Agent to be indemnified against consequences of acts done in good faith Where one person employs another to do an act, and the agent does the act in good faith, the employer is liable toindemnify the agent against the consequences of that act, though it cause an injury to the rights of thirdpersons.Illustrations(a) A, a […]
Agent to be indemnified against consequences of lawful acts The employer of an agent is bound to indemnify him against the consequences of all lawful acts done by such agent in exercise of the authority conferred upon him.Illustrations(a) B, at Singapur, under instructions from A of Calcutta, contracts with C to deliver certain goods to
Agent’s lien on principal’s property In the absence of any contract to the contrary, an agent is entitled to retain goods, papers and other property, whether movable or immovable of the principal received by him, until the amount due to himself for commission, disbursements and services in respect of the same has been paid or
Agent not entitled to remuneration for business misconducted An agent who is guilty of misconduct in the business of the agency, is not entitled to any remuneration in respect of that part of the business which he has misconducted.Illustrations(a) A employs B to recover, 1,00,000 rupees from C, and to lay it out on good
NPA expands to non-performing assets (NPA). Reserve Bank of India defines Non Performing Assets in India as any advance or loan that is overdue for more than 90 days. “An asset becomes non-performing when it ceases to generate income for the bank,” said RBI in a circular form 2007. To be more attuned to international practises, RBI implemented
In order to offer financial assistance and improve the competence of the tea industry, the Tea Development & Promotion Scheme (TDPS) was launched by the Tea Board of India. Tea is one of the industries, which by an Act of Parliament comes under the control of the Union Government. The present Tea Board set up
When agent’s remuneration becomes due In the absence of any special contract, payment for the performance of any act is not due to the agent until the completion of such act; but an agent may detain moneys received by him on account of goods sold, although the whole of the goods consigned to him for
There was a constant tug-of-war between the departmental officer and the GST registrant regarding the claims for refund of input services in case of an inverted duty structure. Remarkably, due to conflicting views of two High Courts, the matter even reached the Supreme Court. After the Supreme Court’s observation that resulted in the recommendation of
The Internal Rate of Return (IRR) is the discount rate that makes the net present value (NPV) of a project zero. In other words, it is the expected compound annual rate of return that will be earned on a project or investment. What Is IRR? IRR, or internal rate of return, is a metric used in financial
Agent’s duty to pay sums received for principal —Subject to such deductions, the agent is bound to pay to his principal all sums received on his account. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing
CA Bhuvnesh Kumar Goyal
Chartered Accountants
cabkgoyal@gmail.com
9971782649
Ph: 9971782649
E: cabkgoyal@gmail.com
