Daily Archives: August 8, 2015

winding up petition against company if fails to pay outstanding dues

Question : Whether winding up petition against  the company can admitted in case company fails to pay outstanding dues ?  Whether since in e-mails respondent-company had acknowledged to pay outstanding dues to petitioner-company but had failed to pay same, respondent was unable to discharge admitted liability and, thus, winding up petition against it was to be… Read More »

FILING OF APPEALS ON MERITS – INSTRUCTIONS TO IT DEPARTMENT

FILING OF APPEALS ON MERITS – OBSERVATION OF COURTS – INSTRUCTIONS TO IT DEPARTMENT TO ENSURE OPTIMAL UTILISATION OF AVAILABLE RESOURCES TO OBTAIN MAXIMUM BENEFIT OUT OF LITIGATION LETTER D.O. No.279/M-88/2014-ITJ, DATED 3-7-2015 Reference the earlier D.O. dated 19th September, 2014 on the above subject. It has been noted that despite several instructions on the subject,… Read More »

loss on Forex Derivative can be set off

Question: Whether loss on Forex derivative can be set off against  business income ? Loss incurred by exporter on forex derivative wasn’t speculative; could be set off against other business income Where assessee, an exporter of garments, entered into forex derivative transactions through its bankers to hedge its foreign currency risk, loss incurred on such transactions… Read More »

Serious Fraud Investigation Office

Govt. establishes Serious Fraud Investigation Office under Companies Act, 2013 SECTION 211 OF THE COMPANIES ACT, 2013 – SERIOUS FRAUD INVESTIGATION OFFICE – ESTABLISHMENT OF – NOTIFIED SERIOUS FRAUD INVESTIGATION OFFICE NOTIFICATION NO. SO 2005(E) [F.NO.A-35011/09/2011-ADMN.III], DATED 21-7-2015 In exercise of the powers conferred by sub-section (1) of section 211 of the Companies Act, 2013… Read More »