Home Highlights April 2013 Year 2013 This

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1. Power of RP to admit the Claims suo-motu - There is no such provision that the IRP shall admit the Claim without filing a Claim either in Form-B or in Form-C. - the IRP...

2. Carry forward of investment allowance - unabsorbed depreciation of Amalgamating Company - Section 72A - Claim allowed - HC

3. Rectification of mistake u/s 254 - Depreciation on the non-compete fee denied - CIT(A) allowed the claim - ITAT rejected the claim - Whether AO has accepted the claim of...

4. Disallowance u/s 36(1)(iii) - claim of interest expenditure - The companies GIL and CNIL are subsidiary companies, which clearly indicates that the investment made by...

5. Assessment of tax - calculation and clubbing of turnover of two units - sister concern or independent entities - The act of the petitioner herein is an attempt to...

6. Dishonor of Cheque - insufficiency of funds - existence of company after merger - When under a judicial order, merger of the Companies has taken place, the earlier...

7. The Court dismissed the applications filed by the applicant company, SMS Textiles Limited, observing that it is a shell company of the company in liquidation and its...

8. Repayment of deposits, etc., accepted before commencement of this Act - conditions relaxed - deposits accepted under Companies Act, 1956 shall be repaid within 3 years...

9. Claim of Retirement benefits before RP - CIRP proceedings - Since, the Resolution Professional stated that he has admitted the interest on gratuity of the applicants...

10. TDS u/s 194A - TDS on deemed dividend - loan advanced by the assessee company to the other group companies - Even if, the appellant company hold 100% shares in these...

11. “Vanishing companies” can only be listed companies; so far 161 “vanishing companies” have been traced

12. Validity of order of NCLT admitting the application for CIRP - Although, pendency of winding-up petition before the High Court may not preclude filing of Section 7...

13. Customs Valuation Rules 2007 - Rule 12 allows rejection of declared transaction value and re-determination u/r 9 if identical/similar goods imported at comparable...

14. SSI Exemption - fictitious company / dubious company - Penalty to be imposed on original company and no penalty on dubious company - HC

15. Deemed dividend u/s 2(22)(e) is not taxable in the hands of the assessee company if it is not a shareholder in the companies that extended loans. It is chargeable to tax...