COMPANY CASES (CC) HIGHLIGHTS
F Issuance of "C" Form under CSTA, 1956 does not constitute acknowledgment of subsisting liabilities or jural relationship giving fresh life of limitation u/s. 16 of LA, 1963 : Zion Steel Ltd. v. Subtleweigh Electric (India) P. Ltd. (Cal) p.1
F Sending and not service of statutory notice essential : Grandeur Collection v. Shahi Fashions P. Ltd. (Delhi) p. 13
F Where pre-existing dispute between petitioner and company, defence not sham or moonshine : Colorband Dyestuff P. Ltd. v. Hotz Industries Ltd. (Delhi) p. 17
F Conviction of company for operating schemes in violation of 1999 Regulations proper : Subscribers to memorandum of association not directors or officers in charge of company, conviction set aside : Sachin Gupta v. SEBI (Delhi) p. 47
F CLB has powers to vacate interim order relating to functioning of company and may be an impediment to its business : Satish Sharma v. Vrinda Realtors Ltd. (Delhi) p. 62
F Outcome of criminal proceeding regarding same subject facts need not be ignored by civil court : Similar allegations investigated by police can be considered by CLB : Satish Sharma v. Vrinda Realtors Ltd. (Delhi) p. 62
F Non-acceptance of resignation of director prior to appointment of provisional liquidator of no consequence, director cannot be held liable for filing incomplete statement of affairs : Dr. J. S. Gambhir v. Millennium Health Institute and Diagnostics P. Ltd. (Delhi) p. 71
F Resignation of director to take effect from such date as may be specified by director : Dr. J. S. Gambhir v. Millennium Health Institute and Diagnostics P. Ltd. (Delhi) p. 71
F Technical objection cannot be ground to dismiss petition u/ss. 397, 398 and 399 at threshold : Findings rendered at interim stage do not operate as res judicata : Aslam M. Ali v. Narbada Valley Chemical Industries P. Ltd. p. 21
F Statutory presumption of service of notice under certificate of posting at correct address, onus on petitioner to prove non-receipt of notice : Aslam M. Ali v. Narbada Valley Chemical Industries P. Ltd. p. 21
F Petitioner not entitled to any relief on failure to file documents with petition and suppression of relevant communications : Aslam M. Ali v. Narbada Valley Chemical Industries P. Ltd. p. 21
F Where private arrangement not incorporated in articles of association, failure by one party to abide by commitment cannot be agitated in petition u/s. 397/398 of 1956 Act : Aslam M. Ali v. Narbada Valley Chemical Industries P. Ltd. p. 21
F Circulars :
General Circulars :
Circular No. 2 of 2014, dated 11th February, 2014-Use of word "National" in the names of companies or Limited Liability Partnerships (LLPs) p. 3
Circular No. 3 of 2014, dated 14th February, 2014-Clarification with regard to section 185 of the Companies Act, 2013 P. 4
F Regulations :
Securities and Exchange Board of India (Collective Investment Schemes) (Amendment) Regulations, 2014 p. 1
Securities and Exchange Board of India (Settlement of Administrative and Civil Proceedings) Regulations, 2014 P. 12
F Rules :
Companies (Corporate Social Responsibility Policy) Rules, 2014 P. 5
F Notifications :
Companies Act, 2013 : Notification under section 1(3) : Commencement of provisions of section 135 and Schedule VII P. 11
Notification under section 467(1) : Amendments to Schedule VII P. 11
Company Law Board Regulations, 1991 : Amendments P. 5
F Competition Act, 2002-S. Balakrishnan P. 1
F Cross border mergers and acquisitions-Rahul Aggarwal P. 12
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INCOME TAX REPORTS (ITR) HIGHLIGHTS
F Notifications :
F Income-tax Act, 1961 :
Notification under section 35AC Expln., clause (b) :
Eligible projects or schemes (Contd.)
F Burden on Revenue to prove that receipt was income : Burden on assessee to prove receipt was not taxable : CIT v. Smt. Sanghamitra Bharali (Gauhati) p. 481
F Tribunal finding transaction of purchase and sale of shares was not genuine : Amount claimed to be capital gains assessable : CIT v. Smt. Sanghamitra Bharali (Gauhati) p. 481
F Cash credit : Assessee must prove identity of creditor, genuineness of transaction and creditworthiness of creditor : Assessee need not prove source of funds of creditor : CIT v. Smt. Sanghamitra Bharali (Gauhati) p. 481
F Power of High Court to set aside finding of Tribunal which is perverse : CIT v. Smt. Sanghamitra Bharali (Gauhati) p. 481
F Error in computing income under section 115JA and failure to apply section 14A : Revision of order justified : CIT v. Goetze (India) Ltd. (Delhi) p. 505
F Computation of book profits : Amount withdrawn from provision made or reserve created after 1-4-1988 : Adjustment only if book profit had been increased by such amount at time reserve or provision was made : CIT v. Goetze (India) Ltd. (Delhi) p. 505
F Determination of arm's length price : Personal hearing should be given : Vodafone India Services P. Ltd. v. Union of India (Bom) p. 531
F Existence of alternative remedy not an absolute bar for issue of writ : Vodafone India Services P. Ltd. v. Union of India (Bom) p. 531
F Payment for use of equipment : Payment received by assessee for providing international private leased circuit : Taxable as royalty : Verizon Communications Singapore Pte Ltd. v. ITO (International Taxation) (Mad) p. 575
F Credit of pro forma excise rebate taken into account illusory and did not represent any real income : Not assessable as part of income : CIT v. Kusum Products Ltd. (Cal) p. 632
F Buffer stock subsidy received from Central Government from Sugar Development Fund : Revenue receipt liable for taxation : K. M. Sugar Mills Ltd. v. CIT (All) p. 637
F Money borrowed for investing in shares : Interest not disallowable on ground investment not made for purpose of earning dividend : Sri Saytasai Properties and Investment P. Ltd. v. CIT (Cal) p. 641
F Vehicle used for earning money by way of hiring : Disallowing one-fifth depreciation on account of personal use of directors not justified : Sri Saytasai Properties and Investment P. Ltd. v. CIT (Cal) p. 641
F Part payment of refund : Interest on balance to be calculated on such balance together with interest on such balance : India Trade Promotion Organisation v. CIT (Delhi) p. 646
F Vibro bed dryer entitled to hundred per cent. depreciation : CIT v. McLeod Russel (India) Ltd. (Cal) p. 663
F Amount of cess paid by assessee excludible in valuation of closing stock : CIT v. McLeod Russel (India) Ltd. (Cal) p. 663
F Commission paid outside India deducted from price of goods and balance amount received in country in foreign exchange : Excludible from export turnover : CIT v. Mcleod Russel (India) Ltd. (Cal) p. 663
F Valuation of asset accepted by Revenue in earlier years : No change in circumstances : Tribunal correct in accepting valuation in relevant assessment year : CWT v. Trustees of H. E. H. the Nizam's Jewellery Trust (AP) p. 668
F Line production services rendered by non-resident : Services specifically characterised as work for purpose of section 194C : Payment therefor not taxable without permanent establishment in India : Endemol India P. Ltd., In re (No. 4) p. 658
F Firm proposing to acquire undertaking of Indian company operating and maintaining road bridges in Mumbai : Rulings sought on questions relating to allowability of deduction under section 80-IA to undertaking : Questions posed not under purview of AAR : Trade Circle Enterprises LLC, In re p. 673
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