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Learn MoreBring back substance
Ponzi scheme
LWSPRMS Act – Let Wall Street Pay for the Restoration of Main Street Act
Lehman’s illegal gimmicks
Singapore Spells Out Six Tenets of Regulation
Auditing Companies’ Ethics
Don’t Underestimate India’s Consumers
Security alert
Auditors should try old-fashioned auditing
IFRS implementation Û Auditors’ Training
Investor Protection – Shareholder Nominees As Directors
Impact of IFRS on Banks
Governance – Rethinking Takeover Regulations in UK in the Wake of Kraft’s Conquest of Cadbury
Changing Face of the Auditor’s Report
IFRS — FAULTY FRAMEWORK?
The beginning of the end of US GAAP
The beginning of the end of US GAAP
GAPs in GAAP – Accounting of Treasury Shares
Gaps in GAAP – Multiple Element Contract
GAPs in GAAP – Accounting for joint ventures Proportionate consolidation v. equity method
GAPs in GAAP — IFRS Convergence Roadmap
Finding the Sweet Spot
Gaps in GAAP – Reverse acquisitions
GAPs in GAAP – Accounting for SMEs
GAPs in GAAP – Accounting for amalgamation
Gaps in GAAP – Guidance Note on Accounting for Employee Share-based Payments
GAPs in GAAP – Accounting for carbon credits
GAPS in GAAP – Amalgamation after the Balance Sheet Date
GAPs in GAAP – AS-7 – Percentage of completion accounting based on an output measure
Gaps in GAAP – Compensated absences (such as annual leave) – Whether long-term or short-term under IAS 19s?
Gaps in GAAP – Accounting for MAT Credit
GAPs in GAAP – Accounting for rate-regulated entities
GAPS in GAAP – ED of Ind-AS 41 First-time Adoption of Indian Accounting Standards
Revised Schedule VI – Is it a step in the right direction ?
IFRS Conversion in India on Fast Track
GAPs in GAAP – Related-Party Transactions
Gaps in GAAP – Consolidation of Foreign Subsidiaries
GAPS in GAAP – Accounting Standards v. law of the land
ICAI’s announcement on accounting for derivatives – Practical issues and challenges
Business Combinations
GAPs in GAAP – Discount rate for employee benefits (Proposed amendments to IAS 19)
Fair Value or Fear Value?
GAPs in GAAP – Accounting for Agriculture
GAPs in GAAP – Are We Really Converging to IFRS ?
Business Combinations under IFRS
Straight-lining of Lease
Gaps in GAAP Amendment to AS-11
The issuance of IFRS standards in India
GAP in GAAP— Accounting of Tax Effects on Dividends Received from Foreign Subsidiary
SA 240 (Revised): A Practical Insight
GAP in GAAP— Fair Value of Revenue
GAP in GAAP – Accounting for Associates
GAPS in GAAP — Guidance Note on Accounting for Real Estate Transactions (Revised 2012) is in no-man’s land
GAP in GAAP— Acquisition of a Company with a Negative Net Worth
GAP in GAAP— Deferred Tax Liability (DTL) on Special Reserves
GAP in GAAP ESOP issued by parent to the employees of unlisted subsidiary
GAPs IN GAAP — Amortisation of Leasehold Improvements
Consolidated Financial Statements vs. Companies Bill
GAP in GAAP? Virtual Certainty vs. Convincing Evidence
Can email addresses constitute an Intangible Asset?
Gap in GaAp – Accounting for Demerger
GAPs in GAAP — Presentation of Comparatives under Ind-AS
GAPS in GAAP – Borrowing costs – PAra 4(e) of as 16
Accounting standards – GAPS in GAP
Has Indian GAAP Outlived its Utility?
Y. H. Malegam Report on MFI Sector — A summary
GAPs in GAP — Foreign Exchange Differences — Capitalisation/Amortisation
GAPS in GAAP — Account ing for Government Grant
GAP in GAAP Accounting for Dividend Distribution Tax
GAPS in GAAP Accounting for BOT contracts
GAPs in GAAP — Accounting for Rate Regulated Activities
GAPs in GAAP — FAQs on Revised Schedule VI
GAPS in GAAP — AS-16 Borrowing costs
Gaps in GAAP Change In Terms Of An Operating Lease Agreement
GAPs in GAAP — Amortisation Method for Intangibles
GAPs in GAAP — What is substantial period of time?
GAPs in GAAP Monetary v. Non-monetary Items
Gaps in GaAp – Presentation of Changes in Accounting Policies in Interim Periods
GAPS in GAAP — Accounting for an operating lease that containS contingent rentals
GAPS IN GAP — Acounting for eviction costs by lesors
Gap in Gap-Accounting for Expenditure on Corporate Social Responsibility
The Going Concern Conundrum – Should One Get Concerned About a Going Concern?
Gap in GaAp – Accounting for Demerger
Gaps in GaAp – Core Inventories
Gaps in GAAP
GapS in gaap ? Consolidated Financial Statements
Can email addresses constitute an Intangible Asset?
Contingent Pricing of Fixed Assets and Intangible Assets
Ind-AS Carve Outs – Straightlining of leases
Gaps in GAAP— Component accounting under Schedule II
Ind-AS Carve Outs
Accounting for cost of test runs
Ind -AS Carve Out – Recognition of bargain purchase gain and common control transactions
Audit materiality – a precision cast in stone or a subjective variable measure?
To Consolidate or not to Consolidate
Previous GAAP on first-time adoption of Ind AS
NEGATIVE REVENUE
GAPs in GAAP Contingent Consideration From Seller’s Perspective
Supplier’ Cred it – Whet her de bt or trade payable ?
Income Computation and Disclos URE Standards (ICDS) – No Tax Neutrality
GUIDANCE NOTE ON ACCOUNTING FOR DERIVATIVE CONTRACTS
IND AS – TOO MANY UNANSWERED QUESTIONS
Tax Consequences of Interest Payments on Perpetual Debt
Presentation of Excise Duty under Ind AS
Unabsorbed losses and depreciation – Difference in treatment
Accounting by Real Estate Companies
Presentation of Government Grant
Discounting of Retention money under Ind-AS
ACCOUNTING FOR COURT SCHEMES UNDER IND-AS & ON TRANSITION DATE
Treatment of Capital Expenditure on Assets Not Owned by the Company
GAPs in GAAP
Gaps in GAAP
GAPs in GAAP
GAPs in GAAP — Revenue — Gross vs. Net of Taxes
GapS in GAAP — Accounting for Jointly Controlled Entities that have Minority Interest
Accounting for MAT
DEEMED COST EXEMPTION ON FIXED ASSETS AND INTANGIBLES
Clarifications on Security Deposits And Key Management Personnel
Impact on Mat from First Time Adoption (FTA) Of Ind As
Deferred Tax under Ind AS On Exchange Differences Capitalised
What Will Constitute A Service Concession Arrangement?
Accounting For Loss of Control in Subsidiary
Impact of Ind AS on Demerger Transactions
Goodwill In Common Control Transactions Under Ind AS Whether Capital Reserve Can Be Negative?
Business Combinations of Entities under Common Control
Questions on GST
IND AS ROAD MAP – CORPORATE vs. NBFC
Adjustment of Debenture Premium against Securities Premium in Ind AS
Can a Company have two functional currencies?
Impact on MAT from First Time Adoption (FTA) of Ind AS
Acquisition date v Appointed date
Integrated Reporting
Financial Statement Disclo sures — How Much is Too Much
Foreign judgment — Decision on merits would be conclusive — Hence enforceable in India — CPC, section 13(b).
Inherent powers of Court — Every procedure is permissible for a Court for doing justice unless express prohibited — CPC section 151.
Doctrine of merger — Precedent — Maintainability of review petition before High Court — When SLP dismissed by Apex Court against the main judgment of High Court — Constitution of India, Article 136.
Powers of Attorney — Right of audience before Court — Power of Attorney Act, 1882, section 2.
Scheme of Amalgamation — Sanction of Court — Companies Act, section 391(2), 394.
Adoption — Validity — Will proved by examination of attesting witness and scribe of Will — Hindu Adoption and Maintenance Act, section 6 and section 16, Succession Act section 63.
Evidence — Tape-recorded conversation — Admissible in evidence.
Legal representative — Not legally wedded wife — Right to apply for compensation — Civil Procedure Code, section 2(11).
Muslim Law — Properties purchased by female exclusively belongs to her and can be divided only between her children — No concept of jointness of nucleus.
Registration — Family settlement — Document reciting past events need not be registered — Registration Act, section 17(1) (b), 49.
Notification of the Companies (Indian Accounting Standards) Rules, 2015 and applicability of Indian Accounting Standards (IND AS)
IFRS : The ‘Balance Sheet Approach’ to Deferred Tax
REVISED REPORTING REQUIREMENTS FOR AUDIT OF FINANCIAL STATEMENTS
Reality Check in Implementing the Revised Schedule VI
FINDING FRAUDS IN FINANCIAL STATEMENTS — 10 COMANDMENTS FOR AUDITORS
Revised Schedule VI — An Analysis
IMPACT OF LAWS AND REGULATIONS DURING AN AUDIT OF FINANCIAL STATEMENTS
Understanding the business before understanding the audit
Convergence to Ind AS 16 – Property, Plant & Equipment
Ind AS: Functional Currency and Consequential Impact on Deferred Tax
Avoiding Common Errors in XBRL Financial Statements
AUDITOR’S DILEMMAS!
Hedge Accounting for Foreign Currency Firm Commitments under Indian GAAP
The Concept of Propriety’— Dynamics & Challenges for Auditors
XBRL Assurance
XBRL — FUTURE FINANCIAL LANGUAGE
Rehabilitation & Resettlement: Future Subsistence Cost
AUDITOR’S REPORTING TO THE AUDIT COMITES — A GLOBAL PERSPECTIVE
Role of an auditor in assessing fraud risks
Growing concerns with financial statement
OVERVIEW OF TRANSITION TO AND ADOPTION OF IND-AS
INTERNAL FINANCIAL CONTROLS – COMMON MISCONCEPTIONS
Capital Subsidies and Accounting
Accounting and ‘Brexit’ the World’s Most Complex Divorce
Artificial Intelligence Embracing Technology – New Age Audit Approach
Ind AS – Learings from Phase 1 Implementation – Tips for a Smooth implementation (Part 1)
Ind As – Learnings From Phase 1 Implementation Tips For A Smooth Implementation (Part 2)
Perspectives On Fair Value Under Ind As (Part 1)
Perspectives On Fair Value Under Ind As (Part 2)
EXPECTATIONS AND ESSENCE STATUTORY – INTERNAL – FORENSIC AUDITS
Expectations – Forensic Audit
Transitional Period for Rotation of Auditors
FRAUD : Investigation techniques and other aspects –Part 1
EXTERNAL AUTHORITY FOR DISCIPLINARY ACTION AGAINST AUDITORS
IMPLEMENTATION OF EXPECTED CREDIT LOSS MODEL FOR NON-BANKING FINANCIAL COMPANIES
AMENDMENTS IN FORM 3CD ANNEXED TO TAX AUDIT REPORT
ASSESSMENT OF BUSINESS MODEL FOR NON-BANKING FINANCIAL COMPANIES (NBFCs)
BANNING THE AUDITORS
DE-LAYERING RELATED PARTY TRANSACTIONS THROUGH INTERNAL AUDIT
KEY AUDIT MATTERS IN THE AUDITOR’S REPORT
RELATED PARTY TRANSACTIONS: LESSONS FROM CASE STUDIES
SETTING UP THE INTERNAL AUDIT FUNCTION
INTERNAL AUDIT ANALYTICS AND AI
GOVERNANCE & INTERNAL CONTROLS: THE TOUCHSTONE OF SUSTAINABLE BUSINESS – PART II
DATA-DRIVEN INTERNAL AUDIT – I
FINANCIAL REPORTING AND AUDITING CONSIDERATIONS ON ACCOUNT OF COVID-19
LEARNINGS FOR AUDIT FIRMS IN THE ERA OF PCAOB AND NFRA
GOVERNANCE & INTERNAL CONTROLS: THE TOUCHSTONE OF SUSTAINABLE BUSINESS – PART I
DATA-DRIVEN INTERNAL AUDIT – II PRACTICAL CASE STUDIES
FRAUD ANALYTICS IN INTERNAL AUDIT
PROVISIONING FOR EXPECTED CREDIT LOSSES FOR FINANCIAL INSTITUTIONS AND NBFCs POST-COVID-19
INTEGRATED REPORTING – A PARADIGM SHIFT IN REPORTING
VALUE ADDITION IN INTERNAL AUDIT
CARO 2020 – ENHANCED AUDITOR REPORTING REQUIREMENTS
FRAUD RISK MANAGEMENT IN INTERNAL AUDIT
THE LONG FORM AUDIT REPORT FOR BANKS GETS EVEN LONGER
GOING CONCERN ASSESSMENT BY MANAGEMENT
CARO 2020 SERIES: NEW CLAUSES AND MODIFICATIONS LOANS & ADVANCES, GUARANTEES & INVESTMENTS
CARO 2020 SERIES: NEW CLAUSES AND MODIFICATIONS INVENTORIES AND OTHER CURRENT ASSETS
COVID IMPACT ON INTERNAL CONTROLS OVER FINANCIAL REPORTING
CARO 2020 SERIES: NEW CLAUSES AND MODIFICATIONS DEPOSITS, LOANS AND BORROWINGS
AUDITOR’S EVALUATION OF GOING CONCERN ASSESSMENT
CARO 2020 SERIES: NEW CLAUSES AND MODIFICATIONS FRAUDS AND UNRECORDED TRANSACTIONS
ACCOUNTING TREATMENT OF CRYPTOCURRENCIES
NOCLAR (NON-COMPLIANCE WITH LAWS AND REGULATIONS) REPORTING
CARO 2020 SERIES: NEW CLAUSES AND MODIFICATIONS NON-BANKING FINANCE COMPANIES (NBFCs) [INCLUDING CORE INVESTMENT COMPANIES]
CARO 2020 SERIES: NEW CLAUSES AND MODIFICATIONS PROPERTY, PLANT AND EQUIPMENT & INTANGIBLE ASSETS
AUDIT: BUILDING PUBLIC TRUST
AUDITOR’S REPORTING – UNVEILING THE ULTIMATE BENEFICIARY OF FUNDING TRANSACTIONS
REVISITING AUDITING STANDARDS
CARO 2020 SERIES: NEW CLAUSES AND MODIFICATIONS REPORTING ON FINANCIAL POSITION
AUDIT QUALITY MATURITY MODEL – WHAT IS YOUR SCORE?
CARO 2020 SERIES: NEW CLAUSES AND MODIFICATIONS RESIGNATION OF STATUTORY AUDITORS AND CSR
INTERNAL CONTROL CONSIDERATIONS FOR UPCOMING AUDITS
AUDITOR’S REPORTING – GROUP AUDIT AND USING THE WORK OF OTHER AUDITORS
MATERIALITY WITH REFERENCE TO THE FINANCIAL STATEMENTS
CERTIFICATION ENGAGEMENTS
WHAT IS SPECIAL ABOUT SPECIAL PURPOSE FRAMEWORK? WHEN TO APPLY SA 700 VS. SA 800?
INTERPLAY OF SCHEDULE III AND CARO – KEY IMPLEMENTATION CHALLENGES FOR PREPARERS OF FINANCIAL STATEMENTS AND AUDITORS
VULNERABILITY ASSESSMENT : A TOOL FOR INTERNAL AUDIT
COMMON PITFALLS IDENTIFIED BY REGULATORS
How Well Rounded are Rules about Rounding off Numbers in Financials Statements?
Identification of Related Parties and Significance of Related Party Transactions
CARO 2020 – Tighter Controls Over NBFCs
Ind AS 20 and Typical Government Schemes in India – Part 1
Will Technology Replace Skilled Auditors?
Sustainability Reporting and Assurance
Ind AS 20 and Typical Government Schemes in India – Part II
Technology : The New Audit Team Member
How Certified Enterprise Risk Managers Can Make a Crucial Contribution to the Success of New Business Projects?
The Transformative Power of Artificial Intelligence (AI) In Audit
Guidance for Executing Audit of Small and Medium Enterprises by Small and Medium Practitioners
Other Information – Auditor’s Responsibility beyond Financial Statements
Audit Trail under the Companies Act, 2013
Internal Financial Controls over Financial Reporting (ICFR) and Reporting Considerations
Audit Documentation – The Evidence Of Audit
Applicability of Deferred Provisions in The Icai Code of Ethics- Fees, Tax Services, and Non-Compliance of Laws and Regulations
Watchdog – Whether Placed Under Statutory Watch!!
Restatement of Financial Statements — Auditor’s Considerations
Natural Hedging – A Practical Approach to Designation and Effectiveness
Sustainability Reporting and Opportunities for Practitioners
Private Affairs Impacting Public Interest Entities — A Sift Through a Recent SEBI Amendment
FINANCIAL REPORTING DOSSIER
FINANCIAL REPORTING DOSSIER
FINANCIAL REPORTING DOSSIER
FINANCIAL REPORTING DOSSIER
Tightening the Book-Keeping Requirements: Amendments to the Companies (Accounts) Rules, 2014
Key Amendments to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Overview of NFRA Inspection Reports of 2023 on Audit Firms – I
Overview of NFRA Inspection Reports of 2023 on Audit Firms– II
Recycling Of Wastes – An Accounting Conundrum?
Limited Liability Partnerships — Relevant Auditing and Accounting Considerations
The Bookkeeping in Electronic Mode
Substantive Analytical Procedures: Relevance and Efficacy in an Audit
SA 330 – The Auditor’s Responses to Assessed Risks
GAP in GAAP Accounting for Warranty Obligations
External Confirmations – Proving Existence with External Evidence?
SA 560 (Revised) – Subsequent Events – Hindsight Better Than Foresight?
Auditing Opening Balances – How Far Should an Auditor Go?
SA 540 Accounting Estimates
Related Party Transactions – A Potential for Abuse?
Is an auditor expected to be omniscient?
Auditing outsourced services – Auditors’ predicament
An auditor’s expert – a mere specialist or a Man Friday?
Audit materiality – a precision cast in stone or a subjective variable measure….continued
Audit Documentation – a relevant defense or mere record keeping
Is internal audit function relevant in a financial statement audit?
SA 250: Consideration of Laws and Regulations in an Audit of Financial Statements
AUDITORS’ REPORT – BCAJ SURVEY OF AUDITORS, USERS AND PREPARERS
Acounting of Foreign Currency Fluctuations
Financial Reporting Dossier
FINANCIAL REPORTING DOSSIER
FINANCIAL REPORTING DOSSIER
FINANCIAL REPORTING DOSSIER
Financial Reporting Dossier
Financial Reporting Dossier
FINANCIAL REPORTING DOSSIER
FINANCIAL REPORTING DOSSIER
FINANCIAL REPORTING DOSSIER
FINANCIAL REPORTING DOSSIER
FINANCIAL REPORTING DOSSIER
FINANCIAL REPORTING DOSSIER
Financial Reporting Dossier
Financial Reporting Dossier
Section A : Treatment of Foreign Exchange Fluctuations as per AS-11 — ‘The Effects of Changes in Foreign Exchange Rates’ issued under the Companies Acounting Standards) Rules, 2006
Revision of Financial Statements
Format and disclosures for financial statements prepared using IFRS
Section A : Disclosures in Unaudited Quarterly Results regarding treatment of foreign exchange fluctuations for the period/quarter ended 31-12-2008
Abbott India Ltd. — (30-11-2007)
S & S Power Switchgear Ltd.
MRF LTD. — (30-9-2007)
HINDUSTAN UNILEVER LTD.
Honeywell Automation India Ltd. — (31-12-2007)
FULFORD (INDIA) LTD. — (31-12-2007)
ACC LTD. — (31-12-2007)
Exploration, Development & Production Costs
Accounting for Oil and Gas Activity
Oil and gas assets
Oil and gas exploration and development costs
Joint ventures for oil and gas fields
Section A : Illustration of accounts and audit report of a company based in United States where the assumption of Going Concern is questioned
Manner of Disclosure of Accounting Policies
Section A : Treatment of Profit/loss on Derivative Transactions
Disclosure of Accounting Policies by Professional Bodies
Extracts from Certificate on Corporate Governance
Section B : Assurance Statement for Sustainability Reporting : Infosys Technologies Ltd.
Disclosures regarding provisions for liabilities (as per AS-29)
Illustration of an audit report containing large number of qualifications : Mahanagar Telephone Nigam Limited (31-3-2009)
Disclosures regarding Amalgamation
Section A : Notes regarding Revenue Recognition Disputed Interest income 59
Section A : Audit Report containing Qualifications on Going Concern, etc.
Section C : Withdrawal of Audit Report issued earlier : Satyam Computer Services Ltd.
Opinion of Expert Advisory Committee of ICAI not followed regarding treatment of dredger spares
Opinion of Expert Advisory Committee of ICAI not followed regarding revenue recognition
Disclosure regarding Foreign Currency Convertible Bonds (FCCBs) and premium on redemption of FCCB
SKS Microfinance Ltd. (31-3-2010)
TRF Ltd. (31-3-2010)
Qualifications in certificate on corporate governance
Straight-lining of lease rent pursuant to clarification by EAC of ICAI
Scheme of arrangement for transfer of amalgamation reserve to restructuring reserve and one-time restructuring costs adjusted
Disclosures regarding Premium payable on redemption of FCCB
Transactions covered u/s 297 of the Companies Act, 1956
Toolings classified as Inventories (pending receipt of opinion from EAC of ICAI)
Scheme of arrangement with High Court approvals
Additional non statutory disclosures in Annual Reports
Tata Consulting Services Ltd.
Reliance Petroleum Ltd.
Wipro Ltd.
Infosys Technologies Ltd.
Full adoption of Accounting Standard 30 Strides Arcolab Ltd. (31-12-2008)
Thomas Cook (India) Ltd. (31-12-2009)
Kingfisher Airlines Ltd. (31-3-2010)
Godrej Consumer Products Ltd. (31-3-2010)
Pantaloon Retail (India) Limited (30-6-2010)
Section A: AS 29: Disclosures regarding provision for potential civil and criminal liability
Section A : Accountin g Treatment for Share Issue and IPO-related expenses
Section B : Miscellaneous
Section A: Illustration of an audit report giving ‘Disclaimer of Opinion’
Revision pursuant to merger
Revision for dividend declaration
Section A: Financial Statements of an NGO
Section A: Revision of Financial Statements since 31st March 2009 pursuant to approval obtained from the Ministry of Corporate Affairs (MCA)
Jet Airways (India) Ltd. (31-3-2010)
Siemens Ltd. (30-9-2010)
Tata Motors Ltd. (31-3-2010)
Section B: I. Scheme of amalgamation accounted as per Purchase Method Nagarjuna Fertilizers and Chemicals Ltd (31-3-2012)
Oberoi Realty Ltd (31-3-2012)
Bajaj Electricals Ltd (31-3-2012)
GRASIM Industries Ltd (31-3-2012)
Hindustan Unilever Ltd (31-3-2012)
Mahindra & Mahindra Financial Services Ltd (31-3-2012)
Larsen & Toubro Ltd (31-3-2012)
Chemplast Sanmar Ltd. (31-3-2011)
Navin Fluorine International Ltd. (31-3-2011)
Gujarat Fluorochemicals Ltd. (31-3-2011)
Deepak Fertilisers & Petrochemical Corporation Ltd. (31-3-2011)
Power Finance Corporation Ltd. (31-3-2011)
Section A : Disclosure in Notes to Accounts under Revised Schedule VI for Long Term Borowings and details thereof
Disclosure regarding support/comfort letters given for subsidiaries.
Issues arising on migration to an ERP software.
Non-availability of information from foreign branches
NTPC Ltd. (31-3-2011)
NHPC Ltd. (31-3-2011)
Ultratech Cement Ltd. (31-3-2011)
Tata Steel Ltd. (31-3-2011)
ACC Ltd. (31-12-2010)
Ambuja Cement Ltd. (31-12-2010)
Bharat Petroleum Corporation Ltd. (31-3-2011)
Indian Oil Corporation Ltd. (31-3-2011)
Bharat Heavy Electricals Ltd. (31-3-2011)
Section A : Audit Report isued under SA 700 (Revised ), SA 705 and SA 706
Independent assurance statement
Ambuja Cements Ltd. (31-12-2010)
MARICO Ltd. (31-3-2010) (Consolidated Financial Statements)
Ramco Industries Ltd. (31-3-2010)
Tata Communications Ltd. (31-3-2010)
Asian Paints (India) Ltd. (31-3-2010)
Ranbaxy Laboratories Ltd. (31-12-2010)
Macmillan Publishers India Ltd. (31-12-2010)
The Paper Products Ltd. (31-12-2010)
Disclosures regarding Hybrid Perpetual Securities.
Qualifications in Corporate Governance Report
Qualification regarding overdue amounts from Customers
Section A: Disclosures Under Revised Schedule VI
Tata Steel Ltd. — (31-3-2011)
Tata Consultancy Services Ltd. — (31-3-2011)
Infosys Limited (quarter ended 30th June 2011)
Consolidated Financial Statements presented in accordance with International Financial Reporting Standards (IFRS) (as permitted by SEBI)
Section A: Disclosure as per section 186(4) of the Companies Act , 2013
Re-adoption of financial statements to give effect to scheme of arrangement
Effect given for amalgamation of another large company and integration of accounting policies for accounting of derivative instruments
SECTION B: REVISED AS 10 ‘PROPERTY, PLANT & EQUIPMENT’ APPLICABLE FROM ACCOUNTING YEARS COMMENCING FROM 1ST APRIL 2016 ONWARDS FOLLOWED IN FY 2015-16
Section A: Adverse Conclusion on Interim Ind AS Results
Disclosures in Standalone Ind As Financial Statements For The Year Ended 31st March 2017 Regarding Current Tax And Reconciliation Of Tax Expense
KEY AUDIT MATTERS IN AUDIT REPORT – RELATED PARTY TRANSACTIONS
REVENUE RECOGNITION FOR COMPANIES OPERATING IN E-COMMERCE, GAMING AND FINTECH SECTORS
IMPLEMENTATION OF Ind AS 116 ‘LEASES’ USING FULL RETROSPECTIVE APPROACH
INDEPENDENT REPORT FOR SUSTAINABILITY DISCLOSURES
QUALIFIED OPINION – IMPAIRMENT TESTING NOT CARRIED OUT FOR INVESTMENT IN A MATERIAL SUBSIDIARY
DISCLOSURES ON CORPORATE SOCIAL RESPONSIBILITY (CSR) AND RATIOS AS PER THE REQUIREMENTS OF DIVISION II OF SCHEDULE III TO THE COMPANIES ACT, 2013 (APPLICABLE FROM F.Y. 2021-22)
Auditor’s Report and Related Disclosures in Financial Statements For a Non-Banking Financial Company under an Administrator
Qualified Auditor’s Report for an NBFC on Account of Control Deficiencies in Certain Loan Segments
Limited Review Report for Company under CIRP and Whose Resolution Plan Was Accepted by NCLT
Disclosures Regarding Business Restructuring including Merger/Demerger and Discontinuing Operations for Y.E. 31st March, 2022
Disclosures in Financial Statements Regarding Impairment of Goodwill
Qualification in A Limited Review Report Regarding Non-Compliance of Ind As 115 (Revenue From Contracts With Customers)
Qualifications Regarding Constraints and Limitations Highlighted By the Forensic Auditor Appointed Due To Resignation of Independent Directors
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Section B : Miscellaneous
Miscellaneous
Miscellaneous
Miscellaneous
Miscellaneous
Exploration and Development Costs
Exploration and development costs
Miscellaneous
Section B : Miscellaneous
Miscellaneous
Miscellaneous
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Consolidation – redefining control and reflecting true net worth Part-2
Practical Insights into Accounting for change in Ownership Interest in a Subsidiary under IND AS
IFRS — Closer to economic substance of the transaction
IFRS reconstructs the accounting for Public Private Partnerships (‘PPP’)
IFRS 9: Financial Instruments: The new “Avatar”
IFRS – Is it a smooth drive for auto companies?
IFRS 8 : Operating Segments
Impact of IFRS on the telecom sector : Dialling a new reporting framework
IFRS impact on fixed assets — More than just a change in name
IFRS and Indirect Taxes : Need for Dual Reporting !
Business Combinations (IFRS 3) — Accounting to reflect the economic substance
Taxing times — IFRS and Taxation
Revenue recognition principles under IFRS for Real Estate Industry
The Countdown to Ind-AS — careful evaluation of policy choices
Financial Instruments — Indian corporates need to gear up for significant changes in the accounting landscape
Embedded leases : The scope under IFRS is much wider (IFRIC 4)
Financial instruments : Disclosures — Practical application and challenges
Comparison of IFRS Exposure Draft on Insurance Contracts and Insurance Accounting in India
Framework to IFRS : The foundation to financial accounting concepts
Consolidation — redefining control and reflecting true net worth
Impact of IFRS on the real estate sector : Developing a new reporting framework
Convergence with International Financial Reporting Standards (‘IFRS’) — Impact on fundamental accounting practices and regulatory framework in India
How will convergence with IFRS affect audit procedures ?
Companies Act, 1956 and IFRS Convergence — An overview
Should Gains be Recognised due to ‘Own’ Credit Deterioration
IFRS Conceptual Framework – Time to Revise
Proposed Accounting for Leases – Will it Impact Business Operating Models?
Ind AS 40 – Investment Property
Day one fair valuation of financial instruments
IFRS Exposure Draft on Leases – Sectoral Impact
Determination of Control- Now a Critical Judgement Area under IFRS
Tax Accounting Standards: A new way of computing taxable income
Related parties under Ind AS: Enhanced scope and disclosure requirements
Ind AS 105 – Non-current assets held for sale and Discontinued Operations
Ind AS 102 – Share Based Payments
Ind-AS impact on retail industry and summary of the carve-outs
Hedge accounting in a volatile environment
Accounting for fair value hedge s and hedge s of net in vestment in foreign operations
Debt v. Equity — Case studies
Property, Plant and Equipment – Changes under Ind AS
Tax Accounting Standards: A New Framework for Computing Taxable Income
Changes in ownership — Approach under Ind AS
Deferre d taxes an d effec tive tax ra te reconcilia tion — Approach under Ind AS
Revenue Recognition by Real Estate Developers — An Important carve-out in Ind-AS
Revenue Recognition
Introduction to the New Revenue Recognition Standard Issued by IASB
Need for optimal choice of accounting policies under Ind-AS
Carve-outs Under IND-AS
IFRS introduces a single control model for asesing control over investes
IFRS introduces framework for measuring fair values
Joint Ventures: No more proportionate consolidation under IFRS
Redefining the framework for taxation under Ind AS
Practical insights into accounting for certain revenue arrangements
Ind AS 115 – Revenue From Contracts With Customers
Impact of Ind AS 115 on Real Estate Companies
ICDS – Post Delhi High Court Decision
Voluntary Revision Of The Financial Statements
Accounting For Uncertainty Over Income Tax Treatments
Ind AS 115 – Revenue From Contracts With Customers
CONSOLIDATION OF CSR TRUSTS UNDER Ind AS
USEFUL LIFE UNDER IND AS 16 PROPERTY, PLANT AND EQUIPMENT AND LEASE TERM UNDER IND AS 116 LEASES
Percentage Of Completion Method (POCM) Illustration For Real Estate Companies Under Ind AS 115 & Comparison With Guidance Note (GN)
DIFFERENCES BETWEEN IFRS & Ind AS
KEY DIFFERENCES BETWEEN IND AS 116 AND CURRENT IND AS
WHAT’S IN A NAME? PREFERENCE SHARE VS. FCCB
Ind AS vs. ICDS Differences
ACCOUNTING OF FINANCIAL GUARANTEES
ACCOUNTING OF DIVIDEND DISTRIBUTION TAX
LESSEE’S LEASE OBLIGATION – BORROWINGS VS. FINANCIAL LIABILITY
Ind AS ACCOUNTING IMPLICATIONS FROM SUPREME COURT RULING ON PROVIDENT FUND
IMPACT OF ORDINANCE DATED 20th SEPTEMBER, 2019
DETERMINING THE LEASE TERM FOR CANCELLABLE LEASES
UNINSTALLED MATERIALS AND IMPACT ON REVENUE RECOGNITION
DEMERGER TRANSACTION UNDER Ind AS
DETERMINING INCREMENTAL BORROWING RATE UNDER Ind AS 116
ACCOUNTING OF E-WASTE OBLIGATION
ACCOUNTING FOR CRYPTOCURRENCY
PRACTICAL GUIDANCE – DETERMINATION OF LEASE TERM FOR LESSEE
COVID-19 AND PRESENTATION OF ‘EXCEPTIONAL ITEMS’
ACCOUNTING FOR OWN EMPLOYEE TRAINING COSTS INCURRED ON CUSTOMER CONTRACTS
ACCOUNTING RELIEF FOR RENT CONCESSIONS ON LEASES
REVERSE FACTORING OR SUPPLIER FINANCING
UNCERTAINTY OVER INCOME TAX TREATMENTS
COVID AND FAIR VALUE MEASUREMENT
DISCONTINUED OPERATIONS
DEFINITION OF A BUSINESS (AMENDMENTS TO Ind AS 103)
PRACTICAL GUIDANCE ON SIGNIFICANT INFLUENCE
HOW AND FOR WHAT PURPOSE?
ACCOUNTING FOR CROSS HOLDING
EVALUATING AN AGREEMENT – LEASE VS. IN-SUBSTANCE PURCHASE
CURRENT VS. NON-CURRENT CLASSIFICATION WHEN LOAN IS RESCHEDULED OR REFINANCED
GROSS VS. NET REVENUE RECOGNITION
FAQs ON AMENDED SCHEDULE III-DIVISION II RELATED TO ‘APPLICABILITY’
EQUIPMENT INSTALLED AT CUSTOMER PREMISES – WHETHER LEASE OR NOT?
ACCOUNTING BY HOLDERS OF CRYPTO ASSETS
DEFERRED TAX LIABILITY ON GOODWILL DUE TO AMENDMENT IN FINANCE ACT, 2021
CSR – WHETHER A DAY 1 OBLIGATION?
REVENUE ADJUSTMENT ON ACCOUNT OF TRANSFER PRICING
ACCOUNTING OF COMPLEX CONVERTIBLE BONDS WITH A CALL OPTION
SHARE ISSUE COSTS Vs. SHARE LISTING EXPENSES
ACCOUNTING FOR SPONSORSHIP ARRANGEMENTS
HOW PREVALENT IS THE CONCEPT OF DE FACTO CONTROL?
ASSET ACQUISITIONS AND DEFERRED TAXES
NON-GAAP PRESENTATION OF OPERATING SEGMENTS
AUDITORS’ RESPONSIBILITY WHEN APPOINTED DATE IS NOT AS PER IND AS STANDARDS
ACCOUNTING OF WARRANTS ISSUED BY SUBSIDIARY TO PARENT
SALE OF A STAKE IN A SUBSIDIARY BY A PARENT WITHOUT LOSS OF CONTROL
Accounting of Production-Linked Incentives (PLI)
Onerous Contracts – Amendments to Ind AS 37
Impact of Shareholders’ Rights on Classification of Financial Instruments
Modification of Trade Receivables
Enabling Assets
Whether Provision Is Required For Net Zero Commitment
Identification of Related Party Relationships
Equity Vs. Financial Liability
Accounting of Pre-IPO Instruments
Accounting of a Demerger Scheme that is Not a Common Control Transaction
Ind AS/IGAAP – Interpretation and Practical Application
Audit Trail – Key Considerations for Auditors and Companies
Split Accounting – How Is A Convertible Instrument Accounted For?
Accounting of Export Incentives
COMMON CONTROL TRANSACTIONS
COMMON CONTROL TRANSACTIONS
Borrowing Costs
Purchase-As-Produced Contracts – Whether Derivative or Not?
Streaming Arrangements
Can Negative Revenue Be Reclassified to Expense?
Accounting Of Losses in an Associate
Ind AS/IGAAP — Interpretation and Practical Application
Computer-Assisted Audit Tools (CAATs) — Use of CAATs for Ope rational Rev iew of Plant Maintenance
Valuation — Market Approach
Tax Due Diligence — Indirect Taxes
Purchase Price Allocation (PPA)
Net Assets Method of Valuation
Discounted Cash Flow
LEGAL DUE DILIGENCE IN M&A TRANSACTION
Financial and Accounting Due Diligence — Some Aspects
Valuation of intangible assets
Tax Due Diligence — Direct Taxation
NFRA Digest
NFRA DIGEST
CHANGING RISK LANDSCAPE FOR AUDIT PROFESSION, WITH SPECIAL EMPHASIS ON NFRA AND OTHER RECENT DEVELOPMENTS
Comments on Exposure Draft – Guidance Note on Accounting for Service Concession Arrangements by Concessionaires
Statutory Audit – BCAJ Survey on Perspectives on NFRA Consultation Paper
PANEL DISCUSSION ON UTILITY OF FINANCIAL STATEMENTS AND RELEVANCE OF AUDIT AT THE 10TH Ind AS RSC
Economic Growth – Role Of Direct Tax
Impact of the Alternative Dispute Resolution Mechanism on the Economic Growth of India
Impact of Technology on Economic Growth of India
Future of Audit: The Transformation Agenda
India Knows Where To Go, And Takes Everyone Along
“Focus On Revenue Maximisation – A Fundamental Flaw of India’s Tax Administration” – Part II
Focus On Revenue Maximisation — A Fundamental Flaw of India’s Tax Administration -Part 1
BCAS — VOLUNTEERING — MAKING A DIFFERENCE
Past Editors’ Musings BCAS — Volunteering — Making a Difference
BCAS – Volunteering – Making a Difference
BCAS – Volunteering – Making a Difference
R७IMA५INE – 75TH YEAR CELEBRATION
Perspective of the Profession, a decade from today
A step towards decoding the complex IFRS
Analysis and comments on New Form 704 under MVAT Rules, 2005
Millennium Development Goals: A century more to go?
