ST 3 Return due date extended upto 10th Sept 13

ST 3 Return due date extended upto 10th Sept 13

F.No.137/99/2011-Service Tax

Government of India...

Ministry of Finance

Department of Revenue

Central Board of Excise & Customs

*

Law on s. 192 TDS obligation on medical reimbursement & LTC explained

ACIT vs. Infosys BPO (ITAT Bangalore)

The assessee recruited employees under a contract of employment which provided the salary as a ‘cost to company’ or ‘CTC’. Having determined the CTC, the employee was permitted to choose what would be the various components of his salary and for this purpose a basket of allowances was

India Taxes- Due Date Alert for the month September 2013

Sr No	Due Date	Related to	Compliance to be made
1	05.09.2013	Service Tax	Payment of Service Tax for the Month of August 2013
2	07.09.2013	TDS/TCS (Income Tax)	·        Deposit TDS for payments of Salary, Interest, Commission or Brokerage, Rent, Professional fee, payment to Contractors, etc. during the month of August 2013. ·        Deposit TDS from Salaries  deducted during the month of August 2013 •   Deposit TCS for collections made under section 206C including sale of scrap during the month of August 2013, if any •    Deliver a copy of Form 15G/15H, if any to CCIT or CIT for declarations received in the month of August 2013, if any
3	15.09.2013	Income Tax	Payment of second instalment of advance tax (45%) for corporate
4	20.09.2013	STPI	Filing of monthly softex forms
5	20.09.2013	VAT	Payment of VAT & filing of monthly return for the month of August 2013
6	30.09.2013	Income Tax	Income Tax  and Wealth Tax Return filing along with tax audit report excluding Transfer pricing

Deductor Not responsible for non-mention PAN of Deductee in TDS Certificate.

As per Income Tax rulings regarding issuing of Form-16, or 16A Deductors are not responsble for non-mention of payee’s PAN in it. In the other words we can say if the TDS Deductee or Taxpayee not provided his PAN befor issuing Form-16, or 16A there is no penalty on deductor for non-mention payee's PAN in there.

HUF or its karta can not become designated partner in Limited Liability Partnerships

TION 5 OF THE LIMITED LIABILITY PARTNERSHIP ACT, 2008 – PARTNERS – WHETHER HINDU UNDIVIDED FAMILY (HUF)/ITS KARTA CAN BECOME PARTNER/DESIGNATED PARTNER (DP) IN LIMITED LIABILITY PARTNERSHIP (LLP)
GENERAL CIRCULAR NO. 13/2013 [F.NO. 1/13/2012-CL-V], DATED 29-7-2013

It has come to the notice of the Ministry that some Hindu Undivided Families (HUFs)/Kartas of such families are applying to become partner/ Designated partner (DP) in LLPs and a question has arisen whether a ‘HUF’ or a karta can be allowed to do so. The matter has been examined in consultation with Ministry of Law.

2. As per section 5 of LLP Act, 2008 only an individual or body corporate may be a partner in a Limited Liability Partnership. A HUF cannot be treated as a body corporate for the purposes of LLP Act, 2008. Therefore, a HUF or its karta can not become designated partner in LLP.

3. This issues with the approval of Secretary, MCA

Whether any TDS liability arises on payments made towards leasehold rights acquired by the SEZ developer for further sale and not for its own use - NO: ITAT

THE issue before the Bench is - Whether any TDS liability arises on payments made towards leasehold rights acquired by the SEZ developer for further sale and not for its own use. And the answer goes against the Revenue.

Facts of the case

Assessee

Service Tax - Advance Ruling - Marketing and sales support in India to a firm in China and USA - Amounts to export of services: AAR

IT has been stated in application that the applicant is a wholly owned Indian Subsidiary of M/s Tandus Flooring Asia Pte Ltd # 8 Ubi Road 2, #01-06 Zervex , Singapore - 408538. It has been further stated that the Tandus Group is a leading manufacturer of floor covering products with manufacturing and sales operations across the world and has set up the applicant company with the objective of strengthening and enhancing sales of its products to its Indian customers. The mandate of the applicant is to provide marketing and sales support for the distribution of floor

S. 32: A finance lease designed as a sale-and-lease back has to be treated as a sham transaction

Hathway Investments Pvt. Ltd vs. ACIT (ITAT Mumbai)

