Print

The Reserve Bank of India has created a dedicated helpline Email ( helpstartup@rbi.org.in ) for start-ups in India in order to offer guidance/assistance to them for undertaking cross-border transactions within the ambit of the regulatory framework.

Women can be Karta of HUF: Delhi High Court

December 22, 2015 12007 Views 0 comment Print

In a judgment that is expected to have far reaching ramifications, the Delhi High Court has ruled that a female member of a Hindu Undivided Family can also be the ‘karta’. Falling prey to the patriarchal system, this role of leadership has been traditionally inherited by men of the household.

Reopening u/s 147 based on mere office note of predecessor AO not permissible

December 22, 2015 3580 Views 0 comment Print

This was a case where the original assessment was completed under Section 143 (3). In other words there was a complete scrutiny of the accounts and all the affidavits of the donors furnished by the Assessee pursuant to the questionnaires issued to him by the AO. In the absence of any adverse

Interest under Income Tax- Calendar Month or 30 Day Month?

December 22, 2015 4406 Views 0 comment Print

CIT Vs. Arvind Mills Limited (Gujarat High Court)- Whether ITAT was right holding that the assessee was entitled to interest under Section 244A of the Act for both the months when the tax was paid and when the tax refundable was adjusted irrespective of the period between such events?

How is Forensic Audit different from Statutory Audit?

December 22, 2015 20739 Views 0 comment Print

Forensic audit is an examination and evaluation of a firm’s or individual’s financial information for use as evidence in court and also to determine whether fraud has actually occurred. Whereas statutory audit is an independent examination of financial statements of a firm, irrespective of its size and legal perspectives with a view to express an […]

Trade Discount on sales after considering commercial expediency & accrual method of accounting is allowable claim

December 21, 2015 1164 Views 0 comment Print

In the case of ACIT Vs. Rukamani Iyer Mumbai Bench of ITAT held that the claim has to be judged in the light of commercial expediency. Relying upon the judgment of CIT v Associated Electrical Agencies {2004} 266 ITR 63 (Mad.)

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