Blogs

Union Bank of India Staff Co-op Thrift and Credit Society Limited Vs ITO (ITAT Chennai) The case of Union Bank of India Staff Co-op Thrift and Credit Society Limited vs. ITO (ITAT Chennai) revolves around the deduction claimed under Section 80P(2)(a)(i) of the Income Tax Act for dividends received from shares in a cooperative bank. […]

Sunderlal Vs DCIT (ITAT Chennai) The case of Sunderlal Vs DCIT (ITAT Chennai) revolves around an appeal arising from the order of the Commissioner of Income Tax (Appeals)-18, Chennai. Despite efforts to condone a significant delay, the appeal was ultimately dismissed due to unexplained reasons. The appeal, which should have been filed within a specific […]

Ram Kishan Bairwa Vs Central Excise Service Tax Appellate Tribunal And 2 Others (Allahabad High Court) In a recent judgment, the Allahabad High Court tackled the issue of whether the mandatory pre-deposit condition under Section 35F of the Central Excise Act (CEA) can be waived in writ jurisdiction. The case, Ram Kishan Bairwa Vs Central […]

Government Allows Export of 99,150 MT Onion to Six Countries Amid Domestic Concerns In a recent move, the Government of India has sanctioned the export of 99,150 metric tons (MT) of onions to six neighboring countries, namely Bangladesh, UAE, Bhutan, Bahrain, Mauritius, and Sri Lanka. The decision comes against the backdrop of ensuring adequate domestic […]

The Ministry of Personnel, Public Grievances & Pensions has announced a significant step towards enhancing the ease of living for pensioners by integrating the pension portals of all pension disbursing banks into the Integrated Pensioners’ Portal of the Department of Pension & Pensioners’ Welfare (DoPPW). This initiative aims to streamline services for pensioners and provide […]

The Foreign Exchange Management Act (FEMA) lays out the rules for investments in Indian startups and for transactions involving foreign exchange. Guidelines for external commercial borrowings (ECB), trade-related remittances, foreign direct investment (FDI), and reporting compliance are all included in this. 1. Foreign Direct Investment, or FDI 1. FDI is the term used to describe […]

जीएसटी एक्ट में धारा 129 नियम 138 गुड्स/वाहन को रोकना, आदि के संबंध में नवीन न्यायिक निर्णय की समीक्षा ई-वे बिल का एक मुख्य उद्देश्य रास्ते में माल की सुचारू आवाजाही सुनिश्चित करना है। माल को एक स्थान से दूसरे स्थान तक ले जाने की प्रक्रिया में शामिल विभिन्न प्रक्रियाओं है । एक बार जब […]

Sincon Infrastructure Pvt. Ltd. Vs Union of India (Patna High Court) In case of Sincon Infrastructure Private Limited Versus Union of India (Civil Writ Jurisdiction Case No. 11621 of 2023) Patna High court observed that, Benefit of ITC, will accrue to the tax payer, when he files the return and claim the ITC on self-assessment […]

Orient Glaze Pvt Limited Vs Commissioner of Central Excise & ST (CESTAT Ahmedabad) The case of Orient Glaze Pvt Limited vs. Commissioner of Central Excise & ST (CESTAT Ahmedabad) revolves around the liability of paying duty on waste and scrap of fire bricks removed from kilns during a specific period. The appellant argues that such […]

M.C. Mehta Vs Union of India & Ors (Supreme Court of India) The Supreme Court, with the assistance of the Additional Solicitor General, delves into the report by the Commission for Air Quality Management (CAQM) in the National Capital Region (NCR) and adjoining areas. The focus is on the alarming vacancies in Statutory Pollution Control […]

S. No. Sections Exemptions/Modifications Provisions and impact of Exemptions/ Modifications 1. 2(24) The provisions of Section 2(24) shall not apply. Section 2(24) “Company Secretary or “Secretary” means a Company Secretary as defined in clause (c) of sub section (1) of Section 2 of the Company Secretaries Act, 1980 who is appointed by a company to […]

Challenging Excise Department’s Notice for Public Limited Company’s Change in Management via Director Rotation in West Bengal[1] It is a common occurrence in West Bengal for companies to find themselves the subjects of show cause notices which often allege carrying out an unauthorised ‘Change in Management’ without the taking prior government approval, thereby being threatened […]

Instrumentation Laboratory India Pvt. Ltd. Vs DCIT (ITAT Delhi) The case of Instrumentation Laboratory India Pvt. Ltd. vs. DCIT revolves around the assessment order dispatched after the limitation period. This article provides a detailed analysis of the ITAT Delhi’s order, addressing the key arguments and outcomes of the case. The appeal filed by ILI Pvt. […]

Grace Associates Vs Union of India and Ors. (Bombay High Court) Introduction: The case of Grace Associates Vs Union of India and Ors. before the Bombay High Court revolves around a refund issue pertaining to income tax assessments for multiple assessment years. The court’s judgment sheds light on the negligence of tax authorities and the […]

