TGL ADVISORS ®
(Corporate Law Advisors and IPR Attorneys)
Monday, 25 June 2012
Recent Corporate Laws Updates
-CCI runs bulldozer over cement industry forming an anti-competitive cartel; Rs. 6,300 crores penalty slapped By  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) irres
pective 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  22 taxmann.com 236 (CHENNAI - ITAT).
- Appeal not admissible if admitted tax not paid; the defect is curable if tax is paid afterward By  22 taxmann.com 235 (HYD. - ITAT).
- IT : Business of assessee becomes ready to commence upon set up of requisite infrastructure By  22 taxmann.com 251 (DELHI).
-UK Tax court lays down litmus test for categorization of advance from parent company into 'Debt' and 'Equity' By  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.
True Governance League
CS Prakash Verma
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