by admin | Nov 27, 2024 | Uncategorized
SCOPE OF INCOME UNDER THE ACT Resident is taxed on his global income under the Act whether it is received, accrued or arose in India or accrued or arose out of India. For a Non-resident person, in terms of s.5(2) of the Indian Income Tax Act, 1961, All its income,...
by admin | Nov 27, 2024 | Uncategorized
Various recent news items recently indicated sealing of property by corporation owing to failure to pay property taxes by owners. One such news item read:- The Ahmedabad Municipal Corporation, Tuesday, sealed as many as 599 properties as the owners have failed to pay...
by admin | Nov 27, 2024 | Uncategorized
Concept of Vicarious Liability of directors A company functions through board of directors; it has not mind of its own. Provision of s.291 of erstwhile Companies Act, 1956 recognized that except where express provision is made that the powers of a company in respect...
by admin | Nov 27, 2024 | Uncategorized
APPLICATION OF LIMITATION ACT TO A S.9 APPLICATION UNDER IBC, 2016 AND HOW TO DETERMINE IF APPLICATION IS WITHIN LIMITATION The limitation law concerns the primary concept of ascribing a fixed time frame within which all legal contentions are required to be raised by...
by admin | Nov 27, 2024 | Uncategorized
FUNCTIONING OF A COMPANY A company functions through different decisions taken by the members and the board of directors. Various matters such as appointment of auditors, declaration of dividend, appointment of director in place of the retiring directors, fixing...
by admin | Nov 26, 2024 | Uncategorized
Who is a Financial Creditor ? In terms of s. 5(7) of IBC “financial creditor” means any person to whom a financial debt is owed and includes a person to whom such debt has been legally assigned or transferred to; In terms of s.5(8) of IBC “financial...
by admin | Nov 26, 2024 | Updates
Introduction In insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC), the Resolution Professional (RP) plays a vital yet limited role, particularly during the initial stages of filing an application. Sections 94 and 95 of the IBC govern...
by admin | Nov 26, 2024 | Updates
Introduction: Arbitration is an alternative dispute resolution mechanism that aims to minimize judicial intervention, enabling parties to resolve disputes outside the traditional court system. This approach is valued for its efficiency, and flexibility, as it...
by admin | Nov 26, 2024 | Updates
Introduction An Assessing Officer (AO) is a representative of the Income Tax Department who has the power to conduct assessments of income tax returns filed by taxpayers. Prior to 01st April, 1989 amendment, AO had broad powers to reopen assessments under Section 147...
by admin | Nov 26, 2024 | Updates
Introduction In arbitration proceedings, a composite reference allows disputes arising from multiple, interconnected contracts to be addressed collectively within a single arbitration. This approach becomes particularly relevant when the agreements are so intricately...