Rogue Trading : Audit & Prevention
European Holding Company — Choosing the right jurisdiction
Carry forward and set off of MAT credit u/s.115JAA — Allowability in the hands of amalgamated company — A case study
Windmills — Stormy issues
Allowability of Losses from Forex Derivatives
Consolidation in the Indian Banking Industry
Importance of Audit of Financial Intermediaries
Arthashastra : The guide for managerial effectiveness
Corporate Governance — What is wrong with it
The way ahead for corporate governance in India
Simplicity and complexity
Accounting for financial instruments and derivatives
World Financial crisis : Major reasons and way forward
Sue the accountant
Credit Rating: Features and Benefits for SMEs
Management fees : Are you following the best practices ?
GST : Practical approach for implementation
Double taxation credit under MAT regime — Software companies
Finance Act, 2010
Section 50C of the Income tax Act — a tool to tackle menace of black money
PAN Or PAIN : An Analysis of S. 206AA(1)
Life of a professional
The Finance (No. 2) Act, 2009
Is India watering down IFRS ?
The Foreign Contribution Regulation Act, 2010 — An analysis
Recent trends in revenue generation
Can Tax Laws ever be simplified ?
Convergence and Conflicts of Accounting and Taxation
Works Contracts
Innovation in Services
Chartered Accountants don’t retire — they fade away
Recent issues in FDI Policy
Taxation of Alimony
2nd proviso to S. 2(15) — Boon or Bane ! ! !
Whether Service Tax is applicable to the sale of computer software ?
Changing of law through issuance of circulars ! ! !
Good Bye Prudence
Fair Value Accounting
Desirable?
Auditing Beyond Compliance
‘Corporate Governance’ and agency theory
Recent Developments In Service Tax And VAT Related to Construction Industry
The Vodafone Tax Dispute — A Landmark Judgment of the Bombay High Court
Are MAT companies liable to advance tax ?
Assessments and Monitored (?)(!) Assessments under the Income-tax Act, 1961
Accounting for financial instruments and derivatives – Part 2
Step-down Indian subsidiaries of multinational corporations — are these public companies ?
Worldwide tax review — Limitation of Benefits Provisions in Income Tax Treaties
Disciplinary Mechanism of ICAI
Daughter’s Right In Coparcenary
The Great Financial Meltdown and the Accounting Profession 139
TDS on exempt incomes (especially agricultural income)
Transactions with Associated Enterprises — A new category of service tax payers ?
Provident Fund contribution for International Workers
Relevance of Dharma in Corporate Governance
TDS is highly tedious
Foreign Exchange Reserves — What Do They Represent ?
Warren Buffet. Is this statement valid ?
Worldwide Tax View — Substance over form : Where is the limit ?
Adoption of IFRS in India
Worldwide tax trends — Fiscal Consolidation or Group Taxation
Embedded Derivatives: seemingly innocuous contracts under the microscope?
Supreme Court decision in Dharmendra Textile Processors — Does it change the law on S. 271(1)(c) ?
Whether proviso to S. 147 curtails time limit prescribed u/s.153(2) of the Income-tax Act ?
Clause 49 — The road ahead
Profession — The Way Forward
Reminiscences of the profession in the Society
Reminiscences about the profession
Understanding Islamic Finance
Code of Ethics — Disciplinary Mechanism of ICAI
Independent Directors — Corporate governance in challenging times
Simple efforts to keep accountants ‘simple’
GST — Issues and Policies
IFRS for SMEs in India
Classical Accountancy to IFRS (A bird’s-eye view) Part II
Classical Accountancy to IFRS (A bird’s-eye view) Part I
Article : World Wide Tax Trends — Thin Capitalisation
Transfer pricing : Management fees — Are you following the best practices ? — Part II
The Finance Act, 2008
Worldwide Tax Trends Treatment of Tax Losses
Consolidated FDI policy-2010
Accounting for financial instruments and derivatives — Part I
Liability of Partners of Limited Liability Partnerships — is it Limited ?
Disallowances u/s.14A of Income-tax Act
Is rotation of auditors an answer to Satyam episode
Service Concession Arrangements — IFRIC 12/SIC-29
The complementary nature of relationship between the legal profession and the CA profession in the past and the future 135
Potential Voting Rights — Impact on Consolidated Financial Statements
Role of morality and estoppel in the delivery of justice
Demystifying XBRL
HR Management in the Accounting Practice
WHISTLE-BLOWER POLICY : A STEP TOWARDS BETTER GOVERNANCE
Back to basics — Audit
Fraud and Audit
Interview – Justice Ajit P. Shah
Mentoring of Articled Students – the Need of the Hour
Smallwood v. Revenue and Customs Comrs (2010) EWCA Civ 778 (Court of Appeals)
The decade ahead
Role of the Professional in the 21st Century
Chartered Accountants in the 21st Century
CFO — the new horizon
Deposits made in post office monthly income account which was opened contrary to Rules — Depositor entitled to interest accrued on deposits. Govt. Saving Bank Act, 1879 S. 15.
Foreign judgment — Judgment of Court in USA would be conclusive and binding upon the parties — Hindu Marriage Act, 1955 S. 13 and Family Courts Act, 1984, S. 7.
HUF — Joint family property — Neither a wife nor a mother has a right to file suit for setting aside alienation — Hindu Law.
Rights of Overseas Citizen of India — International Sport Events — Constitution of India Article 9.
Service — Service of order must be by registered post with acknowledgement due — Service by courier not proper.
Oral partition of joint family property is permissible and subsequent writing does not require registration or stamp duty : Hindu Law.
Secured Creditor is entitled to apply for assistance of Court for taking over actual physical possession from borrower/secured debtor : Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 S. 14.
Affidavit — Evidence — Sworn before Notaries can be accepted by the Civil Court — Civil Procedure Code S. 139 Order 18 Rule 4.
Deficiency in service — person — includes company : Consumer Protection Act S. 2(1)(m).
Hindu Undivided Family — Sale of coparcenaries property for legal necessity — Hindu Succession Act 1956.
Inheritance — Children of void marriage would be treated as legitimate children of their father for purpose of inheriting separate property of father — Hindu Succession Act 1956.
Gift — Gift deed of immovable property should be attested by two witness — Transfer of Property Act S. 123.
Recovery — Directors of Pvt. Ltd company who were not co-borrowers nor guarantors not liable — Recovery of Debts due to Banks and Financial Institutions Act 1993.
Stamp duty — Stamp duty is payable as per market value of property at time of submission of sale deed for registration — Stamp Act, 1899.
Passports Act — Refusal to issue fresh passport on ground that divorce deed was not registered or authenticated by Court — Improper — Passport Act, 1967 S. 5.
Stamp Act — Document insufficiently stamped liable to be impounded — Stamp Act 1899 S. 33, S. 35, S. 38 and S. 40.
Service of order — Original receipt of service not produced — Statement of proprietor of courier service agency cannot be accepted.
Dishonour of cheque — When cheque is issued by partnership firm from its bank account, the cheque is said to be issued by all partners — Partnership Act, 1932 S. 18.
Registration — Registration of sale deed pending — Purchaser cannot project himself as owner — Registration Act S. 17 and S. 49.
Sureties — Co-sureties are liable to pay each an equal share of whole debt — Contract Act S. 146.
Registration — Gift deed in respect of immovable property requires registration — Registration Act S. 17
Accident claim: Widow of deceased entitled to seek compensation for death of husband – This is a vested right in her that cannot be denied merely on ground of her remarriage during pendency of claim petition: Motor Vehicles Act, 1988, section 166
Banking — Date of maturity of fixed deposit lapsed — Yet payment of maturity value should be along with interest @ 6% p.a.
Claim for compensation for Fatal Accident can be made only for benefit of spouse, parent and child of deceased and not for benefit of brother or other relations of deceased. Expression ‘Legal Representative’ : Motor Vehicles Act (59 of 1988) : S. 68.
Co-op. Housing Society : BMC cannot sanction the modified plan without fresh NOC from society : Appellate Court, must pass reasoned order : Bombay Municipal Corporation Act S. 354A.
Co-operative Societies – Housing Society – Redevelopment: Minority members of co-operative society bound by the resolution passed by the majority: Co-operative Societies Act.
Carrier and Insurer – Liability: Carriers Act 1863 – sec 8 & 9
Hindu Law – Mother falls in the category of class I legal heir – cannot be denied the family pension: Jammu and Kashmir Hindu Succession Act, 1956
Marriage Registration: Presence of both parties to marriage before local Registrar not necessary: Hindu Marriage Act, section 8:
Amalgamation — Conveyance — Order of Company Court approving scheme of amalgamation resulting in transfer of property to transferee company is a conveyance — Indian Stamp Act 1899, S. 2(10), (14).
Appeal — Defect in Memorandum of Appeal filed by Department.
Appeal — Order — Non-reasoned order — Absence of reasons suggestive of order being arbitrary and in breach of principle of natural justice.
Hindu Law — Joint family property inherited by brothers from their father — Not a coparcenary Hindu joint property.
Internal communications within Government Departments/Officer — Not govt. order unless issued in accordance with law.
Will — Suspicious circumstances — Attestation of Will Succession Act, S. 63.
Appeal dismissed for default restored as there was no lapse on part of the applicant.
Alimony pendente lite can be claimed by wife by resorting to both provision u/s.125 of Criminal Procedure Code and also u/s. 24 of Hindu Marriage Act.
Dishonour of cheque : Only the drawer of cheque can be held liable for the offence : Negotiable Instruments Act, 1881, S. 138, S. 141.
Deficiency in service : By building and developing firm : Consumer Protection Act : S. 2(1)(g).
Tenancy created after creation of charge by borrower on property : No protection in law available to such tenant : Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
Hindu Law : Daughters are entitled to a share in ancestral properties as a co-parcener : Hindu Succession Act, 1950, S. 6.
Hindu Law : Widow inheriting property of her husband on his death cannot be divested on subsequent remarriage : Hindu Widow’s Remarriage Act, S. 2 (Repealed) and Hindu Succession Act 1956.
Authorised representative : Counsel appearing without Vakalatnama : Directed to file memo of appearance and client with NOC if any : CESTAT Rules, 1982.
Power of attorney executed by owner of property for executing sale : Such power of attorney cannot be treated as conveyance for consideration for the purpose of stamp duty : Stamp Act 1899, and Power of Attorney Act, 2(21).
Reference to Larger Bench : In all Larger Bench matters registry should provide copies of appeal papers and issue notice of hearing to Bar Association : S. 129C(5) of the Customs Act, 1962.
Liability for delayed delivery by post office : Post Office Act 1898 S. 6.
Appellate Tribunal — Reasoned order — Judgment cited but no reference found in the order, nor any discussion with respect to rival submission found.
Guarantor — Liability : Rights of corporation to make recovery only against defaulting industrial concern and not against surety or guarantor : State Financial Corporation Act, 1951, S. 29 and S. 31.
Passport Renewal : Renewal of passport cannot be withheld indefinitely for want of police verification : Passport Act S. 5, S. 6.
Registration : Reconveyance deed not compulsorily registrable : Registration Act, 1908, S. 17(1)(b).
Stay : Tribunal has got inherent power to extend stay granted : Central Excise Act, 1944.
Tenancy : Right to take possession of secured asset would not include right to extinguish pre-existing tenancy : Securiti-sation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
Medical services — State cannot avoid its constitutional obligation to provide medical services on account of financial constraints — Constitution of India, Art : 47.
Order — Order passed without jurisdiction is nullity
Limitation — Pronouncement of order — Maximum period prescribed is 120 days from ‘date of communication of order’ of Tribunal — Electricity Act, 2003, S. 125.
Passenger — Person holding a valid platform ticket cannot be considered as passenger — Railways Act, 1989 S. 2(9).
Registered document has lot of sanctity attached to it — Evidence Act, S. 74.
Registration — Public auction — Sale certificate sent to the Registrar for filing in Book No. 1 would not attract stamp duty — Registration Act, 1908, S. 17 & S. 89.
Practice of Law – Foreign law firms are not eligible to open liaison offices or to practice law in India. Even giving an opinion on a legal matter amounts to “practise of law”: Advocates Act
Nominee rights — Bank account — Death of depositor — Banking Regulation Act, 1949 S. 45ZA(2).
Partnership at will — Notice given by one partner specifically stating that thereby he was dissolving the firm — Partnership would stand dissolved — Partnership Act, 1932; S. 7 and S. 42.
Right to Information — Notes or jotting by Judges or their draft judgments cannot be said to be information held by public authority — Right to Information Act, 2005, S. 2.
Stock exchange — Membership card — Not personal property of member — Cannot be attached and sold in execution of a decree against member.
Substituted service — Only when the Court is satisfied that defendants cannot be served personally — Civil Procedure Code, Order 5, Rule 20.
Priority of claim : State due has first charge over the dues of banks, financial institutions and other secured creditor. Constitution of India Articles 254, 245, 246]
Sale deed is chargeable with stamp duty on market value of property, consideration fixed by Court in compromise decree is irrelevant : Stamp Act 1899, S. 47A.
Nomination under an insurance policy only indicates hand which is authorised to receive the insured amount — Insurance Act, 1938.
Redevelopment — Belated withdrawal of No objection or consent and opposition to eviction by society member — Not proper — BMC Act, 1888, MHAD Act, 1976 S. 75 and S. 95A.
Recovery agents cannot resort to activities of using criminal force against card holders for recovery of dues : Banking Regulation Act, 1949.
Firm : Personal liability and liability of partnership firm to repay debts : SARFAESI Act. S. 35.
Buildings in city of Mumbai are entitled to extra Floor Space Index : Development Control Regulation Act, 1991.
Deficiency in service by Development Authority : Consumer Protection Act, S. 2(1)(g)]
‘Literary work’ and ‘dramatic work’ Copyright Act. S. 2(o), (h).
Marriage — Marriage between Christian and Hindu according to Hindu rituals — Void and Null — Hindu Marriage Act, 1955, section 5, section 7 and section 11.
Family settlement — Can be among not only heirs of particular class, but also can take in its fold, persons outside purview of succession — Family settlement — Non-registration — Cannot be treated as inadmissible — Transfer of Property Act section 5, Stam
Auction sale of property by bank held illegal and arbitrary — Valuation of house by bank at much lower rate than it was valued at time of taking loan : Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, S. 13.
Dowry : Gifts given at time of customary thread-changing ceremony on birth of girl not dowry : IPC, 1860]
Hindu Law : Daughter of coparcener in Joint Hindu Family governed by Mitakshara Law gets right of coparcener from the year 2005: Hindu Succession Act, 1956, S. 6 (as amended in 2005)
Stamp duty : Transfer of agricultural land by great grandfather in favour of great grandson, exempted from payment of stamp duty : Indian Stamp Act, 1899.
Total disablement. Tanker driver said to have suffered 100% disability due to amputation of right leg up to knee joint in an accident : Workmen’s Compensation Act, 1923 S. 2(1)(e)
Adjournment of hearing — Unaware of decision.
Award — Enforcement of foreign award.
Deficiency in service by builder : Consumer Protection Act, 1986 S. 2(1)(g).
Memorandum of understanding — Void contract : Civil Court cannot refuse to entertain suit even if based on void contract.
Appellate Tribunal — Jurisdiction of Benches — Appeal wrongly placed before Single Member while Division Bench having jurisdiction — Order to be recalled. Central Excise Act, 1944 — S. 35D.
Adjournment of hearing — Genuine ground for adjournment necessary — Central Excise Act, 1944, S. 35B.
Power of Attorney executed out of India — Adjudication of stamp duty — Kerala Stamp Act S. 31, S. 18.
‘Spouse’ — Does not include second wife — Hindu Marriage Act — S. 5.
Service of Arbitration Award — On Advocate — Not proper service — Arbitration and Conciliation Act, 1996 — S. 31(5), S. 2(4).
Property : Minor : Permission for sale of immovable property of minors can be granted only if in the interest of minors : Hindu Minority and Guardianship Act 1956, S. 8.
Liability of a surety or a guarantor to repay loan of principal debtor arises only when a default is made by the latter : State Financial Corporation Act 1951 : S. 29(1) and S. 31.
Nomination by Member of Society empowers nominee to hold property in trust for real owner : Maharashtra Co-op. Societies Act, S. 30.
Electricity tariff : Advocates running office from commercial place liable to be charged at Commercial basis : Electricity (Supply) Act, 1948 : S. 49.
Choice of one reasonable course of treatment to other — Not medical negligence : Consumer Protection : S. 2(1)(g).
Audio CD admissible in evidence
Family arrangement or partition deed : For the purpose of stamping & Registration the contents of document are to be taken into consideration and not nomenclature — Transfer of Property Act; S. 5, Stamp Act, S. 35.
Recovery of debts : Recovery of debts due to Banks and Financial Institutions Act : S. 19(7).
Void Agreement : Tenancy Rights cannot be attached and auctioned — Consequent auction and sale certificate issued to purchaser would be void. Contract Act S. 24 and S. 65.
Share broker and Stock Exchange render ‘services’ to the investors and investor would be ‘consumer’ : Consumer Protection Act S. 2(1)(d) and S. (2)(1)(o).
Additional evidence : Permission to bring additional document can be granted in exercise of discretion of Court to achieve ends of justice
Family arrangement : If Family arrange-ment is for relinquishment of any immovable property it requires registra-tion — Registration Act, Sec. 17.
Public document : Certified copy of power of attorney which is registered document on file of Sub-Registrar is a public document : Evidence Act Sec. 74(2).
Translation of document : Filing of translated copy of document in Court is not additional evidence — Only requirement is that counsel should certify that translation is correct : Civil Procedure Code : O.13, R.4, General Rules (Civil) 1986, Rule 37.
Torts : Person losing his right hand due to electrocution — Electricity Board liable to compensate.
Appellate Tribunal — Passing of order — Reasonable time — Order passed after six months — Order set aside on ground of delay — S. 129B of Customs Act, 1962.
Precedents — One Bench cannot differ from the view of another Co-ordinate Bench — In case of difference in views, matter must be referred to a Larger Bench.
Recovery of debts — Tribunal has no power to control physical movement of defendant borrower — It cannot impound passport — Recovery of Debts due to Banks and Financial Institution Acts, 1993 S. 19, S. 22.
Appeal : Condonation of delay : High Court is empowered to condone delay in filing appeals u/s.35G of the Central Excise Act, 1944.
Precedent : Non-challenge of order by Revenue preclude from challenging similar order passed in respect of another unit.
Recovery : Loan taken by cooperative society cannot be recovered from secretary of the society : Bihar Co-op. Societies Act, S. 52.
Accident claim : Compensation awarded under Motor Vehicle Act is not a ‘debt’, nor a succession, therefore production of succession certificate by heirs of deceased not necessary : Motor Vehicles Act, S. 168, Succession Act, 1952, S. 214(1)
Condonation of delay of 4 years : Pendency of representation filed before State Government against alleged order, sufficient ground to condone delay : Constitution of India Article 226
Dishonour of cheque issued on behalf of a company : Negotiable Instruments Act, 1881 S. 141 and S. 138.
Hindu Marriages Act : After decree of divorce is passed, relation between husband and wife with respect to matrimonial premises becomes that of licencesor and licensee : Easement Act S. 52.
Powers of Revenue authority : Revenue authority cannot decide question relating to genuineness of document : Stamp Act, 1899, S. 38(2).
Enforcement of security interest — It is open to a secured creditor to move against any secured asset and it is not essential that all the secured properties should be put to sale simultaneously — Securitisation and Reconstruction of Financial Assets and
Power of attorney — The holder of power of attorney can only conduct case — Cannot be allowed to depose on behalf of his principal on matters which would be within his personal knowledge — Civil Procedure Code, Order III Rule 1 & 2.
Property — Right of Guardian to sell the property of minor — Permission of the Court u/s.8 of the Hindu Minority and Guardianship Act read with the provisions of Guardian and Wards Act would not be necessary where an interest in the joint family is sought
Arbitration — Resolution of dispute through arbitration cannot be initiated by a debtor — Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 S. 11.
Power of attorney — Sale of immovable property through execution of sale agreement/general power of attorney/will instead of execution and registration of regular deeds of conveyance deprecated as illegal and irregular — Transfer of Property Act, S. 54.
Appellate Tribunal order — Non-consider-ation of facts.
Binding precedents — Tribunals are bound by the judgment of the High Court in absence of any contrary judgment of the jurisdictional High Court.
Nomination — Law relating to nomination u/s.109A of Companies Act and S. 9.11 of Depositories Act, 1996.
Parking spaces — Interpretation — Meaning ‘Flat’ — Separate self-contained part of building — Promoter has no right to sell ‘Stilt parking spaces’.
Gift of share in immovable property in a co-operative society requires registration : Registration Act S. 17(1)(A)
Sale becomes absolute and title vests in auction purchaser on issuance of sale certificate : Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).
Appeal : Territorial jurisdiction of Court — Where significant part of cause of action arises : S. 20 of CPC
Appearance of retired members of CESTAT — Prohibition of practice by Ex-president, vice-presidents or members of CESTAT, before it held to be reasonable restriction : Constitution of India Art. 14, 19(1)(g) and 21.
Precedent — Different view amongst Co-ordinate Benches of Tribunal — Matter has to be referred to larger Bench.
Co-owner sale — Release of share by co-owner to other co-sharer did not amount to sale or conveyance — S. 2(10) Stamp Act 1899.
Deficiency in service by Doctor — Consumer Protection Act 1986.
Certified copy — Document more than 20 years old — Admissibility — Evidence Act, 1872 S. 90, S. 90A.
Power of attorney : Evidence through power of attorney cannot be given : Power of Attorney Act, 1882 S. 2.
Power of attorney — Registration — Registration Act, — S. 17.
Registration of a partnership firm — Actual starting of business prior to registration not a condition precedent — Partnership Act, 1932 S. 4.
Right to Information — Decision of Tribunal by nature is in public domain and ought to be ordinarily accessible to any applicant — Right to Information Act, 2005, S. 6 and S. 7.
Co-operative Housing Society : A member of tenant co-partnership housing society is not a tenant of the society : Rent Act 1947, S. 5(11) and Maharashtra Co-operative Societies Act, 1961, S. 29.
Deficiency in services by airline
Maintenance : Mother can claim maintenance against her son : S. 125 of Cr. P.C.
Stamp duty : Cousins not being members of the family do not fall with definition of word ‘family’ under Stamp Act : S. 45(a).
Tenancy : Tenant can be evicted if subletting is done without the consent in writing of the landlord
Copyright : A joint owner of a copyright, without the consent of the other joint owner cannot grant licence or interest in the copyright : Copyright Act, 1957.
A company is entitled to invoke the provision of Sec.630 of Companies Act so as to retrieve its property being withheld wrongfully by legal representatives of the employee: Companies Act, 1956.
Recovery of tax : Dues from company cannot be recovered from its directors who are partner in firm.
Condonation of delay : High Court has no power to condone the delay in filing the reference application under unamended Sec.35H(1) of Central Excise Act, 1944.
Precedent : Conflicting judgments of Co-ordinate Benches : Court to consider judgment which in its opinion is better in point of law : Constitution of India, Art.141 :
Appeal — Merger of order — Once the Appellate Authority disposes a matter, the order passed by the subordinate authority gets merged in such order.
Appeal by Department — Measures to reduce litigation.
Firm — Registration — Reconstitution of firm — No separate registration necessary — S. 60 and S. 63 of Partnership Act.
Limitation — Acknowledgement of debt — On each repayment of loan limitation get extended — Limitation Act, S. 18, S. 19.
Partition — Co-owner — Possession of vendee — Transfer of Property Act, S. 44 & Partition Act, S. 4.
Hindu Law – Joint family property – Partition – Members suing for partition not bound to bring into hotchpot all family property
FSI-TDR : FSI/TDR is benefit arising from the land, consequently must be held as immovable property : Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1963.
Bank guarantee : Bank guarantee given for performance of particular contract cannot be encashed for alleged breach of another contract : Contract Act S. 126.
Precedent : Failure of Revenue to appeal in the case of one assessee; not open to it to question decision in the case of another assessee.
Release deed — Exemption from payment of stamp duty — Stamp Act Schedule 1
Recovery of interest : Debtor cannot be penalised with interest on amount that remained unpaid due to accounting errors : Contract Act S. 72.
Advocate – Enrolment – Disqualification of persons above the age of 45 years from being enrolled as Advocates – Not proper : Advocates Act, section 24(1)(e)
Adoption : Law does not recognise an adoption by a Hindu of any person other than a Hindu: Hindu Adoption & Maintenance Act, 1956, S. 6
HUF recovery of loan : Karta of HUF can enter into contract for mortgage of undivided share of his minor son for legal necessity
Precedent : Constitution of India, Article 141
Surety’s liability : where liability of principal debtor is extinguished, the surety’s liability gets automatically terminated – contract act s. 128
Unfair trade practice by car manufacturer : Consumer Protection Act. S. 2(1)(r) and S. 2(1)(g)
Co-operative Housing Society cannot be said to be public authority : Right to Information Act, S. 2(h)
Hindu Marriage : A marriage under Hindu Marriage Act, 1955 can be entered into by two Hindus : Hindu Marriage Act, 1955
Noise pollution : Silence is one of the human rights as noise is injurious to human health : Violation of Articles 14 and 21 of the Constitution of India
Public action : Bank has discretion to sell property below reserve price : Security Interest (Enforcement) Rules 2002, Rule 9
Retracted confession : No reliance can be placed on the retracted statement, unless the same was corroborated substantially in material particulars by some independent evidence : FERA, 1973.
Liability of legal heirs — Partner — Loan borrowed by firm on mortgage — Partnership Act 1932 section 18 and section 22.
Precedent — Binding nature — Only ratio decidendi of judgment which constitutes binding precedent.
New plea — Pure question of law can be raised at any time — Civil Procedure Code section 96.
Dishonour of cheque — Cheque presented after expiry of six months from date of issuance — Complaint not maintainable — Negotiable Instruments Act, S. 138.
Rights of daughter to ancestral property — Overriding effect of Act — Hindu Succession Act section 4(1)(a) and 6.
Right to Information — Disclosure of order sheet noting and note sheets of public authority — Right to Information Act S. 8(j).
Stamp Duty — Gift deed — Market value not relevant : Stamp Act, 1899.
Suit by grandfather on behalf of minor — Next friend can be any person — Civil Procedure Code, Order 32 Rule 2.
Rectification of mistake — No finding on the decision cited by the appellant.
Appellate Tribunal – Exparte order: Tribunal must decide appeal on merits, if assessee files submissions in writing
Co-operative Housing Society – Builders have to execute the conveyance: Consumer Protection Act:
Deficiency in service by company/dealer supplying LPG cylinders and regulators : Consumer Protection Act 1986 S. 2(1)(g).
Clarification issued by Board – Binding on officers: Central Excise Tariff Act, 1985
License or lease – Determination – Distinction : Transfer of Properly Act Sec. 105
Nomination – Nominee Director – Withdrawal to take effect immediately – Resignation to take effect moment letter is sent: Companies Act, 1956:
Recovery of tax – Company in liquidation – First charge – Conflict between State legislation and Central legislation – Central legislation must prevail : Companies Act Section 529A & 530.
Right of Privacy – Instruction issued by Election Commission empowering its officer to randomly and indiscriminately search any vehicle on road – Ultra Vires – Constitution of India Art. 21.
Challenge to Arbitration Award issued in foreign country should be in the country where award is published
Foreign Judgement – Insolvency proceedings – Initiation of in India directly without any testing or filtration provided in CPC for execution of foreign decree in India – Not permissible: [Code of Civil Procedure 1908 section. 13, 14, 44A].
Partnership firm – Legal entity – Income-tax Return (Income Tax Act, 1961 Section 184)
Service of Notice – Presumption Rebuttable – Endorsement as “Refused” – The respondent as the plaintiff filed suit alleging that the defendant was a monthly tenant. [Section 114 (e) Evidence Act]
Foreign Court Decree – Order awarding costs would amount to decree – Execution – CPC section 35A, 44A
Recovery – Realisation of income tax dues – Priority over secured debt – State Financial Corporations Act, 1951.
Service of Notice – Termination of Tenancy – Service of Notice – 15 days notice send by Registered post – Agreement Stipulated 30 days – Suit filed after 30 days of deemed receipt of Notice – Transfer of Property Act section 106, General clauses Act 1897, section 27:
Succession – Joint Family Property – Sale by Co-parcener without consent of others – validity: Hindu Succession Act 1956 section 30:
Surety/Guarantor – State Financial Corporation – Taking possession of property mortgaged by guarantor – SFC Act 1951 section 29
Court & Tribunal – Distinction – Revenue Tribunal – Is akin to Court – Appointment of its President has to be with Consultation of High Court: Gujarat Revenue Tribunal Rules, 1982
Eviction – Tenancy – Replacement of Tin roof by concrete slab – Permanent structure – Means structure lasting till end of tenancy. Transfer of property Act., section 108:
Precedent – Judgement of Supreme Court – High Court has to accept it and should not in collateral proceedings write contrary judgment: Constitution of India Article 141
Stay order – No opportunity of hearing – Strictures against Commissioner (Appeals):
Succession – Right of property – Female Hindu converting herself to Christianity after death of her husband. Transfer of property Act section 54, Hindu Succession Act section 26.
Succession – When claimant was born, there was neither joint Hindu family nor any property belonging to Joint Hindu Family. Will – Disproportionate bequest permissible – Hindu Succession Act 1956.
Hindu law — Gift of undivided share by coparcener — Held to be void.
International Arbitration — Jurisdiction of Indian Court — Parties agreed for final settlement of disputes under International Chamber of Commerce.
Gift – Acceptance of gift – Between father and daughter Transfer of property Act 1882, section 54 & 122:
Professional Misconduct – Charges of preparing and signing two sets of balance sheets reflecting different entries pertaining to sale. Chartered Accountants Act, 1949, section 20(2):
Recovery of debts –– Limitation – Property mortgage with Bank – SRFAESI Act, 2002 section 13(2) & 36.
Sale of property of Minor – Court permission – Hindu Minority and Guardianship Act 1956, section 8(4):
Succession Certificate – Application by widow for waiver in payment of court fees – Bombay Court fees Act 1959, section 379.
Joint property – Preference of succession – Death of co-owner issueless: Hindu Succession Act 1956, section 8 & 9
Precedent – Pendency of appeal before High Court against Larger Bench decision of Tribunal – Cannot be a ground for not following the larger bench decision
Advocates – Representing arrested or detained person – cannot be criticised: Advocate has duty to represent such person: Constitution of India & Advocates Act 1961
Chartered Accountant – Disqualification – Offence of bigamy – Moral Turpitude – Removal proper: Natural justice – Chartered Accountants Act, 1949: Section 8(v) and 20(1)(d)
Evidence – Unregistered Partition Deed – Admissibility – Nature of Document: Evidence Act, Section 91:
Recovery of loan – Liability of guarantors – Is Co-extensive and Joint as well as Several: SFC Act 1951. Section 29 :
Appeal to Appellate Tribunal – Pronouncement of the order – Gist of decision should be pronounced: Appeal to High Court – NTT – The High Court has no power to entertain an appeal, even though notification not yet issued by Govt. to set up NTT. (Customs Act 1962 S.130)
Appeal to Appellate Tribunal – Third Member – Formulation point of differences and thereafter to decide: [Customs Act. 1962 Section 129 C(5)]
Cross Objection – Third Party affected by a judgement or decree can challenge the same: CPC 0rder 41 Rule 22
Public Auction – No power vested with Central Court to direct e auction
Registration – Unstamped and unregistered document – Admissibility – Collateral purpose – Registration Act, section 49, 17; Stamp Act, section 33, 35.
Winding up – By Court Discretionary powers – Court has ample power to direct eviction of trespassers from company property – Companies Act, 1956 section 446
Bar Rooms-Library– Facilitates to Advocates – Advocates are officers of court – Duty of State Government to pay electricity bills of Bar rooms. [Constitution of India; Advocates Act, section 7(b)].
Gift Deed – Registration – Mohammedan Law: Registration Act 1964, section 17: Transfer of Property Act 1882, section 129.
Stamp – Improperly stamped document – Evidentiary Value: Stamp Act, 1899 section 35
Will – Registration – Effect: Registration Act section 41(2)(a)
Appeal – Dismissal for non prosecution – Counsel was busy in another court – Explanation found acceptable. Appeal restored.
Appeal to Tribunal – Defect Memos sent under registered post acknowledgement due to address given in Memorandum of appeal : General Clauses Act, 1897 – Section 27
Evidence – Attested copy – It is secondary evidence, and cannot be weighed in as original
Partnership firm – Document whether deed of retirement or deed of conveyance : Stamp Act
Will Muslim Law – A Mohamedan cannot by Will dispose of more than a third of surplus of his estate after payment of funeral expenses and debts.
Month — Interpretation of term ‘Month’ — Number of days in that month is not criterion and month alone is criterion — General Clauses Act — Section 3(35).
Recovery — Hire-purchase agreement — Taking back the possession of vehicle by use of force is against provision of law and RBI Guidelines — Consumer Protection Act, section 21.
Succession — Right of daughter-in-law — Devolution of interest — Notional Partition — Hindu Succession Act, 1956, section 6.
Natural Justice – Right of cross examination – Is integral part of Natural justice
Doctrine of Spes Successionis — Muslim Law — Relinquishment of future share in property — Transfer of Property Act, 1882, section 6.
Maintenance — Dependents unmarried daughter — Hindu Adoptions and Maintenance Act, 1956 sections 20(3) and 21.
Arbitration – Impleadments of party to arbitration proceeding in absence of arbitration agreement
Consumer complaint – Builder – Flat sold to other person – Builder to return the amount with interest @ 15% and pay cost: Consumer Protection Act.
Contract – Repayment of time barred debt – Enforceability of debtor liability Contract Act, 1872.
Registration – Property – Refusal to Register document – None can transfer a better title than what he has – Indian Registration Act:
Tenancy – Determination of Annual ratable – Property exempt from Rent Control Legislation – Value – Mumbai Municipal Corporation Act, 1888, section 154(1) and Maharashtra Rent Control Act, 1999 section 3.
Accident claim — Legal representative — Married daughter — Motor Vehicles Act, section 166.
Appellate Tribunal — Precedent — Judicial propriety — Co-ordinated Benches of Tribunal.
Appellate Tribunal — Strictures against Department for filing appeal in avoidable litigation.
Sale of minors property by defecto guardian – Sale without legal necessity void or voidable. Hindu Minority and Guardianship Act, 1956, section 6, 11 & 12.
Hindu Law – Joint family property – Wife is entitled to share in property alongwith her husband – Wife cannot demand for partition, unlike daughter
Alienation of minors property – Suit for setting aside sale – Limitation prescribed is three years from date on which minor attained majority: Hindu Minority and Guardianship Act, sec. 8(3):
Natural justice – Audi alteram partem – Right to hearing – Constitution of India Article 14:
Oral family arrangement – Registration not necessary – Transfer of property Act section 5, Registration Act section 17(1)(b):
Right of daughters of coparcener – Amended provision of section 6 came into effect from 9-9-2005 – Said provision does not have retrospective effect: Hindu Succession Act 1956:
Unregistered Partition Deed – Is not admissible in evidence for any purpose. Stamp Act, section 35; Registration Act section 17(1)(b) and 49(c):
Compensation — Deceased persons were gratuitous passengers — Insurance company not liable; Motor Vehicle Act, 1988.
Books of account – Rejection without assigning reason – Not justified: U.P. Trade Tax Act, 1948
Recovery of tax – Director of a company not personally liable for sales tax dues of company: Gujarat Value Added Tax Act 2003:
Guarantor liability – Co-extensive with that of debtor – Financial institution – Not to act as property dealers: Contract Act 1872, sec. 128:
Registration of Marriage – Personal appearance of parties to marriage not necessary for presenting application – All marriage solemnised within state should be compulsorily be registered irrespective of religion of parties: Kerala Registration of Marriage (common) R ules, 2008:
Right to Information – Public Interest – Disclosure of information regarding Vigilance matter – Section 8(1)(e); 8(1)(g) and 8(1)(j) of RTI Act
HUF — Joint Hindu family property — Minor had an undivided share — Karta sold the property — Legal necessity — Permission from Court not required — Hindu Minority and Guardianship Act, sections 6 and 12.
