Monthly Archives: October 2015

Delhi Govt ordering tariff audit of discoms by CAG quashed by HC

By | October 31, 2015

Direction of Delhi Govt ordering tariff audit of discoms by CAG quashed as the opportunity given to discoms to represent against the proposal for audit was not a “reasonable opportunity” within the meaning of section 20(3) of the CAG Act as the opportunity was given without disclosing the public interest in which audit of DISCOMS… Read More »

Compulsory acquisition under Section194LA does not include land acquired under agreement

By | October 31, 2015

Whether acquisition of land under an agreement by Karnataka Industrial Area Development Board (a state Government Undertaking) with landowners under the Karnataka Industrial Areas Development Act, 1966 (‘KIA Act’) would be deemed as compulsory acquisition within the meaning of Section 194LA?” Held Section 194LA applies only when there is a compulsory acquisition under law. Under… Read More »

No Search proceddings under Section 153C due to seizure of CA Hard disk containing Income tax return data of Client

By | October 31, 2015

HIGH COURT OF DELHI Commissioner of Income-tax.-7 v. RRJ Securities Ltd. DR. S.MURALIDHAR AND VIBHU BAKHRU, JJ. IT APPEAL NOS. 164,175,176 & 177 OF 2015 OCTOBER  30, 2015 N.P. Sahni Senior Standing Counsel and Nitin Gulati Junior Standing Counsel for the Appellant. Kapil Goyal and V.M. Chaurasia for the Respondent. JUDGMENT Vibhu Bakhru, J –… Read More »

Stock market Glossary

By | October 31, 2015

Account closure (depositor account) The closure of beneficiary and pool accounts by the investor and the clearing member or at the discretion of the participant, if the client has defaulted in its obligations towards the participant. Accounts Payable A current liability showing the amounts due to others within a period of one year when such… Read More »

FAQ’s on delisting of Equity Shares

By | October 31, 2015

FREQUENTLY ASKED QUESTIONS ON SEBI (DELISITING OF EQUITY SHARES) REGULATIONS, 2009 These FAQs offer only a simplistic explanation/clarification of terms/concepts related to the SEBI (Delisting of Equity Shares) Regulations, 2009 [“Delisting Regulations, 2009”]. Any such explanation/clarification that is provided herein should not be regarded as an interpretation of law nor be treated as a binding… Read More »

FAQ on Issue of Capital and Disclosure Requirements

By | October 31, 2015

 FREQUENTLY ASKED QUESTIONs SEBI (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2013 dated August 26, 2013 Q.1.What is the applicability of SEBI (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2013 notified on August 26, 2013? Ans.1.The said amendments are applicable for the preferential issuances where notice for the general meeting for… Read More »

AO could not issue reassessment Notice if he did not have jurisdiction over assessee

By | October 31, 2015

Assessment year 2010-11 Facts of the case: One of income-tax officers was designated to collect AIR information and to make necessary enqury .Designated officer having received information from AIR, issued notice under section 148 to assessee . He also made an attempt to frame assessment over assessee .When assessee raised objection about his jurisdiction over… Read More »

Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013

By | October 30, 2015

Auditing and Assurance Standards Board Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013 The Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India has today issued the Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013. For the benefit of… Read More »

Packaged,readymade, off the shelf software are liable only to VAT

By | October 30, 2015

 High Court of Karnataka Finance Department of Karnataka Department vs IBM India Private Limited, STRP No. 215/2011  18th September 2015, Following aspects in respect of sale and development of customized software has been held with regard to their taxability: 1.The packaged, readymade, off the shelf software are pure goods liable only to VAT. 2. The… Read More »

No addition of sundry creditors while making assessment under section 44AF

By | October 30, 2015

No addition can be made in respect of sundry creditors while making assessment under section 44AF IN THE ITAT PANAJI BENCH Good Luck Kinetic v. Income-tax Officer, Ward -2, Margao GEORGE MATHAN, JUDICIAL MEMBER AND N.K. BILLAIYA, ACCOUNTANT MEMBER IT APPEAL NO. 26 (PNJ.) OF 2013 [ASSESSMENT YEAR 2006-07] JUNE  15, 2015 A perusal of… Read More »