The Supreme Court stated last week that concealment of facts from an arbitrator is an act of fraud and new facts which have a bearing on the award should be allowed to be brought before him. The court stated so while allowing the appeal of US-based Venture Global Engineering against the ruling of the Andhra Pradesh high court in its dispute with Satyam Computer Services.
Attention of the members is invited to the announcement regarding requirement relating to mentioning the firm registration number in the audit reports and resolution passed by the company for appointment of statutory auditors, published on page 1312 of the February 2010 issue of the Journal.
The Maharashtra Sales Tax Department (MSTD) has issued a trade circular no. 19T of 2010 dated 23 June 2010 clarifying certain aspects regarding filing of returns for the financial year 2010-2011 as per the periodicity of returns displayed on MSTD’s web site.
The Reserve Bank of India (RBI) having considered it necessary in public interest and to regulate the financial system of the country to its advantage had laid draft guidelines on the regulation of issue of non-convertible debentures (NCDs) with maturity of less than one year .
In continuation of its efforts for trade facilitation, CBEC has rolled out a new centralized, web-based and workflow-based software application called Automation of Central Excise and Service Tax (ACES) in all 104 commissionerates of Central Excise, Service Tax and Large Tax Payer Units (LTUs) as on 23 December, 2009. ACES is a Mission Mode Project (MMP) of the Government of India under the national e-governance plan and it aims at improving tax-payer services, transparency, accountability and efficiency in the indirect tax administration in India. This application has replaced the current applications of SERMON, SACER, and SAPS used in Central Excise and Service Tax for capturing returns and registration details of the assessees and hence, in suppression of the CBEC Circular No.791/24/2004-CX. dated 1 June 2004 and CBEC Circular No. ST 52/1/2003 dated 11 March 2003, revised circular no. 919/09/2010-CX is being issued.
The Department of Industrial Policy and Promotion (DIPP) has unveiled a Consolidated FDI Policy on 1 April 2010 which consolidates all the prior policies / regulations on Foreign direct investments (FDI) as per Foreign Exchange Control Regulations and Press Notes /Press Releases / Clarifications issued by DIPP, into a single document and thereby reflects the current ‘policy framework’ on FDI.
T.D.S means the Tax deducted at source. Whenever a person liable to deduct tax of another person under Income Tax Act, deducts tax, the credit of such tax is given to the deductee when his liability to pay income tax is calculated. Such credit is given on the basis of the information given by the deductor to the Income Tax Department by way of filing his T.D.S statements, wherein the full detail about the tax deducted, the PAN No of deductee etc are given, so that the right credit of T.D.S can be given to the deductee.
August 14, 2010. As students are aware, the matter relating to extending the facility of appearance in the final examination during the last 12 months of their articleship training by students who originally registered themselves for the Professional Education – II (PE-II) course as well as those who converted themselves from PE-II to Professional Competence Course (PCC)/Integrated Professional Competence Course (IPCC)
Dismissing Morgan Tectronics’ petition challenging a special CBI court order, which had allowed criminal proceedings against it in a forgery case, the court rejected the company’s plea that being a non-living body it cannot have mens rea, or wrong mind, the basic requirement for criminal prosecution.
Expressing satisfaction over the Bombay High Court order, ICAI today said Sebi is the right authority to probe allegations of irregularities against audit firm Price Waterhouse in the multi-crore Satyam scam.