Right to Information – Public authority – Co-operative societies registered under Kerala Co-op Societies Act are public authority: Right to Information Act, section 2(4):
Precedent — Judicial discipline — Commissioner (Appeals) must follow declaration of law by higher forum.
Precedent — Unjust enrichment — Meaning — Tribunal cannot ignore the High Court decision merely because the appeal is pending in the Apex Court.
Refund of stamp duty — Withdrawal of document from being registered — Karnataka Stamp Act, sections 52 and 52A.
Precedent – Judicial discipline – Co-ordinate Bench Decision – Not to take a contrary view but to refer matter to larger bench.
Stamp Duty – Sale deed or release deed – Release of share in property by co-owner for consideration, is not sale: Stamp Act Art 47A:
Doctrine of Merger: Dismissal of Appeal on ground of limitation – No Merger of order – Central Excise Act:
Transfer of property – Deed of dissolution of partnership – Receipt of assets of firm on dissolution would not construe transfer – Conveyance: Section 2(10) Stamp Act 1899:
Compensation — Bona fide passenger — Railway Act.
Compensation — Gratuitous passenger — Liability of insurer — Motor Vehicles Act.
Evidence – Admissibility of Document not duly stamped – Agreement to sell – Karnataka Stamp Act, 1957.
Interpretation — Indian Succession Act, 1925.
Professional ethics — It is duty of lawyer to defend, irrespective of consequences.
Appeal — Tribunal — Adjournment — Medical certificate not necessary while seeking adjournment on medical ground.
Authority for Advance Ruling Jurisdiction — Application for Ruling — Discretionary — Holding and subsidiary.
Natural justice — Officer involved in audit — Officer not competent to assess the dealer — VAT Act, 2004.
Appeal to Appellate Tribunal—Grounds urged in Memorandum of Appeal but not advanced during the course of submission or arguments— No error apparent on face of order of Tribunal : Central Excise Act, 1944 Section 35C(2):
Appellate Tribunal–Judicial Discipline-Precedent- Tribunal bound to follow decision of Supreme Court in preference to decision of Tribunal which was not challenged: CESTAT:
Revision—Merger of order—Rejected only on ground of limitation and not on merits: Such an order does not merge.
Succession—Death of Male Hindu—Before Coming into force Hindu Succession Act, 1956.
Tenancy rights — Property in possession of tenant — SARFAESI Act has overriding effect over local Rent Control Act.
Succession–ProbateProceeding–Compromise between Parties: Succession Act, 1925.
Company – Dishonour of Cheque – Offence by company – Directors/Other Officer of Company cannot be prosecuted alone – Negotiable Instruments Act, 1881 Sections. 138 and 141:
Right of inheritance – In absence of ‘Son or Daughter’ of wife from her husband, property would devolve upon brother of her husband being heir of her husband – Hindu Succession Act, 1956 – Section 5(1)(a)(e).
Stamp Duty – Surrender of tenancy by earlier tenant – Creation of new tenancy on next day – Premises in question more than 60 years old – Entitled to discount of 70% – Bombay Stamp Act, 1958 (Art. 36)
Succession Certificate – Nominee – Widow – Right after Remarriage: Indian Succession Act, 1925 – Section 372
Transfer – Property of Minor – Disposal of immovable property by natural guardian – Limitation 3 years from time minor attains Majority: Hindu Minority and Guardianship Act, 1956 – Section 8(3):
Award — International Commercial Arbitration — Enforcement of Arbitral award in India.
Foreign currency more than US $ 5000 — Legal requirement to make a declaration — Customs Act, 1962 sections 77, 113 and 114.
Order — Reasons — Failure to give reasons amounted to denial of justice — Karnataka Sales Tax, 1957
Public document — Annual return — Liability of directors — Companies Act, 1956 sections 159, 163 and Indian Evidence Act, 1872, section 74.
Judiciary — Maintenance of highest standard of propriety and probity — Rule of Law — Constitution of India Arts. 235 and 233.
Transplantation of human organs — Donor and recipient near relatives, hence approval of authorisation committee is not necessary.
Compensation for breach of contract — Liquidated damages — Contract Act 1872, section 74
Consumer Protection Act — Jurisdiction — Contract containing arbitration clause — Not prevented thereby from filing complaint to consumer forum — Consumer Protection Act, section 12.
Electricity dues of previous occupant — Demand from purchaser of premises — Electricity Act, 2003 section 43(1).
Partition — Right of pre-emption against stranger purchaser — Transfer of Property Act, Section 44.
Remedies for breach of contract — Damages — Measure/quantification of damages — Contract Act 1872, sections 73 and 74.
Merger — Review of High Court Order — SLP against the same dismissed by SC — No Review possible — Constitution of India Act, 136 and 226.
Evidence — Proof of execution of document — Will — Evidence Act, section 68.
Limitation — Date of judgment or date of communication of order.
Part performance of Contract — Conditions — The Limitation Act does not extinguish the defence, it only bars the remedy — Section 53A does not confer a title on transferee in possession — Transfer of Property Act, section 53A.
Transfer of property — Adverse possession — Transfer of Proper for Act section 53A
Succession — Female Hindu dying intestate — Heirs related to an intestate by full blood shall be preferred to heir related to half blood — Hindu Succession Act, 1956, sections 15 and 18.
Tax on land and building — Towers for wireless communication system cannot be construed as building — Karnataka Municipal Corporation Act, (14 of 1977) section 2(1A).
Transfer — Transfer for benefit of unborn person — Transfer of Property Act, section 13.
Will — Settlement deed or Will — Joint Will or Joint Mutual Will — Succession Act, 1925 — Section 2(4).
Will — Evidence — Genuineness of will — Attesting witness — Requirement of law — Evidence Act, section 68.
Dishonour of cheque — Cheque drawn in foreign country — Accused cannot be prosecuted in India — Negotiable Instruments Act, 1881.
Power of attorney — Revocation by registered deed — Registration Act section 17(1)(b).
Liability of guarantor — After his death does not extinguish — Specific contract — Banker’s right of general lien — Contract Act, section 131.
Compensation — Minor driving motorcycle without licence — Liability to pay compensation shifts on owner — Motor Vehicles Act 1988, section 168.
Precedent — Judicial discipline — Contradictory decisions by Co-ordinate Benches — Institutional integrity.
Daughter — Does not include ‘Step daughter’ — Hindu Succession Act, 1956, section 15(1)(a).
Damages — Goods carried at ‘Owners Risk’ — Carrier cannot escape from the liability to make good loss — Contract Act, section 151 and Carriers Act, 1865, section 9.
Unstamped document — Document not duly stamped not admissible even for collateral purpose — Stamp Act, 1899, section 35 — Public Document — Evidence Act, Section 74.
Vicarious liability — Breach of contract — Damages for non-performances of contract — Contract Act.
Counsel — Withdrawal of Counsel — Permission of Court is necessary — Civil Procedure Code.
Guarantor — Recovery of loan — Corporation cannot sell out properties mortgaged to it by guarantors — State Financial Corporation Act — Section 29, section 31.
International Arbitration — Jurisdiction of Indian Court ousted — Arbitration and Conciliation Act, 1996 section 37(2)(b).
Recovery of debt — DRT has no jurisdiction to prohibit borrower from leaving country without prior permission of Tribunal — Constitution of India, Article 21 — Debts Recovery Tribunal Act, 1993.
Right to appear and practice — General power of attorney holder is not entitled to appear and argue — Advocates Act, 1961.
Concession made by counsel on facts — Binds his client.
Professional conduct and Etiquette of Advocates — Duty of Advocate towards Court and client.
International Commercial Arbitration — Jurisdiction of Indian Court — Arbitration and Conciliation Act 1996 section 9.
Registration — Partition deed or memorandum of oral partition — Registration Act, 1908 section 17(1)(b), 49.
Recognised agent or pleader cannot appear as witness in place of principal — CPC order 3.
Authorisation Notice not served – Chartered Accountant received the notice on behalf of assessee without authorisation:
Family Arrangement Document not compulsorily Registrable – Memorandum of family arrangement – Admissible in evidence without being registered or stamped:
Precedent – Law settled by Supreme Court or Division Bench of High Court – Binding Nature – In case of doubt by another bench, matter to be referred to larger bench: However, the Binding effect will prevail court should not wait for Larger Bench decision:
Limitation – Acknowledgement of debt – By email – constitutes valid and legal acknowledgement: Information Technology Act, section 4.
Limitation – Sale of Minors property without permission of court – Suit not filed by minor within 3 years from date of attaining majority – Barred by limitation : Limitation Act 1963 and Hindu Minority and Guardianship Act, 1956 section 8(2)(3).
Compensation — For violation of human rights during the search and seizure operation conducted by Income-tax Department.
Contempt of Court — Malicious imputation against Judicial Officer — Apology not accepted — Contempt of Court Act, section 6.
Gift by Muslim — Unregistered gift deed cannot be recognised — Section 123 of Transfer of Property Act.
Limitation — Setting aside ex parte order — CPC 0.9 R.13
Transfer of title occurs only with execution and registration of document — Possession in part — Performance of contract does not confer any title to buyer — Transfer of Property Act, 1882, section 53A, 55.
Natural justice – Bias – Judicial conduct– No one can act in judicial capacity if his previous conduct gives ground for believing that he cannot act with an open mind or impartially
Compounding of offences – Can be compounded by CLB even after prosecution has been instituted: Interpretation of Statute: Companies Act
Dishonour of Cheque – Criminal liability – Joint Account holder -Drawer of cheque alone can be prosecuted: Negotiable Instruments Act section 138.
Govt. servant – Not consumer – Dispute regarding retrial benefits, PF Gratuity cannot be entertained by consumer for a Jurisdiction – Issue – Goes to root of matter – Can be raised at any stage – Doctrine of waiver does not apply:
Mortgage by conditional sale or sale with condition of repurchase – Suit for redemption – Dismissed: Transfer of property Act, 1882 section 58(c):
Probate of Will – Delay in filing Application – May arouse suspicion – But not absolute bar of limitation : Succession Act 1925 section 222:
Circulars – Binding nature – Circulars cannot override statutory provisions: Administrative Law:
Lease – Amount of security deposit – No stamp duty on security deposit. Stamp Act 1899, Article 35(c):
Partnership firm – Unregistered – Not be barred from enforcing their rights under Transfer of Property Act: Partnership Act 1932 Section 69(2):
Precedent – Ratio decidendi – Must be understood in the background of the facts of the case – Judgements are not to be read as a statute: Constitution of India.
Release Deed – Chargeability : Stamp Act, 1899:
Contract of guarantee and contract of indemnity – Difference – section 124 and 126, Contract Act, 1872:
Doctrine of merger – Appeal to Appellate Tribunal – Not applicable when appeal rejected on limitation.
Evidence – Commission of Enquiry – Statements made before commissioner cannot be used as evidence before civil or criminal court – Conclusions based on such statements cannot be used as Evidence:
Instrument – Chargeability to stamp duty – Document executed before Notary – Creating rights in land – Stamp Act, 1899, section 17, 2(14)
Hindu Undivided Family – Not in existence prior to the coming into force of Hindu Succession Act, 1956 – Suit for Partition – Suit not maintainable
Settlement Deed – Cancellation – Registered Settlement deed cannot be cancelled by executing cancellation deed: Transfer of Property Act, 1882, section 9:
Development Agreement – Conditional sale – Suit by developer for specific performance – maintainable: Contract Act section 202 and 204, Transfer of property Act 1882, section 54
Evidence – Printout generated from computer seized not admissible for non fulfillment of statutory conditions: Section 138C customs Act:
Hindu Succession-Co-parcenary property – Rights of daughter – Section 6, Hindu Succession Act 1956
Interpretation – Three months – Does not mean 90 days – Bar of Limitation – Application filed on next day after limitation period due to holiday on the said date – Not barred by limitation.
Market Value – Sale Deed-Stamp Duty-Circle rate by itself does not provide true market value of property: Stamp Act, 1899.
Negligence-Torts–Medical Practitioner– Liability to pay damages-It does not Transcend into criminal liability as to make him liable – Section 338 of the Indian Penal Code, (1860).
Registration – Document not compulsorily registrable: Registration Act, 1908.
Right to Information – School run by Society– Society covered under the Act. : Right to Information Act, 2005.
Advocate appearing as litigant in person – Is not practicing his profession – Cannot be permitted to argue with his robes: Section 30: Advocates, 1961.
Appellate Tribunal – Rectification of Mistake –Issue of limitation of demand raised but not considered – Rectification justified – Section 35C(2) of Central Excise Act, 1944.
Co-operative Society – Membership – Discretion to refuse Membership to person not duly qualified – Not violative:Of Art 19(1)(c) Constitution of India and section 24(1): Gujarat Co-op Soc. Act, 1962
Partnership – Dissolution of Firm – Expiry of tenure of firm – Dissolution is automatic: Section 42, 59 and 63: Partnership Act, 1932.
Coparcenary property – Hindu Law – Partition – Wife cannot demand partition of joint family property – She would get a share only if partition is demanded by her husband or sons and property is actually partitioned.
Coparcenery property – Karta – When male member is available, female in such circumstances would not be eligible to become a karta of family–Section 6–Hindu Succession Act, 1956.
Coparcenary property – Right of daughter – No partition affected prior to enforcement of Amendment Act – Death of father (co-parcener) – Daughter will have right at par with son. Hindu Succession Act, 1956, Section 6 (as amended in 2005)
Precedent – Manner of citing – Whenever any issue is decided by the Supreme Court or/and High Court, it is to be first referred to by the Authorities/ Tribunals and then decision should be rendered on the issue involved in the case:
Tenancy – Statutory Tenancy – Can be bequeathed by Will – Unless it is specifically barred by some provision – Powers of Appellate Court – Subsequent Events – Mould relief accordingly: Section 96 of CPC:
Precedent – Binding nature – Reference to Full Bench – Co-ordinate Bench cannot decide appeal on merits by taking contrary view.
Precedent – Reference to Full Bench – Cannot be made inview of larger Number of cases filed in subject matter. [Constitution of India Article 225.]
Bombay Stamp Act, 1958 – Delay in filing application before Chief Controlling Revenue Authority – Specific exclusion of Limitation Act – Executive cannot condone delay taking recourse of limitation Act: Limitation Act section 5, 29:
Citizenship by Registration – Eligibility Criteria not fulfilled:Citizenship Act, 1955 section 5(1)(a):
Coparcenary property – Right of daughters – Section 6 as amended by Amendment Act (2005) is available to all daughters living on date of coming into force of 2005 Amendment Act : Hindu Succession Act, 1956:
Family Settlement – Registration – Document not compulsorily registrable –Registration Act, section 17:
Gift – Validity – Delivery of possession is not an essential prerequisite for making of valid gift in case of immovable property: Transfer of property Act. Section 123.
Minor – Sale of Minors property – By father (Natural Guardian) – Without prior permission of Court – Voidable at instance of minor. Hindu Minority and Guardianship Act 1956, section. 8 (2):
Hindu Law – Devolution of property of male dying intestate: Hindu Succession Act, 1956, sections 8 and 10:
Month – Month does not mean 30 days – Computation of six months period, Negotiable Instruments Act, 1881, section 138.
Precedent – Doctrine of per incuriam and sub silentio – Constitution of India – Article 141
Will – Succession – Clause offending rule against perpetuity is invalid – Indian Succession Act, 1925, section 114.
Consent Decree – Appeal not maintainable – Party to approach the court which had recorded compromise and passed decree and establish that there was no compromise. [CPC O. 23 R.3]
Document Gift or relinquishment deed-Determination- Stamp Act, 1899, Article 55
Deficiency in service – Mental Agony & harassment – Cost of Litigation-Builder. (Consumer Protection Act section 17).
Frivolous Litigation – State as a Litigant/party – Expenses to be paid personally by officials concerned.
Guarantor – Mortgage by deposit of title deeds – Liability of Guarantor – Loan taken from bank – Deposit of title deeds with Bank. Section 128-Contract Act, Transfer of property section 58(f).
Precedent – Law declared by Supreme Court – Binding on all High Courts – High Court Judge sitting singly bound by Supreme Court decision rather than Division Bench Judgement which is contrary to Supreme Court. (Constitution of India, Article 141)
Precedent – Judicial discipline – Third Member is bound to consider judgement of Division bench – CESTAT order was unsustainable for non consideration of law in favour of assessee:
Hindu Succession –Daughter born out of womb of Hindu Female inheriting property of her second husband: Hindu Succession Act. 1956, section 15(1)(a):
Instrument of sale – Determination of Market value for purpose of stamp duty – On Date of Execution of sale deed – Transfer : Stamp Act, 1899
Sale of minors property by defecto guardian – Sale without legal necessity void or voidable. Hindu Minority and Guardianship Act, 1956, section 6, 11 & 12.
Transfer of Agricultural land – For Non – Agricultural use – Requirement of payment of premium and prior sanction – valid Gujarat Tenancy and Agricultural Land Act, 1948 section 43.
Tribunal – Should consider issue raised in appeal in depth and render complete finding – Undue haste – Result in Miscarriage of Justice.
Hindu Law – Joint family property – Wife is entitled to share in property alongwith her husband – Wife cannot demand for partition, unlike daughter
Notary – Recognition of notarial acts – Document executed and authenticated before Notary Public of Singapore – Document cannot be judicially recognised: Evidence Act section 85, Notaries Act, section 14.
Family – Definition – Is exhaustive and not illustrative : Stamp Act 1899 Sch. I, Art. 58(a) Explanation
Gift – Muslim Law – Immovable property – Conditions curtailing its use or disposal are to be treated as void. Transfer of property Act section 123
Precedent – Binding nature of order of Tribunal – Strictures against Commissioner (Appeals): Section 35G of Central Excise Act 1944.
Right to fly National Flag – Fundamental Right of Citizen – Mandamus would not lie against authority to act in contravention of provisions of statute: Constitution of India.
Stamp valuation – Market value – Property purchased in Company Court auction – Sale deed executed in their favour by official liquidator – Registration authorities cannot question the sale deed on ground of undervaluation. Stamp Act, 1899, section 47-A.
Advocate – Relationship between the Advocate and the client depends upon the trust between the parties – When the client wants to engage another Counsel, the earlier Lawyer has got no option, except to recuse himself from the case – Advocates Act section 30.
Co-operative Society- Right of Membership- Society has the right to refuse membership.
Gift – Immovable property – Donor had reserved the right to enjoy the property during her life time did not affect the validity of the gift deed. – Transfer of Property Act, Section 122 & 123, 126.
Apology – Disturbing remarks/statement made by counsel for petitioner against Supreme Court Bench – Apology for such statement accepted – Constitution of India, Article 129:
Frivolous Litigation – State as a Litigant/party – Expenses to be paid personally by officials concerned:
Legal representatives of deceased – Scope – Corporate body or Collective entity when may claim compensation as legal representative – Motor Vehicles Act, 1988, S/s. 166, 168 and 173:
Precedent – Circulars – Binding on Revenue – Implied overruling – Earlier ruling of smaller Bench held, stands overruled if a subsequent larger bench lays down law to the contrary: Constitution of India Article 141:
Co-operative Societies – Charge on immovable property of Member borrowing loan – Society to get charge recorded in record of rights: Maharashtra Co-op Societies Act, 1961, section 48.
Precedent – Judicial Discipline – Conflicting decisions by CESTAT Benches – Appropriate Course for the second Bench is to refer the matter to the Larger Bench: Central Excise Act, 1944.
Probate of Will – Will though not probated, that does not prevent vesting of property of deceased in executor-Succession Act, 1925 section 211,213.
Document not compulsorily registerable– Irrevocable Power of attorney – Relating to transfer of immovable property is liable for compulsory registration- Registration Act, 1908, section 17(1)(g).
Stay on Recovery – Appeal filed before first Appellate Authority – Stay Application pending – Recovery of the amount by attaching the bank account not justified: Central Excise Act, 1944.
Appeal High Court – Stricture against Department – Direction to replace advocates in old matters – Otherwise High Court would dispose old matters in their absence
Appeal – Abatement– Death of defendant during pendency of appeal – Failure to bring his legal representative on record – Appeal would abate against deceased defendant CPC, C.22 R. 4
Coparcenary Property – Right of daughters – Daughter born prior to 9-9-2005 has right to file suit for partition: Hindu Succession Act section 6-
Partnership – Rights of outgoing partner – Firm continued its business – Retired partner cannot claim share in subsequent profits made by firm: Partnership Act, 1932 section 37.
Registration –Agreement to sell – Not required to be compulsorily registered: Registration Act, section 17(1A):
Will – Execution Proof – Both attesting witnesses not alive – Evidence Act should receive a wider purposive interpretation: Evidence Act Section 68, 69.
Aadhar Card Scheme – Right to Privacy – Judicial Discipline – View expressed by smaller benches without explaining reasons for not following pronouncements of larger Benches – Matter referred to larger Bench – Constitution of India Article 141.
Appellate Tribunal – Difference of Opinion between Members of Bench on factual matters – Advice to Tribunal – Disagreement and dissent to be avoided by meaningful discussion and continuous dialogue.
Foreign Judgement – Enforceable before Court in India – Civil Procedure Code, section 13(b)
Hindu Law – Partition – Doctrine of throwing Property in common hotchpot – Assessment under the Wealth tax Act would be evidence : Hindu Succession Act section 23
Hindu Law – Suit for partition – Concept of dual ownership – Land and building or structure standing thereon
Hindu Succession – Hindu female dying intestate – Her step son falls in category of heirs of husband – Hindu Succession Act 1956. Section 15(10)(b).
Consumer – Builder –Agreements are prepared in a one-sided-Delay in handing over of possession – Liable to pay interest and compensation: Consumer Protection Act, 1986.
Coparcenary property -Right given to daughters to claim partition – Constitutionally valid-Hindu Succession Act 1956 section 6:
Limitation – Settlement of Accounts on dissolution of partnership firm – After 3 years right to sue would become time barred: Limitation Act Article 5:
Appellate Tribunal – Natural Justice – Relying on post hearing decision, not permissible – Central Excise Act, 1944 Section 35C.
Precedent – Conflicting decisions of Supreme Court – Later judgement in point of time will be followed
Right to Representation – Duty of lawyer to defend every person – Professional ethics require that lawyer must not refuse a brief: Constitution of India
Stamp Duty – Several instruments in one transaction – Duty Chargeable on principal instruments so determined shall be highest duty chargeable in respect of any of said instruments: Bombay Stamp Act, 1958 section 4
Will – Suspicious Circumstances – Minor mistake / error in Final Will – Nothing to show that signature on will was forged – Will would be valid: Hand writing Expert opinion is fallible : Succession Act, 1925 section 63
Admission / Concession – Advocate – Senior Counsel – cannot settle and compromise claim without specific authorisation from his client. Advocates Act, 1961, Section 35:
Evidence – Tape Recorded conversation between spouses – Admissible in evidence – violates right to privacy – But not admissible if recorded without knowledge of spouse – If admitted it would amount to violation of “right to privacy”.
The petitioner filed a divorce petition u/s. 13 of the Hindu Marriage Act, 1955 before the Family Court. In that application, the petitioner alleged that Respondent No. 2 – wife caused mental cruelty to him by different means.
Will – Execution – Mere non-registration of Will would not make it suspicious: Evidence Act Section 67 & 68.
Precedents – Obiter Dictum – Is something said by a judge and has no binding authority: Constitution of India – Article 141
Nominee – Insurance claim – Nominee is only custodian of amount – Insurance Act, 1938 section 39(6):
Application for restoration – Dismissal on ground that petition and affidavit were signed by counsel and not by party: CPC 1908 Order 9, Rule, 9
Natural Justice – Right of cross examination – Is integral part of natural justice principles – Affidavit – Not evidence: Evidence Act, 1872 section 3:
Probate – Revocation – Notice not served on daughter and wife of testator before grant of probate – Probate liable for revocation: Succession Act, 1925 section 263
Public authority – Co-operative Societies – is not public authority – Right to information Act 2005 section 2(h)
Reference to larger Bench: Right of Reference – Chief Justice in his administrative capacity cannot constitute a larger bench for the purpose of deciding a pure question of law: Gujarat High Court Rules, 1993.
Additional Evidence – Appellate court can suo motu receive additional evidence either oral or documentary – For pronouncing a satisfactory judgment: CPC 1908, 0.41 R. 27
Evidence – Secondary Evidence – Photocopy of true copy of document – Is inadmissible when existence of Original document is disputed : Evidence Act, 1872, Section 63(2) & (3) & 65
Strictures against Department – Delay of 22 months in passing order after hearing – No reason for inordinate delay
Co-operative Society – Uttar Pradesh Cooperative Societies Act, 1965 providing that every Co-operative Society shall be covered by the Right to Information Act, 2005 is unconstitutional.
Gift of Tenanted property – Under Mohammedan law, if the donor and donee being husband and wife are residing in the same property it is not essential that the donor should depart from the premises to deliver possession to the donee and same law will apply even when part of the premises are occupied by the tenants.
HUF – Coparcenary – Rights of daughters in the coparcenary property governed by Mitakshara law are applicable to living daughters of living coparceners as on 9th September, 2005 irrespective of when such daughters are born. [Hindu Succession Act, 1956, Section 6]
HUF – Coparcener – Eldest daughter is entitled to be the Karta of the HUF – Amendment to the Hindu Succession Act, 1956 by the Hindu Succession (Amendment) Act, 2005 – All rights which were available to a Hindu male are now also available to a Hindu female. A daughter is now recognised as a co-parcener by birth in her own right and has the same rights in the co-parcenary property that are given to a son. [Hindu Succession Act 1956, Section 6]
Precedent – Benefit of Judgements in rem affirmed by Supreme Court should enure to all similarly situated persons and it is impermissible for High Court to reopen such issues which are conclusively determined by previous judgements.
Stamp Papers – Use of old stamp papers i.e., stamp paper purchased more than six months prior to proposed date of execution may certainly be a circumstance that can be used as a piece of evidence to cast doubt on authenticity of agreement but that cannot be clinching evidence to invalidate the agreement. [Indian Stamps Act,1899, Section 54].
Tenant – Where partnership is held to be created to conceal the real transaction of subletting, tenant is liable to be evicted on grounds of wrongful subletting. [Bombay Rents Act, 1947, Section 13]
Partition of property – A Hindu widow can on her own file suit for partition under Hindu Succession Act 1956 in respect of her husband’s share in the property. [Hindu Succession Act, 1956]
Tenants – tenants covered by the Rent Control Act cannot be dispossessed in an action initiated by the bank against the landlord debtor under the SARFAESI Act. [SARFAESI Act, 2002, Section 14 ]
Vakalatnama – An Advocate who does not have Vakalatnama in his favour cannot concede claim or confess judgement affecting rights of party.
Nominee-Right of Nominee–Existence of Joint Family-Hindu widow is not coparcener in HUF of her husband: Hindu law Prior to amendment of the Hindu Succession Act, 2005.
Mortgage debts – Priority of charge recovery certificate in favour of bank cannot effect prior charge of mortgage : Transfer of Property Act – Section 48.
Partition – Only partition effected by way of registered deed prior to 20/12/2004 debars daughter from staking an equal share with son in co-parcenary property : Hindu Succession Act 1956, section 6.
Precedent – Binding precedent – Judicial propriety – Single Judge is bound by opinion of Division Bench: Constitution of India, Article 226
Precedent – Judgement delivered earlier in point of time – Must be respected and followed – Constitution of India, Article 141.
Judicial Process – Judicial Composure and Restraint – Judicial accountability and discipline are necessary to the orderly administration of justice.
Nominations – Securities – Nominee continues to hold the Securities in trust and as a fiduciary for claimants under succession law : Succession Act 1925 Section 58:
Gift Deed – Cancellation – Suspicious Circumstances – It is settled principles of law that negative cannot be proved
Tribunal – Early hearing – Application must be considered :
Will – Transfer of property – Will becomes effective only after death of testator – Limitation Act, does not strictly apply for granting probate.
Family Court Proceedings – Admissibility of Electronic Records – Privileged Communication – Video clippings recorded through pin hole camera with hard disk memory is primary evidence – Section 65B compliance not required. [Indian Evidence Act, 1872 – Sections 122, 14, 62,65B; Family Courts Act, 1984 – Section 13, 14]
Insurance claim– Cannot be denied on the ground that no premium had been paid – Notice to insured before the policy lapses, must be issued. [Insurance Act (4 of 1938)]
Protected Tenant’s right to property – Landholder cannot sell the land without first offering the same to the ‘Protected Tenant’ – Land can be sold only if the ‘Protected Tenant’ does not exercise his right to purchase the said land. [Hyderabad Tenancy and Agricultural Lands Act (21 of 1950), Sections 40, 32; Andhra Pradesh (Telangana Area) Tenancy and Agricultural Lands Act, 1950 – Section 40]
Power of Attorney holder – Authorised for signing various documents – Suit filed by Power of Attorney holder – Power of Attorney holder deposing in court on his personal knowledge of each and every detail of transaction – Evidence of Power of Attorney holder of Plaintiff readiness and willingness admissible [Code of Civil Procedure, 1908, Order VI Rule 14, Order XLI Rule 27].
Bombay Stamp Act – Amalgamation – Scheme of amalgamation is not chargeable to stamp duty. It is the order of court sanctioning the scheme that is chargeable. [ Bombay Stamp Act,1958, Section 3,2(1)]
Precedent – Stay – Strictures – Recovery of demand by adjustment of refund from stayed demand – In identical case for different years of the same assessee such mode of recovery was set aside by the High Court and revenue was unable to show how facts were different this time around. Recovery was set aside. Warning that officers would in future be personally liable.
Precedent – Judicial discipline – Tribunal cannot assume power to declare judgement of division Bench of Court as per incuriam and refuse to follow it. [Karnataka Sales Tax Act, 1957, Section 6B]
Daughters – Daughters in tribal areas in the State of Himachal Pradesh will inherit property in accordance with Hindu Succession Act 1956 and not as per custom and usage. [Hindu Succession Act, 1956 – Section 2(2), 4]
Fixed Deposits – Renewal of fixed deposits cannot be made in the name of different constituent other than original depositor. [Banking Regulation Act – Section 45ZB].
FIRM – Appointment of Arbitrator – Unregistered firm cannot enforce arbitration clause in a partnership deed. [Indian Partnership Act, 9132 – Section 69(3)].
Mohammedan Law – Will – Challenge – Limitation of three years starts from date author of Will expires – Bequest to heir is not valid unless consent of all other legal heirs is obtained. [Limitation Act Art 137 and Mohammedan Law – Rule 192].
Writ – Power of attorney – A writ petition under Article 226 of the Constitution can be filed by a power of attorney holder subject to certain safeguards [Constitution Of India – Art. 226]
Hindu Marriage Act – Recording of statement of witness through video conferencing is permissible. [Hindu Marriage Act, Section 13B]
Hindu Succession – Property inherited by female Hindu widow from her husband would devolve upon heirs of husband in absence of any son and daughter. [Hindu Succession Act, 1956 Section 15, 16].
Hindu Widow’s Remarriage – On remarriage of Hindu widow, she gets divested of right, title and interest in deceased husband’s property. [Hindu Widows Remarriage Act, 1856 Section 2 ]
Precedent – High Court should be very slow in taking a view different than the view of other High Court. [Customs Act, 1962]
Right to Information Act – Information pertaining to development plan cannot be withheld by Municipal Corporation. [Right to Information Act, 2005, Section 6,8]
Arrest – Procedure to be followed by Police Officer – The police must follow the procedures laid down by the courts – if any situation/circumstance is covered u/s. 41 and 41-A of the CR.P.C proper reasoning for the arrest is required [Criminal Procedure Code, 1974 Section 41, 41-A]
Contempt – Non-Compliance of order of a Court on the ground that the appeal is pending against the Court’s order is not permissible. [Contempt of Courts Act, Section 2]
Evidence – Compact Disk – Primary or Secondary evidence – A Compact Disk produced as a source of information of corrupt practice is inadmissible as a primary evidence . [Evidence Act, 1872, Section 65-B]
Interpretation of Statutes – Construction of Rules – Prospective or Retrospective – Any legislation said to be dealing with substantive rights shall be prospective in nature and not retrospective. [General Clauses Act, 1897, Section 6]
Coparcener – Vested right after adoption – A coparcener/son continues to have vested right in joint family property of birth even after adoption. [Hindu Adoptions and Maintenance Act, 1956, 12(b); Hindu Succession Act, 1956, Section 30].
Appellate Tribunal – Registrar cannot refuse to accept the appeal though not maintainable – Order of Non-Maintainability to be passed by the Tribunal itself and not the registrar even if the petition was prima facie not maintainable. [Tripura Value Added Tax Act 2004, S.71]
Accident claim – Can be filed by non-dependant legal representative of the deceased. [Motor Vehicles Act, 1988, S.166, 140]
Family Arrangement – Panchayat Resolution reduced in writing – Resulting in relinquishment of rights – could be taken as Family Arrangement – though not registered can be used as a piece of evidence for showing or explaining the conduct of the parties. [Registration Act, 1908, S. 49, 17; Evidence Act, 1872, S.91]
Precedent – Judicial Discipline – Departmental authorities bound by the judicial pronouncements of the Statutory Tribunals even if the decision of the Tribunal was not carried further in appeal on account of low tax effect [Central Excise Act, 1944 S. 35 and 35E].
Co-operative Society – Transfer of membership to flat by nomination or inheritance – Co-operative society bound to transfer to nominee where valid nomination made. [West Bengal co-operative Societies Act,1983, Section 80,79]
Evidence – Electronic records – Secondary evidence of electronic records inadmissible unless requirements of section 65B are satisfied. [Evidence Act, 1872, Section 65B]
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Provisions For Management, Administration and Dividend Declaration Under the Companies Act, 2013.
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Corporate Restructuring – Position under the Companies Bill, 2012
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INDEPENDENT DIRECTORS UNDER THE COMPANIES BIL, 2012
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CORPORATE LAW CORNER PART B : INSOLVENCY AND BANKRUPTCY LAW
CORPORATE LAW CORNER PART A : COMPANY LAW
CORPORATE LAW CORNER PART B : INSOLVENCY AND BANKRUPTCY LAW
Corporate Law Corner Part B: Insolvency and Bankruptcy Law
Corporate Law Corner Part A : Company Law
Corporate Law Corner : Part A | Company Law
Corporate Law Corner – Part A | Company Law
Corporate Law Corner : Part A | Company Law
Corporate Law Corner : Part A | Company Law
Corporate Law Corner Part A : Company Law
Corporate Law Corner Part A : Company Law
Corporate Law Corner Part A : Company Law
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Corporate Law Corner Part A : Company Law
Corporate Law Corner Part B: Insolvency and Bankruptcy Law
Corporate Law Corner Part A : Company Law
Corporate Law Corner Part A : Company Law
Corporate Law Corner Part A : Company Law
Corporate Law Corner Part B: Insolvency and Bankruptcy Law
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Corporate Law Corner : Part A | Company Law
Corporate Law Corner : Part A | Company Law
Part A – Company Law
Corporate Law Corner – Part A | Company Law
Part A : Company Law
Part A : Company Law
Submission of Annual Financial Statements and Annual Return by Private Limited Companies under the Companies Act 2013
Attest function where the member is personally interested (Clause 4 of Part I of the Second Schedule).
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Bringing disrepute to the profession (Clause 1 & 2 of Part IV of the First Schedule and Part III of Second Schedule)
Gross negligence – Clause 7 of Part I of Second Schedule (contd.)
Communication with previous auditor
(Auditor’s appointment under Company Law)
Procedure of Enquiry (Continued) – Part III Shrikrishna
Attitude – Professional Skepticism
(Advisory practice and Code of Ethics)
Professional scepticism – continued
General Principles
(Ethical dilemma)
Knowledge Updation
(Gearing up!)
(Balanced behaviour)
Independence
Importance of Unity
Ethics and U
ETHICS AND U
ETHICS AND U
Ethics and You
ETHICS AND U
Ethics and U
Ethics and You
Ethics And U
Ethics and U
Ethics and U
Ethics and U
Ethics and U
Ethics And U
Ethics and u
Ethics and u
Ethics and U
Ethics and u
Ethics and u
Ethics and You
Ethics and u
Ethics and u
Ethics and U
Ethics and u
Ethics and You
Ethics and You
Ethics and u
Ethics and u
Ethics and u
Ethics and u
Ethics and u
Ethics and u
Ethics and u
Ethics and u
Ethics and u
OVERHAUL OF REGULATIONS GOVERNING FOREIGN DIRECT INVESTMENT IN INDIA
FDI IN E-COMMERCE
REVIEW OF FOREIGN DIRECT INVESTMENT POLICY DUE TO COVID-19 PANDEMIC
ANALYSIS OF RECENT COMPOUNDING ORDERS
AMENDMENT IN FOREIGN DIRECT INVESTMENT RULES
FEMA FOCUS
FEMA FOCUS
FEMA FOCUS
FEMA FOCUS
FEMA FOCUS
FEMA FOCUS
FEMA FOCUS
FEMA FOCUS
Copyright – The Need for Registration?
Copyright Law — The test of originality
Infringement vs. Passing – off
Trade mark Law: ‘Parody’
Trade mark Licensing — Quality Control
JURISDICTION IN MATTERS RELATING TO VIOLATIONS OF INTELLECTUAL PROPERTY RIGHTS INCLUDING IN CYBERSPACE
Domain Names
Confidential Information
Is It Fair to Compel an Auditor of a Co-operative Society to File an FIR?
IS IT FAIR TO INVOKE PROSECUTION PROCEEDINGS SO RAMPANTLY?
IS IT FAIR TO LEVY MAT
Is It Fair to Levy stt on Traders?
IS IT FAIR TO ISSUE CERTIFICATES U/S. 197 WITH UNNECESSARY CONDITIONS?
Is It Fair to Prohibit the Law Students from Pursuing any Other Studies?
Is it fair to Initiate Recovery Proceedings When Tax is Already Deducted?
Is it fair to apply section 314 of the Companies Act, 1956 to private limited companies?
IS IT FAIR TO EXTEND PRESUMPTIVE TAXATION TO ALL BUSINESSES ?
IS IT FAIR FOR THE BUREAUCRATS TO INDULGE IN WASTEFUL FORMALITIES?
Is it fair?
Is It Fair Not To Exclude Personal Payments By Individuals/Hindu Undivided Families (for Any of Its Members) from TDS?
Is It Fair to ignore prepaid taxes for penalty u/s. 271(1)(c) on escaped income?
IS IT FAIR TO CHARGE LATE FEES U/S. 234 E FOR DELAY IN FILING RETURN FOR TDS U/S. 194 IA?
[Sections 43CA, 50C and 56 of Income Tax Act, 1961 (“the Act”)] – need for some amendments
Is it Fair to thrust the avoidable burden of compliance under the GST?
Background: Gst Returns For Small And Medium Enterprises
Is it Fair to have a Lopsided Tribunal Under GST?
IS IT FAIR TO DENY BENEFIT OF TAX DEDUCTED AT SOURCE (TDS) IN ABSENCE OF SUCH TDS IN FORM 26AS
IS IT FAIR TO EXPAND THE SCOPE OF SBO UNDER THE SECTION THROUGH SBO RULES, 2018?
IS IT FAIR TO TREAT RCM SUPPLIES AS EXEMPT?
IS IT FAIR TO PUNISH TAXPAYERS FOR A FAULTY GSTN?
Limited Liability Partnerships Part-III
Transmission Formalities (Part II)
Land Acquisition Rehabilitation and Resettlement Bill, 2011
Heritage TDR
Maharashtra Housing (Regulation and Development) Act, 2012
Maharashtra Apartment Ownership Act
Succession Documents
Guarantor’s Liability
Transmission Formalities (Part I)
Real Estate Act
Legal compliance — Directors’ responsibility
Corporatisation of Firms
Penalties and prosecution under the Companies Act – Part 2
Partnership Firm — Stamp Duty Issues
Agricultural land laws : btala, 1948
General Clauses Act
Agricultural land Laws : MLRC, 1966
Real Estate Laws : Recent developments — Part II
Shops & Establishments Act
Competition Law
ENVIRONMENTAL LAWS
Accounting Frauds : Prosecution under IPC
Real Estate Laws: Recent Developments-II
AGRICULTURAL LAND LAWS : BTALA, 1948
Limitation period for economic offences
Dissolution of a Partnership Firm : SC Decision
Development Control Regulations
Penalties and prosecution under the Companies Act
Legal compliance — Directors’ responsibility — Part 2
DOMESTIC ARBITRATION
PROBATES
Stamp duty on conveyances — Across India
Arbitration & Other Laws
Real Estate Laws : Recent Developments
Understanding Term Sheets
Agricultural Land Laws – I : MLRC, 1966
Real Estate Laws: Recent Developments-I
SME Sector : Legal Overview
Repayment of Deposits
AGRICULTURAL LAND LAWS: MALCHA, 1961
Bombay Money-Lenders Act
Leases
Maharashtra Housing (Regulation and Development) Act, 2012 (Part I)
Gaming or Gambling?
Hindu Adoption Act
Commodity Markets
Special Marriage Act
Port Trust Land
Coastal Regulation Zone
Bombay Public Trusts Act
Slum Redevelopment part I
Slum Redevelopment part II
Jointly Acquired Immovable Property
Development Agrement
Sale vs. Exchange
Sexual Harassment Law-I
Sexual Harassment Act-II
REITs: Providing Liquidity to Illiquid Assets!
Sale of Goods Act, 1930
Pyramid Schemes: Fortune only at the Top?
Stamp Act – Change is the Only Constant!
Release vs. Gift
Is Bombay a Bay?
Stamp Duty Ready Reckoner
Nominee vs. Will: The Tide Turns?
Arbitration Law Amendments – Cuts Both Ways!
Wife’s Share in an HUF, Et tu, Gender Equality?
Can You Gift Without Giving?
Female Intestate Succession – The Tide Turns (Sometimes)
Will Your Will Live On?
To Market , to Market to Save Stamp Duty
Domestic Violence and Endangered stridhan—sC to the Rescue!
The Most Unkindest Cut of All….. Or is it?
SICA vs. SARFAESI – And the Winner Is…..
The End of Male Exclusivity as HUF kartas
Property held by a Hindu Female is her Absolute Property – N’est-ce pas?
Nomination in a Flat
Gratuitous Possession of Property
Joint Holder or Nominee is the Question
LIFTING THE CORPORATE VEIL
Maintenance of Parents
Deficient Stamp Duty – Cause for Imprisonment?
WhatsApp as Evidence….. What’s that?
Staying In Parents’ House – A Matter of Right?
New Construction in Mumbai
RERA: Some Issues
RERA: An Overview
Companies Act: Operation Delyening
Maintenance Under Hindu Law
Insolvency and Bankuptcy Code: Pill for all Ills – Part II
Money Laundering Act: Arrest And Bail
Insolvency And Bankruptcy Code: An Inordinate Ordinance?
Fugitive Economic Offenders Ordinance 2018
Insolvency and Bankuptcy Code: Pill for all Ills – Part I
Hindu Succession Amendment Act– Poor Drafting Defeating Gender Equalisation?
Euthanasia– The Right to Die
2 States: The Story of Mergers and Stamp Duty
Adoption and Inheritance
Benami Transactions
E-Waste Disposal
FAMILY SETTLEMENTS – PART II
Property Tax
Can A Step-Son Be Treated As A Legal Heir?
Civil Suit or Criminal Case?
FAMILY SETTLEMENTS – PART I
INSOLVENCY & BANKRUPTCY CODE, 2016 – SC’S BOOSTER SHOTS
ARBITRATION AWARD VS. EXCHANGE CONTROL LAW
Registration of Wills
OVERVIEW OF SECTION 138 OF THE NEGOTIABLE INSTRUMENTS ACT
ORDINANCE FOR CO-OPERATIVE HOUSING SOCIETIES
THE ANCESTRAL PROPERTY CONUNDRUM
UNDUE INFLUENCE AND FREE CONSENT
COURT AUCTION SALES: STAMP DUTY VALUATION
CAN A GIFT BE TAKEN BACK?
IBC OR RERA? AND THE WINNER IS…!
THE ANCESTRAL PROPERTY CONUNDRUM RELOADED
JOINT AND MUTUAL WILLS
RELATIVE IS RELATIVE TO THE ACT IN QUESTION
STAMP DUTY ON CHAIN OF DOCUMENTS
CAN AGRICULTURAL LAND BE WILLED TO A NON-AGRICULTURIST?
THE DOCTRINE OF ‘FORCE MAJEURE’
MAKING A WILL WHEN UNDER LOCKDOWN
FOREIGN INVESTMENT REGIME: NEW RULES
RELIGIOUS CONVERSION & SUCCESSION
TRANSMISSION OF TENANCY
LIMITATION ON FILING A PROBATE PETITION
COPARCENARY RIGHT OF A DAUGHTER IN FATHER’S HUF: FINAL TWIST IN THE TALE?
LAW OF EVIDENCE RELATING TO WITNESSES TO A WILL
PENAL PROVISIONS OF FEMA AS ANALYSED BY COURTS
HINDU LAW – A MIXED BAG OF ISSUES
ANCESTRAL OR SELF-ACQUIRED? THE FIRE CONTINUES TO RAGE…
SUPREMACY OF THE DOMESTIC VIOLENCE ACT
CRYPTOCURRENCIES: TRAPPED IN THE LABYRINTH OF LEGAL CORRIDORS (Part – 1)
CRYPTOCURRENCIES: TRAPPED IN A LEGAL LABYRINTH (Part – 3)
CRYPTOCURRENCIES: TRAPPED IN A LEGAL LABYRINTH (Part – 2)
GAMING NOT GAMBLING
PARTNERSHIP FIRM – STAMP DUTY ISSUES
LIABILITY OF NON-EXECUTIVE DIRECTORS FOR BOUNCED CHEQUES
FAMILY SETTLEMENTS: OPENING UP NEW VISTAS
HINDU LAW: THE RIGHTS OF AN ILLEGITIMATE CHILD
GIFTS FROM ‘GIFT CITY’
OCI: A FEW CHANGES, BUT LOTS OF CONFUSION
SALE DEED SANS CONSIDERATION IS VOID
IBC AND MORATORIUMS
IBC AND LIMITATION
PART PERFORMANCE OF CONTRACT
GIFT BY HUF OF IMMOVABLE PROPERTY
SHARED HOUSEHOLD UNDER THE DOMESTIC VIOLENCE ACT
DONATIO MORTIS CAUSA – GIFTS IN CONTEMPLATION OF DEATH
BEQUESTS AND LEGACIES UNDER WILLS – PART I
Bequests and Legacies Under Wills – Part 2
Gift of Foreign Securities
Debts and their Treatment
Maintenance under Criminal Procedure Code
SPES Successionis: Expectation of a Heir to Succeed to Property of Deceased
Guarantors, Beware!
Hindu Gains of Learning Act
Conditional Gifts Vs. Senior Citizens Act
IBC & SC in Vidarbha Industries: NCLT May or Should Admit a Financial Creditor’s Application?
Cross-Border Succession: Indian Assets Of A Foreign Resident
Cross-Border Succession : Foreign Assets Of An Indian Resident
What’s In a Name? Immovable or Movable Could Be the Same
Hindu Law: Rights of an Illegitimate Child in Joint Property
Laws and Business
Laws and Business
Limited Liability Partnerships
Limited Liability Partnerships
Limited Liability Partnerships
Limited Liability Partnerships
Limited Liability Partnerships
Genuineness of A Will: Supreme Court Lays Down Guidelines
IBC: Tax or Creditors – Who Wins?
Effect of Unregistered Documents
Shares ~ Nominee Vs. Will: And The Winner Is……?
Direct Listing of Indian Companies On International Exchanges
Reconciling Inconsistencies in a Document
Business Valuations – An Important Part of M&A
VALUATION OF CUSTOMER-RELATED INTANGIBLE ASSETS
Overseas Direct Investments – Write-Off of Investment
Exports – Write-Off, Netting off Etc
Liberalised Remittance Scheme
PART A: High Court Decisions
PART A: Decisions of the Supreme Court
PART A: CIC Decision
PART A: order of high court
PART C: Information & Around
PART A: Decision of the High Court
PART C: Informati on on & Around
PART A : ORDERS of CIC & the Supreme Court
PART A: Decisions of CIC
PART A: Judgment of H.C. of Bombay
PART B: RTI Act, 2005 – The Use of Right to Information Laws in India:
Part D : Good Governance
Part A : CIC’s decisions, Part B : The RTI Act, Part C : Other News
Securities Laws : A Tale of Two Amendments — Recent controversial amendments by SEBI
ORDERS OF CIC/SICs
ORDERS OF THE COURT & CIC
Decision of the Court
Decisions of CIC
PART A : JUDGMENT OF THE SUPREME COURT
PART A : Orders of CIC
PART A : Decision of CIC & Supreme Court
PART A : DECISIONS OF THE COURTS
PART A: High Court Decision
PART D: Read , understand & take some action please
PART C: Information on Around
PART A : Decision of the CIC
PART D: RTI & SUCESSS STORY
PART A : Decision of the C.I.C.
PART A: SUPREME COURT Decisions
Release of Publication on Digest of Full Bench Decisions of Central Information Commission
PART C: Information on & Around and Part D : RTI & SUCCESS STORIES
PART B: The RTI Act , 2005
PART C: Information on & Arround
Part A: PART A: ORDER of CIC
Part A: ORDERs of SIC & CIC
Part A: ORDER of the Supreme Court
PART B: THE RTI ACT, 2005
PART A: ORDERS OF CIC & THE HIGH COURT
PART B:
PART D: RTI & SUCCESS STORIES
PART A: orders of the court & CIC
PART A: order of CIC
PART A: ORDERS OF CIC
PART D: GOOD GOVERNANCE
Section 8(1) (j) – Personal Information:
Part A Orders of the Supreme & CIC
Part D: Ethics & Governance
Part A Article of CIC
Part D: Ethics & Governance & Accountability
Part A | Decision of CIC
Part B | RTI Act, 2005
Part C | Information On & Around
Part D | ETHICS, GOVERNANCE & ACCOUNTABILITY
PART B: RTI Act, 2005
Right to Information
ETHICS, GOVERNANCE & ACCOUNTABILITY
Part D REMEMBERING NARAYAN VARMA
TRIBUTE TO MR. NARAYAN VARMA, RTI ACTIVIST
PART B: RTI Act, 2005
PART C: Information on & Around
Part D: Ethics, Governance & Accountability
PART A: Decision of Supreme Court
RIGHT TO INFORMATION (r2i)
RIGHT TO INFORMATION (r2i)
RIGHT TO INFORMATION (r2i)
RIGHT TO INFORMATION (r2i)
RIGHT TO INFORMATION (r2i)
RIGHT TO INFORMATION (r2i)
RIGHT TO INFORMATION (r2i)
RIGHT TO INFORMATION (r2i)
RIGHT TO INFORMATION (r2i)
RIGHT TO INFORMATION (r2i)
Part A Decision of CIC
Part B RTI Act, 2005
Part C Iinformation On & Around
Part D ETHICS, GOVERNANCE & ACCOUNTABILITY
Part C Information on & around
Part A Decision of CIC
Part B RTI Act, 2005
Part C Iinformation On & Around
Part A Decision of CIC
Part B RTI Act, 2005
Part C Information on & Around
Part D ETHICS, GOVERNANCE & ACCOUNTABILITY
Part A Decision of CIC
Part B RTI Act, 2005
Part C Information on & around
Part A Decision of Supreme Court
Part B RTI Act, 2005
Part C Information on & Around
Part D ETHICS, GOVERNANCE & ACCOUNTABILITY
Part D ETHICS, GOVERNANCE & ACCOUNTABILITY
Part A Decision of Supreme Court
Part c Iinformation on & Around
Part A DECISION OF H.C. & CIC
Part C Information on & Around
PART A: Decision Of CIC
PART B: RTI Act, 2005
PART C: Information on & Around
PART B: RTI Act, 2005
PART C: Information on & Around
PART B: RTI Act, 2005
PART C: Information on & Around
PART A: Decision Of CIC & High Court
PART B: RTI Act, 2005
PART B: RTI Act , 2005
PART C: Information on & Around
PART C: Information on & Around
PART A: Decision Of CIC & High Court
PART B: RTI Act, 2005
PART C: Information on & Around
Part A DECISION OF H.C. & CIC
Part B RTI act, 2005
Part C Information on & Around
PART A: ORDERS OF CIC & the court
PART B: RTI Act , 2005
PART C: Information on & Around
Part A Decision of High Court
Part B RTI Act, 2005
Part C Information on & Around
PART B: RTI Act, 2005
PART C: Information on & Around
Part A Decision of High Court
Part B RTI Act, 2005
Part C Information on & Around
PART B: RTI Act, 2005
PART A: Decision Of CIC
PART C: Information on & Around
PART B: RTI Act, 2005
PART C: Information on & Around
Part B RTI Act, 2005
Part C Information on & Around
Part A Decision of CIC
Part B RTI Act, 2005
Part A Decision of CIC
PART A: Decision Of CIC
PART B: RTI Act, 2005
PART C: Information on & Around
PART A: ORDERS OF CIC & the court
PART B: RTI Act, 2005
PART C: Information on & Around
PART A : Decision of the H.C.
Part A : ORDERS OF the COURTS
Part A : ORDERS OF the COURTS
PART A : Decision of the H.C.
PART B: RTI Act, 2005
PART C: Information on & Around
PART D: good governance
PART B: RTI Act , 2005
PART C: Information on & Around
PART D: Good Governance
PART B: RTI act , 2005
PART C: Information on & Around
PART A: Orders of CIC
PART C: Information on & Around
PART B: RTI Act, 2005
PART D: Good Governance
PART C: Information on & Around
PART d: Good Governance
PART B: RTI Act, 2005
PART B: RTI Act, 2005
PART d: GOOD GOVERNANCE
PART A: Orders of CIC
PART B: RTI Act, 2005
PART C: Information on & Around
PART D: good governance
PART A: Orders of CIC
PART B: RTI Act, 2005
PART C: Information on & Around
PART D: Good Governance
PART B: RTI Act, 2005
PART d: Good Governance
PART B: RTI act , 2005
PART C: Information on & Around
PART B: RTI Act, 2005
PART C: Information on & Around
PART D: Good Governance
PART C: Information on & Around
ORDERS OF THE COURT
Right to Information
Right To Information
Right to Information
Right to Information
Right To Information
Right To Information
Right To Information
Right To Information
Right To Information
Right To Information
Right To Information
Right to Information
ORDERS OF CIC
Right to Information
ORDERS OF CIC
Right To Information
ORDERS OF CIC
Right to Information
Right to Information
Right To Information
Right to Information
Right to Information
Orders of The Court
ORDERS OF CIC
ORDERS OF CIC
Right to Information
ORDERS OF CIC
Right to Information
Rewriting and Revising Securities Laws – Highlights of some recent amendments
Relief for Shareholders Agreements – SEBI Notifies Long-overdue Relaxations
US Decision Giving Relief to Satyam Directors – Implications for Independent Directors in India
Shareholder Agreements — Bombay High Court Decides
When Can an Open Offer be Avoided? – Supreme Court Decides
Minority Shareholder Squeezeout – Multiple, Conflicting, Loosely Drafted Provisions
Ordinance Empowers SEBI Even More – and Brings Some Ambiguities
Front Running by Non-intermediaries not a Crime – SAT
Anxious Days for NBFCs – Some Policy Reversals, Some Amendments
Mandatory Imprisonment under Companies Bill 2012
Zenith Infotech – A Mini-Satyam? — Disturbing Findings and an Unprecedented SEBI Order
WOULD BUYBACK RESULT IN AN OPEN OFER? — SAT says no and changes existing interpretation
SEBI Investment Advisers Regulations — Formal Birth of a New Profession
Rights Issue by Unlisted Company can Become a Public Issue – Kerala High Court
SAT speaks — a few recent and interesting decisions of SAT
SEBI amends lock-in and other requirements
Pre-Emptive Rights Held Void — Trouble in Joint Venture Paradise
Registration, restrictions, reprimands and retributions of intermediaries — the new all-in-one regulations for intermediaries
Is levy of penalty mandatory for violation of securities laws ?
Supreme Court on Takeover Regulations
Recent relaxation to creeping acquisition limits
Open offer pricing — recent decisions
Can Chartered Accountants be Punished by SEBI ?
Satyam — is pledge of shares insider trading ?
Rebirth Of Stock Lending – Opportunities, Confusion and Contradictions
Appealing Against Rejection of Takeover Exemption
Insider Trading — Recent Amendments — Six-month lock-in on directors/officers and total ban on derivatives and many ‘outsiders’ now insiders
The CII Corporate Governance Code — a fresh and realistic approach — and a glimpse of things to come
Whether issue of shares to persons or more is a public issue — recent controversial decision of SEBI
Public Issue of Securitised Instruments — the new SEBI Regulations
Delisting of Shares — The newly notified regulations
LISTED COMPANIES REQUIRED TO INCREASE AND MAINTAIN 25% PUBLIC SHAREHOLDING
Recent Decisions of SAT
The SEBI Pyramid Order — A fascinating case study of greed, high-tech investigation and weak laws
END TO ACCOUNTING ‘FLEXIBILITY’ IN CORPORATE RESTRUCTURING ? — Amends to The Listing Agreement
Pledge of shares by promoters
Promoter – to be or not to be? – the identity crisis of Promoters resolved partly by a recent SAT decision
Core Investment Companies — large promoter holding companies now require registration and compliance
Recent amendments relating to Corporate Governance
Consent Orders to settle violations of Securities Laws — A review on completion of two years
Pushing corporate governance through mutual funds — SEBI’s recent circular creates unique dilemmas for listed companies
Prosecution under Securities Laws
Aiding investor litigation — SEBI provides financial aid to help investors obtain compensation
ACHIEVING ‘OTHER OBJECTIVES’ THROUGH DEMERGERS — High Court disallows achieving of certain other objects through schemes of restructuring
SUPREME COURT ON PUNISHMENT UNDER SECURITIES LAWS — Prohibition to access securities markets is only a procedural direction
SEBI order on share warrants and amendments relating to creeping acquisitions
Proposed recast of Takeover Regulations
SEBI ORDERS ON TAX LAUN DERING – More orders and updates
Supreme Court on Sahara Matter – A Milestone Decision
PUNISHING INDEPENDENT DIRECTORS AND AUDIT COMMITTEE MEMBERS
CAs and insider trading — ‘guilty unles proven otherwise’ — deeming provisions
How Final are Consent Orders?
AN ARBITRARY DECISION OF SEBI/SAT – overturns its own consistent interpretation and levies penalty
SEBI AMENDS GUIDELINES TO SETTLE VIOLATIONS — Complex Provisions Make Professional Help Inevitable
SEBI’s amended Consent Order Guidelines-2 — the Determination of Settlement Amount
Catching Inside Traders – A Slippery Job Insider Trading Blatant in India, but Law is Hit or Miss
REPORTING OF HOLDINGS OF PROMOTERS — SAT Decides on The Recurring Issue of Non-Compliance of Reporting
SEBI’S ACTIONS AGAINST PROFESSIONALS — AN UPDATE
SAT Now Holds Front Running to be an Offence – SEBI Follows with Similar Amendments
SAT directs Mutual Fund to compensate unitholders — for loss in NAV on account of changes to Scheme
SEBI Takeover Regulations, 2011— matters of regular compliance other than on open offer
LIMITS ON SEBI’S POWERS — another decision of SAT
Supreme Court upholds depositors’ protection laws of States
PROPOSED CONSOLIDATED REGULATIONS FOR PRIVATE INVESTMENT FUNDS — Draft Regulations for Alternate Investment Funds issued by SEBI
NEW SEBI TAKEOVER REGULATIONS — important changes
More Delays in Mergers/ Arrangements – A Recent MCA Circular Prescribes Further Requirements for Schemes
PLEDGE OF SHARES — DIFFICULTIES UNDER THE TAKEOVER REGULATIONS
VIOLATION OF CODE OF CONDUCT FOR INSIDER TRADING — whether punishable by SEBI?
Securities Laws
Sebi and Saving Schemes Gold Saving/Purchase Schemes – How Far Legal? – Review, in Context of Recent Bombay High Court Decision
SAT Discusses the Concept of “Due Diligence” – Decision Relevant to Merchant Bankers, Intermediaries, Directors and Other Professionals
New SEBI Corporate Governance Requirements – vis-à-vis New Companies Act – Overlap and Contradictions
Political Contributions by Companies-Delhi High Court Reminds Us of the Wide Prohibitory Law
Can consent orders be appealed against? — can rejection of consent application be appealed against?
Is levy of penalty mandatory and inevitable? – is the reliance on the decision of the supreme court correct?
SEBI corporate governance provisions further amended
Are sebi’s answers to Faqs binding on sebi and/or third parties?
Postal ballot, e-voting and meetings – Bombay High Court rules on the 2013 Act
The tightening noose around insider trading – net gets wider, more legal fictions applied to catch offenders
THE NEW INSIDER TRADING REGULATIONS – relevance to CAs as Auditors, Advisors, CFOs, etc.
SEBI ORDERS ON TAX LAUN DERING – More orders and updates
SEBI Regulations 2014 on Share Based Benefits – important changes over the ESOPs Guidelines
SEBI Uncovers Massive Tax Evasion In Certain Stock Market Transactions
SEBI to govern commodity contracts too – implications of this Finance Bill proposal
Powers to arrest – SEBI’s wide exercise curtailed by the Bombay High Court
New SEBI Listing Regulations – revised requirements of corporate governance, disclosures, etc.
SEBI’s jurisdiction over entities/transactions/GDRs outside India – Supreme court decides
Transactions of tax avoidance/evasion on the stock exchange and Securities Laws
Now alleged tax evasion even in derivatives – SEBI’s recent order
SEBI levies highest ever Rs.7,269 cr ore pena lty – but order creates certain concerns
Independent Directors – some issues
Liability of Stock Brokers for clients’ frauds – Supreme Court Decides
Huge penalties being levied by SEBI following A recent Supreme Court decision
SEBI debars Auditor for one year – a precedent for other professionals too?
Insider Trading – Impact of a Recent Decision
Side Incentives to Promoters and Management by PE Investors – SEBI Seeks to Address Conundrum
SEBI’s Guidance Note On Board Evaluation – Much Needed Road Map
SEBI Again Initiates Action against Statutory Auditors for Fraud, Negligence, Etc.
Whither Informal Guidance Scheme? – Whether An Obituary Is Due !
New Requirements for Profit Sharing Arrangements by Promoters, Directors & Others
SEBI Decision in Reliance’s Case – Allegations Of Serious Violations Including Fraud & Price Manipulation
Wide Scope of Insider Trading Regulations & Severity of Punishment for Violation – Recent Orders of SEBI and SAT
PROPOSED AMENDMENTS TO INVESTOR ADVISERS’ REGULATIONS – WIDE RANGING IMPLICATIONS INCLUDING TO CHARTERED ACCOUNTANTS
Do Facebook Friendships Make Parties Co-Conspirators? – SEBI Passes Yet Another Order
Insider Trading – A Recent Comprehensive Case
What Type Of SEBI Orders Are Appealable? Supreme Court Decides
When Negligence/Lapses Become Knowing Frauds? Lesson From The Price Waterhouse Order
Supreme Court Widens Powers of SEBI – Penalties Now Even More Easier to Levy
New Section 90 In Companies Amendment Act 2017 – Aims At Benami Shareholders, Shoots Everyone Else But Them
Report On Corporate Governance – SEBI Committee Recommends Significant Changes In Norms
Supreme Court Freezes Assets Of Independent Directors – A Thankless Job Made Worse
Board Meetings By Video Conferencing Mandatory For Companies? – Yes, If Even One Director Desires
Shell-shocked – SEBI’s directions against ‘Shell’ Companies
Tax Planning/Evasion Transactions On Capital Markets And Securities Laws – Supreme Court Decides
SEBI imposes restrictions on Wilful defaulters – concerns also for independent directors & auditors
SEBI Order Now Enables Investors To Recover Losses From Fraudsters In The Securities Markets
Disgorgement of profits – profits made in violati on of SEBI directions vs. profits made in violation of law
Withdrawal of Open offer – lessons from Supreme Court/SAT/SEBI decisions
SEBI’s proposal to regulate Algo/Hi frequency trades
DIFFERENTIAL VOTING RIGHTS SHARES – AN INSTRUMENT WHOSE TIME HAS COME?
Beneficial/Benami Holdings In Companies – Disclosure Requirements Notified
Front Running – iII-Thought Out Law and iII-Considered Orders of SEBIi
SEBI HOLDS AUDITORS LIABLE FOR NEGLIGENCE/ CONNIVANCE IN FRAUD – DEBARS THEM FOR 5 YEARS
APPLICABILITY OF MONEY LAUNDERING LAW TO SECURITIES LAWS VIOLATIONS
SEBI PROPOSES RULES TO PENALISE ERRANT AUDITORS, VALUERS, ETC. – YET ANOTHER LAW & REGULATOR WILL GOVERN SUCH ‘FIDUCIARIES’
SEBI ORDER ON ACCOUNTING & FINANCIAL FRAUD – CORPORATE GOVERNANCE & ROLE OF AUDITOR ETC., UNDER QUESTION AGAIN
IlI -Advised SEBI Move to Separate Chairman-CEO’s Post in Companies
MANAGERIAL REMUNERATION SHACKLES FINALLY REMOVED
CAESAR’S WIFE SHOULD BE ABOVE SUSPICION
THINK BEFORE YOU SPEAK, MR. CHAIRMAN!
RULING OF SAT IN PRICE WATERHOUSE / SATYAM CASE: SUMMARY AND SOME LESSONS FOR AUDITORS
TAKE ACTION, BUT TREAD CAUTIOUSLY
INSIDER TRADING – LESSONS FROM A RECENT DECISION
NEW RULES FOR INDEPENDENT DIRECTORS: HASTY, SLIPSHOD AND BURDENSOME
SUPERIOR VOTING RIGHTS SHARES: A NEW INSTRUMENT FOR FUNDING
CHASING FRONT RUNNERS: SEBI GETS BETTER AT THE GAME
DISCLOSURE OF PROMOTER AGREEMENTS: SEBI’S NDTV ORDER
PENALTY PROVISIONS UNDER SECURITIES LAWS – SUPREME COURT DECIDES
PROPOSAL FOR SOCIAL STOCK EXCHANGES – BOLD, INNOVATIVE AND TIMELY
SHARING INSIDE INFORMATION THROUGH WhatsApp – SEBI LEVIES PENALTY
SEBI’S BROAD ORDER ON ENCUMBERED SHARES – REPERCUSSIONS FOR PROMOTERS
SAT RULES: WHETHER PUBLIC CHARITABLE TRUSTS CAN BE RELATED PARTIES
IS BEING A PROMOTER A ONE-WAY STREET WITH NO EXIT OR U-TURN?
REGULATION OF RELATED PARTY TRANSACTIONS – PROPOSED AMENDMENTS
SEBI’S RECENT ORDER ON INSIDER TRADING – INTERESTING ISSUES
DISGORGEMENT OF ILL-GOTTEN GAINS – A US SUPREME COURT JUDGMENT AND A SEBI COMMITTEE REPORT
FRONT-RUNNING: SEBI RUNS EVEN FASTER AFTER PERPETRATORS
INFORMAL GUIDANCE – A REFRESHER USING A RECENT CASE STUDY
FINALLY, ACCOUNTING / FINANCIAL FRAUDS ARE OFFENCES UNDER SECURITIES LAWS
INTERIM ORDERS – POWERS OF SEBI RESTRICTED BY SAT
SEBI: REVISING ITS OWN ORDERS AND ENHANCING PENALTIES
ACCREDITED INVESTORS – A NEW AVENUE FOR RAISING FINANCE
NEW FAQs ON INSIDER TRADING
TO BE OR NOT TO BE A PROMOTER
SUPREME COURT FORMULATES GUIDELINES FOR COMPOUNDING; HOLDS THAT CONSENT OF SEBI NOT REQUIRED
INDEPENDENT DIRECTORS AND QUALIFYING TEST
TRADING ON SELF-GENERATED RESEARCH – SEBI’S ORDERS MAKE IT ILLEGAL UNDER CERTAIN CIRCUMSTANCES
FIT AND PROPER PERSON (A widely worded test to refuse entry in the securities market)
CONTRADICTIONS BETWEEN COMPANIES ACT AND SECURITIES LAWS: COMPOUNDED BY ERRANT DRAFTING
A LEG-UP FOR INDEPENDENT DIRECTORS – WILL SEBI’S PROPOSALS IMPROVE CORPORATE GOVERNANCE?
SAT SETS ASIDE INSIDER TRADING ORDERS
AMENDMENTS TO PROVISIONS RELATING TO RELATED PARTY TRANSACTIONS
BOMBAY HIGH COURT ON RIGHTS OF SHAREHOLDERS – A RULING RELEVANT TO CORPORATE GOVERNANCE
IPO FINANCING – RECENT DEVELOPMENTS
SOME RECENT DEVELOPMENTS – SEBI’S GUIDANCE ON CROSS-REFERRALS, NSE RULING AND AMENDMENT TO FUTP REGULATIONS
RIGHT OF ACCUSED TO RECEIVE RELEVANT DOCUMENTS FROM SEBI – SUPREME COURT LAYS DOWN IMPORTANT PRINCIPLES
SUPREME COURT ON INSIDER TRADING – PUTS GREATER ONUS OF PROOF ON SEBI, EFFECTIVELY READS DOWN PRECEDING DECISION
SUPREME COURT ON PLEDGE OF DEMATERIALIZED SHARES
THE WIDE NET CAST BY THE STRINGENT ANTI-MONEY LAUNDERING LAW – COVERS CORPORATE FRAUDS AND SECURITIES LAWS VIOLATIONS
Controversy on What is ‘Control’ Set at Rest
Insider Trading Regulations for Mutual Funds – SEBI Issues Draft Consultation Paper
Social Stock Exchange – A Marketplace for Philanthropy finally in place with a few final touches remaining
Supreme Court Holds that Profit Motive Necessary for Charge of Insider Trading – But with Several Nuances and Riders
SEBI Lays down Clearer Guidelines on What Constitutes ‘Misleading Information’
SEBI Makes Significant Amendments to Corporate Governance Rules
SEBI’s Consultation Papers On Suspicious Trading
Proposed Changes to Reporting Material Developments
Of Mules and Securities Laws
SEBI Acts against Pump-N-Dump Operations through Telegram Channels
Major Changes in the Functioning of Listed Companies Imminent
SAT Dumps SEBI’S Pump-and-Dump Order in Bollywood Celebrity’s Case
Updated FAQS on Insider Trading Throw Light on Many Complex Issues
SEBI Acts Tough against Market Manipulators
Companies Act — Some Changes Upcoming Soon
Mandatory e-returns for employers registered under Profession Tax Act, 1975 —Trade Circular 1T of 2011 under Profession Tax, dated 14-1-2011.
Amendment to Central Sales Tax Act, 1956 —Trade Circular 2T of 2011, dated 17-1-2011.
Hire charges on installation of electricity meter in consumer’s premises exempted — Notification No. 131/13/2010-ST, dated 7-12-2010.
Notifications Nos. 02/2010-ST and 17/2010-ST, both dated 27-2-2010 rescinded — Notification No. 51/2010-ST and 52/2010-ST, both dated 21-12-2010.
Taxable service of packaged or canned software exempted — Notification No. 53/2010-ST, dated 21-12-2010.
Further amendments to Notification No. 24/2009-ST, dated 27-7-2009 — Notification No. 54/2010-ST, dated 21-12-2010.
Transport services provided by Government Railways exempted — Notifications Nos. 55/2010-ST, 56/2010-ST & 57/2010-ST, all dated 21-12-2010.
Certain general insurance business services exempted — Notification No. 58/2010-ST, dated 21-12-2010.
Point of Taxation (Amendment) Rules, 2011 and other amendments – Notification Nos. 22 / 2011 to 27/2011 – Service Tax all dated 31st March, 2011
Grant of Refunds against Bank Guarantee — Trade Circular 5T of 2011, dated 11-4-2011.
Adjustment of Refund of F.Y 2010-11 to F.Y 2011-12 up to Rs.1 lakh — Trade Circular 6T of 2011, dated 15-4-2011.
Erection, Commissioning & Construction Works Contract — CENVAT credit restricted to 40% when tax paid on the full value — Notification No. 01/2011, dated 1-3-2011.
Service tax Valuation Rules amended — Notification 02/2011, dated 1-3-2011.
Service tax rules amended — Notification No. 03/2011, dated 1-3-2011.
Air travel service tax enhanced for domestic and international passengers — Notification No. 04/2011, dated 1-3-2011.
Organiser of business exhibition exempted for organising exhibition abroad — Notification No. 05/2011, dated 1-3-2011.
Notification No. 09/2011, dated 1-3-2011.
Notification No. 10/2011 & 11/2011, dated 1-3-2011.
Interest on delayed payment of service tax hiked to 18%. — Notification No. 14/2011, dated 1-3-2011.
25% abatement for transportation of coastal goods — Notification No. 16/2011, dated 1-3-2011.
Units located in SEZs to get benefit — Notification No. 17/2011, dated 1-3-2011.
Interbank foreign currency transaction exempted — Notification No. 27/2011, dated 31-3-2011.
Works Contract services for Rajiv Awass Yojna and JNURM — Notification No. 06/2011, dated 1-3-2011.
Insurance under Rashtriya Swasthya Bima Yojna exempted — Notification No. 07/2011, dated 1-3-2011.
Transportation of goods from outside India to destination outside India exempted — Notification No. 08/2011, dated 1-3-2011.
RBI/FEMA
Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT)/Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendmen
Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT)/ Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendme
Use of International Debit Cards/Store Value Cards/Charge Cards/Smart Cards by resident Indians while on a visit outside India
Asian Clearing Union (ACU) Mechanism — Payments for import of oil or gas
Asian Clearing Union (ACU) Mechanism — Indo-Iran Trade
Comprehensive Guidelines on Over-the-Counter (OTC) Foreign Exchange Derivatives and Overseas Hedging of Commodity Price and Freight Risks
A.P. (DIR Series) Circular No. 47, dated 31-2-2011 — Export of goods and software — Realisation and repatriation of export proceeds — Liberalisation.
