Omnibus Approval for Related Party Transaction under Companies Act, 2013

Omnibus Approval for Related Party Transaction under Companies Act, 2013 In case of Companies Act, is the board required to approve all related party transactions from audit committee? [1]The Companies Act 2013 prescribes that a company needs approval of the audit committee on all related party transactions and subsequent modifications thereto. Section 177(4) (iv). [2]Provided […]

Section 14A disallowance only for Expenses not directly relatable to exempt or taxable Income

Section 14A disallowance only for Expenses not directly relatable to exempt or taxable Income Pr. CIT Vs. Bharti Overseas Pvt. Ltd. (Delhi High Court), ITA No. 802/2015,Date of decision: 17-12- 2015 Brief about the case The assessee company was engaged in the promotion of international telecom business and insurance business and filed its original return […]

Expenses on News/TV programs/Film rights not having enduring benefit allowed as revenue expenditure

Expenses on News/TV programs/Film rights not having enduring benefit allowed as revenue expenditure Citation of the Case: Zee Media Corporation Limited vs. DCIT (ITAT Mumbai), Income tax (Appeal) no. 1590 of 2015, Date of Judgment: 12/08/2015 Brief of the Case ITAT Mumbai held In the case of Zee Media Corporation Limited vs. DCIT that regarding […]