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 [2012] 22 266 (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] 22 236 (CHENNAI - ITAT).

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

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

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

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

Prakash Verma
True Governance League