Kindly give opinion whether the jurisdiction of civil court is not excluded and the DRT does not have power to decide tenancy and ownership issues? (This has become necessary to convince the Civil Court, before whom a suit is to be filed by the Owner of a Property, whose assets have been attached and auctioned, treating that tenant (borrower) is holding ownership/transferable tenancy rights)
There is no justification on the part of the revenue in retaining the amount of interest earned on the seized amount especially, on the touchstone of the doctrine of accretion.
The government has authorised the National Securities Depository Ltd (NSDL) and Central Securities Depository Ltd (CDSL) to facilitate electronic voting by shareholders of companies. Keeping with its ‘Green Initiative for Corporate Governance campaign, the Ministry of Corporate Affairs (MCA) has appointed the two agencies for capturing accurate electronic voting processes.
Circular No.22/2011-Customs The Comptroller & Auditor General of India (C&AG) had conducted a review of the working of ‘Project Imports’ scheme with a view to ascertaining the level of compliance, effectiveness of internal control and whether finalization has been done by field formations within a reasonable time frame. The audit review has revealed some systemic as well as compliance weaknesses relating to grant of project imports benefits and finalization of project imports cases. The C&AG has taken a serious view on the weak monitoring of the Project Imports and on the substantial delay in finalization of Project Imports as detailed in their Performance Audit Report No. PA 24 of 2009-10. In the light of various shortcomings pointed out in their report, the C&AG has recommended for a comprehensive review of the working of the scheme including the internal control and monitoring mechanism in vogue which govern the project imports, and to further strengthen this mechanism.
On 1 April 2011, the Ministry of Corporate Affairs (MCA) in India posted a circular on its website mandating a certain class of companies (Phase 1) to file balance sheets and profit and loss accounts for the year 2010-11 onwards by using eXtensible Business Reporting Language (XBRL). The financial statements required to be filed in XBRL format will be based upon the taxonomy on XBRL developed for the existing Schedule VI and non-converged accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended).
The immediate recognition of exchange differences in P&L is technically superior accounting. If a company does not defer exchange differences for amortization to later periods, the investor community will have greater confidence in the company, resulting in better valuations and lower cost of fund raising for the company. Hence, we believe that there should be no option to defer and amortize exchange differences under both the Ind-AS and Indian GAAP.
Not considering the Law laid down by Supreme Court will amount to an error apparent on face of record [2004(2) MPLJ 492 (498 para 10)] and is a ground for Review. The term ‘Sufficient reason’ is wide enough to include a misconception of fact or law by a court [AIR 2005 Supreme Court 592 (605-para 88-90)]. The objective of Review is to do away with quickly the Injustice which may be necessitated by way of invoking the doctrine “actus curie neminem gravabit’
It is settled law that, matters involving moral questions or questions of public law are not resolved by arbitration. For instance, the following matters are not referred to arbitration: * Matrimonial matters, like divorce or maintenance; * Insolvency matters, like declaring a person as an insolvent; * Criminal offences; * Dissolution or winding up of a company.
To give effect to the Budget proposals, a Bill (Legislative Assembly Bill No. XVII of 2011) to amend the Maharashtra Value Added Tax Act, 2002 was introduced in the Legislature. The said Bill has been passed by both the houses of the Legislature. The Act is now published in the Maharashtra Government Gazette dated 21st April 2011.
Mumbai, Dt. 04.05.2011 A Scheme for taxation of liquor was announced in the budget for 2011-12 by the Hon’ble Dy. Chief Minister. To give effect to this, amendments are made to the Maharashtra Value Added Tax Act, 2002 and Rules, 2005. The Scheme and the amendments are as follows:
