Daily Archives: October 31, 2015

Compulsory acquisition under Section194LA does not include land acquired under agreement

Whether acquisition of land under an agreement by Karnataka Industrial Area Development Board (a state Government Undertaking) with landowners under the Karnataka Industrial Areas Development Act, 1966 (‘KIA Act’) would be deemed as compulsory acquisition within the meaning of Section 194LA?” Held Section 194LA applies only when there is a compulsory acquisition under law. Under… Read More »

No Search proceddings under Section 153C due to seizure of CA Hard disk containing Income tax return data of Client

HIGH COURT OF DELHI Commissioner of Income-tax.-7 v. RRJ Securities Ltd. DR. S.MURALIDHAR AND VIBHU BAKHRU, JJ. IT APPEAL NOS. 164,175,176 & 177 OF 2015 OCTOBER  30, 2015 N.P. Sahni Senior Standing Counsel and Nitin Gulati Junior Standing Counsel for the Appellant. Kapil Goyal and V.M. Chaurasia for the Respondent. JUDGMENT Vibhu Bakhru, J –… Read More »

Stock market Glossary

Account closure (depositor account) The closure of beneficiary and pool accounts by the investor and the clearing member or at the discretion of the participant, if the client has defaulted in its obligations towards the participant. Accounts Payable A current liability showing the amounts due to others within a period of one year when such… Read More »

FAQ’s on delisting of Equity Shares

FREQUENTLY ASKED QUESTIONS ON SEBI (DELISITING OF EQUITY SHARES) REGULATIONS, 2009 These FAQs offer only a simplistic explanation/clarification of terms/concepts related to the SEBI (Delisting of Equity Shares) Regulations, 2009 [“Delisting Regulations, 2009”]. Any such explanation/clarification that is provided herein should not be regarded as an interpretation of law nor be treated as a binding… Read More »

FAQ on Issue of Capital and Disclosure Requirements

 FREQUENTLY ASKED QUESTIONs SEBI (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2013 dated August 26, 2013 Q.1.What is the applicability of SEBI (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2013 notified on August 26, 2013? Ans.1.The said amendments are applicable for the preferential issuances where notice for the general meeting for… Read More »

AO could not issue reassessment Notice if he did not have jurisdiction over assessee

Assessment year 2010-11 Facts of the case: One of income-tax officers was designated to collect AIR information and to make necessary enqury .Designated officer having received information from AIR, issued notice under section 148 to assessee . He also made an attempt to frame assessment over assessee .When assessee raised objection about his jurisdiction over… Read More »