IN THE ITAT DELHI BENCH ‘B’ Cornell Overseas (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle- 3 (1), New Delhi R.S. SYAL, ACCOUNTANT MEMBER AND N.K. CHOUDHARY, JUDICIAL MEMBER IT APPEAL NO. 2014 (DELHI) OF 2014 [ASSESSMENT YEAR 2005-06] AUGUST 16, 2016 Anil Kumar Sharma, Sr. DR. for the Respondent. ORDER R.S. Syal, Accountant Member… Read More »
Draft Rules for prescribing the manner of determination of amount received by the company in respect of share formulated (Section 115QA of the Income-tax Act, 1961) Under section 115QA of the Income-tax Act, 1961 (the Act), additional Income-tax at the rate of 20 percent is levied on the distributed income arising out of buy back… Read More »
NOTIFICATION [F.NO.01/04/2013 CL-V (PART-II)], DATED 10-3-2016 In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Share Capital and Debentures) Rules, 2014, namely:— 1. (1) These rules may be called… Read More »
Can a company issue fresh equity shares if the company has made buy back of the same 4 months ago? Answer: According to Section 68(8) of Companies Act 2013, if a company completes buy back of its shares or other specified securities, it shall not make a further issue of the same kind of shares or… Read More »
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 »