Winding-up proceedings – Commendable role being played by company court – a case study
Jan 8, 2010 Company Law
As everybody knows, Company Law is very complicated and at the same time very interesting too. Both Company Law Board and the Company Court discharge its responsibilities commendably when they entertain company disputes or company petitions. Interpretation of provisions of Companies Act, 1956 and applying the legal provisions to the facts before the adjudicatory forum will be a challenging job.
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Tags: blue engineering, Companies Act, company application, company matters, creditors, etc company, high court of delhi, judgment, mergers, mr justice, new delhi, petitioner, winding up petition, winding up petitions
A shareholder has no “say” in management of a company unless and until he becomes part of management
Dec 29, 2009 Company Law
A shareholder has a right only to the dividend and of participation in the annual general meetings and to vote there.
CASE LAW DETAILS
Decided by: HIGH COURT OF DELHI, In The case of: Ravi Raj Gupta v. Hans Raj Gupta & Co. Pvt. Ltd., Appeal No.: C. S. (OS) No. 1944 of 2003, Decided on: February 17, 2009.
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Tags: amrita shergill, board resolution, case law, defendant, dividend, high court of delhi, law justice, maintainability, new delhi, permanent injunction, plaintiff, plaintiffs, raj gupta, ravi raj, time of death
When CIT cannot exercise jurisdiction u/s 263 of Income Tax Act, 1961
Nov 24, 2009 Income Tax Case Laws
SUMMARY OF CASE LAW
In a situation where only one view was possible on the point of issue, under no circumstances, order u/s 263 could be passed by the CIT to revise the order passed by the AO.
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Tags: Book Profit, book profits, case law, clause c, deputy commissioner, dlf, explanations, hcl comnet, high court of delhi, Income Tax, liabilities, madras high court, net profit, net profits, power ltd, profit and loss, profit and loss account, provision for doubtful debts, relevant paragraph, statutory provision
Date of reckoning for limitation period provided u/s 154(7) of Income Tax Act, 1961
Nov 22, 2009 Income Tax Case Laws
SUMMARY OF CASE LAW
Once an appeal against the order passed by an authority is preferred and is decided by the appellate authority, the order of the said authority merges into the order of the appellate authority; with this merger, order of the original authority ceases to exist and the order of the appellate authority prevails; the limitation for the purpose of section 154(7) is to be counted from the date of this order of CIT (A) and not the date of original order of assessment.
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Tags: appellate authority, cotton corporation, electronics ltd, expression, high court of delhi, international cotton, judgment, merger, provision, Reassessment, rectification, Sales Tax, submissions
Amount disbursed by chit Fund Company to its members from their contribution cannot be treated as interest
Nov 22, 2009 Income Tax Case Laws
SUMMARY OF CASE LAW
The amount disbursed by a chit fund company to the members from their contribution cannot be treated as `interest’; as the payments made/disbursed to the subscribers/ members are not `interest’, therefore, the question of deducting any tax at source therefrom would not arise; in the case of a chit fund, there is no borrowing of moneys nor any debt is incurred and as such the provisions of section 2(28A) are not attracted.
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Tags: 28a, case law, chit fund, high court of delhi, installments, interest on chit fund contribution, money lender, section 6, shriram chits, tds on chit fund sontribution, term interest
Applicability of MAT on amount withdrawn from revaluation reserve and credited to P&L account
Nov 7, 2009 Income Tax Case Laws
SUMMARY OF CASE LAW
Prior to insertion of the proviso to clause (i) of the Explanation of section 115JB the assessee was entitled to reduce the sum from revaluation reserve while computing book profit under section 115JB; however, after the insertion of the proviso to clause (i) of Explanation to section 115JB, the assessee has been deprived from this benefit by clearly mandating that in case the amount of such reserve has not been added back by the assessee in relevant assessment year i.e. when the assessee created the revaluation reserve while computing the book profit for that year, then the amount is statutorily to be included while computing the book profit under section 115JB.
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Tags: Book Profit, book profit on revaluation reserve, high court of delhi, Income Tax, indo rama synthetics, profit and loss, profit and loss account, revaluation reserve
ICAI to issue fresh notice to PriceWaterhouse, Delhi after Delhi High Court objection
Nov 6, 2009 ICAI
Accounting regulator ICAI on Wednesday said it will issue fresh notices to PriceWaterhouse, Delhi, in relation to the Satyam scam after the Delhi High Court objected to its action against the firm without any evidence that it was related to PW, Bangalore, the statutory auditors of scam-hit company.
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Tags: Accounting, chartered accountants act, delhi high court, high court of delhi, ICAI, partnership, pricewaterhouse, profit and loss, statutory auditors
False claim in return of Income would be treated as case of concealment of Income or of furnishing inaccurate particulars of Income
Nov 1, 2009 Income Tax Case Laws
SUMMARY OF CASE LAW
Even if there is no concealment of income or furnishing of inaccurate particulars, but on the basis thereof the claim, which is made, is ex facie bogus, it may still attract penalty provision.
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Tags: bogus claim, case law, concealment, high court of delhi, Levy of penalty under section 271(1)(c) of Income-tax Act, penalty provision, U/s. 271(1)(c)