Articles by FCS Deepak Pratap Singh

Case Study: Change in Accounting Estimates And Errors Reporting

FCS Deepak Pratap Singh 29 August 2024 at 08:39

In the given case, the retrospective restatement has no effect on the information in the balance sheet at the beginning of the preceding period (i.e., 1st April 2021). Therefore, PQR Ltd. is not required to present a third balance sheet.

Case Study: Revenue Recognition

FCS Deepak Pratap Singh 28 August 2024 at 08:41

The entity ABC is a public limited company domiciled in India. The Government of India holds 52% in the paid-up equity capital of the company as of 31st March, 2023

Case Study: Short Term Leases

FCS Deepak Pratap Singh 26 August 2024 at 08:36

Entity X (lessee) enters into a lease with Entity Y (lessor) for two assets namely, Asset A and Asset B, with 10 months non-cancellable term with an option to extend the lease for 5 months. The lease does not have a purchase option.

Any claim not included in Resolution Plan shall be extinguished: Supreme Court

FCS Deepak Pratap Singh 06 August 2024 at 08:29

Once a Resolution Plan is approved by the Adjudicating Authority, the same, irrespective of whether or not they participated in the CIRP, binds all creditors and any claims not forming part of the approved Resolution Plan shall stand extinguished.

Budget 2024 & Individual Taxpayers

FCS Deepak Pratap Singh 03 August 2024 at 14:12

BUDGET-2024 & INDIVIDUAL TAXPAYERS Dear Friends, As you are aware that every year Central Government put its “Statement of Income & Expenditure&rd

Provisions of Budget 2024: For Senior & Super Senior Citizens

FCS Deepak Pratap Singh 03 August 2024 at 08:48

BUDGET 2024 FOR SENIOR / SUPER SENIOR CITIZENS

Payment of Tax Liability by Transferee of Transferor in an agreement of amalgamation is of capital nature [Bombay HC]

FCS Deepak Pratap Singh 22 July 2024 at 08:29

In the instant case, evidently, the tax liability discharged by the assessee was in pursuance of the agreement with the transferor for taking over the business and was a part of the consideration for the transfer.

Case Study: Composition of Board of Directors of Insurance Company

FCS Deepak Pratap Singh 11 July 2024 at 08:33

Preferential Life Insurance Ltd. was incorporated to conduct the insurance business. The Certificate of Registration was issued to the company on 1st June 2014.

ITC on GST paid on Repair of Vehicles by Insurance Companies

FCS Deepak Pratap Singh 05 July 2024 at 08:36

Cashless payments are generally held to net-work garages by the insurance companies directly, since invoices are generally raised in the name of the insurance company on the basis of the report of the surveyor or inspector.

Case Study: Registration of a Design

FCS Deepak Pratap Singh 03 July 2024 at 08:33

The company that is not the actual creator of design cannot apply for registration of design. Therefore, going through the above provisions of the Design Act, ABC Communication can apply for registration of the design of a new device under the Designs Act, 2002, as a competitor has just applied for registration of a duplicated design that has not been registered.