Daily Archives: August 17, 2015

SEBI ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS REGULATIONS 2015

By | August 17, 2015

THE GAZETTE OF INDIA EXTRAORDINARY PART – III – SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI, AUGUST 14, 2015 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 14th August, 2015 SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) (FOURTH AMENDMENT) REGULATIONS, 2015 No. SEBI/LAD-NRO/GN/2015-16/008.─ In exercise of the powers conferred… Read More »

SEBI DELISTING OF EQUITY SHARES (SECOND AMENDMENT) REGULATIONS 2015

By | August 17, 2015

THE GAZETTE OF INDIA EXTRAORDINARY PART – III – SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI,AUGUST 14 , 2015 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 14th August, 2015 SECURITIES AND EXCHANGE BOARD OF INDIA (DELISTING OF EQUITY SHARES) (SECOND AMENDMENT) REGULATIONS, 2015 No. SEBI/LAD-NRO/GN/2015-16/010.─ In exercise of the powers conferred by section… Read More »

Time limit to file refund claim

By | August 17, 2015

Q: Whether Time limit to file refund claim is applicable to refund of tax paid at insistence of department ? Where tax has been paid at insistence of department without any adjudication/assessment order, refund of said tax would not be governed by time-limit of section 11B CESTAT, MUMBAI BENCH C.K.P. Mandal v. Commissioner of Service Tax,… Read More »

Name of assessee on parcel containing smuggled goods

By | August 17, 2015

Q : Whether the name of assessee on parcel containing smuggled goods will make him a smuggler ? Mere fact that speed post parcel containing smuggled goods bore name and address of assessee does not prove that assessee had smuggled such goods, especially when assessee had denied any such imports by him and there was no other… Read More »

Registration under Section 12AA cannot be denied because of minority status

By | August 17, 2015

Q; Whether registration under Section 12AA can be denied because minority status is accorded to educational institutions run by a society ? Merely because minority status is accorded to educational institutions run by a society, it cannot be regarded as being established for benefit of a particular religious community; registration cannot be denied on this ground… Read More »

No prosecution if resolution for buy back but no public Offer

By | August 17, 2015

Q: Whether there can be prosecution if the resolution for buy back has been passed but no public announcement has been made ? In absence of offer or public announcement of buy back of equity shares by petitioners, petitioners could not be prosecuted for offence punishable under section 77A(11) HIGH COURT OF BOMBAY Dattaraj V. Salgaocar v. State… Read More »

PENALTIES IN INCOME TAX ACT

By | August 17, 2015

PENALTIES IN INCOME TAX ACT [table id=12 /] Note : No penalty is imposable for any failure under sections 271(1)(b), 271A, 271AA, 271B, 271BA, 271C, 271CA, 271D, 271E, 271F, 271FA, 271FAB, 271FB, 271G, 271GA, 271H, 271-I, 272A(1)(c) or (d), 272A(2), 272AA(1), 272B, 272BB(1), 272BB(1A) and 272BBB if the person or assessee proves that there was… Read More »

OFFENCES AND PROSECUTIONS IN INCOME TAX

By | August 17, 2015

OFFENCES AND PROSECUTIONS [table id=13 /] Notes : No person is punishable for any failure under section 276A, 276AB or 276B if he proves that there was reasonable cause for such failure (vide section 278AA). (a) Prosecution for offences under section 275A, section 275B, section 276, section 276A, section 276B, section 276BB, section 276C, section 276CC,… Read More »

DEDUCTIONS IN INCOME TAX

By | August 17, 2015

ALLOWANCES  DEDUCTIONS IN INCOME TAX ACT 1961 [table id=14 /] Notes: Deduction is limited to whole of the amount paid or deposited subject to a maximum of Rs. 1,50,000. This maximum limit of Rs. 1,50,000 is the aggregate of the deduction that may be claimed under sections 80C, 80CCC and 80CCD. The sums paid or… Read More »

Foreign Contribution Regulation Act 2010 FCRA

By | August 17, 2015

Foreign Contribution Regulation Act 2010 FAQ’S on Foreign Contribution (Regulation) Act 2010 For Complete Act Click Q.1 What is foreign contribution? Ans. As defined in Section 2(1)(h) of FCRA, 2010, “foreign contribution” means the donation, delivery or transfer made by any foreign source, – (i)  of any article, not being an article given to a person*… Read More »