Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: TDS :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: cpt :: empanelment :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: VAT Audit :: VAT RATES :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd
 
 
« News Headlines »
 GST registration mandatory for TDS entities
 Govt rules out extension for filing GSTR-3B returns after December
 Tax department’s e-filing portal out of action for 2 hours
 Use ITR-2 to show salary and capital gains income
  TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
  How to file ITR for FY 2016-17 and all the links you need
 All about E-way Bill under GST
 Good and simple tax: on the GST regime
 Seeks to extend the time limit for filing of GSTR-1, GSTR-2 and GSTR-3
 Good news, find Tax Return Preparers soon at a place near you; 5 things to know
 Filing of GST return

Time-bar rule relaxed
July, 17th 2006

The Supreme Court last week relaxed a rule regarding the time limit in cases under the Arbitration and Conciliation Act 1996. The court ruled that if a party filed a suit in a court which had no jurisdiction, under the bona fide belief that it had jurisdiction, the period lost in the proceedings would not be counted for the time-bar under Section 14 of the Limitation Act. 
 
The judgment was passed in State of Goa versus Western Builders and several other appeals. In this case, the courts barred hearing to the Goa government as it was late and had moved the wrong court. 
 
The government also lost in the Bombay High Court, which maintained that under the new arbitration law, it was time-barred from filing a suit. The Supreme Court set aside all such orders and ruled that the benefit of Section 14 was available to parties under the new arbitration law. 
 
State Bank wins indemnity case 
 
The Supreme Court last week set aside a judgment of the Bombay High Court in a case, State Bank of India versus Mula Sahakari Sakhar Kharkhana Ltd. The cooperative sugar factory had a contract with Pentagon Engineering Ltd for setting up a paper factory from bagasse. 
 
The bank furnished a guarantee/indemnity for the deal. When disputes arose, the matter went to the high court, which held that the deed was a bank guarantee and should be honoured as such. 
 
On appeal, the Supreme Court held that it was not an unconditional bank guarantee, but constituted a contract of indemnity. 
 
Sentence quashed in cheque case 
 
The Supreme Court last week set aside a judgment of the Kerala High Court in a case of dishonoured cheque (MS Narayana Menon versus State of Kerala) and quashed the sentence of one-year imprisonment on the drawer. 
 
A member of the Cochin Stock Exchange alleged that the drawer of the cheque used to carry on transactions in shares and one of the cheques bounced because of insufficient funds. The drawer of the cheque maintained that it was given for the purpose of discounting. 
 
He also contended that the broker was in dire financial need and the cheque was furnished as a loan. The trial court stated that the drawer had not discharged the burden of proof under Section 139 of the Negotiable Instruments Act. The high court upheld the view. 
 
However, the Supreme Court stated that while the drawer had discharged his burden of proof, the broker had failed to do so. The sentence was set aside. 
 
Tribunal to decide bonus spat 
 
The Supreme Court last week set aside a judgment of the Andhra Pradesh High Court and asked an industrial tribunal to settle a dispute between AP Foods and more than 200 of its workers. The state government stopped the payment of ex-gratia bonus. 
 
The high court quashed the decision. The government undertaking appealed to the Supreme Court, which said it was an industrial dispute and could not be decided by the high court. The apex court referred the dispute to the tribunal. 

M J Antony

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
System Testing Solution Manual Software Testing Solutions Automation Software Testing Solutions System Workflow Testing System Manual Testing

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions