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Supreme Court direct Govt to constitute Committee to regulate Multi-National Accounting Firms like PWC

Supreme Court direct Govt to constitute Committee to suggest changes in Law to discipline and regulate Multi-National Accounting Firms like PWC. ABCAUS Case Law Citation: ABCAUS 2221 (2018) (02) SC The petitioner had approached the High Court of Karnataka seeking investigation against Multi-National Accounting Firms (MAFs) and Indian Chartered

 

Sales tax refund was payable on price revision of LPG cylinders by Ministry-Supreme Court

Assessee entitled to sales tax refund under Rajasthan Sales Tax Act, 1994 on price revision of LPG cylinders by ministry as the price mentioned in supply order was only provisional-Supreme Court ABCAUS Case Law Citation: ABCAUS 2220 (2018) (02) SC The Challenge/Grievance: The present case law involves bunch of SLP filed by

 

Deemed dividend upheld when amount was parked in long term investments and could not be in the course of business

Author: | Categories: High Courts, Income Tax, Judgments No comments
Deemed dividend upheld when amount was parked in long term investments and hence could not qualify as to be made in the course of business – High Court ABCAUS Case Law Citation: ABCAUS 2219 (2018) (02) HC The Challenge/Grievance: The case law involves an appeal filed by the Income

 

Section 47A(3) can be invoked only if benefit u/s 47 is claimed-High Court upheld deletion of royalty paid on takeover

Author: | Categories: High Courts, Income Tax, Judgments No comments
Section 47A(3) can be invoked only if benefit u/s 47 is claimed. High Court uphelds deletion of payment of brand name royalty to proprietor on takeover. ABCAUS Case Law Citation: ABCAUS 2218 (2018) (02) HC The Challenge/Grievance: The case law involves the appeal filed by the Income Tax Department

 

We followed law-PNB response on media report quoting Nirav Modi that Bank closed all option to recover dues

Author: | Categories: Scam No comments
We followed law-PNB response on media report quoting Nirav Modi that Bank closed  all option to recover dues by going public. Punjab National Bank in its clarification submitted to BSE and NSE has stated that it has followed lawful avenues available as per law of land to recover its dues.

 

Reappointed independent director to be removed by passing special resolution and with reasonable opportunity-MCA

Author: | Categories: Companies Act No comments
Reappointed independent director to be removed by passing  special resolution and after giving him a reasonable opportunity-MCA Sub-section (2) of section 152 of the Companies Act, 2013 provides that every director (including an independent director) shall be appointed by the company in general meeting; Further, sub-section (10) of section

 

Expenses prior to setting up or running of business are capital in nature-High Court

Author: | Categories: High Courts, Income Tax, Judgments No comments
Expenses prior to setting up or running of business are capital in nature-High Court upheld ITAT order allowing capitalisation of pre-operative expenses ABCAUS Case Law Citation: ABCAUS 2217 (2018) (02) HC The case law involves the appeal filed by the Income Tax Department (Revenue) against the order of the