Income Tax : One can set up either a public charitable trust, a registered society, or a Section 8 Company (a trust corporation). Each has it...
Company Law : Under Section 2(18) of the Income tax a company is said to be a company in which the public are substantially interested in the fo...
Income Tax : NGO’s or charity work in India can be carried out by various methods/forms of business, such as a Trust/ A society or by a Non-P...
Finance : Forming a, Trust or a Society, or a Company Generally speaking, any organisation that devotes its funds for public welfare is a no...
Company Law : Objectives of Company proposed to be formed under Section 8 of Companies Act 2013 should be to promote commerce, art, science, sp...
Company Law : Government is planning to relax exit norms for not-for-profit companies to allow them to de-register without having to follow cumb...
Company Law : The government today eased rules for incorporating not-for-profit companies, by giving the Registrar of companies the power to dir...
CA, CS, CMA : As you may be aware that the ICAI has taken a lead role in the development and promotion of XBRL in India and has accordingly set ...
Company Law : The government is planning to permit corporate houses to set up higher educational institutions -- like multi-disciplinary univers...
Corporate Law : The issue was whether the NCLT could declare ownership of a trademark during CIRP. The Supreme Court held that title disputes not ...
Goods and Services Tax : The Madras High Court set aside a GST demand after finding that the assessing officer failed to consider binding CBIC circulars cl...
Corporate Law : Supreme Court held that the Successful Resolution Applicant [SRA] cannot be forced to deal with claims that are not a part of the ...
Custom Duty : CESTAT Hyderabad held that exemption notification no. 57/2000 issued u/s. 25 of the Customs Act, 1962 prevails over CBEC circular ...
Corporate Law : NCLT Chennai held that as per section 128 of the Indian Contract Act, the liability of guarantor is coextensive with that of the B...
Company Law : Proposed guidelines for conversion of section 25 company (non profit company) to an ordinary company under Companies Act, 1956. -...
CESTAT Bangalore upholds customs redemption fine & penalty for importing second-hand ETL Liners, which are restricted under Foreign Trade Policy.
In present facts of the case, the Hon’ble High Court observed that writ under Article 226 would be maintainable if the Order has been passed beyond the Show Cause Notice as the action of an authority is wholly without jurisdiction and contrary to the principles of natural justice and in such case the Petitioners should not be relegated to an alternative remedy.
In present facts of the case, the Hon’ble Supreme Court dismissed the appeal and upheld the Judgment of High Court, wherein adequate compensation was provided on Land Acquisition while considering the relevant factors such as determining the deduction for development charges, the nature of land, area under acquisition, whether the land is developed or not, if developed to what extent, and the purpose of acquisition.
CESTAT Ahmedabad held that benefit of segregation can be allowed only if the imported scrap contained impurities like iron, rubber, plastic, steel etc.
NCLT Mumbai held that the Resolution Plan submitted by Univastu India Ltd. which was approved unanimously by the members of the Committee of Creditors (CoC) and which meets the requirements of law deserved to be approved.
ITAT Hyderabad held that waiver of the principal amount, which was taken for trading purpose, which is credited to the profit & loss account results in income in the hands of assessee and accordingly taxable.
Held that the interest granted by the reference Court u/s. 28 of the Land Acquisition Act from the date of possession of land till the date of judgment of High Court is an accretion of the value of the land acquired, not chargeable to tax.
CESTAT Kolkata held that the Tubular Plate Lead Acid batteries are an integral part of the Solar Power Generating System, are eligible for the benefit of exemption Notification 6/2002 dated 01/03/2002 as amended.
One can set up either a public charitable trust, a registered society, or a Section 8 Company (a trust corporation). Each has its own advantages and constraints. If a person wishes to set apart either property or money for a charitable purpose so that the income may be devoted in perpetuity for the fulfilment of the charitable activity, and wants to limit control over the disposal of that income to persons whom he knows and trusts, then it is best to set up a public charitable trust. A public charitable trust can be set up under the Bombay Public Charitable Trusts Act 1950 in Maharashtra or Gujarat. Elsewhere in the country it can be set up under the general law, i.e., by registration of the trust deed with the registrar. But a private trust whose beneficiaries generally are relatives or friends and not society at large does not enjoy tax benefits.
ADIT Vs. M/s. RBS Foundation India (ITAT Mumbai) Assessee is a limited share registered company under section 25 of the Act and is a separate and independent legal entity wherein RBS Bank India or ABN AMRO Foundation, Netherlands are neither the shareholders nor the promoters of the assessee. The assessee company has been formed with […]
