The government is working to bring limited liability partnerships (LLPs) within the scope of foreign direct investment guidelines, a move which will facilitate the inflow of overseas capital through a corporate structure that has just recently been allowed in India.
In a ruling that might make settlement of a disputed will easier, the Delhi high court on Friday admitted video recording of a will as legally admissible evidence.
Institute of Chartered Accountants of India has sought broad-ranging information about the association of its member institutions with foreign auditing firms. The move assumes significance following the accountancy fraud by the promoters of Satyam Computers that brought the role of auditors under scrutiny.
The Government is planning to establish a regulator for the growing tribe of insolvency professionals, who specialise in rehabilitation or winding up of sick companies. The Companies Bill, 2009 has given formal recognition to insolvency experts as professionals for the first time. It was felt that there should be a regulator for insolvency professionals, they […]
A 46-year-old senior official of Institute of Chartered Accountants of India (ICAI) allegedly committed suicide by jumping from his sixth floor residence in east Delhi this morning apparently due to depression, police said.
The assessee claimed deduction u/s 80-IB (10) which was rejected by the AO but allowed by the CIT (A). On appeal by the department, the Tribunal ruled against the assessee and held that it was not eligible for deduction. The assessee filed a MA u/s 254 (2) pointing out that it had cited a judgement of the Kolkota Bench of the Tribunal (which had been considered by the CIT (A)) and a judgement of the Kolkota High Court which had not been considered by the Tribunal when deciding the appeal and the same was a ‘mistake apparent from the record’.
S. 54 provides that if an assessee has LTCG on transfer of a residential house and he purchases or constructs a residential house within the specified period then the amount appropriated towards the new house shall be deducted from the LTCG.
It is likely that the extant central and state levies of indirect taxes on the domestic production and sale of goods and on provision of services may be replaced by the levy of central and state Goods and Services Taxes from 1 April 2010.
It appears that the appellant had issued a notice under Section 45A of the Employees State Insurance Act, 1948 (hereinafter for short ‘the Act’) for making employer’s contribution towards the employee’s state insurance. The respondent No. 1 Board challenged that notice before the Employees State Insurance Court, Delhi. It appears that neither the workers concerned of the respondent No. 1 Board nor any one of them in representative capacity were made parties in the petition under Section 75 of the Act before the Employees State Insurance Court or before the High Court.
Besides these capital goods, these units are also allowed certain specified quarrying equipments and spares up to 5% value of quarrying equipments in each year. These quarrying equipments and spares are allowed to be taken to quarry outside the unit. These quarrying equipments and spares are specified under Annexure V of Notification No. 52/2003-Cus and 22/2003-CE both dated 31.3.03.