Government of India, Ministry of Commerce & Industry Department of Industrial Policy & Promotion (FC Section) — F. No. 5(1)/2011-FC, dated 31-3-2011 — Circular 1 of 2011 — Consolidated FDI Policy.
A.P. (DIR Series) Circular No. 48, dated 5-4-2011 — Acquisition of credit/debit card transactions in India by overseas banks — payment for airline tickets.
A.P. (DIR Series) Circular No. 49, dated 6-4-2011 — A.P. (FL/RL Series) Circular No. 11 — Know Your Customer (KYC) norms/ Anti-Money Laundering (AML) standards/ Combating the Financing of Terrorism (CFT)/Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 — Money-changing activities.
A.P. (DIR Series) Circular No. 50, dated 6-4-2011 — A.P. (FL/RL Series) Circular No. 12 — Know Your Customer (KYC) norms/ Anti-Money Laundering (AML) standards/ Combating the Financing of Terrorism (CFT)/Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 — Cross-Border Inward Remittance under Money Transfer Service Scheme.
A.P. (DIR Series) Circular No. 51, dated 6-4-2011 — A.P. (FL/RL Series) Circular No. 13 — Anti-Money Laundering (AML) standards/ Combating the Financing of Terrorism (CFT) Standards — Money-changing activities.
A.P. (DIR Series) Circular No. 53, dated 7-4-2011 — Overseas forex trading through electronic/internet trading portals.
FCRA Act 2010 comes into force
A.P. (DIR Series) Circular No. 52, dated 6-4-2011 — A.P. (FL/RL Series) Circular No. 14 — Anti-Money Laundering (AML) standards/ Combating the Financing of Terrorism (CFT) Standards — Cross Border Inward Remittance under Money Transfer Service Scheme.
A.P. (DIR Series) Circular No. 13, dated 15- 9-2011 — NRIs PIOs holding NRE/FCNR(B) accounts jointly with Indian resident close relative — Liberalisation.
A.P. (DIR Series) Circular No. 14, dated 15-9-2011 — Foreign Investments in India — Transfer of security by way of gift — Liberalisation.
A.P. (DIR Series) Circular No. 15, dated 15-9-2011 — Exchange Earners Foreign Currency (EEFC) Account and Resident Foreign Currency (RFC) account — Joint holder — Liberalisation.
A.P. (DIR Series) Circular No. 16, dated 15-9- 2011 — Credit of sale proceeds of Foreign Direct Investments in India to NRE/FCNR (B) accounts — Clarification.
A.P. (DIR Series) Circular No. 17, dated 16-9-2011 — Gift in Rupees by Resident Individuals to NRI close relatives.
A.P. (DIR Series) Circular No. 18, dated 16-9-2011 — Loans in Rupees by resident individuals to NRI close relatives.
A.P. (DIR Series) Circular No. 19, dated 16-9-2011 — Repayment of loans of nonresident close relatives by residents.
A.P. (DIR Series) Circular No. 20, dated 16-9-2011 — Meeting of medical expenses of NRIs close relatives by Resident Individuals.
A.P. (DIR Series) Circular No. 9, dated 29-8-2011 — Opening and Maintenance of Rupee/Foreign Currency Vostro Accounts of Non-resident Exchange Houses.
A.P. (DIR Series) Circular No. 10, dated 7-9-2011 — Deferred Payment Protocols, dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR.
A.P. (DIR Series) Circular No. 11, dated 7-9- 2011 — External Commercial Borrowings — Simplification of Procedure.
A.P. (DIR Series) Circular No. 12, dated 15- 9-2011 —Savings Bank account maintained by residents in India — Joint holder — Liberalisation.
RBI /FEMA
RBI /FEMA
United Stock Exchange of India notified as a recognised stock exchange.
Changes in conditions to be fulfilled by a recognised Stock Exchange — Incometax (First Amendment) Rules, 2011 dated 4-3-2011.
Scrutiny norms for small taxpayers and senior citizens — Press Release dated 14-3-2011.
Direct Taxes
Notified rate of interest on Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds.
Rate of interest on Senior Citizens Savings Scheme 2004 increased.
A. P. (DIR Series) Circular No. 116 dated 1st April, 2014
A.P. (DIR Series) Circular No. 68, dated 17-1-2012 —Risk Management and Inter-Bank Dealings — Commodity hedging.
A. P. (DIR Series) Circular No. 103 dated 13th May, 2013
A. P. (DIR Series) Circular No. 104 dated 17th May, 2013
A.P. (DIR Series) Circular No. 52, dated 23-11-2011 — External Commercial Borrowings (ECB) Policy — Parking of ECB proceeds.
A.P. (DIR Series) Circular No. 98, dated 30-3- 2012 — Discontinuation of supplying printed GR forms by Reserve Bank.
A.P. (DIR Series) Circular No. 99, dated 30-3-2012 — External Commercial Borrowings (ECB) Policy — Review of all-in-cost ceiling.
A.P. (DIR Series) Circular No. 100, dated 30-3-2012 — Trade credits for imports into India — Review of all-in-cost ceiling.
A.P. (DIR Series) Circular No. 101, dated 2-4-2012 — Overseas Direct Investments — Liberalisation/Rationalisation.
A.P. (DIR Series) Circular No. 104, dated 4-4- 2012 — Authorised Dealer Category-II — Permission for additional activity and opening of Nostro account.
A. P. (DIR Series) Circular No. 115 dated June 25, 2013
A. P. (DIR Series) Circular No. 116 dated June 25, 2013
A. P. (DIR Series) Circular No. 117 dated June 25, 2013
A. P. (DIR Series) Circular No. 118 dated June 26, 2013
A.P. (DIR Series) Circular No. 55, dated 9-12-2011 — Foreign Direct Investment (FDI) in India — Issue of equity shares under the FDI scheme allowed under the Government route.
A.P. (DIR Series) Circular No. 56, dated 9-12-2011 — Foreign investment in pharmaceuticals sector — Amendment to the Foreign Direct Investment Scheme.
A.P. (DIR Series) Circular No. 57, dated 13-12-2011 — Foreign Exchange Management Act, 1999 (FEMA) — Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) — Compounding of Contraventions under FEMA, 1999.
A.P. (DIR Series) Circular No. 58, dated 15-12-2011 — Risk management and interbank dealings.
Export of Goods and Services – Simplification and Revision of Softex Procedure at SEZs
A. P. (DIR Series) Circular No. 105 dated May 20, 2013
A. P. (DIR Series) Circular No. 106 dated May 23, 2013
A. P. (DIR Series) Circular No. 107 dated June 4, 2013
Press note 2 (2013 Series) – D/o IPP F. No. 5/3/2005-FC.I Dated June 03, 2013
Clarification on Multi Brand Retail Trading Dated June 6, 2013
A. P. (DIR Series) Circular No. 94 dated 1st April, 2013
A. P. (DIR Series) Circular No. 14 dated 22nd July, 2013
A. P. (DIR Series) Circular No. 50 dated 20th September, 2013
Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT)/Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 – Cross Border Inward Remittance under Money Transfer Service Scheme
A. P. (DIR Series) Circular No. 113 dated 24th June 24, 2013 External Commercial Borrowings (ECB) for low cost affordable housing projects
A.P. (DIR Series) Circular No. 96, dated 28- 3-2012 — Overseas Direct Investments by Indian Party — Rationalisation.
A.P. (DIR Series) Circular No. 97, dated 28-3- 2012 — Overseas Investments by Resident Individuals — Liberalisation/Rationalisation.
Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 Money changing activities.
External Commercial Borrowings (ECB) Policy – Non-Banking Financial Company – Infrastructure Finance Companies (NBFC-IFCs)
Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards – Money changing activities
Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards – Cross Border Inward Remittance under Money Transfer Service Scheme
Uploading of Reports on FINnet Gateway
Foreign Direct Investment (FDI) in India – Issue of equity shares under the FDI scheme allowed under the Government route
Reporting under Foreign Exchange Management Act, 1999 (FEMA)
External Commercial Borrowings (ECB) Policy – Repayment of Rupee loans and/or fresh Rupee capital expenditure – $ 10 billion scheme
A. P. (DIR Series) Circular No. 71 dated 8th November, 2013 Advance Category – I Authorised Dealer Banks
A. P. (DIR Series) Circular No. 72 dated 11th November, 2013
A. P. (DIR Series) Circular No. 73 dated 11th November, 2013
A. P. (DIR Series) Circular No. 74 dated 11th November, 2013
A. P. (DIR Series) Circular No. 52 dated 20th November, 2012 Export of Goods and Software – Realisation and Repatriation of export proceeds – Liberalisation
A. P. (DIR Series) Circular No. 54 dated 26th November, 2012 External Commercial Borrowings (ECB) Policy for 2G spectrum allocation
A. P. (DIR Series) Circular No. 55 dated 26th November, 2012
A. P. (DIR Series) Circular No. 58 dated 14th December, 2012 Trade Credits for Imports into India – Review of all-in-cost ceiling
A. P. (DIR Series) Circular No. 61 dated 17th December, 2012
A. P. (DIR Series) Circular No. 63 dated 18th October, 2013 Memorandum of Procedure for channeling transactions through Asian Clearing Union (ACU)
A. P. (DIR Series) Circular No. 68 dated 1st November, 2013 Notification No. FEMA.292/2013- RB dated 4th October, 2013, Press Note No. 2 (2013 Series) dated June 3, 2013 – DIPP Foreign Direct Investment (FDI) in India – definition of ‘group company’
A. P. (DIR Series) Circular No. 69 dated 23rd November, 2013
A. P. (DIR Series) Circular No. 70 dated 8th November, 2013
A. P. (DIR Series) Circular No. 114 dated June 25, 2013
A. P. (DIR Series) Circular No. 53 dated 24th September, 2013
A. P. (DIR Series) Circular No. 54 dated 25th September, 2013
A. P. (DIR Series) Circular No. 57 dated 30th September, 2013
A. P. (DIR Series) Circular No. 59 dated 30th September, 2013
A. P. (DIR Series) Circular No. 60 dated 1st October, 2013
A. P. (DIR Series) Circular No. 61 dated 10th October, 2013
A. P. (DIR Series) Circular No. 62 dated 10th October, 2013
A. P. (DIR Series) Circular No. 99 dated 23rd April, 2013
A. P. (DIR Series) Circular No. 100 dated 25th April, 2013
Corrigendum dated 16th April, 2013 Consolidated FDI policy
Notice dated 10th May, 2013 Format for seeking clarifications of FDI policy issues
A. P. (DIR Series) Circular No. 58 dated 30th September, 2013
A. P. (DIR Series) Circular No. 60 dated 14th December, 2012
A. P. (DIR Series) Circular No. 96 dated 5th April, 2013
A. P. (DIR Series) Circular No. 98 dated 9th April, 2013
A. P. (DIR Series) Circular No. 63 dated 20th December, 2012 External Commercial Borrowings (ECB) for Micro Finance Institutions (MFIs) and Non-Government Organizations (NGOs) – engaged in micro finance activities under Automatic Route
A. P. (DIR Series) Circular No. 109 dated June 11, 2013
Export of Goods and Services – Realisation and Repatriation period for units in Special Economic Zones (SEZ)
A.P. (DIR Series) Circular No. 48, dated 21-11-2011 — Mid-sea trans-shipment of catch by deep sea fishing vessel.
A.P. (DIR Series) Circular No. 49, dated 22-11-2011 — Foreign investments in Infrastructure Debt Funds.
A. P. (DIR Series) Circular No. 15 dated 22nd July, 2013
A. P. (DIR Series) Circular No. 17 dated 23rd July, 2013
A. P. (DIR Series) Circular No. 18 dated 1st August, 2013
A. P. (DIR Series) Circular No. 19 dated 7th August, 2013
A. P. (DIR Series) Circular No. 20 dated 12th August, 2013
A. P. (DIR Series) Circular No. 23 dated 14th August, 2013
A. P. (DIR Series) Circular No. 24 dated 14th August, 2013
A. P. (DIR Series) Circular No. 25 dated 14th August, 2013
Exchange Earner’s Foreign Currency (EEFC) Account, Diamond Dollar Account (DDA) & Resident Foreign Currency (RFC) Domestic Account
Foreign investment in India by SEBI registered FIIs in Government securities and corporate debt
Opening of NRO accounts by individuals of Bangladesh Nationality.
Foreign Exchange Management Act, 1999 – Import of precious and semi precious stones – Clarification
A.P. (DIR Series) Circular No. 50, dated 23-11-2011 — Comprehensive guidelines on over-the-counter (OTC) foreign exchange derivatives — Foreign currency — INR swaps.
A.P. (DIR Series) Circular No. 51, dated 23-11-2011 — External Commercial Borrowings (ECB) Policy.
A. P. (DIR Series) Circular No. 84 dated 22nd February, 2013 Know Your Customer (KYC) norms/Anti-Money Laundering (AML) Standards/Combating the Financing of Terrorism (CFT) Standards – Obligation of Authorised Persons under Prevention of Money Laundering Act (PMLA), 2002 as amended by PML (Amendment) Act 2009 Money Changing activities.
Memorandum of Instructions for Opening and Maintenance of Rupee/Foreign Currency Vostro Accounts of Non-resident Exchange Houses
Risk Management and Inter-Bank Dealings
Notification No. FEMA.256/2013-RB dated 6th February, 2013, notified vide G.S.R.No.125(E) dated 26th February, 2013 External Commercial Borrowings (ECB) Policy – Corporates under Investigation.
“Write-off” of unrealised export bills – Export of Goods and Services – Simplification of procedure
Money Transfer Service Scheme – Revised Guidelines
Maintenance of Collateral by Foreign Institutional Investors (FIIs) for transactions in the cash and F & O segments
A. P. (DIR Series) Circular No. 119 dated June 26, 2013
A. P. (DIR Series) Circular No. 120 dated June 26, 2013
A. P. (DIR Series) Circular No. 121 dated June 26, 2013
A. P. (DIR Series) Circular No. 122 dated June 27, 2013
A. P. (DIR Series) Circular No. 01 dated July 04, 2013
A. P. (DIR Series) Circular No. 02 dated July 04, 2013
A. P. (DIR Series) Circular No. 6 dated July 8, 2013
A. P. (DIR Series) Circular No. 07 dated July 08, 2013
A. P. (DIR Series) Circular No. 08 dated July 11, 2013
A. P. (DIR Series) Circular No. 09 dated July 11, 2013
A. P. (DIR Series) Circular No. 10 dated July 11, 2013
A. P. (DIR Series) Circular No. 11 dated July 11, 2013
A. P. (DIR Series) Circular No. 12 dated July 15, 2013
A. P. (DIR Series) Circular No. 110 dated June 12, 2013
Foreign investment in India by SEBI registered Long term investors in Government dated Securities
A. P. (DIR Series) Circular No. 46 dated 8th December, 2014
Company – Book Profits – Computation – Assessee is entitled to reduce from its book profits, the profit derived from captive power plants in determining tax payable for the purposes of section 115JA
A. P. (DIR Series) Circular No. 127 dated 2nd May, 2014
A.P. (DIR Series) Circular No. 94, dated 19-3- 2012 — Clarification — Prior intimation to the Reserve Bank of India for raising the aggregate Foreign Institutional Investors/Non- Resident Indian limits for investments under the Portfolio Investment Scheme.
Press Note No.9 (2012 Series) dated 3rd October , 2012
A. P. (DIR Series) Circular No. 44 dated 12th October, 2012
A.P. (DIR Series) Circular No. 95, dated 21- 3-2012 —Foreign Exchange Management (Deposit) Regulations, 2000 — Credit to Non- Resident (External) Rupee Accounts.
A.P. (DIR Series) Circular No. 41, dated 11-2-2011 — Deferred Payment Protocols dated 30th April, 1981 and 23rd December, 1985 between Government of India and erstwhile USSR.
A.P. (DIR Series) Circular No. 45, dated 15-3-2011 — Introduction of annual return on foreign liabilities and assets reporting by Indian companies and discontinuation of the Part B of Form FC-GPR.
A. P. (DIR Series) Circular No. 32 dated September 21, 2012 Foreign investment in Single–Brand Product Retail Trading/ Multi- Brand Retail Trading/Civil Aviation Sector/ Broadcasting Sector/Power Exchanges – Amendment to the Foreign Direct Investment Scheme
A. P. (DIR Series) Circular No. 34 dated 24th September, 2012
A. P. (DIR Series) Circular No. 35 dated 25th September, 2012
A. P. (DIR Series) Circular No. 36 dated 26th September, 2012
A. P. (DIR Series) Circular No. 39 dated 9th October, 2012
A. P. (DIR Series) Circular No. 19 dated 28th August, 2012
A. P. (DIR Series) Circular No. 40 dated 9th October, 2012
A. P. (DIR Series) Circular No. 41 dated October 10, 2012
A. P. (DIR Series) Circular No. 131 dated 31st May, 2012
A. P. (DIR Series) Circular No. 132 dated 8th June, 2012 Money Transfer Service Scheme
A. P. (DIR Series) Circular No. 133 dated 20th June, 2012
A. P. (DIR Series) Circular No. 134 dated 25th June, 2012
A. P. (DIR Series) Circular No. 135 dated 25th June, 2012
A. P. (DIR Series) Circular No. 136 dated 26th June, 2012
A. P. (DIR Series) Circular No. 137 dated 28th June, 2012
A. P. (DIR Series) Circular No. 1 dated 5th July, 2012
A. P. (DIR Series) Circular No. 5 dated 12th July, 2012
A. P. (DIR Series) Circular No. 7 dated 16th July, 2012
A. P. (DIR Series) Circular No. 8 dated 18th July, 2012
A. P. (DIR Series) Circular No. 11 dated 31st July, 2012
A. P. (DIR Series) Circular No. 12 dated 31st July, 2012
A. P. (DIR Series) Circular No. 15 dated 21st August, 2012
A. P. (DIR Series) Circular No. 16 dated 22nd August, 2012
A. P. (DIR Series) Circular No. 20 dated 29th August, 2012
A. P. (DIR Series) Circular No. 21 dated 31st August, 2012 Foreign investment by Qualified Foreign Investors (QFIs) – Hedging facilities
A. P. (DIR Series) Circular No. 25 dated 7th September, 2012 Overseas Investment by Indian Parties in Pakistan
A. P. (DIR Series) Circular No. 26 dated 11th September, 2012 External Commercial Borrowings (ECB) Policy – Repayment of Rupee loans and/or fresh Rupee capital expenditure – $ 10 billion scheme
A. P. (DIR Series) Circular No. 27 dated 11th September, 2012 External Commercial Borrowings (ECB) Policy – Bridge Finance for infrastructure sector
A. P. (DIR Series) Circular No. 28 dated 11th September, 2012 Trade Credits for Import into India
A. P. (DIR Series) Circular No. 29 dated 12th September, 2012
A. P. (DIR Series) Circular No. 30 dated 12th September, 2012
15 A. P. (DIR Series) Circular No. 31 dated 17th September, 2012
A.P. (DIR Series) Circular No. 81, dated 21- 2-2012 — Export of goods and services — Receipt of advance payment for export of goods involving shipment (manufacture and ship) beyond one year.
A.P. (DIR Series) Circular No. 82, dated 21- 2-2012 — Release of foreign exchange for imports — Further liberalisation.
A.P. (DIR Series) Circular No. 83, dated 27-2-2012 — Import of gold on loan basis — Tenor of loan and opening of stand-by letter of credit.
A.P. (DIR Series) Circular No. 85, dated 29- 2-2012 — External Commercial Borrowings (ECB) for Infrastructure facilities within National Manufacturing Investment Zone (NMIZ).
A.P. (DIR Series) Circular No. 87, dated 29-2-2012 — Know Your Customer (KYC) norms/Anti-Money Laundering (AML) Standards/ Combating the Financing of Terrorism (CFT) Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 — Cross-Border Inward Remittance under Money Transfer Service Scheme.
A.P. (DIR Series) Circular No. 88, dated 1-3- 2012 — Clarification — Establishment of Branch Offices (BO)/Liaison Offices (LO) in India by Foreign Entities — Delegation of powers.
A.P. (DIR Series) Circular No. 89, dated 1-3-2012 — Foreign Institutional Investor (FII) investment in ‘to be listed’ debt securities.
A.P. (DIR Series) Circular No. 90, dated 6-3- 2012 — Clarification — Liberalised remittance scheme for resident individuals.
A.P. (DIR Series) Circular No. 92, dated 13- 3-2012 — Opening of Diamond Dollar Accounts (DDAs) — Change in periodicity of the reporting.
A.P. (DIR Series) Circular No. 93, dated 19-3- 2012 — Investment in Indian Venture Capital Undertakings and/or domestic Venture Capital Funds by SEBI registered Foreign Venture Capital Investors.
A.P. (DIR Series) Circular No. 118, dated 7-5-2012 — Release of foreign exchange for miscellaneous remittances.
A.P. (DIR Series) Circular No. 119, dated 7-5-2012 — External Commercial Borrowings (ECB) Policy — Utilisation of ECB proceeds for Rupee expenditure.
A.P. (DIR Series) Circular No. 120, dated 8-5-2012 — Foreign Direct Investment (FDI) in India — Issue of equity shares under the FDI scheme allowed under the Government Route.
A.P. (DIR Series) Circular No. 121, dated 8-5-2012 — Foreign investment in Commodity Exchanges and NBFC Sector — Amendment to the Foreign Direct Investment (FDI) Scheme.
A.P. (DIR Series) Circular No. 122, dated 9-5-2012 — Risk Management and Inter-Bank Dealings.
A.P. (DIR Series) Circular No. 123, dated 10-5-2012 — Risk Management and Inter-Bank Dealings.
A.P. (DIR Series) Circular No. 124, dated 10-5-2012 — Exchange Earner’s Foreign Currency (EEFC) Account.
A.P. (DIR Series) Circular No. 127, dated 15-5-2012 — Foreign investment in NBFC Sector under the Foreign Direct Investment (FDI) Scheme — Clarification.
A.P. (DIR Series) Circular No. 128, dated 16-5-2012 — Exchange Earner’s Foreign Currency (EEFC) Account.
A.P. (DIR Series) Circular No. 129, dated 21-5-2012 — Risk Management and Inter-Bank Dealings.
A.P. (DIR Series) Circular No. 107, dated 17-4-2012 — Anti-Money Laundering (AML)/ Combating the Financing of Terrorism (CFT) Standards — Money changing activities.
A.P. (DIR Series) Circular No. 108, dated 17-4-2012 — Anti-Money Laundering (AML)/ Combating the Financing of Terrorism (CFT) Standards — Cross Border Inward Remittance under Money Transfer Service Scheme.
A.P. (DIR Series) Circular No. 109, dated 18-4-2012 — Authorised Dealer Category II — Permission for additional activity and opening of Nostro account.
A.P. (DIR Series) Circular No. 111, dated 20-4-2012 — External Commercial Borrowings (ECB) Policy — Liberalisation and Rationalisation.
A.P. (DIR Series) Circular No. 112, dated 20-4-2012 — External Commercial Borrowings (ECB) Policy — Refinancing/Rescheduling of ECB.
A.P. (DIR Series) Circular No. 113, dated 24-4-2012 — External Commercial Borrowings (ECB) for Civil Aviation Sector.
A. P. (DIR Series) Circular No. 44 dated 13th September, 2013
A. P. (DIR Series) Circular No. 45 dated 16th September, 2013
A.P. (DIR Series) Circular No. 67, dated 13-1- 2012 — Foreign investment in Single Brand Retail Trading — Amendment to the Foreign Investment (FDI) Scheme. Press Note No. 1 (2012 Series), dated 10-1-2012.
A. P. (DIR Series) Circular No. 46 dated 17th September, 2013
A. P. (DIR Series) Circular No. 48 dated 18th September, 2013
A. P. (DIR Series) Circular No. 51 dated 20th September, 2013
A.P. (DIR Series) Circular No. 69, dated 25- 11-2012 External Commercial Borrowings — Simplification of procedure.
A.P. (DIR Series) Circular No. 70, dated 25- 1-2012 — External Commercial Borrowings (ECB) Policy — Infrastructure Finance Companies (IFCs).
A.P. (DIR Series) Circular No. 73, dated 21-1- 2012 — Opening of Diamond Dollar Accounts (DDAs)
A.P. (DIR Series) Circular No. 74, dated 1-2-2012 — Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR.
A.P. (DIR Series) Circular No. 75, dated 7-2- 2012 — External Commercial Borrowings — Simplification of procedure.
A.P. (DIR Series) Circular No. 76, dated 9-2-2012 — Clarification — Establishment of project offices in India by foreign entities — General permission.
A.P. (DIR Series) Circular No. 79, dated 15-2- 2012 — Clarification — Purchase of immovable property in India — Reporting requirement
A.P. (DIR Series) Circular No. 80, dated 15-2-2012 — Export of goods and services — Simplification and revision of Softex procedure.
A.P. (DIR Series) Circular No. 117, dated 7-5- 2012 — Transfer of Funds from Non- Resident Ordinary (NRO) Account to Non- Resident External (NRE) Account.
A.P. (DIR Series) Circular No. 131, dated 31-5-2012 — Overseas Direct Investments by Indian Party — Online Reporting of Overseas Direct Investment in Form ODI.
A.P. (DIR Series) Circular No. 132, dated 8-6-2012 — Money Transfer Service Scheme.
A.P. (DIR Series) Circular No. 59, dated 19-12-2011 — External Commercial Borrowings (ECB) for Micro Finance Institutions (MFIs) and Non-Government Organisations (NGOs) — Engaged in micro finance activities under Automatic Route.
A.P. (DIR Series) Circular No. 60, dated 22-12- 2011 — Know Your Customer (KYC) norms/ Anti-Money Laundering (AML) standards/ Combating the Financing of Terrorism (CFT) Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 — Money changing activities.
A.P. (DIR Series) Circular No. 63, dated 29-12-2011 — External Commercial Borrowings (ECB) denominated in Indian Rupees (INR) — Hedging facilities for non-resident entities
A.P. (DIR Series) Circular No. 64, dated 5-1-2012 — External Commercial Borrowings (ECB).
A. P. (DIR Series) Circular No. 28 dated 19th August, 2013
A. P. (DIR Series) Circular No. 29 dated 20th August, 2013
A. P. (DIR Series) Circular No. 30 dated 4th September, 2013
A. P. (DIR Series) Circular No. 31 dated 4th September, 2013
A. P. (DIR Series) Circular No. 36 dated 4th September, 2013
A. P. (DIR Series) Circular No. 37 dated 5th September, 2013
A. P. (DIR Series) Circular No. 32 dated 4th September, 2013
A. P. (DIR Series) Circular No. 38 dated 6th September, 2013
A. P. (DIR Series) Circular No. 39 dated 6th September, 2013
A.P. (DIR Series) Circular No. 65, dated 12-1-2012 — Foreign Exchange Management Act, 1999 — Export of Goods and Services — Forwarders Cargo Receipt.
A. P. (DIR Series) Circular No. 40 dated 10th September, 2013
A. P. (DIR Series) Circular No. 41 dated 10th September, 2013
A. P. (DIR Series) Circular No. 42 dated 12th September, 2013
A. P. (DIR Series) Circular No. 43 dated 13th September, 2013
A.P. (DIR Series) Circular No. 66, dated 13-1- 2012 — (I) Scheme for Investment by Qualified Foreign Investors in equity shares — (II) Scheme for Investment by Qualified Foreign Investors in Rupee Denominated Units of Domestic Mutual Funds — Revision.
A. P. (DIR Series) Circular No. 45 dated 22nd October, 2012
A. P. (DIR Series) Circular No. 46 dated 23rd October, 2012
A. P. (DIR Series) Circular No. 47 dated 23rd October, 2012
A. P. (DIR Series) Circular No. 48 dated 6th November, 2012
A. P. (DIR Series) Circular No. 49 dated 7th November, 2012
A. P. (DIR Series) Circular No. 50 dated 7th November, 2012
A. P. (DIR Series) Circular No. 51 dated 15th November, 2012
A.P. (DIR Series) Circular No. 35, dated 14-10-2011 — Processing and settlement of export-related receipts facilitated by Online Payment Gateways — Enhancement of the value of transaction.
A.P. (DIR Series) Circular No. 36, dated 19-10-2011 — Opening Foreign Currency (Non-Resident) Account (Banks) Scheme [FCNR(B)] account in any freely convertible currency — Liberalisation.
A.P. (DIR Series) Circular No. 37, dated 19- 10-2011 — (i) Repatriation of income and sale proceeds of assets held abroad by NRIs who have returned to India for permanent settlement (ii) repatriation of income and sale proceeds of assets acquired abroad through remittances under Liberalised Remittance Scheme — Clarification.
This Circular clarifies that: (a) In terms of s.s 4 of section (6) of FEMA, 1999, a person resident in India is free to hold, own, transfer or invest in foreign currency, foreign security or any immovable property situated outside India if such currency, security or property was: (i) Acquired, held or owned by such person when he was resident outside India or (ii) Inherited from a person who was resident outside India. (b) An investor can retain and reinvest overseas the income earned on invest<
A.P. (DIR Series) Circular No. 41, dated 1-11-2011 — Memorandum of Instructions governing money changing activities.
A.P. (DIR Series) Circular No. 42, dated 3-11-2011 — Foreign investment in India by SEBI registered FIIs in other securities.
A.P. (DIR Series) Circular No. 43, dated 4-11-2011 —Foreign Direct Investment — Transfer of shares.
A.P. (DIR Series) Circular No. 32, dated 10-10- 2011 — Liberalised Remittance Scheme for Resident Individuals — Revised applicationcum- declaration form.
A.P. (DIR Series) Circular No. 73, dated 29-6-2011, Overseas Direct Investment — Liberalisation/Rationalisation.
A.P. (DIR Series) Circular No. 74, dated 30-6-2011 — FDI in India — Issue of equity shares under the FDI Scheme allowed under the Approval Route
A.P. (DIR Series) Circular No. 25, dated 23-9-2011 — External Commercial Borrowings (ECB) for the Infrastructure Sector — Liberalisation.
A.P. (DIR Series) Circular No. 2, dated 15-7-2011 — Regularisation of Liaison/Branch Offices of foreign entities established during the pre-FEMA period.
A.P. (DIR Series) Circular No. l8, dated 9-8-2011 — Investment in units of Domestic Mutual Funds.
A.P. (DIR Series) Circular No. 21, dated 19-9-2011 — Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards — Money changing activities.
A.P. (DIR Series) Circular No. 22, dated 19-9-2011 —Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards — Cross- Border Inward Remittance under Money Transfer Service Scheme.
A.P. (DIR Series) Circular No. 23, dated 19-9-2011 — Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards — Money changing activities.
A.P. (DIR Series) Circular No. 24, dated 19-9-2011 — Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards — Cross-Border Inward Remittance under Money Transfer Service Scheme.
A.P. (DIR Series) Circular No. 44, dated 15-11-2011 — Trade credits for imports into India — Review of all-in-cost ceiling.
A.P. (DIR Series) Circular No. 45, dated 16-11- 2011 Foreign Direct Investment — Reporting of issue/transfer of ‘participating interest/ right’ in oil fields to a non-resident as a Foreign Direct Investment transaction.
A.P. (DIR Series) Circular No. 46, dated 17-11-2011 — Overseas forex trading through electronic/internet trading portals.
A.P. (DIR Series) Circular No. 47, dated 17-11-2011 — ‘Set-off’ of export receivables against import payables — Liberalisation of procedure.
Press Note No. 3 (2011 Series) — D/o IPP File No.: 1/16/2010-FC-I, dated 8-11-2011 — Review of the policy on Foreign Direct Investment in pharmaceuticals sector insertion of a new paragraph 6.2.25 to ‘Circular 2 of 2011-Consolidated FDI Policy’.
A.P. (DIR Series) Circular No. 26, dated 23-9-2011 — External Commercial Borrowings (ECB) — Bridge Finance for Infrastructure Sector.
A.P. (DIR Series) Circular No. 27, dated 23-9-2011 — External Commercial Borrowings (ECB) — Rationalisation and liberalisation.
A.P. (DIR Series) Circular No. 28, dated 26-9-2011 — External Commercial Borrowings (ECB) Policy — Structured obligations for infrastructure sector.
A.P. (DIR Series) Circular No. 29, dated 26-9- 2011 — External Commercial Borrowings (ECB) from the foreign equity holders.
A.P. (DIR Series) Circular No. 30, dated 27-9-2011 — External Commercial Borrowings (ECB) in Renminbi (RMB).
A.P. (DIR Series) Circular No. 31, dated 3-10-2011 — Appointment of Agents/Franchisees by Authorised Dealer Category-I banks, Authorised Dealer Category-II and Full Fledged Money Changers — Revised guidelines.
Circular No. 2 — D/o IPP F. No. 5(19)/2011- FC-I Dated 30-9-2011 — Consolidated FDI Policy.
A.P. (DIR Series) Circular No. 56, dated 29-4- 2011 — Foreign Exchange Management Act, 1999 — Advance remittance for import of goods — Liberalisation.
A.P. (DIR Series) Circular No. 57, dated 2-5-2011 — Pledge of shares for business purpose.
A.P. (DIR Series) Circular No. 58, dated 2-5-2011 — Opening of Escrow Accounts for FDI transactions.
A.P. (DIR Series) Circular No. 60, dated 16-5-2011 — Comprehensive Guidelines on Over-the-Counter (OTC) Foreign Exchange Derivatives and Hedging of Commodity Price and Freight Risks.
A.P. (DIR Series) Circular No. 67, dated 20-5-2011 — Forward cover for Foreign Institutional Investors — Rebooking of cancelled contracts.
A.P. (DIR Series) Circular No. 68, dated 20-5-2011 — Hedging IPO flows by Foreign Institutional Investors (FIIs) under the ASBA mechanism.
A.P. (DIR Series) Circular No. 69, dated 27-5-2011 — Overseas Direct Investment — Liberalisation/Rationalisation.
A.P. (DIR Series) Circular No. 70, dated 9-6-2011 — Remittance of assets by foreign nationals — Opening of NRO Accounts.
A.P. (DIR Series) Circular No. 75, dated 30- 6-2011 — Buyback/Prepayment of Foreign Currency Convertible Bonds (FCCBs).
A.P. (DIR Series) Circular No. 1, dated 4-7- 2011 — Redemption of Foreign Currency Convertible Bonds (FCCBs).
A.P. (DIR Series) Circular No. 2, dated 15- 7-2011 — Regularisation of Liaison/Branch Offices of foreign entities established during the pre-FEMA period.
A.P. (DIR Series) Circular No. 54, dated 29-4-2011 — Issue of Irrevocable Payment Commitment (IOCs) to Stock Exchanges on behalf of Mutual Funds (MFs) and Foreign Institutional Investors (FIIs).
A.P. (DIR Series) Circular No. 55, dated 29- 4-2011 —Foreign Investments in India by SEBI-registered FIIs in other securities.
