As you are aware that Bank Guarantee is a promise made by a Bank/Financial Institution to any third person to undertake payment risk on behalf of its customers. A BG is a irrevocable undertaking by a bank to pay certain sum of money to the beneficiary in the event of non-compliance /fulfilment of commitment by […]
The major objective of this act was to concentrate on the innocent people who are traveling on the road and can get affected by the drivers. The drivers of this motor vehicle were not held accountable for until this act. Thus, under the motor vehicle act, there was a provision for compensation for these helpless people on the road.
CONSTITUTIONAL VALIDITY OF PREVENTION OF MONEY LAUNDERING ACT, 2002; The Prevention of Money Laundering Act, 2002 In the past when you had to open a Simple Bank account in any branch of PSU / Private Sector Bank in India, apart from filling all the particulars in the Account opening form, you had to fill a […]
Delhi High Court in case of Coforge Limited (formerly known as NIIT Technologies Ltd) vs. ACIT: ITA Nos.213- 214/2020 decided on 05.07.2021, while reversing the decision of the Tribunal, held that demerger expenses under section 35DD of the Income Tax Act, 1961 (Ac”) are also allowable to the ‘resulting company’.
Claim cannot be denied to the seller of the vehicle on the fact that the vehicle is sold to another person unless the sale is complete and ownership of the vehicle is transferred to buyer.
Micro Finance sector consisting of a verity of players that includes Non-governmental organisations ,cooperatives, self help groups , Non-Banking Finance Institutions ,some depending on donor funds and external borrowings and some other operating with savings, donor resources and external debts. These micro finance institutions are on driving seat in development of Indian economy. The Government […]
Reduction of Capital’ under Section 66 of the Companies Act, 2013 is a ‘Domestic Affair’ of a Company in which, ordinarily, a Tribunal will not interfere because of the reason that it is a ‘majority decision’ which prevails.
The AO opined that the non-refundable grants were in the nature of capital expense and not a revenue expense and, thus, disallowed the same as a deduction. What weighed with the AO was also the fact that the grants received from the Central Government were in the nature of a capital receipt exempt from tax.
As you are aware that a contract of General Insurance is generally a contract of indemnity, it means an insured will not receive from insurance company more than the loss he /she suffered. Further an insured is not allowed to gain more than, what he suffered due to insured peril from the insurance company. “Indemnity” […]
The Budget -2022 has brought many changes in the Goods and Services Tax (GST). We are going to discuss those important changes in this article. 1. Clause 99 of the Finance Bill -2022 seeks to amend section 16 of the Central Goods and Services Tax Act, 2017 – SECTION 16 DEALS WITH INPUT TAX CREDIT;