The assessee, an investment company, bought electric meters from the Gujarat State Electricity Board (GSEB) which were leased back to GSEB simultaneously. The assessee claimed 100% depreciation on the purchase cost of the meters. The AO and CIT(A) rejected the claim on the ground that the

Whether when Revenue had issued notice for reassessment on ground that Sec 10B deduction had resulted in underassessment of income, and deduction on account of deferred revenue expenditure was inadmissible, it amounted to tangible material which had live link to validate formation of opinion - NO: Delhi HC

THE issue before the Bench is - Whether when Revenue had issued notice against the assesssee for reopening of assessment on the ground that deduction under Section 10B had resulted in underassessment of the assessee’s income, and the deduction on account of deferred revenue expenditure being expenditure on technical know-how, was inadmissible and should have been disallowed, it amounted to tangible material which had live link to validate a legitimate formation of opinion. And the verdict goes against the Revenue.

Facts of the case

ITAT Hauls Up CA For Committing Fraud

ITO vs. Bhagwan Agarwal (ITAT Agra)

ICAI directed to initiate disciplinary proceedings against CA for suppressing information and obtaining order by fraud

The assessee bought and sold shares and claimed that he had earned capital gains which were exempt u/s 54F. When the AO alleged that the transactions were bogus and entered into for converting black

80-IB: Despite SC Verdict Duty Drawback/ DEPB May Be Eligible For Deduction: ITAT

Arvind Footwear Pvt Ltd vs. DCIT (ITAT Lucknow)

S. 80-IB: Though Duty Drawback & DEPB were held not eligible for deduction in Liberty India 317 ITR 218 (SC), answer could be different if business model shows dependence on Duty Drawback & DEPB for survival

The assessee claimed that the “duty drawback” receipt of Rs. 1.53 crores was eligible for deduction u/s 80-IB on the ground that the said duty drawback refund was a refund of customs and central excise duty on inputs used in manufacturing of its products. The AO & CIT(A) rejected the claim by relying on Liberty India 317 ITR 218 (SC) where it was held that duty drawback was not “derived” from the industrial undertaking. On appeal by the assessee to the Tribunal HELD:

happy janamastmi

Medical reimbursement, Medical Allowance and Tax Exemption Claim.

Government Employee for their annual Medical Check-up or major/minor Injury paid Medical Bills and after that they claim as Medical reimbursement to Government. When the claim was passed by the Government, Employee got benefit of it. In this regard Government has said they would no longer have to pay income tax on money drawn from welfare funds for annual medical check-ups. The Central Board of Direct Taxes (CBDT) has issued a notification in this regard. As per the notification, no income tax will be levied “to meet the cost of annual medical tests or medical check-ups of the member, his spouse and dependent children” if money is drawn from the welfare fund to meet the expenses.

Gift Received as Amount or Property, its Limit, Conditions and Tax Exemption.

The gift received by any other nearest relatives to Taxpayee/Assessee is treated as gift from relatives and accordingly nothing would be taxable in the hand of Taxpayee on the amount so gifted by Relatives.

A word of Caution:
Any income arising from the assets transferred (which includes gift also) to Taxpayee/Assessee without adequate consideration is subjected to clubbing provision and is taxable in the hands of the transfer or/and not in the hands of transferee. [Section 64(1)(vi) of the Income Tax Act-1961].
In normal course, where the aggregate value of gift received from non-relative exceeds Rs.50,000/-, the entire amount of gift would be taxable (& not merely an amount in excess of Rs. 50,000/-).

Bangalore Tribunal ruling on applicability of transfer pricing provisions to assignment of contract

 

The Bangalore Income-tax Appellate Tribunal (Tribunal) in the case of Tellabs India Private Ltd (Taxpayer) has ruled on the issue of whether assignment of a contract to the Taxpayer by an Associated Enterprise (AE) is an international transaction to which the transfer pricing provisions apply.

FAQ FOR ST3 RETURN FOR THE PERIOD OCT, 2012 – MAR, 2013

 

I. GENERAL

The ST-3 Return for the period, Oct, 2012- Mar, 2013 is a quarterly or half-yearly?
It is a half yearly return.

