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So far Akshay has created 4 blog entries.

Removal of director due to loss of confidence does not appear in the Companies Act and Managing Director is eligible for compensation

The 1st respondent was functioning as Managing Director of the company since 17.04.1996 and was not appointed for a fixed tenure and was removed from the company. Section 202 of the Companies Act, 2013 provides for compensation of loss of office of removal of managing director. “202. Compensation for loss of office of managing or whole-time director or manager.- (1) A company may make payment to a managing or whole-time director or manager, but not to any other director, by way of compensation for loss of office, or as consideration for retirement from office or in connection with such loss [...]

Removal of director due to loss of confidence does not appear in the Companies Act and Managing Director is eligible for compensation2020-10-29T10:57:14+00:00

High Court in exercise of its writ jurisdiction cannot entertain a challenge to the assessment order when the statutory remedy of appeal stands foreclosed by time limitation: Apex Court

Factual Background: The assessment order dated 21.6.2017 was challenged by the respondent by way of statutory appeal before the Appellate Deputy Commissioner only on 24.9.2018. However, the same had become time barred in view of the provisions of Section 31 of the Andhra Pradesh Value Added Tax Act, 2005. Section 31 states that the statutory appeal is required to be filed within 30 days from the date on which the order or proceeding was served on the assessee. If the appeal is filed after expiry of prescribed period, the delay cannot be condoned beyond the aggregate period of 60 days [...]

High Court in exercise of its writ jurisdiction cannot entertain a challenge to the assessment order when the statutory remedy of appeal stands foreclosed by time limitation: Apex Court2020-10-29T11:09:50+00:00

Exemption under section 54EC has to be deducted while computing MAT Liability under section 115JB: Madras High Court

Factual Background: *The assessee had claimed an exemption under section 54EC of the Income Tax Act for  AY 2003-04. However, the Assessing Officer computed MAT liability  disallowing the exemption under section 54EC by placing reliance upon the judgments of Hon’ble Apex Court in the case of Apollo Tyres(1)  Bombay High Court in the case of Veekaylal Investment(2), Kerela High Court judgment in the case of N.K Bose(3). Subsequently, appeals were filed before CIT(Appeals)  and the Income tax Appellate Tribunal, at the instance of the Assessee and thereafter the Revenue which were decided in favour of the Assessee. The revenue thereafter, [...]

Exemption under section 54EC has to be deducted while computing MAT Liability under section 115JB: Madras High Court2020-10-17T15:45:29+00:00

Revised Return can be filed after due date pursuant to approval of Amalgamation scheme by NCLT: Apex Court

In a recent landmark ruling, the Hon'ble Supreme Court in the case of Dalmia Power Ltd. vs ACIT* has allowed the assessee company to file revised return after due date specified under section 139(5) as the delay was occurred due to sanction of scheme by NCLT. Dalmia Power Limited and Dalmia Cement Limited (here-in-after referred to as ‘DPL’ and ‘DCL’ respectively) had entered into a scheme of arrangement and amalgamation with nine other companies. The appointed date of the said scheme was 01.01.2015. However, the Hon’ble NCLT passed the final order on 01.05.2018. Pursuant to the aforesaid order, DPL and DCL  [...]

Revised Return can be filed after due date pursuant to approval of Amalgamation scheme by NCLT: Apex Court2020-10-19T13:08:23+00:00

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