A. P. (DIR Series) Circular No. 99 dated 29th January, 2014
A. P. (DIR Series) Circular No. 100 dated 4th February, 2014
A. P. (DIR Series) Circular No. 102 dated 11th February, 2014
A. P. (DIR Series) Circular No. 101 dated 4th February, 2014
A. P. (DIR Series) Circular No. 103 dated 14th February, 2014
A. P. (DIR Series) Circular No. 104 dated 14th February, 2014
A. P. (DIR Series) Circular No. 105 dated 17th February, 2014
A. P. (DIR Series) Circular No. 83 dated 3rd January, 2014
A. P. (DIR Series) Circular No. 127 dated 2nd May, 2014
A. P. (DIR Series) Circular No. 128 dated 9th May, 2014
A. P. (DIR Series) Circular No. 129 dated 9th May, 2014
A. P. (DIR Series) Circular No. 130 dated 16th May, 2014
A. P. (DIR Series) Circular No. 84 dated 6th January, 2014
A. P. (DIR Series) Circular No. 85 dated 6th January, 2014
A. P. (DIR Series) Circular No. 86 dated 9th January, 2014
A. P. (DIR Series) Circular No. 87 dated 9th January, 2014
A. P. (DIR Series) Circular No. 88 dated 9th January, 2014
A. P. (DIR Series) Circular No. 90 dated 9th January, 2014
A. P. (DIR Series) Circular No. 92 dated 13rd January, 2014
A. P. (DIR Series) Circular No. 93 dated 15th January, 2014
A. P. (DIR Series) Circular No. 94 dated 16th January, 2014
A. P. (DIR Series) Circular No. 95 dated January 17, 2014
A. P. (DIR Series) Circular No. 97 dated 20th January, 2014
A. P. (DIR Series) Circular No. 122 dated 10th April, 2014
A. P. (DIR Series) Circular No. 123 dated 16th April, 2014
A. P. (DIR Series) Circular No. 124 dated 21st April, 2014
A. P. (DIR Series) Circular No. 82 dated December 31, 2013
D/o IPP F. No. 5(1)/2014-FC.I dated the 17-04- 2014
A. P. (DIR Series) Circular No. 109 dated 28th February, 2014
A. P. (DIR Series) Circular No. 110 dated 4th March, 2014
A. P. (DIR Series) Circular No. 111 dated 13th March, 2014
A. P. (DIR Series) Circular No. 107 dated 20th February, 2014
A. P. (DIR Series) Circular No. 75 dated November 19, 2013
A. P. (DIR Series) Circular No. 106 dated 18th February, 2014
A. P. (DIR Series) Circular No. 112 dated 25th March, 2014
A. P. (DIR Series) Circular No. 113 dated 26th March, 2014
A. P. (DIR Series) Circular No. 114 dated 27th March, 2014
A. P. (DIR Series) Circular No. 115 dated 28th March, 2014
A. P. (DIR Series) Circular No. 117 dated 4th April, 2014
A. P. (DIR Series) Circular No. 118 dated 7th April, 2014
A. P. (DIR Series) Circular No. 119 dated 7th April, 2014
A. P. (DIR Series) Circular No. 120 dated 10th April, 2014
A. P. (DIR Series) Circular No. 121 dated 10th April, 2014
A. P. (DIR Series) Circular No. 77 dated November 22, 2013
A. P. (DIR Series) Circular No. 78 dated December 3, 2013
A. P. (DIR Series) Circular No. 81 dated 24th December, 2013
A. P. (DIR Series) Circular No. 146 dated 19th June, 2014
A. P. (DIR Series) Circular No. 147 dated 20th June, 2014
A. P. (DIR Series) Circular No. 148 dated 20th June, 2014
A. P. (DIR Series) Circular No. 149 dated 25th June, 2014
A. P. (DIR Series) Circular No. 151 dated 30th June, 2014
Master Circulars dated 1st July, 2014
A. P. (DIR Series) Circular No. 2 dated 7th July, 2014
A. P. (DIR Series) Circular No. 3 dated 14th July, 2014
A. P. (DIR Series) Circular No. 4 dated July 15, 2014 Notification No. FEMA.306/2014-RB dated May 23, 2014
A. P. (DIR Series) Circular No. 5 dated 17th July, 2014
A. P. (DIR Series) Circular No. 6 dated 18th July, 2014
A. P. (DIR Series) Circular No. 7 dated 18th July, 2014
A. P. (DIR Series) Circular No. 8 dated 18th July, 2014
A. P. (DIR Series) Circular No. 1 dated 3rd July, 2014
A. P. (DIR Series) Circular No. 21 dated 27th August, 2014
A. P. (DIR Series) Circular No. 22 dated 28th August, 2014
A. P. (DIR Series) Circular No. 23 dated 2nd September, 2014
A. P. (DIR Series) Circular No. 25 dated 3rd September, 2014
A. P. (DIR Series) Circular No. 34 dated 30th September, 2014
A. P. (DIR Series) Circular No. 35 dated 9th October, 2014
A. P. (DIR Series) Circular No. 36 dated 16th October, 2014
Press Note No. 9 – DIPP File No. 9(8)/2014-IL(IP) dated 20th October, 2014
A. P. (DIR Series) Circular No. 131 dated 19th May, 2014Notification No. FEMA.299/2014-RB dated 24th March, 2014
A. P. (DIR Series) Circular No. 132 dated 21st May, 2014 Export of Goods – Long Term Export Advances
A. P. (DIR Series) Circular No. 133 dated 21st May1, 2014
A. P. (DIR Series) Circular No. 135 dated 21st May, 2014
A. P. (DIR Series) Circular No. 136 dated 28th May, 2014
A. P. (DIR Series) Circular No. 138 dated 3rd June, 2014
A. P. (DIR Series) Circular No. 139 dated 5th June, 2014 Press Note No.2 (2014 Series) issued by the DIPP dated 4th February, 2014
A. P. (DIR Series) Circular No. 140 dated 6th June, 2014
A. P. (DIR Series) Circular No. 141 dated 6th June, 2014
A. P. (DIR Series) Circular No. 142 dated June 12, 2014
A. P. (DIR Series) Circular No. 144 dated 16th June, 2014
A. P. (DIR Series) Circular No. 145 dated 18th June, 2014
A. P. (DIR Series) Circular No. 16 dated 28th July, 2014
A. P. (DIR Series) Circular No. 17 dated 28th July, 2014
A. P. (DIR Series) Circular No. 18 dated 30th July, 2014
A. P. (DIR Series) Circular No. 19 dated 11th August, 2014
A. P. (DIR Series) Circular No. 9 dated 21st July, 2014
A. P. (DIR Series) Circular No. 10 dated 21st July, 2014
A. P. (DIR Series) Circular No. 11 dated July 22, 2014
A. P. (DIR Series) Circular No. 14 dated 25th July, 2014
Press Note No. 7 (2014 Series) issued by DIPP dated 26th August, 2014
Press Note No. 8 (2014 Series) issued by DIPP dated 27th August, 2014
A. P. (DIR Series) Circular No. 28 dated 8th September, 2014
A. P. (DIR Series) Circular No. 30 dated 15th September, 2014
A. P. (DIR Series) Circular No. 15 dated 28th July, 2014
A. P. (DIR Series) Circular No. 31 dated 17th September, 2014
A. P. (DIR Series) Circular No. 80 dated March 3, 2015 External Commercial Borrowings (ECB) Policy — Review of all-in-cost ceiling
A. P. (DIR Series) Circular No. 58 dated January 14, 2015
A. P. (DIR Series) Circular No. 59 dated January 22, 2015
A. P. (DIR Series) Circular No. 60 dated January 22, 2015
A. P. (DIR Series) Circular No. 61 dated January 22, 2015
A. P. (DIR Series) Circular No. 62 dated January 22, 2015
A. P. (DIR Series) Circular No. 41 dated 25th November, 2014
A. P. (DIR Series) Circular No. 42 dated 28th November8, 2014
A. P. (DIR Series) Circular No. 43 dated 2nd December, 2014
Press Note No. 10 (2014 Series) dated December 03, 2014
A. P. (DIR Series) Circular No. 45 dated 8th December, 2014
A. P. (DIR Series) Circular No. 46 dated 8th December, 2014
A. P. (DIR Series) Circular No. 47 dated 8th December, 2014
A. P. (DIR Series) Circular No. 48 dated December 09, 2014
A. P. (DIR Series) Circular No. 49 dated 16th December, 2014
A. P. (DIR Series) Circular No. 50 dated 16 December, 2014
A. P. (DIR Series) Circular No. 51 dated 17th December, 2014
Black holes in the economy: Noida engineer’s case shows why India must get to the roots of black money generation
A. P. (DIR Series) Circular No. 37 dated 20th November, 2014
A. P. (DIR Series) Circular No. 38 dated 20th November, 2014
A. P. (DIR Series) Circular No. 39 dated 21st November, 2014
A. P. (DIR Series) Circular No. 40 dated 21st November, 2014
A. P. (DIR Series) Circular No. 54 dated 29th December , 2014
A. P. (DIR Series) Circular No. 55 dated 1st January, 2015
A. P. (DIR Series) Circular No. 56 dated 6th January, 2015
Given below are the highlights of certain RBI Circulars, 2 DIPP Press Notes and 1 DIPP Circular
DIPP Press Note No. 5 (2015 Series) dated April 27, 2015
A. P. (DIR Series) Circular No. 97 dated April 30, 2015
DIPP – Circular F. No. 5(1)/2015-FC-1 dated the 12th May, 2015
A. P. (DIR Series) Circular No. 98 dated May 14, 2015
A. P. (DIR Series) Circular No. 101 dated May 14, 2015
A. P. (DIR Series) Circular No. 63 dated January 22, 2015
A. P. (DIR Series) Circular No. 94 dated April 8, 2015
A. P. (DIR Series) Circular No. 95 dated April 17, 2015
A. P. (DIR Series) Circular No. 64 dated January 23, 2015
A. P. (DIR Series) Circular No. 67 dated January 28, 2015
A. P. (DIR Series) Circular No. 68 dated January 27, 2015
A. P. (DIR Series) Circular No. 70 dated February 2, 2015
A. P. (DIR Series) Circular No. 71 dated February 3, 2015
A. P. (DIR Series) Circular No. 72 dated February 5, 2015
A. P. (DIR Series) Circular No. 73 dated February 6, 2015
A. P. (DIR Series) Circular No. 74 dated February 9, 2015
A. P. (DIR Series) Circular No. 76 dated February 12, 2015
A. P. (DIR Series) Circular No. 77 dated February 12, 2015
A. P. (DIR Series) Circular No. 78 dated February 13, 2015
A. P. (DIR Series) Circular No. 79 dated February 18, 2015
A. P. (DIR Series) Circular No. 85 dated March 18, 2015
A. P. (DIR Series) Circular No. 90 dated March 31, 2015
A. P. (DIR Series) Circular No. 92 dated March 31, 2015
A. P. (DIR Series) Circular No. 93 dated April 1, 2015
A. P. (DIR Series) Circular No. 81 dated March 3, 2015
A. P. (DIR Series) Circular No. 83 dated March 11, 2015
DIPP, Ministry of Commerce & Industry, Government of India
Press Note No. 3 (2015 Series) dated March 2, 2015
A. P. (DIR Series) Circular No. 112 dated 25th June, 2015
Master Circulars dated 1st July, 2015
A. P. (DIR Series) Circular No. 1 dated 2nd July, 2015
A. P. (DIR Series) Circular No. 2 dated 3rd July, 2015
A. P. (DIR Series) Circular No. 4 dated 16th July, 2015
A. P. (DIR Series) Circular No. 5 dated 16th July, 2015
A. P. (DIR Series) Circular No. 102 dated May 21, 2015
A. P. (DIR Series) Circular No. 103 dated May 21, 2015
A. P. (DIR Series) Circular No. 106 dated June 1, 2015
A. P. (DIR Series) Circular No. 107 dated June 11, 2015
A. P. (DIR Series) Circular No. 108 dated June 11, 2015
A. P. (DIR Series) Circular No. 109 dated June 11, 2015
A. P. (DIR Series) Circular No. 110 dated June 18, 2015
DIPP – Press Note No. 6 (2015 Series) dated June 3, 2015
A. P. (DIR Series) Circular No. 15 dated September 24, 2015
A. P. (DIR Series) Circular No. 16 dated 24th September, 2015
A. P. (DIR Series) Circular No. 17 dated 24th September, 2015
A. P. (DIR Series) Circular No. 18 dated 30th September, 2015
DIPP Press Note No. 11 (2015 Series) dated 1st October, 2015
Notification No. FEMA. 353 /2015-RB dated 6th October, 2015
A. P. (DIR Series) Circular No. 19 dated October 6, 2015
A. P. (DIR Series) Circular No. 20 dated 8th October, 2015
A. P. (DIR Series) Circular No. 21 dated 8th October, 2015
DIPP – Press Note No. 7 (2015 Series) dated June 3, 2015
DIPP – Press Note No. 8 (2015 Series) dated July 30, 2015 Introduction of Composite Caps for Simplification of Foreign Direct Investment (FDI) policy to attract foreign investments
A. P. (DIR Series) Circular No. 6 dated 16th July, 2015
DIPP – undated
A. P. (DIR Series) Circular No. 9 dated August 21, 2015
A. P. (DIR Series) Circular No. 11 dated September 10, 2015
A. P. (DIR Series) Circular No. 12 dated September 10, 2015
A. P. (DIR Series) Circular No. 13 dated September 10, 2015
DIPP Press Note No. 9 (2015 Series) dated September 15, 2015
DIPP Clarification dated September 15, 2015
DIPP Press Note No. 10 (2015 Series) dated September 22, 2015
A. P. (DIR Series) Circular No. 54 dated March 23, 2016
A. P. (DIR Series) Circular No. 55 dated March 29, 2016
DIPP – Press Note No. 12 (2015 Series) dated 24th November, 2015
A. P. (DIR Series) Circular No. 29 dated 26th November, 2015
A. P. (DIR Series) Circular No. 30 dated 26th November, 2015
A. P. (DIR Series) Circular No. 31 dated 26th November, 2015
A. P. (DIR Series) Circular No. 32 dated 30th November, 2015
Notification No. FEMA 359/2015-RB dated 2nd December, 2015
Notification No. FEMA 358/2015-RB dated 2nd December, 2015
Notification No. FEMA 357/2015-RB dated 7th December, 2015
A. P. (DIR Series) Circular No. 35 dated 10th December, 2015
A. P. (DIR Series) Circular No. 47 [(1)/11(R)] dated February 4, 2016
A. P. (DIR Series) Circular No. 48 [(1)/15(R)] dated February 4, 2016
A. P. (DIR Series) Circular No. 49 [(1)/18(R)] dated February 4, 2016
A. P. (DIR Series) Circular No. 50 dated February 11, 2016
A. P. (DIR Series) Circular No. 51 dated February 11, 2016
A. P. (DIR Series) Circular No. 52 dated February 11, 2016
Notification No.FEMA.361/2016-RB dated February 15, 2016
Notification No.FEMA.362/2016-RB dated February 15, 2016
A. P. (DIR Series) Circular No. 53 dated March 03, 2016
A. P. (DIR Series) Circular No. 40 dated February 1, 2016
A. P. (DIR Series) Circular No. 42 dated February 4, 2016
A. P. (DIR Series) Circular No. 43 [(1)/7(R)] dated February 4, 2016
A. P. (DIR Series) Circular No. 44 [(1)/10(R)] dated February 4, 2016
A. P. (DIR Series) Circular No. 45 [(1)/6(R)] dated February 4, 2016
A. P. (DIR Series) Circular No. 46 [(1)/9(R)] dated February 4, 2016
A. P. (DIR Series) Circular No. 56 dated March 30, 2016
A. P. (DIR Series) Circular No. 57 dated March 31, 2016
A. P. (DIR Series) Circular No. 58 dated March 31, 2016
Notification No. FEMA 22(R) /RB-2016 dated March 31, 2016
Notification No. FEMA 5(R)/2016-RB dated April 01, 2016
Notification No. FEMA 13 (R)/2016-RB dated April 01, 2016
A. P. (DIR Series) Circular No. 59 dated April 13, 2016
A. P. (DIR Series) Circular No. 60 dated April 13, 2016
A. P. (DIR Series) Circular No. 61 dated April 13, 2016
A. P. (DIR Series) Circular No. 62 dated April 13, 2016
FED Master Directions dated January 4, 2016
A. P. (DIR Series) Circular No. 39 dated January 14, 2016
Part C | RBI/FEMA
Notification No. FEMA 375/2016-RB dated September 9, 2016
A. P. (DIR Series) Circular No. 3 dated September 29, 2016
A. P. (DIR Series) Circular No. 4 dated September30, 2016
A. P. (DIR Series) Circular No. 5 dated October 6, 2016
Notification No. FEMA 5(R)/2016-RB dated September 8, 2016
Notification No. FEMA 368/2016-RB dated May 20, 2016
A. P. (DIR Series) Circular No. 72 dated May 26, 2016
A. P. (DIR Series) Circular No. 73 dated May 26, 2016
A. P. (DIR Series) Circular No. 74 dated May 26, 2016
Notification No. FEMA 10 (R)/(1)/2016-RB dated June 01, 2016
Notification No. FEMA 10 (R) / 2015-RB dated January 21, 2016
A. P. (DIR Series) Circular No. 79 dated June 30, 2016
A. P. (DIR Series) Circular No. 71 dated May 19, 2016
A. P. (DIR Series) Circular No. 80 dated June 30, 2016
A. P. (DIR Series) Circular No. 81 dated June 30, 2016
A. P. (DIR Series) Circular No. 1 dated July 7, 2016
A. P. (DIR Series) Circular No. 63 dated April 21, 2016
A. P. (DIR Series) Circular No. 64/2015-16 [(1)/13(R)] dated April 28, 2016
A. P. (DIR Series) Circular No. 65 dated April 28, 2016
A. P. (DIR Series) Circular No. 66 dated April 28, 2016
A. P. (DIR Series) Circular No. 67/2015- 16[(1)/23(R)] dated May 02, 2016
A. P. (DIR Series) Circular No. 68[(1)/23(R)] dated May 12, 2016
A. P. (DIR Series) Circular No. 69[(1)/22(R)] dated May 12, 2016
A. P. (DIR Series) Circular No. 70 dated May 19, 2016
A. P. (DIR Series) Circular No. 77[2]/10[R] dated June 23, 2016
A. P. (DIR Series) Circular No. 78 dated June 23, 2016
RBI /FEMA
RBI /FEMA
RBI /FEMA
RBI /FEMA
Establishment of Offices of the Registrar of Companies-cum-Official Liquidator.
Relaxation of Additional Fees for some forms till 31-03-2013
Cost Accounting Records and Cost Audit Record Rules — Clarifications about coverage of certain sectors thereunder.
Cost Accounting Records and Cost Audit Record Rules — Clarifications regarding applicability and compliance requirements.
Extension of date for submission of PAN details In DIN-4.
Company Law Settlement Scheme (CLSS 2011) extended to 15th January 2012.
Allocations of regions under the Regional Director.
Unlisted Public Companies (Preferential Allotment) Amendment Rules, 2011.
Cost Accounting Records Rules prescribed for various products in supersession of the earlier Rules.
Companies Bill.
Withdrawal of draft Dematerialisation of Certificate Rules.
Amendments to the Equity Listing Agreement — Change in format for interim disclosure of results.
Timeline for submission of annual audited financial results for financial year 2011-12.
Alteration to Schedule XIV of Companies Act — Inclusion of intangible assets created under certain circumstances.
CAS-14 — Cost Accounting Standard on pollution control cost.
Power of ROCs to obtain declaration/ affidavits from subscribers/first directors at the time of incorporation
Investor Education and Protection Fund ( Uploading of Information regarding unpaid and unclaimed amounts lying with Companies) Rules, 2012
Amendments to Form DIN1, DIN 4 and Form 18
Extension of time limit for form 23 AC/ACA XBRL
Applicability of Regulation 17(6) in processing the work items.
Relaxation of last date and additional fee in filing of e-Form 23C for Appointment of Cost Auditor.
Exemption of section 182(1) to Companies incorporated as Electoral Trusts
Clarification with regard to applicability of provision of section 372A of Companies Act 1956
List of Companies and Directors under Prosecution
NOC for registration of companies or LLP’s for professional work
Form 68 for rectification of mistakes in Form 1, Form 1a and Form 44
The new contact numbers for the DIN cell and Help desk No. for the MCA w.e.f. 17.01.2013 are
Companies ( Acceptance of Deposits Amendments) Rules 2013
Revision of Stamp Duty on Registration of Articles of Association in Kerala State
Filing of Balance Sheet and Profit and Loss Account in XBRL mode for the financial year commencing on or after 01.04.2011.
Incorporation of the Corporate Social Responsibility Provision in the New Companies Bill
Relaxation of Additional Fees and Extension of the last date of filing various forms with the Registrar of Companies.
Extension of Time Limit for Filing Form 23AC/ACA XBRL
Extension of Time Limit for Filing Cost Audit Reports and Compliance Reports for the year 2011-12
Clarification for Section 372A(3)
Amendments To Din Rules 2006
The MCA has revised Form 1 and Form 32 vide Notification GSR 848(E) dated 15-10-2010.
The MCA has revised Form DIN1 and Form DIN3 vide Notification GSR 849(E) dated 15-10-2010.
Reopening/revision of annual accounts after their adoption in the annual general meeting — General Circular No. 5/2010, dated 2-11-2010.
Suggestions on issues related to Convergence of Indian Accounting Standards with IFRS.
Status of action initiated against vanishing companies and its promoters/directors.
New versions of Form 21A, Form 23AC and Form 23ACA
Amendments to SEBI Equity Listing Agreement — Circular No. CIR/CFD/DIL/10/2010, dated 16-12-2010.
SEBI vide Notification No. LAD-NRO/GN/ 2010-11/22/30364, dated 21-12-2010, Foreign Venture Capital Investors (Amendment) Regulations, 2010 has further amended Foreign Venture Capital Investors, Regulations, 2000, to include after paragraph 9.
SEBI Notification No. LAD-NRO/GN/2010-11/21/29390, dated 10-12-2010.
Acceptance of third party address as correspondence address.
Submission of balance sheet and profit & loss account by NBFCs — Notification No. DNBS.217/CGM (US)-2010, dated 1-12-2010.
Certification of forms under the Companies Act, 2013 by practicing professionals
Amendments to XBRL filing rules
Extension of filing date for Forms 23AC and ACA ( Form for filing of Balance Sheet and Profit and Loss Account)
Product or activity groups classification:
Amendment to companies (fees on applications) rules 1999:
Extension of time for filing PAN details for DIN (Allotment of Director’s Identification) under Companies Act, 1956.
In principle approval required for registration of Companies/LLP’s having one of their objects as to carry on the profession of Chartered Accountant, Cost Accountant, Architect, Company Secretary, etc.
‘PAY Later’ option for payment of ROC fees.
General exemption under Section 211 for public financial institutions (PFIs).
General exemption under section 211 for companies
Revised Schedule VI
Indian Accounting Standards converged with IFRS — Notified.
Exemption from taking Central Government for managerial remuneration.
Payment of MCA fees — Only in electronic mode — Up to Rs.50000 w.e.f. 27-3-2011.
Process of incorporation of companies (Form-1) and establishment of principal place of business in India by foreign companies (Form-44) — Procedure simplified.
Simplification of DIN Rules.
New Rules for the availability of names have been issued by the Central Government ‘Companies (Name Availability) Rules, 2011’.
Clarification on Para 46A of Notification No. GSR 914(E) dated 29.12.2011 on AS 11 relating to “ Effects of Changes in Foreign Exchange Rates”
Applicability of Service Tax on commission payable to Non- Whole Time Directors of a Company u/s 309(4) of the Companies Act, 1956
Company Law Settlement Scheme, (Jammu & Kashmir) 2012
Delegation of powers to Regional Directors u/s 17, 18, 19, 141 and 188 of the Companies Act, 1956
Filing of Balance Sheet and Profit and Loss Account by Companies in Non-XBRL for accounting year commencing on or after 01.04.2011
Filing of B alance Sheet and Profit and Loss Account by Companies in Non-XBR L for accounting year commencing on or after 01.04.2011
Conditions imposed for Conversion of Ordinary Society into Producer Company, under part-IX A of the Companies Act, 1956.
Refund of the unlinked incorrect NEFT Payments
Form 5 INV – Returns of unclaimed amounts filed prior to 1st August 2012 should be filed again in a consolidated manner
New form 24 aaa and modification to form 21 and 23:
Amendments to the Companies Accounting Standards Rules 2006.
Clarifications for Video Conferencing at General Body Meetings and E-voting.
Companies Bill, 2011 and corrigenda can be accessed on MCA website.
Public Search of Trademarks database can be done through MCA21 portal.
Filing of Balance Sheet and Profit and Loss Account in Extensible Business Reporting Language (XBRL) — Mode for financial year commencing on or after 1-4-2011.
Extension of time in filing Annual Return by Limited Liability Partnerships.
Filing of Cost Audit Report (Form I) and Compliance Report (Form A) in the XBRL mode.
Insertion of Rule 4BBB to Companies (Central Government’s) General Rules and Forms.
The Ministry of Corporate Affairs has decided to impose fees with effect from 22nd July 2012 on certain e-forms.
Clarifications on filing of conflicting returns by contesting parties.
Company Law Forms changing where new Schedule VI is applicable.
Cost Audit Reports and Compliance Reports to be filed after 30th June 2012 in new XBRL formats.
Limited Liability Partnerships integrated on MCA21.
Ministry extends time limit for filing Form 11 for F.Y. 2011-12.
Ministry grants exemption from Mandatory Cost Audit to all units located in specified zones.
Ministry issues general clarification on Cost Accounting and Cost Audit Order.
The Ministry of Corporate Affairs has vide General Circular No. 10, dated 21st May 2012 issued Guidelines for declaring a financial institution as a Public Financial Institution.
Limited Liability Partnership (Winding up and Dissolution) Rules, 2012.
Filing fees on Form 23B.
Extension of time limit for filing XB RL Form 23 AC/ACA to 15th December 2012
Time Limit for Filing of Form 23D extended to 16th December 2012
Appointment of cost auditor by companies
Examination of Balance Sheets by ROC’s
Integration of Director’s Identification Number (DIN) issued under Companies Act, 1956 with Designated Partnership Identification Number (DPIN) issued under Limited Liability Partnership (LLP) Act, 2008.
Delegation u/s. 637 of the Companies Act by the Central Government of its powers and functions under Act — Powers and functions delegated to Registrars of Companies for specified provisions of the Act — Supersession of Notification G.S.R. No. 506(E), dated 24-6-1985.
Prosecution of Directors.
Companies (Director Identification Number) Amendment Rules, 2011.
Improving service delivery time of approval of company’s registration and critical services (Registration in 24 hours)
Vide Notification dated 2nd June 2011, the MCA has issued ‘The Companies Director Identification Number (Second Amendment) Rules, 2011’ which are effective from 12th June, 2011 and wherein the Annexure I and II to the Din Forms 1 and 4 have been modified and the form can also be digitally signed by a Company Secretary in full-time employment of the company.
Vide Notification dated 30th May 2011, the MCA has issued the Companies (passing of resolution by postal Ballot) Rules, 2011 to include voting by electronic mode and sending of notices through e-mail for listed companies for certain business as listed therein in Rule 5.
Vide notification dated 23rd May 2011, the MCA has issued amendments to Schedule XII of the Companies Act, 1956 pertaining to remuneration of Managing Director or Whole-Time Director for a subsidiary of a listed company.
Vide Notification dated 3rd June, 2011, the MCA has issued ‘The Companies (Cost Audit Report) Rules, 2011 which shall apply to every company in respect of which an audit of the cost records has been ordered by the Central Government under sub-section (1) of section 233B of the Act.
PAN to be updated by DIN and DPIN holders.
Name Availability Guidelines, 2011 effective 24 July 2011.
Modifications to form for availability/change of name and increase in fees effective 24th July 2011.
Master Circular for Prosecution of Officer in Default. [Circular_1-2011_28july2011.pdf]
Clarification regarding easy-exit schemes.
IFRS developments.
NBFCs not to be partners in partnership firms
Increase in Filing Fee for Name Availability.
Launch of Company Law Settlement Scheme 2011.
Certification of Information for Companies under Liquidation.
Filing of Balance Sheet for Phase-I Companies in XBRL mode without any additional fee up to 30-11-2011.
Filing of Statement of Affairs for Companies under Liquidation.
XBRL Filing Rules notified.
Timelines for clearance/approvals for ROC defined.
Architects denied registration of companies/ LLPs.
Timelines for submission of PAN extended.
Timelines for Company Law Settlement Scheme extended.
Online incorporation of companies within 24 hours will not be implemented.
Applicability of Revised Schedule VI for Companies having IPO/FPO.
Filing of certain forms by Directors of defaulting Companies for Defaulting Companies/Dormant Companies/Active Companies.
E-filing of statutory Forms with ROC.
Vide Circular No. 30A/2011, dated 26th May 2011, the MCA has clarified that Limited Liability Partnership (LLP)’s of Chartered Accountants will not be treated as body corporate for the limited purpose of section 226(3) of the Companies Act.
Vide Ciruclar No. 32/2011, dated 31st May 2011, the Ministry has issued clarifications u/s. 616 (C) the Companies Act, 1956 pertaining to depreciation for the purpose of declaration of dividend u/s. 205 in case of Companies engaged in the generation or supply of electricity
Vide Circular No. 32/2011, dated 31st May 2011, the Ministry has decided that w.e.f. 12th June 2011 all DIN-1 and DIN-4 applications will be signed by practising Chartered Accountants, Company Secretaries or Cost Accountants, who will verify the particulars given in the applications. To avoid duplicate DINs all existing DIN holders require to submit their PAN details by filing DIN-4 e-form by 30th September, failing which their DIN will be disabled and be liable for heavy penalty.
Vide General Circular No. 33/2011, dated 1st June 2011, the Ministry has notified various forms that would be accepted by the ROC of defaulting companies — that is companies which have not filed their annual forms but are filing only event based forms
Vide Circular No. 35/2011, dated 6th June 2011, the MCA has issued clarification to the General Circulars No. 27/2011 and 28/2011, dated 20-5-2011, with regard to participation by shareholders or Directors in meetings held under the Companies Act, 1956, through electronic mode. In respect of shareholders’ meetings to be held during financial year 2011-12, video conferencing facility for shareholders is optional. Thereafter, it is mandatory for all listed companies.
In order to give an opportunity for fast track exit to a defunct company i.e., for getting its name struck off from the Register of Companies, the MCA has decided to modify the existing route through e-form 61 and has prescribed the guidelines for ‘Fast-Track Exit mode’ for such defunct companies, vide General Circular No. 36/2011, dated 7th June 2011. The Guidelines will be implemented with effect from 3 July 2011.
Vide Circular No. 37/2011, dated 7th June, 2011, the Ministry has mandated the following companies to financial statements in XBRL form only from the year 2010-11
Vide Notification dated 3rd June 2011, the MCA has issued the Companies (Cost Accounting Records) Rules, 2011. They will apply to every company which is engaged in the production, processing, manufacturing, or mining activities and wherein,
Waiver of approval of Central Government for payment of remuneration to professional managerial person by companies having no profits or inadequate profits.
Suggested methodology for obtaining audit evidence while reporting default of Directors u/s. 274(1)(g) available online.
PAN mandatory for allotment of DIN and existing DIN holders to furnish their PAN.
List of defaulting companies, directors and professionals.
Digitally signed certificates to be issued by the ROC.
Payment of MCA fees by NEFT mode.
E-filing of income-tax return in respect of companies under liquidation.
Filing of Balance Sheet and Profit and Loss Account in XBRL mode.
Implementation of enhanced regulatory framework on annual statutory filings.
Companies (Central Government’s) General Rules and Forms (Amendment) Rules, 2011 — Amendment in Form 61.
Applicability date of Revised Schedule VI.
XBRL filing of balance sheet and profit and loss account
Exposure Draft on XBRL taxonomy for Commercial and Industrial (C&I) entities.
Amendment to Companies (Particulars of Employees) Rules, 1975 — Increase in the limits.
Director’s Relatives (Office or Place of Profit) Amendment Rules, 2011.
Provisions regarding Stamp Duty.
Certification of e-forms under the Companies Act, 1956 by the practising professionals.
Simplification of procedure for winding-up petitions.
Guidelines for Scheme of Amalgamation/Arrangement.
Simplification of procedure for delay in filing forms for charges and for shifting of registered office from one state to another.
Online Incorporation of Companies in 24 Hours.
Clarification with regard to section 185 of the Companies Act, 2013.
USC of word ‘National’ in the names of Companies or Limited Liability Partnerships (LLPs).
Report u/s. 394A of the Companies Act, 1956- Taking accounts of comments/inputs from Income Tax Department and other sectoral Regulators while filing reports by RDs.
Delegation of Powers u/s. 458 to ROC
Delegation of powers u/s 153 and 154 of Companies Act, 2013 to Regional Director, Noida
Delegation of powers u/s 458 of Companies Act 2013 to the Regional Directors
Certification of forms under the Companies Act, 2013 by practicing professionals
Applicability of PAN requirement for Foreign Nationals
Clarification with regard to Holding of shares or exercising power in a fiduciary capacity – Holding and Subsidiary relationship u/s. 2(87) of Companies Act 2013
Change in Depreciation Rates:
Names of Forms for e-filing on the MCA site have been Changed:
Central Government notifies 183 additional new sections:
Clarification in respect of resolutions u/s. 293 of Companies Act, 1956 wrt to compliance u/s. 180 of Companies Act, 2013:
Enabling payment of Stamp Duty and Court fees through MCA site:
Waiver of fees for all event based filing for April 2014 :
Fees Table notified
Clarification regarding maintenance of books of accounts and preparation of financial statements:
Rules prescribed under Companies Act 2013:
The Ministry of Corporate Affairs has vide General circular 19/2013 dated 10.12.2013 issued clarification on disclosures to be made with regard to applicability of Section 182(3) of Companies Act 2013 pertaining to Prohibition and restriction regarding political contributions
The Companies (Audit And Auditors) Amendment Rules, 2015
The Companies (Meetings of Board And Its Powers) Second Amendment Rules, 2015.
Company Law
Company Law
Company Law
Company Law
Company Law
Company Law
Company Law
Company Law
Company Law
Company Law
Company Law
Company Law
Company Law
Company Law
Company Law
Company Law
Company Law
Company Law
Company Law
INTERVIEW GAURAV ANAND, STARTUP CO-FOUNDER
INTERVIEW MATTHEW EMERMAN, CFO OF JIOSAAVN
STARTUPS AS AN INVESTMENT ASSET CLASS
TAXATION OF STARTUPS
VALUATION OF STARTUPS
Timeless Words of Bapu
GANDHI FOR US NOW
GANDHIAN PRINCIPLES AND THE CA PROFESSION
RIGHT TO INFORMATION CONSTRICTED
Is Syncome Formulations (I) Ltd. [292 ITR (AT) 144 (SB)(Mum.)] Still a good law ?
Taxability of Fees from offshore services — post Finance Act, 2010
GAAR — are safeguards adequate?
Recovery of tax pending stay application – A draconian directive
WRIT PETITION MAINTAINABILITY
THE FINANCE ACT, 2013
Income Computation & Disclosure Standards – Some Issues
Foreign Satellite Operators – finally relieved?
FINANCE ACT, 2011
DEDUCTIBILITY OF FEES PAID FOR CAPITAL EXPANSION TO BE USED FOR WORKING CAPITAL PURPOSES — AN ANALYSIS, Part I
War Against Offshore Tax Evasion — Will Tax Information Exchange Agreements Work?
AMENDMENTS IN DIRECT TAX PROVISIONS BY THE FINANCE ACT, 2012
Controversy on taxability of cross-border software payments
Why income from sale of computer soft ware not taxable as royalty?
Legitimacy of Reference to OECD Commentary for Interpretation of Income Tax Act and DTAs
DEDUCTIBILITY OF FEES PAID FOR CAPITAL EXPANSION TO BE USED FOR WORKING CAPITAL PURPOSES — AN ANALYSIS— Part II
Deductibility of Discount on Employee Stock Options — An analysis, Part 2
‘Income’ includes ‘loss’ – a revisit
Cross-border Secondments — Tax implications
BUSINESS RESTRUCTURING — IMPLICATIONS U/S.56(2)(viia)
Taxation of Capital Gains under Direct Taxes Code
Legislation by incorporation — Schedule VI vis-à-vis MAT
Strictures by a Judicial Forum — Need for Restraint
What does ‘settlement’ mean?
Deductibility of Discount on Employee Stock Options – An analysis, Part1
MAT – A Conundrum unsolved..
Transfer Pricing – the concept of Bright Line Test
Understanding provisions of Section 56(2)
FINANCE (NO.2) AC T – 2014 – AN ANALYSIS
Transactional Net Margin Method – Overview and Analysis
Comparable Uncontrolled Price (‘CUP’) Method – Introduction and Analysis
TRANSFER PRICING METHODOLO GY – RESALE PRICE METHOD AND COST PLUS METHOD
Domestic Transfer Pricing
AGREEMEN T TO SELL – TAX IMPLICATIONS
THE FINANCE ACT – 2015 DIRECT TAX PROVISIONS
Foreign Account Tax Compliance Act – the Indian side of regulations
BLACK MONEY ACT: A MALEVOLENT LAW
Income Computation & Disclosure Standards – Some Issues
Transfer of immovable property – TDS under section 194-IA: Analysis and Issues
Cancellation of registration upon violation of section 13(1) – section 12AA(4)
Foreign Account Tax Compliance Act (FAT CA) and Common Reporting Standards (CRS) – the next stage
Section 263 – An Analysis
Income characterisation on sale of tax-free bonds
RULES FOR INTERPRETATION OF TAX LAWS – PAR T 1
RULES FOR INTERPRETATION OF TAX STATUTES – PART – II
THE FINANCE ACT, 2016
RULES FOR INTERPRETATION OF TAX STATUTES – PAR T – III
ANALYSIS OF “EQUALISATION LEVY” AND SOME ISSUES
The Finance Act, 2017
Tax Issues in Computation of Taxable Income for Companies Adopting Ind-AS
TDS U/s. 194-Ib on Payment of Rent by Certain Individuals or Hindu Undivided Family
Demonetisation – Some Tax Issues
Second Income Disclosure Scheme – 2016
Delhi High Court On ICDS – Battle Begins!
The Finance Act 2018
E-Assessments – Insights on Proceedings
Reporting in form 3CD For AY 2017-18 – New Elements
Section 80JJAA – A Liberalised Incentive
Introduction Of Group Taxation Regime – A Key To Ease Of Doing Business In India?
GENERAL ANTI-AVOI DANCE RULE (GAAR)
RULE FOR INTERPRETATION OF TAX STATUTES PAR T-IV
Is there a limitation for ‘reassessment’ when the return is processed U/s.143(1)?