Is there any change in the Format of ST3 return for the return period Oct, 2012 -March, 2013 when compared to July – Sept, 2012 return?
Yes. July – Sept, 2012 return was quarterly and Oct – March, 2013 is half yearly and accordingly the format is displayed in ACES

What is Khata

Khata Format

Khata is loosely defined as an account. Any person who owns property within Bruhat Bengaluru Mahanagar Palike jurisdiction needs to have a Khata. When licensing property for trade or applying for a loan, khata is an important document to have. It is extremely cruical to have a Khata when filing property tax, as it provides important details like name of the owner, size of building, location of the property and other details.

The Khata consists of 2 things:
a) Khata Certificate
b) Khata Extract.

Whether penalty u/s 272B is to be imposed on deductor even if fault of non-furnishing of PAN details lies with deductees - NO: Allahabad HC

THE issues before the Bench are - Whether penalty u/s 272B is discretionary; Whether penalty can be imposed merely because it is lawful to do so; Whether penalty u/s 272B is to be imposed on the deductor even if the fault of non-furnishing of PAN lies with the deductee and Whether when the deductee has furnished PAN details but the deductor has failed to mention the same in Form 16A, it warrants penalty u/s 272B. And the verdict goes against Revenue.

Facts of the case

Exchange Rate effective from 15/08/2013

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, PART-II, SECTION 3, SUB-SECTION (ii), EXTRAORDINARY]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

DEPARTMENT OF REVENUE

CENTRAL BOARD OF EXCISE AND CUSTOMS

The Law On Deductibility Of H. O. Expenses Of A Permanent Establishment

In general, as regards tax treaties entered into by India, the provisions relating to taxation of business profits (Article 7 of the tax treaty) provide that in computing the profits of a PE, there shall be allowed as deduction, expenses which are incurred for the purposes of the business of the PE, whether incurred in India or elsewhere.

Short note on Profession Tax

Profession Tax E-Enrollment :
3rd proviso to Sec 3(2) is inserted from 01.05.2012. Which states that, a person who is liable to pay tax has remained un-enrolled; then, his liability to pay tax under this section for the periods for which he has remained so un-enrolled shall not exceed eight years from the end of the year immediately preceding the year in which he has obtained the enrolment certificate or the year in which the proceeding for enrolment is initiated against him, whichever is earlier.

Whether when assessee is sanctioned a grant by Govt for operational purposes for a period of five years, entire sum is to be treated as receipt in same year - NO: Delhi HC

THE issues before the Bench are - Whether when the assessee is sanctioned a grant by the Government for operational purposes for a period of five years, the entire sum is to be treated as receipt in the same year; Whether any fault can be found with the assessee compling with the AS-12 Accounting Standards and Whether when inventories amount is reflected in the Annual Report, any addition is warranted in the same regard. And the verdict goes in favour of the assessee.

Facts of the case

Companies Bill, 2012 – Key changes

Companies Bill, 2012 – Key changes

The much delayed sanction to the Companies Bill, 2012 (the “Bill”) by the upper house of the parliament was granted on August 8, 2013. The Bill brings about significant changes to the existing corporate law and procedures. It has taken almost a decade for the Bill to reach this stage after several rounds of consultations with various stakeholders.

UNDERSTANDING EXEMPTIONS FROM CAPITAL GAINS

To read the blog click here.


http://taxbymanish.blogspot.in/2012/06/understanding-exemptions-from-capital.html

Taxation of Leave Salary / Leave Encashment

Leave salary, also known as leave encashment, means that employee will receive the cash for leaves which are not taken by the employees. The leave encashment received during the service period is taxable for all the employees as per the income tax slab applicable to the employee. However, the tax treatment is different for the leave encashment received at the time of retirement/ superannuation. Further, the tax treatment is different for Government employee (Central or State) vis a vis Non –Government employee as under:

Physical Disability and Income Tax Exemptions u/s. 80U

Section 80U of the I.T. Act, 1961 allows a deduction to an individual who is resident and who at any time during the previous year is certified by a medical authority to be a person with disability. The deduction under this Section is a sum of Rs 50,000/- in normal cases and if the person is suffering from a severe disability (80% or more) then a sum of Rs. 1,00,000/- is allowable as deductions.
“Person with Disability” for the purpose of section 80U means a person suffering from not less than 40% of any of the disability given below:

Complete procedure for furnishing TDS, e-tax payment of TDS on property.

