share capital - Page 5

Inspection & Investigation under Companies Act, 1956

Investigation under Section 235:-Investigation is the act of determining whether criminal matters such as employee theft, securities fraud (including falsification of financial statements), identity theft, and insurance fraud have occurred. ...

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Posted Under: Company Law |

Interest on funds borrowed for acquiring controlling stake in a company not allowable

Interest paid on funds borrowed for acquiring controlling stake in a company will not be exempt from tax. The Income Tax Appellate Tribunal (ITAT) has ruled that such expenditure for investing in shares of a company cannot be exempted, since it has not been incurred ‘wholly and exclusively’ for the purpose of earning dividend income....

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Posted Under: Company Law |

Co-operative credit society is not a co-operative bank and not entitled to any deduction u/s. 80P(2)(a)(i) as a bank

Sridharpur Co-operative Bank Vs ITO (ITAT Kolkata)

The assessee co-operative society did not conform to the stipulation and limitation of the types of activities in which a banking company is allowed to engage as per the Banking' Regulation Act, 1949....

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Requirement and procedure for obtaining commencement of business certificate

Certificate of Commencement of Business: Procedural Analysis The date of incorporation of a company may not be the date of commencement of business. A private company and a public limited company not having share capital are not required to comply with any other formalities and may commence its business activities immediately after ob...

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Posted Under: Company Law |

For S.47(v), share capital of the subsidiary need not be “held” in the name of the holding company

The Commissioner of Income Tax Vs M/s.Papilion Investments Pvt. Ltd (Bombay High Court)

S. 47 (v) provides that a transfer of a capital asset by a subsidiary company to its holding company shall not be regarded as a “transfer” if the whole of the share capital of the subsidiary company is held by the holding company. The assessee transferred shares to its subsidiary and claimed exemption from capital gains u/s 47 (v). Th...

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Trade advance given to give effect to a commercial transaction can not be treated as deemed dividend

Commissioner of Income Tax Vs Shri Raj Kumar (High Court of Delhi)

1. This is an appeal preferred by the Revenue under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as the „Act‟) against the judgment dated 09.03.2007 passed by the Income Tax Appellate Tribunal (hereinafter referred to as the „Tribunal‟) in ITA No. 4125/Del/1999 in respect of assessment year 1996-97. The Revenu...

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Corporate can Pay stamp duty online for formation of company, Increase in Authorise Share capital etc

Come September, the incorporation of companies or various regulatory filings will not be a cumbersome and time-taking exercise anymore. The government is going to start e-stamp facility that would allow corporates to deposit stamp duty electronically. From September 12, stamp duty for various instruments including Memorandum of Associatio...

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Posted Under: Company Law |

Stamp Duty and Fees Payable for Registration of Companies Limited by Shares

STAMP DUTY AND FEES PAYABLE FOR REGISTRATION OF COMPANIES LIMITED BY SHARES Nominal Capital Filing fee to be deposited with Stamp Duty payable in Maharashtra Memorandum Articles & Forms* the ROC (each) Memorandum Articles Rs. Rs. Rs. Rs. Rs. 50,000 4,000 100 200 1,000 100,000 4,000 200 200 1,000 200,000 7,000 200 200 1,000 500,000 [&h...

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Posted Under: Company Law |

Government Notified rules related to Delisting of listed shares

Government Notifies Delisting Rules The Securities Laws (Amendment) Act enacted in 2005, incorporated section 21(A) in the Securities Contract Regulation Act (SCRA) to allow delisting of securities necessitating the creation of a delisting Framework. In order to provide statutory backing for the delisting framework, Rules dealing primaril...

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Posted Under: Company Law |

Companies once delisted have to wait for 10 years to relist

Companies cannot relist themselves on the bourses for up to ten years after their delisting, instead of two years as was the case earlier. The re-listing of a company can be done only after ten years, if its delisting is compulsory or initiated by the bourses, while in cases of voluntary delisting, the companies can list […]...

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Posted Under: Company Law |

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