#AD PRESS RELEASE Two renowned companies have jointly announced their collaboration on a project named “Joint Development Plan,” aimed at expanding cooperation into new areas and providing users with more convenient and intelligent services. The signing of this Joint Development Plan signifies a new milestone in cooperation between the two parties. Through the integration of […]

Union of India and Ors. Vs Sudipta Lahiri (Supreme Court of India) The recent judgment by the Supreme Court in the case of Union of India and Ors. Vs Sudipta Lahiri has significant implications. It involves the dismissal of Special Leave Petitions filed by the Union Government and the imposition of a substantial cost of […]

Bhole Baba Milk Food Industries Limited Vs Union Of India And 2 Others (Allahabad High Court) In a recent case involving Bhole Baba Milk Food Industries Limited vs. Union of India, the Allahabad High Court addressed the issue of levying penalties for delayed credit of payments to GSTN accounts. The petitioner sought relief from penalties […]

Introduction: As an employer, it is a legal and moral duty to establish a leave policy that enables them to take time off when required. In India, there are various types of leaves that employers must provide their employees. In this blog, we will delve into different types of leaves and the laws and policies […]

Valuation of an asset is essential for taking any commercial decision whether purchase, sale or transfer. In addition to valuation done for commercial decisions, income tax requires separate valuation under Rule 11 UA of income tax rules 1962 for collecting income tax. While taking any decision, it is very important to evaluate valuation as per […]

Valuation of an asset is essential for taking any commercial decision whether purchase, sale or transfer. In addition to valuation done for commercial decisions, income tax requires separate valuation under Rule 11 UA of income tax rules 1962 for collecting income tax. While taking any decision, it is very important to evaluate valuation as per […]

Shree Digvijaya Woollen Mills Ltd Vs CIT (Punjab and Haryana High Court) Addition for excessive shortage not sustainable if trading account of assessee are accepted to be correct and complete A perusal of Section 145 of the Income Tax Act shows that income chargeable under the head “Profits and gains of business or profession” or […]

Co-operative society redevelopment involves various assets and complex legalities. Understanding what constitutes transfer, the tax implications for members and societies, and the nuances of agreements are crucial for all parties involved. Assets involved in Development Agreement: 1. For Members a. Shares of Society 2. For Society a. Land b. Building (Splitting between Land and Building […]

Important Update: Enhancement in the GST Portal | 26/04/2024 Dear Taxpayers, 1.  GSTN is pleased to inform that an enhanced version of the GST portal would be launched on 3rd May 2024. The effort is to improve user experience and ensure that the information you need is accessible and easy to navigate. 2.  Key Enhancements Include (PDF with […]

1. This article covers reporting of Capital Gain on the sale of Immovable Property in ITR 2. An attempt has been made to simplify the return filing with the help of Illustrations and Frequently Asked Questions. 2. ITR 2 can be filed by Individuals and Hindu Undivided Families (HUFs) having income from any other source […]

What is Premium? In Finance, Premium is the value in excess with the nominal value. It is extra value that the customer is ready to pay. This value is paid by the customer to enjoy the higher quality product or service. Example- Premium on Limited Edition watches, Premium on shares etc Face value: It is the […]

Sunil Pran Sikand Vs ACIT (Bombay High Court) In the recent case of Sunil Pran Sikand Vs ACIT before the Bombay High Court, a crucial question arose regarding the tax treatment of income derived from subsequent development grants. This case sheds light on the intricate balance between categorizing such income as long-term capital gains or […]

Introduction: The Reserve Bank of India (RBI) has issued guidelines facilitating the voluntary transition of Small Finance Banks (SFBs) to Universal Banks. These guidelines, outlined in Paragraph 14 of the “Guidelines for ‘on-tap’ Licensing of Small Finance Banks in Private Sector,” present a structured path for SFBs seeking to convert. This transition, subject to various […]

The Reserve Bank of India (RBI) recently issued Circular No. 03 of 2024, focusing on investment limits for Foreign Portfolio Investors (FPIs) in debt instruments and regulations regarding Credit Default Swaps (CDS). This article delves into the key highlights and implications of the circular. Detailed Analysis 1. Investment Limits for 2024-25: The circular outlines the […]

सभी टैक्स प्रोफेशनल आजकल वित्तीय वर्ष 2023 -24 के लिए कंपोजिशन डीलर के लिए GSTR-4 दाखिल करने की तैयारी कर रहे हैं या दाखिल कर चुके हैं या 30 अप्रैल 2024 तक  दाखिल करेंगे। लेकिन GSTR-4 इनवर्ड सप्लाई के संबंध में डाटा प्रॉपर download नहीं हो रहा है ? किस कारण से नहीं हो रहा […]

The National Financial Reporting Authority (NFRA) plays a pivotal role in regulating accounting and auditing standards in India, particularly concerning entities of public interest. In a recent development, NFRA issued Order No. 013/2024 concerning Mis Krishna Neeraj & Associates and CA Krishna Kr Neeraj. This order delves into alleged professional misconduct during the statutory audit […]