E-Payment facilitates payment of taxes online by taxpayers. To avail this facility the taxpayer is required to have a net-banking account with any of the Authorized Banks. Please follow the steps as under to pay tax online:-

Step 1 :

Simple 5 Steps to file e-TDS/TCS Return

NSDL-TIN has introduced a easy way to submit e-TDS/TCS return in simple 5 steps. As per NSDL TDS Deductors can submit e-TDS returns through TIN-Facilitation Centres (TIN-FC) established by NSDL or directly upload through NSDL web-site. It is mandatory (w.e.f. June 1, 2003) for corporate deductors to furnish their TDS returns in electronic form (e-TDS return). Therefore TIN-NSDL introduced 5 simple steps for e-TDS/TCS return which are as follows:

If no service is rendered by service provider, there is no requirement to file ST-3 Returns

[2013] 35 taxmann.com 360 (Kolkata – CESTAT) CESTAT, KOLKATA BENCH, Suchak Marketing (P.) Ltd.

v.

Commissioner of Service Tax, Kolkata* Dr. D.M. Misra, JUDICIAL MEMBER

Order No. A/24 (KOL.) of 2013, Appeal No. ST/393 of 2012, FEBRUARY 5, 2013

Section 70 of the Finance Act, 1994 read with rule 7C of the Service Tax Rules, 1994 – Furnishing of returns – Assessee, a construction service provider, having registration under service tax, filed six NIL returns in Form ST-3 form for April, 2005 to March, 2008 on 18-11-

Income Tax Department Amends Form 15CB & Form 15CA

In exercise of the powers conferred by sub-section (6) of section 195 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—

1. (1) These rules may be called the Income-tax (12th Amendment) Rules, 2013.

(2) They shall come into force on the 1st day of October, 2013.

Whether special audit is warranted u/s 12A(b) when assessee has failed to report related party transactions in audit report and assessee is involved in relatively large number of transactions - YES: HC

THE issues before the Bench are - Whether a special audit is warranted under section 12A(b) when the assessee had failed to report its related party transactions in its audit report and the assessee is involved in relatively large number of transactions and Whether prima facie this would satisfy the condition of complexity of the accounts as required by section 12A(b). And the verdict goes against the assessee.

Facts of the case

Whether when TDS credit is reflected in 26AS, AO is expected to give credit even without waiting for an application u/s 154 and also sanction refund if any - YES: HC

THE issues before the Bench are - Whether when the TDS credit is reflected in 26AS, AO is expected to give the credit even without waiting for an application by the assessee u/s 154 and also sanction refund if any and Whether in an electronic regime, Revenue is expected to be more proactive in facilitating refunds of TDS Credit reflected in 26AS. And the verdict favours the assessee.

Facts of the case

Practical Guide To Appearing Before The Income Tax Appellate Tribunal

The Income Tax Appellate Tribunal, like any judicial body, has a number of procedural requirements that require to be complied with before an appeal can be heard. Unfortunately, several authorized representatives, though highly qualified CAs and Advocates, neglect to comply with the requirements with the result that their matters get adjourned and they waste their own time and that of the Bench and their clients incur unnecessary costs. To assist the Tribunal and the taxpayers in the cause of justice, the author, an eminent advocate, has prepared a comprehensive check-list of matters that need to be complied with. The author assures all taxpayers that if the check-list is religiously followed, they will have a smooth and pleasant experience before the Tribunal


http://www.itatonline.org/blog/index.php/practical-guide-to-appearing-before-the-income-tax-appellate-tribunal/

High Court Hauls Up ITO For Harassing Taxpayer With Ulterior Motive

CIT vs. Intezar Ali (Allahabad High Court)

CBDT directed to inquire into conduct of AO in framing assessment with ill-will/ ulterior motive

The assessee sold agricultural land for Rs. 1.20 crore and deposited the cash proceeds in his bank account. He filed a return in which the transaction was disclosed and claimed to be not chargeable to tax. However, as the sale deed showed the transaction at Rs. 22 lakh and because the purchasers

Premium Profits represents compensation for excessive marketing activities undertaken by a Taxpayer

 

In a recent order in the case of BMW India Private Limited[1] (the “Taxpayer” or “BMW India”), the Income Tax Appellate Tribunal (“Tribunal”) has laid down an important principle on the concept of marketing intangibles holding that the premium profits earned by the Indian subsidiary of a foreign parent represents an arm’s length compensation for excessive marketing activities undertaken by the Taxpayer, and hence, no further adjustment was required.

