Follow Us:

Articles

Some useful Latin proverbs

January 15, 2009 3444 Views 0 comment Print

A fortiori – With even stronger reason; More conclusively; All the more so. A posteriori – From what comes after. (From effect to cause) A priori – From what comes before. (Reasoning from cause to effect) Ab abusu ad usum non valet consequentia – Consequences of abuse do not aply to general use. Ab extra […]

RIGHT TO INFORMATION: BACKGROUND – LAW AND PROCEDURE

January 15, 2009 735 Views 0 comment Print

Right to Information Act is based on the analogy that transparency leads to greater accountability and that in turn should lead to good governance.

Companies Audited by PWC – Price Waterhouse Cooper (Satyam Auditors)

January 15, 2009 627 Views 0 comment Print

India always got an Overweight Rating as compared to its Emerging Market Peers from FII’s Backed by its good corporate Governance (!!!) But the Biggest scandal(so called event from Satyam) among the indian corporates raised major questions about the auditing practices and principles that they were following at the moment.Moreover these auditing works are carried […]

Amended ICAI Act good enough to deal with Misconduct by its Members

January 15, 2009 954 Views 0 comment Print

The Institute of Chartered Accountants of India (ICAI) is the regulating body in India to deal with matters relating to professional or other misconduct of its members by virtue of the powers vested in The Chartered Accountants Act, 1949 and the relevant regulations framed thereunder.

Administrator in co-operative housing societies: An Overstaying Guest!

January 15, 2009 71393 Views 27 comments Print

 The cases of appointment of administrators in co-operative housing societies are increasing.Generally the Deputy/Assistant Registrar of co-operative societies (“the Registrar”) appoints an administrator upon complaint(s) from member(s) of the society, if he finds that it is a fit case to expell the managing committee of the society. Such an action, may invite mixed reactions from […]

Special Bench overrules law on S. 292BB of the Income Tax Act, 1961

January 15, 2009 687 Views 0 comment Print

(1) S. 292BB, inserted by the F.A. 2008 w.e.f. 01.04.2008, creates a legal fiction and takes away the right of an assessee to claim that in case of invalid notice the whole proceedings taken pursuant to that notice would be void ab initio and will have no legal consequences; (2) However, the rule of interpretation of statutes is that a provision creating a new disability or obligation and imposing a new duty in respect of completed transactions cannot be construed to be retrospective;

Allowability of Deferred Revenue Expenditure u/s. 37(1)

January 12, 2009 36562 Views 0 comment Print

The nature of the expenditure treated as a deferred revenue expenditure in the books needs to be properly analysed before taking a view on its allowbaility or otherwise under the provisions of the Act,where such expenditure results in the creation of any capital asset – tangible or intangible – a case can be made out to treat the same as a capital expenditure with corresponding allowability of depreciation in accordance with law,in cases where the nature of the revenue expenditure is such that the same can be clearly and unambiguously identified over specified future time periods (e.g. discount on issue of debentures) akin to prepaid expenses, the same would be allowable over the period to which these relate proportionately, applying the matching principle.

Nature Of Payment Made By An Assessee-Company To VSNL/MTNL

January 12, 2009 702 Views 0 comment Print

8. The term technical service has come for the consideration before the Hon’ble Delhi High Court in the case of Estel Communications Pvt. Ltd. (supra). In the said case, the assessee was providing internet bandwidth for providing access to its subscribers. The main server, based on which the internet services were provided were located in USA. In that case, the Assessing Officer was of the opinion

The new Satyam nursery rhyme

January 11, 2009 432 Views 0 comment Print

1 Raju Raju sat on the wall Raju Raju had a great fall Balance sheet died Shareholders cried Raju Raju made a fraud 2 Raju Raju Yes baba Cheating us No baba Telling Lies No baba Open the balance sheet HA HA HA

CAs-Auditors & Accountants face the music Re Satyam-Telgraph

January 10, 2009 780 Views 0 comment Print

The Institute of Chartered Accountants of India (ICAI) will not spare the auditors of Satyam Computer Services if they are found to be guilty. It could even debar them from the profession. ICAI president Ved Jain said, “The disciplinary committee of the institute will lead the investigation and will ask for documents pertaining to Satyam’s […]

Search Post by Date
June 2026
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
2930