| Winding-up proceedings – Commendable role being played by company court – a case study Posted: 07 Jan 2010 08:47 PM PST Yes, it is also true that just because an opposite party has not appeared in the matter, a suit or a petition need not be allowed where there is no merit in the case. But, to be frank, there exist a prima facie case for the Petitioner in the above... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Expenses disallowed in the hands of the Company cannot be added in the taxable income of the Director of the Company Posted: 07 Jan 2010 06:47 PM PST The Income-tax Appellate Tribunal, Mumbai in the case of Mrs. Bakhtawar B Dubash v. DCIT, Mumbai (ITA No. 403 1/Mum/03), Mrs. Sudha D Dubash v. DCIT, Mumbai ( ITA No. 4032/Mum/03) has held that an amount disallowed in the hands of the Company for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Transfer of trade mark is not transfer of goodwill Posted: 07 Jan 2010 06:34 PM PST This is a very interesting ruling where the difference between the goodwill and the trade mark has been brought out clearly. The Tribunal has observed that the trademark can be transferred separately, either with or without the goodwill of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Central Excise Notification No 02/2010 CE (NT), Amending notification No. 25/2005-Central Excise (N.T.), dated the 13th May, 2005 Posted: 07 Jan 2010 06:07 PM PST In exercise of the powers conferred by sub-section (1B) of section 35B of the Central Excise Act, 1944 (1 of 1944), the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Central excise circular amending Notification No. 24/2005-Central Excise (N.T.), dated the 13th May, 2005 Posted: 07 Jan 2010 06:04 PM PST In exercise of the powers conferred by sub-section (1B) of section 35B of the Central Excise Act, 1944 (1 of 1944), the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| RBI circular on disclosure in Balance Sheet – Bancassurance Business Posted: 07 Jan 2010 05:58 PM PST In order to increase transparency in the financial statements of banks, Reserve Bank of India has from time to time issued circulars to banks requiring disclosures in the 'Notes to Accounts' to their Balance Sheet. These instructions were... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Dial 1 to pay tax, 2 for birth certificate, 3 for passport Posted: 07 Jan 2010 05:56 PM PST India is drafting new rules to avail the services of private information technology (IT) firms for a range of government functions such as collecting taxes or issuing birth certificates, allowing transactions to be conducted electronically or... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Permanent Account Number (PAN) mandatory for transferring shares to heir Posted: 07 Jan 2010 05:51 PM PST The market regulator Sebi today said Permanent Account Number (PAN) is mandatory for transfer of shares to the heir in case the deceased shareholder was the sole owner of shares. "It is hereby clarified that it shall be mandatory to furnish a copy... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ROC data will be used as input for key policy decisions Posted: 07 Jan 2010 05:38 PM PST The government will sift through the financial data filed by companies with the Registrar of Companies to get a better picture of their investments and expenditure, helping it get better inputs for key policy decisions such as tax incentives.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Rajasthan High Court stayed declaration of ICAI poll results Posted: 07 Jan 2010 05:35 PM PST Prakash Sharma, a contestant from Jaipur, had approached the court against an order on postal ballots by T. Karthikeyan, secretary, ICAI. The Rajasthan high court has stayed the Institute of Chartered Accountants of India (ICAI) from declaring the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| SEBI circular on Internal Audit for Credit Rating Agencies (CRAs) Posted: 07 Jan 2010 08:48 AM PST It is clarified that for the half-year October 2009 - March 2010, the CRA shall receive the report of the internal audit by May 31, 2010. Its Board of Directors shall consider the report and take appropriate measures to rectify the deficiencies and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Prudential Norms on Creation and Utilisation of Floating Provisions Posted: 07 Jan 2010 08:44 AM PST It is, therefore, advised that all AIFIs should also follow extant guidelines on `Prudential Norms on Creation and Utilization of Floating Provisions' issued to banks. Accordingly, we advise that guidelines issued to banks vide our circular No.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| SEBI circular on Review of Securities Lending and Borrowing (SLB) Framework Posted: 07 Jan 2010 08:42 AM PST The framework for SLB was specified vide circular no. MRD/DoP/SE/Dep/ Cir- 14/2007 dated December 20, 2007 and was operationalised with effect from April21, 2008. The SLB framework was revised vide circular no. MRD/DoP/SE/Cir-31/2008 dated October... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Simplified Debt Listing Agreement for Debt Securities – Amendments Posted: 07 Jan 2010 08:36 AM PST 2. In continuation thereof, it has been decided to amend the Simplified Listing Agreement for Debt Securities as follows with immediate effect:(a) fter clause 5, the following proviso shall be inserted: Provided that this requirement shall not be... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Government mulling eduction in the number of personal income tax rates from the current three to two Posted: 07 Jan 2010 08:25 AM PST In the run-up to Budget 2010-11, the Finance Ministry is mulling a reduction in the number of personal income tax rates from the current three to two. At present, there are three rates - 10, 20 and 30 per cent - and these are applied on slabs that... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| How real is the real estate for 2010? Posted: 07 Jan 2010 07:21 AM PST After some time I learnt that he got in a position where he is in a position to bankrupt. On further query I came to know the whole story of his loud voice of animal growling. He was into real estate business and he took two projects where... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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