Impact of Companies Bill on M&A Transactions

Introduction

India Inc’s long wait for a new company law seems to be finally getting over. The Companies Bill, 2012 (“the Bill”) has been passed by the Rajya Sabha on August 8, 2013. It now needs presidential assent and notification in the Official Gazette to replace the existing Companies Act, 1956 (“the Act”).

Changes to the Exchange Control Regulations

 

In a growing list of concerted efforts being made to address the issue of burgeoning Current Account Deficit and the fall of the Rupee, the Reserve Bank of India (“RBI”) has through a press release and circulars[1] dated August 14, 2013, made far reaching changes to the rules governing Overseas Direct Investment (“ODI”) and The Liberalized Remittance Scheme (“LRS”). We have in this alert summarized the key changes and the related impact.

10 ways to fine tune internal audit

One of an audit committee’s most important responsibilities is to oversee the organization’s internal audit function. Here are 10 steps audit committees can take to facilitate proper oversight and direction of internal audit:

Evaluate the current and projected scope of internal audit coverage of risk management and governance. Internal auditors have increased their focus on risk management and governance processes, and audit committees have stepped up their interest, too.

How to deal with data breaches

You walk into your office on a Saturday morning during tax season to find a staff member waiting for you with sweaty palms and a look of terror on her face. She takes a while to get the words out, but you soon learn that she backed up some client files to an unencrypted flash drive and dropped it in her purse before going to a “happy hour” the night before. Upon returning to her table from the restroom, she discovered her purse was nowhere to be found. She had been preparing payroll tax returns for several clients with multistate locations, and the flash drive contained payroll data such as names, Social Security numbers, addresses, salaries, and wages.

S. 147: Writ petition to challenge a reassessment order should not be entertained

CIT vs. Chhabil Dass Agarwal (Supreme Court)

The AO issued a notice u/s 148 reopening the assessment and pursuant thereto passed a re-assessment order u/s 147. The assessee filed a Writ Petition in the High Court to challenge the said notice and re-assesasment order. The High Court entertained the Writ Petition and quashed the re-assessment order. On appeal by the department to the Supreme Court HELD reversing the High Court:

The Income-tax Act provides a complete machinery for the assessment/re-assessment of tax, imposition of penalty and for obtaining relief in respect of any improper orders passed by the Revenue Authorities. The assessee cannot be permitted to abandon that machinery and to invoke the jurisdiction of the High Court under Article 226 of the Constitution when he has adequate remedy open to him by an appeal to the Commissioner of Income-tax (Appeals). As the said statutory remedy is an effectual and efficacious one, the Writ Court ought not to have entertained the Writ Petition filed by the assessee.

Note: This principle of alternate remedy ought not to apply to a case where the AO passes a reassessment order without following the GKN Driveshafts 259 ITR 19 (SC) procedure of passing an order on objections and waiting 4 weeks thereafter as held in Allana Cold Storage 287 ITR 1 (Bom.), Kamlesh Sharma ITO 287 ITR 337 (Del) & other cases

Q & A on Service-Tax VCES 2013

 

The Voluntary Compliance Encouragement Scheme, 2013 (VCES) has given rise to a number of practical problems. Though the CBEC has issued a clarificatory Circular No. 170/5 /2013 – ST dated 08.08.2013 and also a FAQ, several aspects of the Scheme are still not clear. The author, using his immense practical experience in the subject, has provide clear cut answers to a number of questions raised by tax professionals and tax payers.

Whether when AO did not allow adjustment of cash seized against advance tax liability even after assessee making specific request, interest u/s 234B is leviable and assessee cannot escape penalty u/s 271AAA - ruled in favour of assessee: ITAT

THE issue before the Bench is - Whether when AO did not allow adjustment of the cash seized against the advance tax liability even after the assessee making specific request, interest u/s 234B is leviable and the assessee cannot escape penalty u/s 271AAA. And the verdict goes in favour of the assessee.

Facts of the case

Tabular Comparison Between Old Versus New Provisions of Companies Act.