TAXABILITY OF LOAN WAIVER POST SC DECISION IN CASE OF MAHINDRA & MAHINDRA
PROSECUTION AND COMPOUNDING
SECTION 115BAA AND 115BAB – AN ANALYSIS
THE FINANCE (No. 2) ACT, 2019
FINANCE (NO. 2) ACT, 2019 – ANALYSIS OF BUY-BACK TAX ON LISTED SHARES
CASE STUDY: SECTION 36(1)(III) OF THE I.T. ACT, 1961 WITH SPECIAL REFERENCE TO PROVISO
TAX AND TECHNOLOGY – GETTING FUTURE-READY
SPECIFIED DOMESTIC TRANSACTIONS: RETROSPECTIVE OPERABILITY OF OMISSION OF CLAUSE (i) TO SECTION 92BA(1)
INCOME-TAX E-ASSESSMENTS – YESTERDAY, TODAY & TOMORROW
ASSUMPTION OF JURISDICTION U/S 143(2) OF THE INCOME TAX ACT, 1961
PROSECUTION UNDER THE INCOME TAX ACT, 1961 – LIABILITY OF DIRECTORS
REMUNERATION BY A FIRM TO PARTNERS: SECTION 194J ATTRACTED?
Domestic Tax Considerations Due To Covid-19
TAXABILITY OF FORFEITURE OF SECURITY DEPOSIT
TAXABILITY OF PRIVATE TRUST’S INCOME – SOME ISSUES
SHOULD CHARITY SUFFER THE WRATH OF SECTION 50C?
UNFAIRNESS AND THE INDIAN TAX SYSTEM
SLUMP SALE – AMENDMENTS BY FINANCE ACT, 2021
FACELESS REGIME UNDER INCOME-TAX LAW: SOME ISSUES AND THE WAY FORWARD
I HAD A DREAM
COVID IMPACT AND TAX RESIDENTIAL STATUS: THE CONUNDRUM CONTINUES
JDA STRUCTURING: A 360-DEGREE VIEW
CHANGES IN PARTNERSHIP TAXATION IN CASE OF CAPITAL GAIN BY FINANCE ACT, 2021
THE GHOST OF B.C. SRINIVASA SETTY IS NOT YET EXORCISED IN INDIA
DOES TRANSFER OF EQUITY SHARES UNDER OFFER FOR SALE (OFS) DURING THE PROCESS OF LISTING TRIGGER ANY CAPITAL GAINS?
FUNGIBILITY OF DIRECT TAX AND INDIRECT TAX FOR INDIVIDUAL INCOME TAXPAYERS AND INCOME TAX RETURNS FILERS
THE FINANCE ACT, 2022
RECENT AMENDMENTS IN TAXATION OF CHARITABLE TRUSTS
DISCLOSURE OF FOREIGN ASSETS AND INCOME IN THE INCOME-TAX RETURN
RECENT AMENDMENTS FOR TAX DEDUCTION AND TAX COLLECTION AT SOURCE
Intricate Issues in Tax Audit
Charitable Trusts – Recent Amendments Pertaining to Books of Accounts and Other Documents – Part I
Charitable Trusts – Recent Amendments Pertaining to Books of Accounts and Other Documents – Part 2
New Provisions for Filing an Updated Return of Income
Immunity from Penalty for Under-Reporting and from Initiation of Proceedings for Prosecution – Section 270AA
Corpus Donations – Recent Developments
Reopening of Assessments under section 147 with effect from 1st April 2021
Conundrum on Section 45(4) – Pre- and Post-SC Ruling in the case of Mansukh Dyeing
Important Amendments by the Finance Act, 2023
Union Budget Receipt Side Movement Trends of Last 20 Years
Taxation of Life Insurance Policies
Notice under Section 148 of The Income-Tax Act, Post Faceless Reassessment Scheme
Angel Tax — Amendment and Its Implications
Scope of Reassessment Proceedings in Search Cases In The Light of CBDT Instruction No. 1 of 2023
Section 43B(h) – The Provisions And Debatable Issues
Whether interest u/s.234A can be levied in case of delayed Return of Income even if self-assessment tax is paid before the due date ?
Whether Concealment Penalty can be levied in case of reduction in loss ?
Whether free/subsidised transport facility is liable to Fringe Benefit Tax — S. 115WB(3)
Concealment Penalty — Whether mens rea is essential ?
Payment to Non-Resident in Respect of Income Not Chargable to Tax — Obligation of TDS u/s.195
Whether Reassement u/s.147 is Permissible on a Mere ‘Change of Opinion’
Whether disputed Enhanced Compensation is taxable in the year of receipt – section 45(5)
In case of expatriate, seconded to Indian Company, liability of TDS on ‘Home Salary’ paid by the Foreign Company outside India — Sec. 192
Concealment Penalty — Whether Disallowed Claim For Expenditure Amounts to “Furnishing Inaccurate ‘Particulars’ ”
Whether Rectification Order can be passed beyond the time limit of four years ?
Withdrawal from Revaluation Reserve— Effect on ‘book profit’U/s.115jb
Whether accrued interest will be nullified by subsequent modification in terms ?
Whether amendment relating to payment of P.F., etc. by ‘due date’ of furnishing return is retrospective ? — S. 43B
Status of ‘Not Ordinarily Resident’ — S. 6(6)
Cryptic order of the AO dropping penalty proceedings Revision u/s.263
Quantum of Exclusion of Export Profit From Book Profit— MAT
Deductibility of additional liability arising on account of exchange rate difference (on revenue account) at the year end
OffShore Transaction of Transfer of Share between Two NRs Resulting in Change in Control & Management of Indian Company —Withholding Tax Obligation and Other Implications
Whether Assessee is Entitled to Interest on Delayed Payment of Interest on Refund? – Section 244A – Part II
Whether Assessee is Entitled to Interest on Delayed Payment of Interest on Refund? – Section 244A – Part I
OffShore Transfer of Shares Between Two NRs Resulting in Change in Control OF Indian Company — Withholding Tax Obligation and Other Implications
OffShore Transaction of Transfer of Shares Between Two NRs Resulting in Change in Control of Indian Company — Withholding Tax Obligation and Other Implications
The power of parliament to make law with respect to extra-territorial aspects or causes — Part i
The power of parliament to make law with respect to extra-teritorial aspects or causes — Part iI
Upfront payment of interest on debentures in one year – the year of deductibility – Part II
Upfront payment of interest on debentures in one year – the year of deductibility– Part I
Whether payment of transaction charges to stock exchange amounts TO FTS – SecTION 194J – Part – I
Loan or Advance to Huf by Closely Held Company – Whether Deemed Dividend U/S. 2 (22)(E) – Part I
Loan or Advance to HUF by Closely Held Company – Whether Deemed Dividend U/S. 2 (22)(e) – Part II
Loan Or Advance To Specified ‘Concern’ By Closely Held Company Which Is Deemed As Dividend U/S. 2 (22) (E) – Whether Can Be Assessed In The Hands Of The ‘Concern’? – Part II
Loan or Advance to Specified ‘Concern’ by Closely Held Company which is Deemed as Dividend U/S. 2 (22) (E) – Whether can be Assessed in the Hands of the ‘Concern’? – Part I
Whether payment of transaction charges to stock exchange amounts FTS – SecTION 194J – Part – II
APPLICABILITY OF SECTION 14A – RELEVANCE OF ‘DOMINANT PURPOSE’ OF ACQUISITION OF SHARES/ SECURITIES – PART – I
Taxability of interest of NPAs in case of NBFCs
APPLICABILITY OF SECTION 14A – RELEVANCE OF ‘DOMINANT PURPOSE’ OF ACQUISITION OF SHARES/ SECURITIES – PART – II
DEDUCTIBILITY OF EXPENDITURE INCURRED BY PHARMACEUTICAL COMPANIES FOR PROVIDING FREEBIES TO MEDICAL PRACTITIONERS UNDER SECTION 37 (Part 1)
DEDUCTIBILITY OF EXPENDITURE INCURRED BY PHARMACEUTICAL COMPANIES FOR PROVIDING FREEBIES TO MEDICAL PRACTITIONERS UNDER SECTION 37 (Part 2)
Whether Belated Deposit of Employees’ Contribution to PF/ESI is Deductible? – Section 36(1)(va)
Eligibility of Educational Institutions to Claim Exemption Under Section 10(23C) of the Income-Tax Act – Part I
Eligibility of Educational Institutions to Claim Exemption under Section 10(23C) of the Income-Tax Act – Part II
‘Charitable Purpose’, GPU Category- Post 2008 Amendment – Eligibility for Exemption under Section 11- Section 2(15) – Part I
‘Charitable Purpose’, GPU Category- Post 2008 Amendment – Eligibility for Exemption under Section 11 – Section 2(15) – Part II
‘Charitable Purpose’, GPU Category- Post 2008 Amendment – Eligibility For Exemption U/S 11- Sec 2(15)- Part III
Principle Of Mutuality Cannot Be Extended To Interest Earned By Mutual Concern On Fixed Deposits Placed With Member Banks
Ownership of a Part of the House and Exemption u/s. 54F
Deductibility of ‘set-on’ amount under Payment of Bonus Act
Allowability of Broken Period Interest
Slump sale and S. 50B
‘Urban Land’ Under Wealth Tax Act
Monetary limit for filing of appeal by Income-tax Department
TDS on Discount on Airline Tickets
Taxability of interest on disputed compensation
Deductibility of expenditure on stamp duty and registration charges
Exemption for Educational Institution
Waiver of interest
Interest income and mutuality
Sum Payable — s. 43B
Sale of scrap — Whether income derived from industrial undertaking ?
Reopening of a block assessment
S. 14A WHERE NO EXPENDITURE INCURRED
Revision u/s.264 — Additional Evidence
Power to examine the validity of search
Netting of interest and S. 80HHC
Interest u/s.234A — Taxes paid but return delayed
Restriction on Deduction due to section 80-IA(9)
Capital Gains Account Scheme — Due Date for Deposit
PF Payments u/s.43B —Retrospectivity of Amendment
Tax Deduction at Source u/s.195
Reopening of a completed assessment
Service of notice u/S.143(2)
Scope of Revision of orders by the Commissioner u/s.263
Eligibility for Deduction u/s. 80-IB(10) in Respect of Amount Disallowed u/s. 40(a)(ia)
Charitable Trusts – Depreciation on Cost of Assets Allowed as Application of Income
Commission to Non-resident Agents – Whether Accruing or Arising in India
Activities Relating to Purchase of Goods from India by a Liaison Office
Section 50C and Tolerance Band
Disallowance of an expenditure ‘Payable’ u/s. 40(a)(ia)
Set-off of Brought Forward Busines Losses against Capital Gains u/s.50
Due Date of Payment for Allowability of Employee PF Contribution
‘Turnover Filter’ in ‘Comparability Analysis’ for Benchmarking
Deemed Registration and Time Limit for Disposal of Application for Registration of Charitable Trusts u/s.12AA
Acquisition of New Asset by Assessee for Capital Gains Exemption
Section 14A and its Applicability to Cases of Stock-in-trade
DEDUCTIBILITY OF ADVANCE PAYMENTS – Section 43B
FINALITY OF PROCEEDINGS
“Used for the purposes of business or profession” for depreciation u/s 32
Global Income of a Resident- Right to Tax and Dtaa
EXEMPTION U/S.54F IN CASES WHERE SECTION 50C APPLICABLE
Aplicability of Explanation to Section 73
Section 40(b) and Interest to partners
Commencement of Activity – whether pre-requisite for registration u/s.12AA
Eligibility of Contractual workers for inclusion in Number of Workers
REINVESTMENT IN OVERSEAS PREMISES
Use of Borrowed Funds for Reinvestment
Cost of acquisition in case of Property of Ex-Rulers
Demed Dividend — Loans or Advances to Related Concerns
Taxability of Income from ‘sale of computer software’ as ‘royalty’
Taxability of Long Outstanding Liability Not Written Back
Year of Taxability of Interest on Refund of Tax
‘Additional Depreciation’ where assets used for less than 180 days
TDS on Premium Paid for Grant of Lease
TDS on Aircraft Landing & Parking Charges
Taxability of a Subvention Receipt
Period of Holding on Conversion of Leasehold Property into Ownership
Fresh Claim outside Return of Income or in Appeal
Acceptance and Repayment of Loans & Deposits – Applicability Journal Entries
Taxability of Carbon Credits
Interest u/s. 244A on Refund of Self Assessment Tax
Jewellery & Ornaments – Acceptable holdings
Income from Flats held as Stock in Trade
Payment of Ransom or Protection money and section 37
PAN AND NON RESIDENT – Section 206AA
Order for Levy of Fees u/s. 234E and Intimation u/s. 200A
Reassessment beyond Reasons
Disallowance u/s. 40(a)(ia) – Deduction of tax under Wrong Section
Admission Of Appeal and Section 271(1)(c)
Deductibility of Brokerage from Rent u/S. 23
Deduction u/s 80-IB(10) – Delay in Receipt of Completion Certificate
Obligation of Foreign Company to File Return of Income where Income Exempt under DTAA
Carry Forward of Loss and SECTION 79
Receipt of Interest and Full Value of Consideration
Date & Cost of Acquisition of Capital Asset Converted from Stock in Trade
WRITE – BACK OF LOANS – SECTIONS 41 (1) & 28 (iv)
Section 35DDA and Payments under Voluntary Retirement Scheme
RATE OF TAX APPLICABLE TO CAPITAL GAINS ON LOSS OF EXEMPTION BY A CHARITABLE OR RELIGIOUS TRUST
Payments for Use of Online Database – Whether Royalty?
Allowability of Expenditure towards Corporate Social Responsibility
Interest Income of a Credit Society and Deductibility U/S. 80p
Expenditure by Pharmaceutical Companies On Doctors
Taxability of Contingent Consideration on Transfer of Capital Asset
Depreciation on Non-Compete Fees
Applicability of Section 68 to Cash Credits in Absence of Books of Account
Applicability of Section 14A – Interest To Partners
Allowability Of Interest On Delayed Payment Of Tax Deducted At Source
Can Box Collection By Charitable/Religious Trusts Be In The Nature Of Corpus?
Set-Off of Losses from an Exempt Source Of Income
Annual Value of a Vacant Property
Derived or not Derived From …….. ……
Taxability of Foreign Salary Credited to NRE Bank Account
Rate of Taxation and Deemed Short-term Capital Gains
NEED FOR DEPOSITS UNDER CAPITAL GAIN ACCOUNTS SCHEME
Interest paid on borrowings for purchase of house- SECTION 24 & SECTION 48
Business of Derivatives Trading & Explanation to Section 73
TAXABILITY OF PROPORTIONATE DEEMED DIVIDEND IN CASE OF LOANS TO CONCERNS
Failure To Dispose Of Objections – Whether Renders Reassessment Void Or Defective And Curable?
Scope of The Definition of The Term ‘Interest’ – Section 2(28a)
BOOK PROFIT – WHETHER ADJUSTMENT REQUIRED FOR SHARE OF LOSS FROM PARTNERSHIP FIRM?
BOOK-PROFIT FOR PAYMENTS TO PARTNERS – SECTION 40(B)
TDS On Provision For Expenses Made At Year-End
REVENUE EXPENDITURE ON TECHNICAL KNOW-HOW AND SECTION 35 AB
Gift From ‘HUF’ and Section 56(2)
AMOUNTS NOT DEDUCTIBLE U/S. 40(a)(ii) AND TAX
PERIOD OF LIMITATION PROVIDED IN SECTION 154(7) VIS-À-VIS DOCTRINE OF MERGER
CO-OWNERSHIP AND EXEMPTION UNDER SECTION 54F
TDS – YEAR OF TAXABILITY AND CREDIT UNDER CASH SYSTEM OF ACCOUNTING
TDS UNDER SECTION 194A ON PAYMENT OF ‘INTEREST’ UNDER MOTOR ACCIDENT CLAIM
PERIOD OF INTEREST ON REFUND IN CASES OF DELAYED CLAIMS OF DEDUCTIONS
SPORTS ASSOCIATIONS AND PROVISO TO SECTION 2(15)
REOPENING CASES OF INTIMATION u/s. 143(1)
A ‘RESIDENTIAL HOUSE’ FOR SECTIONS 54 AND 54F
RETROSPECTIVE IMPACT OF BENEFICIAL PROVISO – SECTION 40(a)(ia) & (i)
INTEREST U/S 201(1A) WHERE PAYEE IS INCURRING LOSSES
DOUBLE DEDUCTION FOR INTEREST UNDER SECTIONS 24 AND 48
DEPRECIATION ON GOODWILL ARISING DUE TO AMALGAMATION
FAILURE TO CLAIM DEDUCTION IN RETURN OF INCOME AND SECTION 80A(5)
ACCUMULATION OF INCOME U/S 11(2) – STATEMENT OF PURPOSES
INTERPLAY BETWEEN DEEMING FICTIONS OF SECTIONS 45(3) AND 50C
DEDUCTIBILITY OF FOREIGN TAXES
SET OFF OF UNABSORBED DEPRECIATION WHILE DETERMINING BOOK PROFIT u/s 40(B)
TAXATION OF RECEIPT BY RETIRING PARTNER
UNEXPLAINED DEPOSITS IN FOREIGN BANK ACCOUNTS
DEEMED GRANT OF REGISTRATION U/S 12A
TAXABILITY OF INTEREST ON ENHANCED COMPENSATION OR CONSIDERATION
TAX EXEMPTION FOR A REWARD
IMPACT OF WAIVER OF LOAN ON DEPRECIATION CLAIM
DEDUCTION OF MAINTENANCE CHARGES IN COMPUTING INCOME FROM HOUSE PROPERTY
BUSINESS INCOME OF A CHARITABLE INSTITUTION
DEDUCTION FOR CONTRIBUTION BY EMPLOYER TO SPECIFIED FUNDS – SECTION 40A(9)
ALLOWABILITY OF PORTFOLIO MANAGEMENT FEES IN COMPUTING CAPITAL GAINS
TAXABILITY OF CORPUS DONATIONS RECEIVED BY AN UNREGISTERED TRUST
DEDUCTION FOR PENALTIES AND FINES UNDER THE MOTOR VEHICLES ACT, 1988
RATE OF TAX ON DEEMED SHORT-TERM CAPITAL GAINS U/S 50
NAMING OF BENEFICIARIES IN TRUST DEED – EXPLANATION TO SECTION 164(1)
TAXABILITY OF MESNE PROFITS
PREMIUM RECEIVED BY LANDLORD ON TRANSFER OF TENANCY RIGHTS – CAPITAL OR REVENUE?
CLAIM FOR RELIEF OF REBATE OUTSIDE REVISED RETURN OF INCOME
CONTROVERSIES
FRESH CLAIM IN A RETURN FILED IN RESPONSE TO A NOTICE ISSUED UNDER SECTION 148
EXTENDING THE SCOPE OF REASSESSMENT
POINT OF TAXABILITY – SECTION 56(2)(viib)
HRA EXEMPTION FOR RENT PAID TO WIFE OR MOTHER
ALLOWABILITY OF PROVISION FOR SALES RETURNS
Disallowance u/s 14A Where No Exempt Income and Effect of Explanation
Retention in Escrow Account – Liability to Capital Gains
Location of Source of Income in Case of Exports
Adjustment u/s 143(1) in Respect of Employees’ Contribution to Welfare Funds
Tax Audit and Penalty under Section 271B
Payment of Taxes Pending Appeal before Tribunal
Letter of Allotment and Receipt of Immovable Property
Validity of Reassessment Proceedings
Claim of Additional Depreciation – Additional Issue
Loan – Whether A Capital Asset?
Indexation of Cost Where Cost Paid In Instalments
Charitable Trusts Exemption – Application in India or Purposes in India
The Requirement To Provide Materials And Evidences Along With Show Cause Notice U/S 148A(B)
‘Only Source of Income’ For S. 80-IA/80IB and Other Provisions
Claim of Loss in Revised Return of Income
Revision under Section 264 of Intimation Issued Under Section 143(1)
Foreign Exchange Regulation Act— Contravention of provisions of Act — Adjudication proceedings and criminal prosecution can be launched simultaneously — If the exoneration in the adjudication proceedings is on merits criminal prosecution on same set of facts cannot be allowed.
Writ petition — Dispute between Government Undertaking and Union of India could be ordinarily proceeded with only after receipt of permission of COD — As the matter was covered by decision of Supreme Court, as an exception, High Court was directed to deci
Question of Law — Investment allowance — Whether allowable in one year or in several years is a question of law — Decision of Madras High Court not applicable.
Settlement of cases — Settlement Commission — S. 234B applies to the proceedings of the Settlement Commission — The terminal point for levy of such interest is the date of the order u/s.245D(1) — The Settlement Commission cannot reopen its concluded proce
Assessment — Reference to Departmental Valuer
Reassessment — Opinion of DVO alone cannot be the basis for reopening the assessment.
Companies — Special provisions — Minimum Alternate Tax — In determining the book profit of a private limited company whether depreciation should be allowed as per Income-tax Rules or as per the Companies Act — Matter referred to Larger Bench.
Industrial undertaking — Deduction u/s.80-IB — DEPB/Duty drawback benefits flow from the schemes framed by the Central Government or from S. 75 of the Customs Act or from S. 37 of the Central Excise Act, hence incentives profits are not profits derived fr
Interest-tax — Interest on bonds and debentures bought by a non-banking financial company as and by way of investment would not be liable to interest-tax.
Search and seizure — Block assessment — If the assessment is to be completed u/s.143(3) r.w. S. 158BC, notice u/s.143(2) should be issued within prescribed time.
Appeal — Order set aside to the High Court as the relevant decision was not considered.
Interest — Tax — Interest as Government securities not chargeable to Interest Tax
Capital gains — Gains/loss arising on renunciation of right to subscribe is a short-term gain — Deduction u/s.48(2) is to be applied to the long-term capital gains before set-off of short-term loss, if any.
Manufacture or production of article or thing — Activity of extraction of marble blocks, cutting into slabs, polishing and conversion into polished slabs and tiles would amount to ‘manufacture’ or ‘production’ for the purpose of claiming deduction u/s.80-
Manufacture — Duplication from the master media of the application software commercially to sub-licence a copy of such application software constitutes manufacturing of goods in terms of S. 80-IA.
Minimum Alternative Tax — For making an addition under clause (b) of S. 115JB, two conditions must be jointly satisfied, namely, (i) there must a debit to the profit and loss account, and (ii) the amount so debited must be carried to the reserve.
Manufacture — Twisting and texturising partially oriented yarn amounts to manufacture in terms of S. 80-IA of the Act.
Substantial Question of Law — Applicability of S. 35AB — For applicability of S. 35AB, the nature of expenditure is required to be decided at the threshold because if the expenditure is found to be revenue in nature, then S. 35AB may not apply — However,
Export business — Deduction u/s.80HHC (prior to 1989) — Deduction only to the extent it is covered by the reserve created for the said reserve.
Export business — Deduction u/s.80HHC — If the assessee is a supporting manufacturer, on producing disclaimer certificates from export house, he would be entitled to claim the benefit u/s.80HHC.
Appellate Tribunal — Scope of powers — The Tribunal is not authorised to take back the benefit granted to the assessee by the Assessing Officer — The Tribunal has no power to enhance the assessment.
Substantial Question of Law — Cancellation of penalty on the ground that the benefit under the amnesty scheme was available to the assessee even though there was material to show that the return was not voluntary gives rise to a substantial question of la
Substantial Question of Law — Whether on conversion of a partnership firm into a company under Part IX of the Companies Act the revaluation of the depreciable assets prior to conversion would be liable to capital gain tax is a question of law.
Search — Levy of surcharge on block assessment — Surcharge is leviable even to cases relating to assessment years prior to the insertion of S. 113.
Manufacture/Production — Conversion of jumbo rolls of photographic films into small flats and rolls in the desired sizes amounted to manufacture /production of a article or thing.
Appeals — Revenue cannot file an appeal involving a dispute for which no appeal is filed for earlier years if there is no change in the fact situation.
Industrial undertaking — In order to constitute an industrial undertaking the important criteria to be applied is to identify the item in question, the process undertaken by it and the resultant output
Business expenditure — Interest expenditure — Matter remanded to the High Court to determine whether the transactions were entered into with the idea of evading tax.
Rectification — Mistake apparent from record — Failure to apply judgment of jurisdictional High Court is a mistake apparent from record.
Export Business — Deduction U/s. 80 HHC — For the Assessment Year 1990-91, Section 80 HHC(3) statutorily fixes the quantum of deduction on the basis of proportion of business profits under the head ‘Profits and gains of business or profession’, irrespecti
Companies — MAT — Provision for bad and doubtful debts is not for meeting liability and cannot be added back in computing ‘book profits’ under Section 115JA(2)(c).
Kar Vivad Samadhan Scheme — Though the declaration was originally rejected for the reason that no appeal was pending as the delay was not condoned, the declaration ought to have been subsequently accepted when Tribunal held that there was no delay.
Questions of Law — No interference made on findings — Questions of law left open.
Rectification of mistake — Non-consideration of material on record amounts to mistake apparent from record.
Valuation of closing stock — Application to review the decision in CIT v. Hindustan Zinc Ltd. — Rejected
Assessment — Evidence — Out of the ten summons issued five parties appeared and gave evidence in favour of the assessee, but other five did not appear as the summons could not be served upon them — No adverse inference can be drawn against the assessee.
Search and seizure — Amounts lying in the bank account cannot be withdrawn and seized.
Writ petition — Even if small fraction of cause of action accrued within the territories of a State, the High Court of that State will have jurisdiction
Rectification of mistake — Whether power subsidy received by an assessee is revenue receipt or capital receipt has to be decided on the facts of each case after examining the scheme of subsidy and therefore cannot be a subject matter of rectification on t
Estate duty — Valuation of goodwill — Super Profits method — There is no hard and fast rule regarding multiplier to be applied for evaluating goodwill — Value would depend on the nature of business and prevailing market conditions — Property passing on de
Income from undisclosed sources — Should be taxed in the year of receipt — Matter remanded for fresh adjudication.
Refund — Interest on amount to be refunded would partake the character of ‘amount due’ u/s.244A.
which had read down Rule 3.
Income-tax return — Must be filed in the form prescribed by the statutory authority.
Constitutional validity — National Tax Tribunal — Challenge not similar to the appeal relating to the constitutional validity or National Company Law Tribunal — Matter separated.
Litigation — Public Sector undertakings — Clearance of Committee on Disputes — Time for reference within a period of one month is not rigid — Delay in approaching the Committee does not make it illegal but the delay should not be due to lethargy.
Search and seizure — Surcharge is leviable on income assessed under Chapter XIV-B and the proviso to S. 113 inserted by Finance Act, 2002 was only clarificatory in nature.
New industrial undertaking in backward areas — Deduction u/s.80HH — In the absence of particulars of outsourcing activity deduction cannot be allowed.
Industrial undertaking — Deduction u/s. 80-I — To determine whether manufacturing is carried out in the industrial undertaking, assessee should place all the relevant material before the Tribunal which is the highest fact finding authority — Whether the a
Depreciation — Manufacture of tea — In cases where Rule 8 applies, the income which is brought to tax as ‘business income’ is only 40% of the composite income and consequently proportionate depreciation is required to be taken into account because that is
Income or capital — Compensation received for sterilisation of the profit-earning source, not in the ordinary course of business, was a capital receipt.
Deduction of Tax at source — When 85% of the fish catch is received after valuation in India by the non-resident company, the same is chargeable to tax in India — Tax ought to have been deducted at source on such value.
Income — S. 94(7) applies to transactions entered into after its insertion vide Finance Act, 2001 w.e.f. April 1, 2002.
Business expenditure — Differential payment to cane-growers — Matter remanded.
Exemption — Amount received by employees of Reserve Bank of India opting for Optional Early Retirement scheme was eligible for exemption u/s.10(10C).
Block assessment proceedings — The question whether the proviso appended to S. 113 imposing surcharge from 1-6-2002 is prospective or retrospective referred to a Larger Bench by the Supreme Court.
Agricultural income — Even in case of an assessee having composite business of growing and manufacturing tea, income from sale of green tea leaves is purely income from agricultural products and is liable to be entirely taxed under the State Act and canno
Circulars — Issued by the Board — It is not open to the officers administering the law working under the Board to say that the Circulars issued by Board are not binding on them.
Film production — Amortisation of expenses — Amortisation loss computed under Rule 9A is not subject to provisions of S. 80 and S. 139 of the Act.[CIT v. Joseph Valakuzhy, (2008) 302 ITR 190 (SC)]
Business Expenditure – Allowable only on actual payment – Bank guarantee is nothing but a guarantee for payment on some happening and cannot be equated with actual payment as required under section 43B of the Act for allowance as deduction in the computat
Manufacture or production of article – Ship breaking activity gives rise to the production of a distinct and different article
Assessment Order passed at the dictates of higher authority is a nullity – Though the revision and reassessment were held to be not maintainable, the Supreme Court in the exercise of its jurisdiction under 142 of the Constitution of India, directed the as
Interest u/s.234B — Interest can be charged on tax calculated on book profits u/s.115JA/115JB.
Interconnect agreements — Transaction relating to technology should be examined by technical experts from the side of the Department before deciding the tax liability arising from such transaction.
Companies — Minimum Alternate Tax — Credit is admissible against tax payable before calculating interest u/s.234A, u/s.234B and u/s.234C. Interpretation of statutes — A form prescribed under the rules can never have any effect on the interpretation or ope
Charitable purpose — Charitable Institution — Statutory body established for the predominant purpose of development of minor ports the management of which is with the State Government and where there is no profit motive covered within the meaning of the w
Kar Vivad Samadhan Scheme, 1998 — What is conclusive is the order passed U/ss.(1) of S. 90 of the Scheme determining the sum payable under the Scheme and the terms ‘direct tax enactment’ or ‘indirect tax enactment’ or ‘any other law for the time being in
Penalty — Concealment of income — Matter remanded to the High Court since it had relied upon its earlier decision which, though approved by the Supreme Court in some other matter, was later held to not lay down the correct law by Larger Bench of the Supre
Supreme Court — Special Leave Petition — Order passed by the High Court should be a speaking order — Matter remanded.
Substantial question of law — Whether the assessee was entitled to deduction u/s.80-IA of the Act on the amount of entire eligible income without reducing the amount of export incentives from the same.
Export — Deduction u/s.80HHC — Duty drawback and cash compensatory allowance received in the year other than the year of exports is eligible for deduction u/s.80HHC of the Act in the year of receipt, in a case where assessee is following the cash system o
Recovery of Tax — Strangers to the decree are afforded protection by the Court because they are not connected with the decree.
Capital or revenue expenditure – Replacement of machinery in a spinning mill is not revenue expenditure.
Co-operative Society – Deduction under Section 80P(2)(e): An assessee-society engaged in distribution of controlled commodities on behalf of the government under Public Distribution System and getting commission is not entitled to deduction under section
High Court — Appeal lies only when substantial question of law is involved — Cash credits — Where any sum is found credited in the books of the assessee for any previous year, the same may be charged to income-tax as income of the assessee of that previou
Agreement — Law permits the contracting parties to lawfully change their stipulations by mutual agreement
Penalty — Concealment of income — Penalty leviable even in a case where the concealed income reduces the returned loss and finally the assessed income is also a loss or minus figure — Also illustrative guidelines for Courts while writing orders/judgments.
Block assessment — Appeal to the Tribunal (prior to 1-10-1998) against the assessment order could be filed even in the absence of payment of admitted tax.
Co-operative society — Whether the society could be said to be engaged in a cottage industry or whether it could be said to be engaged in a collective disposal of labour of its members — Though Court did not interfere in the matter in absence of material,
Bad debt — After April 1, 1989, it is not necessary for the assessee to establish that the debt, in fact, has become irrecoverable.
Bad debt — Write-off — After 1st April, 1989, if an assessee debits an amount of doubtful debt to the profit and loss account and credits the asset account like Sundry Debtors’ Account, it could constitute a write-off of an actual debt and it is not neces
Assessment — Intimation u/s.143(1)(a) — Effect of amendment of S. 143(1A) by Finance Act, 1993 — Whether retrospective in case of reduction of loss ? — Matter remanded to the High Court.
Penalty — Concealment of income — Penalty could be imposed u/s.271(1)(c) of the Act even if the returned income as well as the assessed income is a loss.
Search and seizure — Whether the High Court was justified in holding that the Additional Director (Investigation) do not have jurisdiction to authorise Joint Director to effect search ? — Matter left open since it had become academic.
The liability Special Court (Trial of offences relating to Transaction in Securities) Act, 1992. Has precedence over other liability u/s.11(2)(a) — Scope of powers under the Act
Purchase of immovable property by Central Government — Lease for 9 years renewable at option of lessee for a further period of 9 years would be covered by Explanation to S. 269UA(f)(i) attracting the provisions of Chapter XX-C.
Double Taxation Avoidance Agreement — India and Malaysia — Dividend income received from Malaysian company is not liable to be taxed in India in the hands of the recipient assessee
Reference — Penalty — High Court cannot go into facts in the absence of the question that the finding of the Tribunal was perverse.
Appeal — Appeals of Revenue cannot be entertained if it has accepted and not challenged the ruling of the High Court passed on the issue.
Companies — Minimum Alternate Tax — In respect of company consistently following the practice of debiting the depreciation at the rates prescribed by the Income-tax Rules, the Assessing Officer cannot for the purposes of S. 115J rework the net profit by s
Transfer of a case — Power u/s.127 can also be exercised in respect of a block assessment.
Substantial question of law — Whether credit for MAT is to be allowed before charging of interest u/s.234B and u/s.234C of the Act is a question of law.
Special audit of accounts — Order u/s. 142(2A) cannot be passed without giving reasonable opportunity of being heard.
Business expenditure — Provision for warranty expenses at certain percentage of turnover of the company based on past experience is allowable as a deduction u/s.37.
Capital or revenue expenditure — Matter remanded to the High Court to decide whether the assessee had acquired assets of enduring benefit.
Block assessment — Only brought forward losses of the past years under Chapter VI and unabsorbed depreciation u/s.32(2) were to be excluded while aggregating the total income or loss of each previous year in the block period, but set-off of the loss suffe
Depreciation — Balancing charge — Assets whose cost does not exceed Rs.5,000 — Depreciation claimed at 100% — Sale of scrap — Those purchased after 1-4-1995 taxable u/s.50 — Those purchased prior to 1-4-1995, not liable to tax.
Exemption — Income not forming part of the total income — Whether State-controlled Committee/Boards and companies constituted to implement the educational policy of the State should be treated as educational institution eligible for exemption u/s.10(22) o
High Court — Writ petition — Whether appeal lies to the Division Bench or not is not to be decided on the basis of nomenclature given in writ petition.
Gift Tax — Deemed Gift — Allotment of rights shares do not constitute transfer — Renunciation for inadequate consideration in a given case may attract S. 4(1)(a), but the Department has to proceed against the renouncer — Recipient of bonus shares from the
Method of accounting — Before rejecting the method of accounting regularly followed by the assessee, the Assessing Officer should demonstrate that the method of accounting so followed results in underestimation of profits.
Investment allowance — Whenever there is exchange fluctuation in any previous year, S. 43A(1) comes into play — the increase in liability should be taken as ‘actual cost’ within the meaning of section and extra benefit when liability is reduced must be ta
Exemption — S. 10(5) — Leave travel concession/Conveyance allowance — For the purpose of S. 192, employer need not collect and examine the supporting evidence to the deduction submitted by the employees.
Export business — Deduction u/s.80HHC — ‘Rights’ of movies for telecasting for a period of five year would fall in the category of articles of trade and commerce, hence merchandise — So far as films are concerned the word ‘lease’ is included in the meanin
Penalty — Concealment of income — Penalty can be levied u/s.271(1)(c) even in a case where positive income is reduced to nil after set off of carried forward losses of earlier years.
Substantial question of law — While allowing the deduction of expenditure, nature of such expenditure is required to be examined — Question of nature of expenses is a substantial question of law.
Substantial questions of law — Whether the freight paid by the assessee (AOP) to truck owners who in turn are members of the said AOP is subject to TDS u/s.194C(2) of the Act, is a substantial question of law.
Writ petition — Under Income-tax Act, the unit of assessment is a ‘year’ and hence it is not open to a court to direct by an omnibus order that all subsequent years are connected years and that income be treated in same manner for all the years.
Interest — Waiver of interest u/s.220(2) — Case of genuine hardship — Merely because a person has large assets could not per se lead to the conclusion that he would never be in difficulty as he can sell those assets and pay the amount of interest levied —
Capital or Revenue — If the object of the subsidy scheme is to enable the assessee to run the business more profitably the receipt is on revenue account — if the object of the assistance under subsidy scheme is to enable the assessee to set up a new unit
Capital gains — In a case where computation provision cannot apply, such a case would not fall within S. 45 — Artex Manufacturing’s case distinguished on facts.
Business expenditure — Whether aid given to the residents living in the vicinity of the factory of the assessee is a business expenditure allowable u/s.37 of the Act is a question on which finding of fact should be given by the Tribunal.
Capital or revenue expenditure — Development and prospecting expenditure — The question is to be considered in the light of the provisions of S. 35E(2) and not in the context of S. 37(1).
Appeal by the Revenue — Merely because in some cases the Revenue has not preferred appeal that does not operate as a bar for the Revenue to prefer an appeal in another case where there is a just cause.
