If the requirements of Company Act and/or Accounting Standards are different from that of Revised Schedule VI, what is the treatment to be given? If requirements of a regulatory authority like RBI are different from that of Revised Schedule VI, what treatment should be given? Para 4.1.1 of the Revised Schedule VI necessitates that if compliance with the requirements of the Act and/or accounting standards requires a change in the treatment or disclosure in the financial statements, the requirements of the Act and/or accounting standards will prevail over the Schedule VI.
The parties cannot be deprived of their rights to challenge the award on the ground that there is a delay of 2 years and four months and the Award as declared after such a long period, in our view, can be challenged under Section 34 of the Act. The party cannot be remedy-less. Even under Section 16, the objection even if decided, can be re-agitated under Section 34 of the Act. There is no such scheme for the delayed action of the Arbitrator. Considering the aforesaid aspects, in our view, the award is bad in law.
Unlike many developed countries, Auditors in India have not been requisitely accountable, resulting in frequent undermining of this important aspect. Apart from recent cases of distortionary corporate governance involving highly reputed firms, cases are detected regularly by the regulatory authorities where the Auditors have failed to point out gross violations and even blatant misrepresentations. In the absence of adequate effective provisions, the Auditors are hardly ever held accountable for these lapses.
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In the present case the Director of Investigation had reliable and sufficient information to proceed with the authorisation for search. No malafides have been attributed or pleaded in the writ petition. The petitioners have been subjected to block assessment on the basis of the recoveries made during search, in which they are pursuing the remedies. The appeal filed by the department has been allowed by ITA, and the matter in remand is pending consideration in assessment.
Kotak Mahindra Old Mutual Life Insurance Limited (Kotak Life Insurance) today announced profit growth of 109 per cent. Profit after tax for FY 2011-12 stood at Rs. 211 crores, up from Rs. 101 crores the previous year. The Company has wiped out all its accumulated losses and added Rs. 51 crores to its net worth which now stands at Rs. 613 crores.
In the present case, however, the assessee is a private limited company. The share application money was received through private placement. The Assessing Officer has brought on record evidence in the shape of Income tax returns and bank statements of the share applicants to show that these companies had very meager income or were running in losses. It has also been brought on record that in most of the cases, the amounts were deposited in the account either on the same day or a day before the issue of cheques to the assessee. All the share applicants had address in Delhi.
Trade Mark registration is quasi-judicial process and tends to be time consuming as it involves various steps, inter-alia, examination, publication and disposal of opposition. Sharp increase in the applications filed in the recent years and shortfall in manpower are the other reasons for delay.
It is observed that the assessee capitalized the expenses in relation to Cafeteria project as capital work in progress in earlier year. Such project did not take off and eventually the assessee claimed it as a business loss in the current year. It is clearly borne out from records that the assessee claimed deduction by disclosing complete particulars in this regard. Simply because the assessee did not succeed in the first appeal on this issue, it does not mean that penalty will be automatic.
Reserve Bank of India (RBI) has informed that they have formulated an action plan to adopt the Basel III norms and have issued final guidelines on Basel III Capital Regulations to all scheduled commercial banks on May 2, 2012 which is available at RBI website www.rbi.org.in. RBI further informed that draft guidelines on Basel III – Liquidity Regulations have been issued on 21.02.2012 for public comments.