 

Sr. No.	Subject matter	Old provision in the Companies Act,1956		Corresponding new provision in the Companies Bill,2011
1.	Composition	Contains 658 sections and 15 schedules		Contains 29 chapters with 470 clauses and with 7 schedules.
2.	Definitions	Section 2 Contains 67 definitions		Clause 2 of elephant size contains 95 definitions. The additional definitions not included in section 2 are: Auditing Standards; Associate Company; Chief Executive Officer; Chief Financial Officer; Company Liquidator; Called up capital; Company limited by shares; Company limited by guarantee; Control; Employees’ Stock Option; Financial Statement; Financial Year; Global Depository Receipt; Independent Director; Interested Director; Indian Depository Receipt; Issued capital; Financial statement; Key Managerial Personnel ;( Whole-time director’ has been included in the definition of the term ‘key managerial personnel’) One Person Company; Promoter; Remuneration; Small Company; Sweat equity shares;
				Unlimited company; Turnover.
3.	Definition of Private Company	Restricts the maximum number of members to 50		To restrict the maximum number of members to 200
4.	Definition of Public Company.	Considers a private company which is a subsidiary of a public company as a public company.		Further enhanced to provide that a private subsidiary of a public company deemed to be a public company even though the subsidiary continues to be a private company in the articles.
5.	Definition of Financial Year.	Financial year not defined in section 2		Defined in clause 2(41) as under: Financial year as defined in clause 2(41) requires Company or body corporate to adopt uniform financial year of 1st April to 31st March every year except in certain exceptional cases. Existing Companies not adopting 1 April to 31 March as financial year for Companies Act purposes to align themselves with 1 April-31 March within two years of commencement of the Companies Act, 2012.
6.	Types of Company that can be formed	Public Company or Private Company which can be limited by shares/limited by guarantee or unlimited company.		Besides Public and Private Company, clause 3 also provides for One Person Company as a Private Company.
7.	One Person Company(OPC)-clause 3	Such a concept was absent hitherto.		OPC can be formed.
8.	Mandatory contents of the Memorandum	Five clauses were mandatory: Name Clause; Registered office Clause; Objects divisible into: Main Objects; Objects ancillary or incidental to the Main Objects; Other Objects; Liability Clause; Capital Clause		Same except that no classification required for the object clause into Main objects, incidental/ancillary objects, other objects. As a result of the above, section 149(2A) and 149(2B) of the Companies Act is no longer applicable.
9.	Reservation of name for proposed Company-procedural aspects-clause 4(4) and 4(5)	Procedural aspects not covered.		Provides for making an application for reservation of new name or change of name of an existing company to the ROC on payment of prescribed fees.
10.	Penalty for obtaining name by providing wrong or incorrect information		No recourse provided		If company is not incorporated, reserved name shall be cancelled after imposing a penalty not exceeding Rs. 100,000; and If Company is incorporated the ROC may : Give direction to change name within 3 months by passing ordinary resolution or Make a petition for winding up of the company.
11.	Entrenchment provisions in Articles. Clause 5		No such provision existed		Articles may provide for more stringent or restrictive procedure than passing of special resolution for altering certain provisions of the AoA (like a provision can be altered only if agreed to by all the members of the company in writing).
12.	Formats of articles of association.		Table A - AoA of Company limited by shares. Table B-MoA of Company limited by shares. Table C-MAA of Company limited by Guarantee and not having a share capital Table D-MAA of Company limited by Guarantee and having a share capital Table E-MAA of an Unlimited Company		Table F-Company limited by Shares. Table G-Company limited by Guarantee and having share capital. Table H-Company limited by Guarantee and not having share capital. Table I-Unlimited Company having share capital. Table J-Unlimited Company not having share capital.
13.	Incorporation of a Company.-clause 7		Certificate of Incorporation to be conclusive evidence		Action can be taken even after incorporation if incorporation is on the basis of false or incorrect incorporation. Thus Certificate of Incorporation is not treated as conclusive evidence.
14.	Formation of Companies with Charitable objects.-clause 8		Section 25 Company. Did not specifically provide for sports, education, research, social welfare and environment protection. Could be only by way of a public or private company. Max. action that can be taken by Central Government (CG) was revocation of license and that too only for violation of any terms of the license.		Specifically provides for all these words. Could be as a OPC or an Association of Persons (AOP). Action besides revocation can be direction for winding up of the Company or amalgamation with another company registered with same objects. Provides for additional grounds for revocation like affairs being conducted fraudulently or prejudicial to public interest.