Exemption — Local Authority — Marketing Committee to provide facilities for marketing of agricultural produce in a locality is not a ‘local authority’ and there fore its income is not exempt u/s.10(20) (after amendment by Finance Act, 2002). Its income is
Business Expenditure — S. 42(1) — Special provisions for prospecting for mineral oil — Production sharing contract accounts is an independent accounting regime — Foreign exchange losses on account of foreign currency transaction is allowable as a deductio
Depreciation — Higher depreciation could not be allowed on the motor trucks used in business of running them on hire, unless there is an evidence that the assessee was in the business of hiring out motor vehicles.
Appeal to the High Court — Finding of facts recorded by the Tribunal that machinery was not idle for the entire block period — hence it was not necessary to go into the connotation of the word ‘used’ appearing in S. 32 of the Act.
Assessment — Prima facie adjustments — When there are conflicting judgments or interpretations of a Section, prima facie adjustment contemplated u/s.143(1)(a) was not applicable and in such cases there was no liability to pay additional tax u/s.143(1A).
Method of Accounting — Chit fund — Chit discount accounting on completed contract method cannot be rejected, especially when it is revenue neutral.
Business expenditure — Interest on borrowings — Assessee has to establish, in the first instance, its right to claim deduction under one of the Sections between S. 30 to S. 38, and in the case of a firm if it claims special deduction, it has also to prove
Head of income — Business income or income from other sources — Interest on short-term deposits with bank — In the absence of factual matrix, matter remanded to the Tribunal for fresh adjudication.
Heads of income — Business income or income from other sources — Interest on short-term deposits with bank of surplus fund — Income from other sources — No deduction u/s.80P is allowable as it is not a part of operational income.
Diversion overriding title — Whether the payment of citizen tax payable to the employees who were Japanese citizens constituted an overriding charge on the salary and therefore would not be income of such employees and consequently no tax was to be deduct
National Tax Tribunal — Petitions to be heard after the amendments in the provisions of the Act were made.
Charitable Trust — For claiming benefit u/s.11(1)(a), registration u/s.12A is a condition precedent.
Loan in foreign currency for acquisition of capital asset — Forward contract for obtaining foreign currency at a pre-determined rate — Roll-over charges paid to carry forward the contract have to be capitalised in view of S. 43A.
Business expenditure — Foreign exchange borrowings — Loss on account of fluctuation in rate of foreign exchange on the last date of balance sheet — If the borrowings are on revenue account, the loss is allowable as deduction u/s.37(1) and if the same is o
Depreciation — Membership card of Bombay Stock Exchange is an ‘intangible asset’ on which depreciation is allowable u/s.32(1)(ii).
Substantial Question of Law — Whether reassessment made without issue of notice u/s.143(2) of the Act is invalid, is a substantial question of law.
Export — Deduction u/s.80 HHC — Export profits in the business of growing, manufacturing and exporting of tea — Deduction u/s.80 HHC to be computed after apportionment, only against 40% of proportionate income
Export — Deduction u/s.80HHC — Amendment made by the Finance (No. 2) Act, 1991, in S. 80HHC of the Income-tax Act, 1961, with effect from April 1, 1992, to the effect that for the purpose of the special deduction thereunder business profits will not inclu
Salary — Perquisite — Stock option issued subject to conditions is not a ‘perquisite’ — Law amended by insertion of S. 17(2)(iii)(a) in the Act w.e.f. 1-4-2000 is not retrospective.
Method of Accounting — Chit fund — Chit discount accounting on completed contract method cannot be rejected especially when it is revenue neutral.
Business expenditure — Interest on borrowed capital — Prior to insertion of proviso to S. 36(1)(vi) w.e.f. 1-4-2004, an assessee was entitled to claim deduction of interest on capital borrowed for the purposes of its business, irrespective of its use bein
Business expenditure — Interest on borrowings — Assessee has to establish, in the first instance, its right to claim deduction under one of the Sections between S. 30 to S. 38 and in the case of the firm if it claims special deduction, it has also to prov
Business expenditure — If income from an activity is assessed as an income, expenditure incurred in respect of that activity should be allowed.
New Industrial Undertaking — Special deduction — The gross total income of the assessee has first got to be determined after adjusting losses, etc., and if the gross total income of the assessee is ‘nil’, the assessee would not be entitled to deductions u
Exports — Taxability of profits u/s.28 — Deduction under Chapter VIA — DEPB is ‘cash assistance’ receivable by a person against exports and fall under clause (iiib) of section 28 and is chargeable to tax even before it is transferred by the assessee (in the year of entitlement) and profit on transfer of DEPB fall under clause (iiid) of section 28 and were chargeable to tax in the year of transfer — If the assessee having export turnover of more than Rs.10 crore does not satisfy the two conditio<
Right to information – The details disclosed by a person in his income-tax returns are “personal information” which stand exempted from disclosure under clause (j) of section 8(1) of the Right to Information Act, 2005.
Business Expenditure – Interest paid in respect of borrowings for acquisition of capital assets not put to use in the concerned financial year is allowable as a deduction u/s. 36(1)(iii).
Co-operative Society – Income from underwriting commission and interest on PSEB Bonds and IDBI Bonds derived by a banking concern is income from banking business and hence qualified for deduction u/s. 80P(2)(a)(i).
Export – Profits derived from export of granite not eligible for deduction under section 80HHC
Advance Tax – Levy of interest u/s. 234A/234B/234C is mandatory and the interest could be levied without specific direction in the assessment order.
Appeal to High Court – Fresh material produced before the Supreme Court – The Supreme Court remanded the matter to the High Court to consider the said material as it was of relevance.
Principle of mutuality – Interest earned on surplus funds placed by the members club with members bank not covered by mutuality principle, liable to be taxed in the hands of the club.
Exemption – Trust issuing a receipt on 31st March, 2002 for the cheque of donation dated 22nd April, 2002 – No Violation of provisions of section 13 since the Trust had shown the amount as donation receivable in the Balance Sheet and the donor had not availed the exemption in accounting year 2001-02 but claimed it in 2002-03 only.
Industrial Undertaking – Deduction u/s. 80 HH and 80-I – Neither section 80HH nor section 80-I (as it stood in assessment year 1992-93) statutorily obliged an assessee to maintain its accounts unit-wise and it was open to maintain accounts in a consolidated form from which unit-wise profits could be worked out for computing deduction u/s. 80HH/80I.
Small Scale Industrial Undertaking – Reference not to be made to the Eleventh Schedule for the purposes of consideration of the claim u/s. 80-IB. Manufacture – Process of blending of Extra Neutral Alcohol (ENA) to make various products like whiskey, brandy, rum, etc. is a manufacturing activity.
Business Expenditure – Scheduled Commercial Banks – Bad and doubtful debts – Entitled to deduction of irrecoverable debts written off u/s. 36(1)(vii) in addition to the deduction of provision for bad and doubtful debts u/s. 36(1)(viia).
Method of Accounting – Valuation of Stock – Manufacturer of sugar – the closing stock of incentive sugar to be valued at levy price which was less than the cost
Income – In determining whether a receipt is liable to be taxed, the taxing authorities cannot ignore the legal character of the transaction which is the source of the receipt – Amounts collected from customers towards disputed Sales Tax liability were not kept in a separate bank account and hence formed part of business turnover and thus constituted income.
Business Expenditure – Interest on borrowed capital by an assessee carrying on manufacture of ferro-alloys and setting up a sugar plant – where there is unity of control and management in respect of both the plants and where there is intermingling of funds and dovetailing of business the interest could not be disallowed on the ground that the assessee had not commenced its business.
Exports – Profits on telecasting rights of a T.V. Serial are entitled to the benefit of section 80HHC
Industrial Undertaking – Deduction u/s. 80IA – Texturing and twisting of polyester yarn amounts to manufacture.
Writ – When an alternative remedy is available to the aggrieved party it must exhaust the same before approaching the writ court—order of High Court quashing the notices issued u/s. 153C as being without jurisdiction set aside by the Supreme Court.
Appeal to High Court – Substantial Questions of Law framed for consideration by court – The High Court’s power to frame substantial question(s) of law at the time of hearing of the appeal other than the questions on which appeal has been admitted remains u/s. 260A(4) but this power is subject, however, to two conditions, (one) the court must be satisfied that appeal involves such questions, and (two) the court has to record reasons therefor
Reassessment – Reason to believe that income had escaped assessment – The subsequent reversal of the legal position by the judgment of the Supreme Court does not authorise the Department to reopen the assessment [beyond a period of four years in a case where original assessment is made u/s. 143(3)], which stood closed on the basis of law, as it stood at the relevant time.
Exports—Exemption u/s. 10A—Matter remanded to the Tribunal to consider the transaction of earning of interest on foreign currency deposit in detail to determine whether there existed any nexus between interest and industrial undertaking.
Co-operative Society—Deduction u/s. 80P(2) (a)(iii)—Matter remanded to the Commissioner of Income-tax (Appeals) to determine whether the activity of obtaining sugar from the sugar cane constituted manufacture?
High Court—Matter remanded for de novo consideration as no reasons were given for dismissal of the writ petition.
Substantial Question of Laws – Whether gains on forward currency contract is not to be excluded from the profits eligible for deduction u/s. 80HHC, is a substantial question of law.
Business expenditure- Amount lying credited in the Modvat account at the end of the accounting year was expenditure allowable u/s. 37 read with section 43B.
Assessment – Supreme Court dismissed the Special Leave Petition arising from the order of the High Court in view of concurrent finding of facts where the High Court had held that statements recorded during survey operation do not have any evidentiary value when the same are subsequently retracted and no addition could be made solely on the basis of such statement.
Chafer VI-A – Special Deduction – Duty drawbacks is not derived from industrial undertaking and thus is not eligible for deduction u/s. 80 IA.
Exports – Special deduction – Leasing right are ‘goods’ and transfer of such rights constitute ‘sale’ of merchandise / goods and the profits thereon are eligible for deduction u/s. 80HHC.
Motor Accident–Compensation on account of death–In law the presumption is that the employer at the time of payment of salary deducts income tax on the estimated income of the deceased employee from the salary and in the absence of any evidence to the contrary the salary as shown in the last pay certificate should be accepted for calculating the compensation payable to the dependent(s).
Receipt — Whether sales tax incentive is a capital receipt is a substantial question of law which ought to have been considered by the High Court.
Bad Debt – Prior to 1-4-1989 – Allowable as deduction even in cases in which the assessee(s) made only a provision in its accounts for bad debts and interest thereon and even though the amount is not actually written off by debiting the profit and loss account of the assessee and crediting the amount to the account of the debtor.
Rectification of mistakes – Issue involving moot question of law at the relevant time – Rectification not permissible.
Investment Allowance – Whenever the assessee claims investment allowance u/s. 32A of the Act, it has to lead evidence to show that the process undertaken by it constitutes “production”.
Interest u/s. 234B and 234C—Credit for minimum alternate tax has to be set off from the tax payable before levy of interest u/s. 234B and 234C of the Act.
Export — Deduction u/s.80HHC — Only ninety percent of the net amount of any receipt of the nature mentioned in clause (1), which is actually included in the profits of the assessee is to be deducted from the profits of the assessee for determining ‘profits of the business’ of the assessee under Explanation (baa) to section 80HHC.
Search and seizure – Block Assessment – Undisclosed Income – If the search is conducted after the expiry of the due date of filing return, payment of advance tax or deduction of tax at source is irrelevant in construing the intention of the assessee to disclose income – The ‘disclosure of income’ is disclosure of total income in a valid return u/s. 139.
Depreciation – Assessee is entitled to depreciation in respect of vehicles financed by it but registered in the name of third parties and is eligible to claim it at a higher rate where such vehicles are used in the business of running on hire.
Gift Tax – Deemed Gift – Whether there is deemed gift of bonus shares (retained by the Donee) by the Donor in the year of revocation of gift of shares with proviso that gift shall not include bonus shares? – Matter remanded.
Business Expenditure – Disallowance under section 40A(9) – The Supreme Court refrained from going into the scope and applicability of section 40A(9) when the proper foundation of facts had not been laid.
Appeal to High Court – High Court should not overrule the findings of the Tribunal and Commissioner (Appeals) on the factual aspects and in case of doubt should remit the matter for deciding the matter afresh after giving reasonable opportunity to the assessee.
Penalty – Concealment of income – Suit for recovery by bank settled at Rs.42,45,477 as against Rs.52,07,873 outstanding in the assessee’s books of account – Not a case to which section 271(1)(c) would apply.
Section 17 incentive bonus received by LIC Development Officer to be treated as salary and no expenses deductible.
Writ – Non-entertainment of petitions under writ jurisdiction by the High Court when an efficacious alternative remedy is available is a rule of self-imposed limitation. It is essentially a rule of policy, convenience and discretion rather than a rule of law.
Search and seizure – Block assessment – Assessment of third person – For the purpose of section 158BD of the Act a satisfaction note is sine qua non and must be prepared by the assessing officer before he transmits the records to the other assessing officer who has jurisdiction over such other person. The satisfaction note could be prepared at either of the following stages: (a) at the time of or along with the initiation of proceedings against the searched person u/s. 158BC of the Act;
Business Expenditure – Disallowance u/s. 40A(3) of payments in cash in excess of specified limit in an assessment made for a block period – Provisions to be applied as applicable for the assessment years in question
Interest expenditure – Advances to sister concerns – Commercial expediency – S. A. Builders v. CIT needs reconsideration.
Appeal u/s. 260A – High Court ought to give its findings in detail – High Court should not set aside the order of the Tribunal in an appeal filed by the Department without hearing the assessee.
Central Board of Direct Taxes – Representation should not be rejected without hearing and that the case should be disposed of by a reasoned order.
High Court – If the High Court finds that the Tribunal has not answered some issues which arose before it in an appeal, instead of itself answering those issues, it should remit the case back to the Tribunal.
Delegation of Legislative Power – Two broad principles are (i) that delegation of non-essential legislative function of fixation of rate of imposts is a necessity to meet the multifarious demands of a welfare state, but while delegating such a function laying down of a clear legislative policy is pre-requisite, and (ii) while delegating the power of fixation of rate of tax, there must be in existence, inter alia, some guidance, control, safeguards and checks in the concerned Act. The question o<
The mechanism set up by Supreme Court requiring clearance of the Committee on Disputes in litigation between Ministry and Ministry of Government of India, Ministry and public sector undertakings of the Government of India and public sector undertakings between themselves and also in disputes involving the State Governments and their instrumentalities recalled.
Penalty – u/s. 271(1)(c) – Penalty cannot be imposed on the additions made under the normal provisions of the Act when the income is assessed u/s. 115JB –SLP dismissed.
Interest – Before any amount paid is construed to be interest, it has to be established that the same is payable in respect of debt incurred – Discounting charges paid for getting the export bill discounted is not interest within the ambit of section 2(28A) – SLP dismissed.
Reassessment – An assessment cannot be reopened on the basis of change of opinion.
Interest – Whether interest is payable by the Revenue to the assessee if the aggregate of installments of Advance tax/TDS paid exceed the assessed tax is a question of law – Correctness of the judgement in Sandvik Asia Ltd. v. CIT doubted.
Depreciation – Goodwill is an intangible asset under Explanation 3(b) of section 32(1) of the Act and is entitled to depreciation under that section.
Authority of Advance Ruling – Advance Ruling of the Authority could be challenged before the appropriate High Court under Article 226 and/or 227 of the Constitution of India and is to be heard by the Division Bench hearing income tax matters expeditiously.
Capital or revenue receipt — Non-competition fee is a capital receipt — Not exigible to tax prior to amendment of Finance Act, 2002.
Industrial undertaking – Deduction under section 80IA – In the absence of separate books of accounts in respect of manufacturing activity and trading activity, the Assessing Officer was justified in working out the manufacturing account.
Double Taxation Avoidance Agreement — While India is not a party to the Vienna Convention, it contains many principles of customary international law, and the principle of interpretation of Article 31 of the Vienna Convention, provides a broad guide-line as to what could be an appropriate manner of interpreting a treaty in Indian context also.
Business expenditure — Banks — The provisions of clause (viia) of section 36(1) relating to the deduction on account of the provision for bad and doubtful debt(s) are distinct and independent of the provisions of section 36(1) (vii) relating to allowance of the bad debts — The scheduled commercial banks would continue to get the full benefit of the writeoff of the irrecoverable debt(s) u/s.36(1)(vii) in addition to the benefit of deduction for the provision made for bad and doubtful debt(s) u/s<
Penalty – Concealment of Income – There is no time limit prescribed for payment of tax with interest for the grant of immunity under clause (2) of Explanation 5 to section 271(1)(c).
Deduction of tax at sources – The Transaction of purchase of stamp papers at discount by the Stamp Vendors from the State Government is a transaction of sale and there is no obligation on the State Government to deduct tax at source u/s. 194 H on the amount of discount.
Charitable Purpose – Application of income – Amounts transferred by the Mandi Samiti to the Mandi Parishad in accordance with the Adhiniyam constitutes application of income for charitable purposes.
Doctrine of merger — If for any reason an appeal is dismissed on the grounds of limitation and not on merits, that order would not merge with the orders passed by the Appellate Authority.
Valuation of stock – In valuing the closing stock the element of excise duty is not to be included.
Business Expenditure – Where payment is for acquisition of know-how to be used in the business of the assessee, deduction is to be allowed u/s. 35AB and section 37 has no application.
Appeal to Supreme Court – Special Leave Petition – Delay by the Government bodies – Unless there is a reasonable and acceptable explanation for the delay and there is bona fide effort, the usual explanation regarding procedural delay should not be accepted.
Reassessment — Assessee allowed to raise all contentions on merits in the reassessment proceedings
Penalty – Furnishing inaccurate particulars of income – Assessee inadvertently claiming a deduction though in tax audit report it was clearly stated that the amount debited to Profit & Loss Account was not allowable as deduction indicated that the assessee made a computation error in its return of income – Imposition of penalty was not justified.
Search and Seizure – Section 132B(4)(b) as it stood dealt with pre-assessment period and there is no conflict between this provisions and section 240 or 244A which deals with post-assessment period after the appeal – Assessee is entitled to interest for the period from expiry of period of six months from the date of the order u/s. 132(5) to the date of the regular assessment order in respect of amounts seized and appropriated towards tax but which became refundable as a result of appellate orde<
Power to call for information – Powers u/s. 133(6) are in nature of survey and general enquiry to identify persons who are likely to have taxable income and whether they are in compliance with provisions of Act – The notice seeking information from a cooperative Bank in respect of its customers which had cash transactions on deposits of Rs. 1,00,000 and above for a period of three years without reference to any proceeding or enquiry pending before any authority under the Act was valid.
International transactions — Transfer price — Arm’s-length price — Order of remand of the High Court modified so that the TPO would be uninfluenced by the observations given by the High Court.
Transfer pricing — Foundational facts were not established — Assessee relegated to adopt proceedings that were pending before various authorities and each of the authorities to decide the matter uninfluenced by the observation of the High Court.
Interest-tax — Supreme Court — Matter remanded for determining the questions that arose in accordance with the law.
Appeals to the Appellate Tribunal, High Court and Supreme Court — Circular laying down monetary limit not to apply ipso facto.
Offences and prosecution — False verification in return — Since the signature on return was not disputed at the time of assessment and penalty proceedings, it amounted to admission and the accused could not have been acquitted for the reason that prosecution was not able to prove the signature of the accused.
Rectification of mistake — Tribunal should have regard to all the facts — Capital or revenue expenditure — Business loss — Loss incurred due to fluctuation of foreign exchange rate — To be decided in the light of CIT v. Woodward Governor India P. Ltd.
Natural Justice — Order passed in violation of principles of natural justice should not be quashed, but the matter should be remanded to grant an opportunity of hearing.
Appeal to the High Court — Delay in filing the appeal — High Court to examine the cases on merits and should not dispose of cases merely on the ground of delay.
Deduction u/s.80HHE in case of MAT assessment is to be worked out on the basis of adjusted book profit u/s.115JA and not on the basis of profit computed under regular provisions of the law applicable to the computation of profits and gains of business or profession.
Penalty – Concealment of Income-Voluntary disclosures do not release the assessee from the mischief of penal proceedings.
Export – Deduction u/s. 80HHC – DEPB credit – Matter remanded to the Assessing Officer in accordance with the law laid down in Topman Exports.
Offences and Prosecution – Section 276CC applies to situations where an assessee has failed to file a return of income as required u/s. 139 of the Act or in response to notice issued to the assessee u/s. 142 or section 148 of the Act.
Income from property held for charitable or religious purposes – A charitable and religious trust which does not benefit any specific religious community would not be covered by section 13(1)(b) of the Act and would be eligible to claim exemption u/s. 11 of the Act.
Search and seizure – Block assessment – Assessment of third person – For the purpose of section 158BD of the Act a satisfaction note is sine qua non and must be prepared by the assessing officer before he transmits the records to the other assessing officer who has jurisdiction over such other person. The satisfaction note could be prepared at either of the following stages: (a) at the time of or along with the initiation of proceedings against the searched person u/s. 158BC of the Act;
Interest – Refund of excess of payment of tax paid u/s. 195(2) to the depositor – the assessee/ depositor is entitled to interest from the date of payment of such tax.
Interest on excess refund – Section 234D is not retrospective and does not apply to assessments that are completed prior to 01-06-2003.
Accrual of Income – Income accrues when it becomes due but it must also be accompanied by a corresponding liability of the other party to pay to amount.
Appeal to the High Court – The High Court has the power to frame substantial questions of law at the time of hearing of the appeal other than the questions on which appeal had been admitted.
Company – Book Profits – Computation – Assessee is entitled to reduce from its book profits, the profit derived from captive power plants in determining tax payable for the purposes of section 115JA
Recovery of tax – Garnishee notice – Stock exchange membership card is a privilege and not a property capable of attachment and the proceeds of the a card which has been auctioned cannot be paid over to Income-tax – Membership security which is handed over to the Exchange continues to be the assets of the members which can be liquidated on default – Stock Exchange has a lien over membership security and being a secured creditor, would have priority over Government Dues
Exemption – Educational Institute – Application for grant of certificate u/s. 10(23C)(vi) was rejected for the reason that the applicant was not using the entire income for the educational purposes – In view of the amendment to the objects, the Supreme Court set aside the orders of the High Court and authorities concerned with liberty to apply for registration afresh.
Assessment – Best judgment assessment – Assessee not very educated person, not properly represented – Supreme Court refused to interfere with assessment but directed that no interest be recovered and no penalty proceedings be initiated.
Export – Deduction u/s. 80HHC – Turnover to include sale of goods dealt in and sale of scrap is not includible
Capital gains –Exemption – In peculiar facts of the case, namely that the sale deed could not be executed in pursuance of agreement to sell for the reason that the assessee had been prevented from dealing with the residential house by an order of a competent court, which could not have been violated, the relief u/s. 54 should not be denied.
Wealth Tax – Valuation of asset – If in the opinion of the Assessing Officer, if the value determined by the taxpayer on the basis of rules 3 to 7 is absurd or has no correlation to the fair market value or otherwise not practicable, in such a case, it is open to the Assessing Officer to invoke rule 8 of Schedule III and determine the value of the asset either under rule 20 or refer u/s. 16A, for determination of the valuation of the asset
Search And Seizure – Block Assessment – Surcharge – The charge in respect of surcharge, having been created for the first time by insertion of proviso to section 113 was substantive provision and hence was to be construed as prospective in operation and was effective from 1st June, 2002.
Capital Gains – Status of Assessee – Compensation received on acquisition of inherited land by the Government is to be assessed in the hands of the sons in their status as “individual’s” and not jointly in the status of “Association of Persons.”
Reference- High Court- Question of Law- The legal inferences that should be drawn on the primary facts is eminently a question of law.
Exemption – Educational Institution – When a surplus is ploughed back for educational purposes, the educational institution exists solely for educational purposes and not for purposes of profit.
Reassessment – Full and true disclosure of materials facts – Supreme Court directed the Commissioner of Income Tax (Appeals) to decide the appeal without being influenced by the observation of the High Court that though the Assessing Officer enquired into the matter and the assessee having furnished the material still there was no full and true disclosure as the Assessing Officer had not applied his mind to a particular aspect of the issue.
Agricultural Income-tax – Legislative Powers – Retrospective Legislation – The Legislature has powers to render the judicial decision in a case ineffective by enacting a valid law on a topic within the legislative field which fundamentally alters or change the character of legislation retrospectively. The changed or altered conditions are such that the previous decision would not have been rendered by the court if those conditions had existed at the time of declaring the law as invalid.
Fees for technical services – The services of qualified and experienced professional who could prepare a scheme for raising requisite finances and tie-up loans for the power projects could be said with certainty would come within the ambit and sweep of the term ‘consultancy service’ in section 9(1)(vii)(b) and, therefore, the tax at source should have been deducted as the amount paid as fee could be taxable as ‘fees for technical service’
Assessment – Intimation – Prima Facie Adjustments – Additional tax – Retrospective amendment made in 1993 was only clarificatory of the position that existed in 1989 and was valid but 143(1A) could be invoked only where it was found in facts that the lesser amount stated in the return filed by the assessee was a result of an attempt to avoid tax lawfully payable by the assessee.
Trust – Private Discretionary Trust – A discretionary trust is one which gives a beneficiary no right to any part of the income of the trust property, but vests in the trustees a discretionary power to pay him, or apply for his benefit, such part of the income as they think fit. The trustees must exercise their discretion as and when the income becomes available, but if they fail to distribute in due time, the power is not extinguished so that they can distribute later. They have no power to bi<
Business Expenditure – Disallowance u/s. 40A(3) of payments in cash in excess of specified limit in an assessment made for a block period – Provisions to be applied as applicable for the assessment years in question
Depreciation – Once the assessee proves the ownership of the assets and its use for the business purpose, he is entitled to depreciation u/s. 32
Appeal to the High Court – Circular No. 3 of 2011 (which stipulates monetary limit for appeals by Department) should not be applied ipso facto, particularly, when the matter has cascading effect.
Appeal to the Supreme Court – No question of law arises from the finding of fact that the sale and lease back transactions was a sham
Co-operative Society – Special Deduction – Matter remanded to the Commissioner to decide as to whether the society is entitled to deduction u/s. 80P(2)(a)(iii) and whether benefit earned under Sampath Incentive Scheme, 1997 was a capital receipt
Wealth Tax – Valuation of Asset – “Price that asset would fetch in market” – Valuation of vacant land in excess of ceiling limit could only be valued at the amount of maximum compensation under the Ceiling Act.
Power of High Court to Review – High Courts being courts of record under Article 215 of the Constitution of India, the power of review would inherent in them and section 260A(7) does not purport in any manner to curtail or restrict the application of the provisions of the Code of Civil Procedure.
Capital Gains – Exemption u/s. 54G – Transfer of Unit from Urban Area to Non-Urban Area – Advances paid for the purpose of purchase and/or acquisition of the assets would certainly amount to utilisation by the assessee of the capital gains made by him for the purpose of purchasing and/ or acquiring the aforesaid assets.
Non-Resident – Income deemed to accrue or arise in India – Prospecting, extraction or production of mineral oils – Presumptive Tax – If the works or services mentioned under a particular agreement was directly associated or inextricably connected with prospecting, extraction or production of mineral oils, payments made under such agreement to a non-resident/foreign company would be chargeable to tax under the provisions of section 44BB and not section 44D of the Act.
Surtax – Exemption – Agreements with foreign companies for services or facilities for supply of ship, aircraft, machinery and plant to be used in connection with the prospecting or extraction or production of mineral oils – Chargeable profits are liable to tax under the Companies (Profits) Surtax Act, 1964 – Exemption vide Notification No.GSR 370(E) dated 31-3-1983 u/s. 24AA not available.
Housing Project – Special Deduction- Section 80IB(10) – Change of Law with effect from 1st April, 2005 – Cannot be applied to those projects which were sanctioned and commenced prior to 1st April, 2005 and completed by the stipulated date though such stipulated date is after 1st April, 2005.
Housing Project – Special Deduction – Law before 1st April, 2002 – There was no limit fixed in section 80-IB(10) regarding built-up area to be used for commercial purpose in a housing project and it could be constructed to the extent provided in local laws under which local authority gives sanction to the housing project.
Report of Accountant to be filed along with the return – Condition is directory and not mandatory – The report should however be filed before the order of assessment is made.
Substantial Question of Law – Appeal to High Court – High Court cannot decide the appeal without framing a question of law.
Heads of Income – Where letting of property is the business of the assessee, the income is to be assessed under the head “Income from business”
Total Income – Income of minor child of assessee from admission to the benefits of partnership cannot be taxed in the hands of the assessee u/s. 64(1) (iii) even when read with Explanation 2A where income earned by the trust cannot be utilised for the benefit of the minor during its minority.
Wealth-Tax – Company – Exemption – Building used by the assessee as factory for the purpose of its business – Not only the building must be used by the assessee but it must also be for the purpose of its business – Section 40(3)(vi) of the Finance Act, 1983
Interest from undisclosed sources – In case there has been a double taxation, relief must be accorded to the assessee
Special Leave Petition – Supreme Court refused to entertain the appeal, since the tax effect was nominal and the matter was very old.
Export – Special Deduction – To avail benefit of section 80HHC, there has to be positive income from export business – section 80HHC
Reassessment – Notice – There is no question of change of opinion when the return is accepted u/s. 143(1) inasmuch as while accepting the return as aforesaid no opinion is formed.
Settlement of cases – Provision for abatement of proceedings – The Supreme Court agreed with the High Court which read down the provision of section 245HA(1)(iv) to mean that only in the event the application could not be disposed of for any reason attributable on the part of the applicant who has made an application u/s. 245C by cut-off date the proceeding would abate
Deduction of tax at source – Rent – Definition – Landing and parking charges paid by Airlines to Airports Authority of India are not for the use of the land but are charges for services and facilities offered in connection with the aircraft operation at the airport and hence could not be treated as “rent” within the meaning of section 194-I
Penalty –Assessee having already paid tax and interest u/s. 201 (1) and (1A) so as to end the dispute with the Revenue, the deletion of penalty levied u/s. 271C did not give rise to any substantial question of law.
Business Expenditure – Interest on borrowed capital cannot be disallowed in a case where advances are made to subsidiary out of such borrowed capital due to business expediency.
Penalty u/s. 271E -When the original assessment is set aside, the satisfaction recorded therein for the purpose of initiation of penalty proceeding would not survive – Penalty imposed on the basis of original order cannot be sustained.
Business Income – Special Deduction – Proceeds generated from sale of scrap not includable in “Total turnover” for the determining the admissible deduction u/s. 80HHC.
Recovery of Tax – Stay of Demand – Subsequent events should be taken into consideration.
Appeal to High Court – Finding of fact arrived at by the Tribunal cannot be set aside without a specific question regarding a perverse finding of fact having been raised before the High Court. Business Expenditure – Legal expenses incurred after the take over of a partnership firm is allowable as a deduction u/s. 37. Depreciation – Plant includes intellectual property rights.
Advance Tax – Interest – Under the provisions of section 234B, the moment an assessee who is liable to pay advance tax has failed to pay such tax or where the advance tax paid by such an assessee is less than 90 per cent of the assessed tax, the assessee becomes liable to pay simple interest at the rate of one per cent for every month or part of the month – Form No.ITNS150 which is a form for determination of tax payable including interest is to be treated as a part of the assessment order.
Business Income- Remission or Cessation of Trading Liability – Settlement of deferred Salestax liability by an immediate one-time payment to SICOM – Sales-tax Authorities declining to grant credit of payment made to SICOM – No remission or cessation of liability – Section 41(1) (a) not attracted.
Income – Accrual – As the amounts of interest earned on the share application money to the extent to which it is not required for being paid to the applicants to whom moneys have become refundable by reason of delay in making the refund will belong to the company, only when the trust (in favour of the general body of the applicants) terminates and it is only at that point of time, it can be stated that amount has accrued to the company as its income.
Depreciation – Plant – Pond specifically designed for rearing/breeding of the prawns had to be treated as tools of business of the assessee and the depreciation was admissible on these ponds. Judicial Discipline – Division Bench bound by a decision of a co-ordinate Bench – In case of different view, must refer the matter to a larger Bench
Depreciation – Carry forward and set off – Amendment to section 32(2) by the Finance (No.2) Act, 1996 – Effect – Unabsorbed Depreciation as on 1-4-1997 can be set off against income from any head for assessment year immediately following 1-4-1997 and thereafter unabsorbed depreciation if any to be set off only against business income for a period of eight assessment years.
Interest-tax Act – Reassessment – Where there is no assessment order passed; there cannot be a notice for reassessment inasmuch as the question of reassessment arises only when there is an assessment in the first instance.
Purchase of immovable property by Central Government – Development Agreement/ Collaboration Agreement and in any case an arrangement which has the effect of transferring or enabling the enjoyment of property falls within the definition of “Transfer” in section 269UA – Order of pre-emptive purchase gets vitiated where the authority fails to record a finding on the relevance of comparable sale instance
Charitable Trust – Registration of Trust – Once an application is made u/s. 12A and in case the same is not responded to within six months, it would be taken that the application is registered on the expiry of the period of six months from the date of the application
Deduction of tax at source – Interest paid to the owners of the land acquired – Whether deduction to be made u/s. 194A – Matter remitted to the High Court as no reasons had been given by the High Court in the impugned order
Income – Sums collected towards contingent sales tax liability not income especially when it was demonstrated that the same were refunded to the persons from whom the same was collected
Refund –When an amount though found refundable to the assessee is utilised by the Department, interest is payable u/s. 244(1A) for the period of such utilization.
Export – Special Deduction – Computation of deduction u/s. 80HHC – 90% of the net commission (and not gross) has to be reduced from the profits of the business for determining deduction under section 80HHC.
Business Expenditure – Provision for interest in terms of compromise agreement with bank is an ascertained liability.
6. Reassessment – Full and true disclosure – Giving value of land in a certificate of registered architect and engineer supplied in response to a query would not amount full and true disclosure of the actual asset of plot – Reopening was valid
Business Income or Income from House Property – Assessee having one business of leasing its property and earning rent therefrom – Rent received from property should be treated as business income-
Business Loss – A licensee/assessee may be entitled to claim the forfeited amount of licence fees paid on cancellation of license by Excise Department as business loss but in a case where the licensee/ assessee transfers his licence and forfeiture of licence take place thereafter the loss cannot be allowed.
Shipping Companies – Computation of income – Tonnage Tax Scheme – Income generated from slot charter could be computed in accordance with the provisions of Chapter-XII-G and requirement of producing certificate referred to in section 115 VX would not apply.
Wealth Tax – Asset – Definition – Urban Land – Exclusions –Land occupied by any building which has been constructed with the approval of the appropriate authority would not include land occupied by any building which is still under construction.
University – Exemption – Conditions Precedent – University must exist solely for education and must be wholly or substantially financed by Government
Deduction of tax at source- The contract of employment not being the proximate cause for the receipt of tips by the employee from a customer, the same would be outside the dragnet of sections 15 and 17 of the Income-tax Act and hence outside section 192.
Revision – Jurisdiction – Condition Precedent – Satisfaction that an order passed by the authority under the Act is erroneous and prejudicial to the interest of the Revenue – Once satisfaction is reached, jurisdiction to exercise the power would be available subject to observance of the principles of natural justice – Unlike the power of reopening an assessment u/s. 147 of the Act, the power of revision u/s. 263 is not contingent on the giving of a notice to show cause.
Assessment – Limitation – Draft Assessment Order – Income Tax Authorities ¬– Even though an order is made u/s. 125A(1) empowering the Inspecting Assistant Commissioner (IAC) to perform the function of an Income Tax Officer, yet if he has not exercised the power or performed the function of Income-Tax Officer, the provisions requiring approval or sanction of the IAC would be applicable – Provisions of section 144B would not apply only if the Inspecting Assistant Commissioner exercises powers or performs the function of Income-tax Officer – In absence of actual exercise of powers the period during which the draft assessment order was forwarded to the IAC till the receiving of the instructions from IAC u/s. 144B is to be excluded in computing the period of limitation.
Search and Seizure – Block Assessment – Limitation – As a general rule, when there is no stay of the assessment proceedings passed by the court, Explanation 1 to section 158BE of the Act may not be attracted. In those cases where stay of some other nature is granted than the stay of the assessment proceedings but the effect of such stay is to prevent the Assessing Officer from effectively passing assessment order, even that kind of stay order may be treated as stay of the assessment proceedings. Search and Seizure – Block Assessment – Limitation to be reckoned with the last panchnama when the search is finally concluded in the absence any challenge to subsequent searches
Industrial Undertaking – Special Deduction – Profits derived from business – So long as the profits and gains emanate directly from the business itself, the fact that the immediate source of the subsidies (which reimburses, wholly or partially, costs actually incurred) is the Government would make no difference and thus are qualified for deduction u/s. 80-IB(4)
Reassessment – Rent enhanced in 1994 with effect from 1-9-1987- Notice issued u/s.148 seeking to reopen the concluded assessment for the assessment year 1989-90- The notice was without jurisdiction inasmuch as such enhancement though with retrospective effect, was made only in the year 1994.
Educational Institution – Exemption – Where an educational institution carries on the activity of education primarily for educating persons, the fact that it makes a surplus does not lead to the conclusion that it ceases to exist solely for educational purposes and becomes as intuition for the purpose of making profits – Assessing Authorities must continuously monitor from assessment year to assessment year whether such institutions continue to apply their income and invest or deposit their funds in accordance with the law laid down.
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