Recent Corporate Laws Updates

-CCI runs bulldozer over cement industry forming an anti-competitive cartel; Rs. 6,300 crores penalty slapped By [2012] 22 taxmann.com 266 (CCI).

-Chartered Accountants will begin certification of accounts under MGNREGA scheme at village panchayat level from April 2013.

-CBDT Circular Dt 20/06/2012:pending Arrears wrongly adjusted from Refunds can now also be rectified by AO u/s 119(2)(b) irrespective of Sec 154(7).

-A committee set up SEBI will scrutinize all Auditor qualifications of balance sheets of listed companies and ask the management for violations.

-People with income below taxable limit need not furnish Permanent Account Number (PAN), the Karnataka High Court ruled.

-14 more services come under tax-exempt negative list.

-ICAI holds two more CAs guilty in Satyam scam.

-RBI permits non-bank entities to set-up ATM

-If comparables are selected to make positive adjustments only, such selection is unjustified By [2012] 22 taxmann.com 236 (CHENNAI - ITAT).

- Appeal not admissible if admitted tax not paid; the defect is curable if tax is paid afterward By [2012] 22 taxmann.com 235 (HYD. - ITAT).

- IT : Business of assessee becomes ready to commence upon set up of requisite infrastructure By [2012] 22 taxmann.com 251 (DELHI).

-UK Tax court lays down litmus test for categorization of advance from parent company into 'Debt' and 'Equity' By [2012] 22 taxmann.com 245 (TC - US).

- IT:Completed contract method can be adopted under section 145 when an assessee follows mercantile system of accounting By 2012 22 taxmann.com 230 DELHI.

Regards
Prakash Verma

True Governance League 

Interesting Case of Supreme Court of India

ACC Limited, (Formerly known as the Associated Cement Co. Ltd) Vs. Global Cements Ltd. - Jun 11, 2012

	Issue Arbitration and Conciliation Act, 1996 - Sections 11, 15(2), 7, 14; Chota Nagpur Tenancy Act, 1908 - Sections 71-A, 71-B; Andhra Pradesh (Talangana Area) Tenancy and Agricultural Lands Act, 1950 - Section 50-B; Punjab Municipal Act, 1911 - Sections 67, 68A.
	Synopsis In the present matter, an application was filed under section 11 of Arbitration and Conciliation Act for appointment of an Arbitrator which was allowed. And hence a petition was filed which was also the main issue in this matter viz. whether on the death of a named Arbitrator, the arbitration agreement survives or not. To consider this issue, sections 14 and 15 provided the grounds for termination of the authorization of the arbitrator on the ground of incapability of the arbitrator to act or if he withdrew from his office or when the parties agreed to the termination of the mandate of the arbitrator. It was also stated that if named arbitrators refused to arbitrate disputes it was possible for the parties to appoint a substitute arbitrator unless the clause provided something else. Objection could be raised by the parties only if there was a clear prohibition or debarment in resolving the question or dispute or difference between the parties in case of death of the named arbitrator or their non-availability, by a substitute arbitrator. The Supreme Court held that the arbitration clause 21 of the agreement did not prohibit the parties in appointing a substitute arbitrator in place of the named arbitrators and, in the absence of any prohibition or exclusion; parties could persuade the court for appointment of an arbitrator under clause 21 of the agreement. Cases referred to in this matter were: i.) Ibrahimpatnam Taluk Vyavasaya Coolie Sanghem vs. K. Suresh Reddy and Others AIR [2003 SC 3592] Consequently, the petition was dismissed.

With Regards

Prakash Verma

+91-9990-379137

True Governance League - A way to Root

True Governance League: - No consequences of non-compliance of a pre-condi...: - No consequences of non-compliance of a pre-condition, which is bad-in-law : Delhi HC By [2012] 22 taxmann.com 229 (HC DELHI)

- No consequences of non-compliance of a pre-condition, which is bad-in-law : Delhi HC By [2012] 22 taxmann.com 229 (HC DELHI)

- 14 more services come under tax-exempt negative list.

- ICAI holds two more CAs guilty in Satyam scam.

- RBI permits non-bank entities to set-up ATM

Regards
Prakash Verma

Respected All,

I have made this new Page for admirers of "Corporate Governance" to share their thoughts/Views/Queries/news about Past/Present/Future Practices, so that we can have the "Paramount" Corporate Governance practices in Our Industry.

kindly make it outsized by your nexus.

Thanks with Regards
Prakash Verma