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High Court of Karnataka Dismisses Appeal Challenging DICGC Act Provisions in Cooperative Bank Deposit Insurance Dispute. Sections 18A(5) and 21(3)(4) of the Deposit Insurance and Credit Guarantee Corporation Act, 1961, held constitutional and not arbitrary.

The appellant, Sri G.K. Gururaja Rao, Secretary of Sri Guru Raghavendra Sahakara Bank Niyamitha, filed a writ petition under Article 226 of the Consti...

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Bombay High Court Allows Appeal in Cooperative Society Dispute Over Member Access to Documents. Right of Members to Inspect and Obtain Copies of Society Records Under Section 147 of Maharashtra Cooperative Societies Act, 1960 is a Statutory Right Not Subject to Unreasonable Restrictions.

The appellant, Sadashivrao Mandlik Kagal Taluka Sahakari Sakhar Karkhana Ltd., a specified cooperative society engaged in sugar manufacturing, appeale...

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Bombay High Court Allows Revenue's Appeal in Rental Income Classification Case. Rental income from leasing unsold units of a commercial complex constructed by a real estate developer is assessable as business income, not income from house property.

The case involves multiple appeals filed by the Commissioner of Income Tax against the common order of the Income Tax Appellate Tribunal (ITAT) which ...

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Bombay High Court Quashes Criminal Proceedings in Cheque Dishonour Case Due to Lack of Proper Service of Notice Under Section 138 of Negotiable Instruments Act, 1881 — Notice Sent by Registered Post Not Proved to Have Been Served on Accused.

The petitioners, Sanjay Kashinath Agrawal and Ramakant Vasantlal Agrawal, were original accused nos. 3 and 19 in a complaint filed by Manik Vanaji Gaw...

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Bombay High Court Dismisses Petition Under Section 31(1)(aa) of SFC Act for Non-Compliance with Pre-Deposit Condition. Court holds that failure to deposit 25% of the amount due under Section 31(7) of the State Financial Corporations Act, 1951 renders the petition not maintainable.

The petitioner, M/s. SICOM Limited, a State Financial Corporation, filed a petition under Section 31(1)(aa) of the State Financial Corporations Act, 1...

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Bombay High Court Quashes Rejection of Exemption Application Under Section 10(23C)(vi) of Income Tax Act — CBDT Circular Extending Due Date Must Be Given Effect. University's Application Filed Within Extended Time Was Wrongly Rejected as Time-Barred; Court Directs Fresh Consideration on Merits.

The petitioner, Sanjay Ghodawat University, Kolhapur, is a university established by an act of the State Legislature of Maharashtra, which became oper...

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Supreme Court Adjudicates Appeals by Sahara Companies on SEBI's Regulatory Powers Over OFCDs. Case centers on Section 55A(b) Companies Act and compliance with DIP Guidelines for issuance of optionally fully convertible debentures.

The case involved two Sahara Group companies, Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited ...

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Supreme Court Dismisses Department's Appeal in Permanent Establishment Tax Dispute Under India-Korea DTAA. Court Upholds ITAT's Finding of Permanent Establishment but Remands Profit Attribution for Fresh Assessment Due to Insufficient Material.

The dispute arose from the taxability of income attributable to a permanent establishment set up in India by Samsung Heavy Industries Co. Ltd., a Sout...