Which companies are required to follow the provisions of Corporate Social Responsibility ? As per Section 135 (1) of the Companies Act 2013 Every company having i) net worth of rupees five hundred crore or more, or (Note: Net worth defined in section 2(57) of the Act ) ii) turnover of rupees one thousand crore or… Read More »
Did the Income Tax Appellate Tribunal fall into error in law in holding that the exemption under Section 54 could be availed for by the Assessee in view of the fact that the Assessee owned a residential house and was also owner of another residential house? HIGH COURT OF MADRAS In Dr. P.K. Vasanthi… Read More »
Welfare activities under the Corporate Social Responsibility (CSR) and the Companies Act, 2013 The provisions of Corporate Social Responsibility (CSR) under Section 135 of the Companies Act, 2013 and rules made thereunder have come into force with effect from 01.04.2014. The year 2014-15 was the first year of implementation of CSR policies by companies under… Read More »
CIRCULAR NO.21/2015 [F. NO. 279/MISC. 142/2007-ITJ (PT.)], DATED 10-12-2015 [AS AMENDED BY LETTER [F.NO.279/MISC-142/2007-ITJ-(PT), DATED 14-7-2017] Circular No 21/2015 F No 279/Misc. 142/2007-ITj(Pt) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 10th December 2015 Revision of Monetary limits for filing of appeals by the department before… Read More »
Facts of the case The petitioner company cleared its final product during the period between June, 2002 and September, 2002 on payment of excise duties totalling to Rs. 91,129/-. The petitioners due to a pure clerical error, paid the same amount of duty on same clearances all over again by debiting the amount in the… Read More »
Whether a refund claim in terms of Rule 57F(3) of the Central Excise Rules, 1944 read with Notification No.85/87-CE dated 01.03.87 in respect of credit of duty taken under Rule 57A of the Central Excise Rules, 1944 which remain unutilized in respect of those consignments which were exported and sailed prior to 21.05.89, made after… Read More »
Liquidator is obliged to admit only those claims which represent amounts that the company was obliged to pay directly to the workmen in the first place. Any claim with regard to the Provident Fund dues can only lie before the Commissioner, Provident Fund, under the relevant statute. HIGH COURT OF DELHI Societe Generale v. Daewoo… Read More »
Government of India and Government of Japan signs a Protocol for amending the existing Convention for the avoidance of double taxation and for the prevention of fiscal evasion The Government of India and the Government of Japan signed here today a Protocol for amending the existing Convention for the avoidance of double taxation and for… Read More »
whether a person simply being a Director of a Company is liable to be prosecuted by virtue of the provisions of Section 141 NI Act or the person who at the time of offence was in charge of and was responsible to the company for the conduct of the business of the Company would be… Read More »
Facts of the Case are During assessment proceedings, the A.O. noticed that the assessee purchased “Foster’s Brand” and “Intellectual Property”, “Foster’s Brewing Intellectual Property” and Foster’s Trademarks from Foster’s Australia Ltd. for a consideration of Rs. 157,92,00,000/-. The assessee capitalized the said amount in its fixed assets schedule under the head “Trade Marks/Brands” and claimed… Read More »