The National Financial Reporting Authority (NFRA) recently issued Order No. 012/2024, dated 26.04.2024, under Section 132(4) of the Companies Act 2013, concerning M/s Dhiraj & Dheeraj, CA Piyush Patni, and CA Pawan Kumar Gupta. This order addresses professional misconduct in the statutory audit of Reliance Home Finance Limited (RHFL) for FY 2018-19. Background: RHFL, a […]

Royal Drinks Pvt Ltd Vs ITO (ITAT Nagpur) The case of Royal Drinks Pvt Ltd Vs ITO, adjudicated by ITAT Nagpur, delves into the deductibility of interest incurred against delayed discharge of statutory liability under MVAT. This article examines the legal intricacies surrounding the deduction under section 37(1) of the Income-tax Act vis-à-vis disallowance under […]

Closing a Limited Liability Partnership (LLP) involves various legal and procedural steps to ensure compliance and a smooth transition. This checklist outlines the preconditions, required documentation, and the step-by-step process for the closure of an LLP, whether through voluntary or compulsory winding up. What Is Closure of LLP? Limited Liability Partnership refers to close which […]

#AD Are you tired of the daily grind and craving a break from the routine? Many of us look forward to that one special trip each year, whether it’s a peaceful hike, lounging with a good book, or diving into new adventures. We eagerly plan our travels and book flights, trains, and hotels well in […]

Somnath Banerjee Vs Apex Lab (Competition Commission of India) The Competition Commission of India (CCI) recently addressed a complaint filed by Mr. Somnath Banerjee against various entities in the pharmaceutical industry, alleging violations of competition laws. The complaint centered around the marketing and promotion practices of his patented dietary supplement, ‘Protestin,’ sold by Reserca Health […]

Jignesh Chimanlal Jobanputra Vs ITO (ITAT Mumbai) The case of Jignesh Chimanlal Jobanputra Vs Income Tax Officer (ITO) at ITAT Mumbai revolves around the dispute concerning income tax additions, specifically focusing on unsecured loans and unexplained investments for the assessment year 2011-12. The Commissioner of Income Tax (Appeals), or CIT(A), played a significant role in […]

Yash Raj Films Private Limited Vs Afreen Fatima Zaidi & Anr. (Supreme Court of India) The Supreme Court recently addressed the legal implications of movie trailers in the case of Yash Raj Films Private Limited Vs Afreen Fatima Zaidi & Anr. The court’s ruling clarifies the responsibilities of film producers regarding the content shown in […]

Introduction: Circular No. 7/2024 issued by the Central Board of Direct Taxes (CBDT) addresses the extension of due dates for filing Form No. 10A/10AB under the Income-tax Act, 1961. Over the years, various extensions have been granted due to difficulties reported by taxpayers. Detailed Analysis: 1. Historical Context: The circular outlines the sequence of extensions […]

S. No Related Section/Rule Particulars Timeline 1. Section 173 read with SS-1 Convening of a Board Meeting to discuss the following: Shifting of Registered Office from one state to another. To approve the convening of an Extra-Ordinary General Meeting (EGM) for shifting of registered office. Notice of Board Meeting to be circulated 7 days before […]

Kalpana Cables Products Pvt. Ltd. Vs Commissioner, Department of Trades And Taxes & Anr (Delhi High Court) Introduction: The recent judgment by the Delhi High Court in the case of Kalpana Cables Products Pvt. Ltd. vs Commissioner, Department of Trades and Taxes & Anr sheds light on the cancellation of taxpayer registration. The court emphasized […]

Faruk Rathore Prop. Of M/s Hindustan Trading Company Vs Dy. Commissioner, Central Goods And Service Tax (Rajasthan High Court) In a recent case before the Rajasthan High Court, Faruk Rathore, Proprietor of M/s Hindustan Trading Company, challenged the imposition of a heavy penalty for a minor offense related to a lapsed e-way bill during transit. […]

The Institute of Chartered Accountants of India (ICAI) Board of Studies (BoS) has announced the commencement of Live Virtual Classes (LVC Batch – 2) under the New Scheme from April 27, 2024. These classes are tailored to support students appearing in the September/November 2024 Examinations for CA Foundation, Intermediate, and Final courses. Detailed Analysis The […]

Introduction: The Institute of Chartered Accountants of India (ICAI) has made an important announcement regarding the reopening of online empanelment for members to act as observers for the May/June 2024 exams. This article delves into the details of the announcement and its implications. Detailed Analysis: The announcement highlights the reopening of the online empanelment process […]

The Directorate General of Foreign Trade (DGFT) under the Government of India has issued Notification No. 09/2024-25-DGFT dated 25th April 2024, pertaining to the export of white onion. This notification marks a significant development in India’s foreign trade policy, particularly regarding the export of agricultural commodities. Detailed Analysis: 1. Policy Conditions: The notification specifies that […]

Introduction: As per the CBDT Circular No. 6/2024 dated 23.04.2024, several grievances have been received from taxpayers who are TDS/TCS deductors or collectors. They have received notices for short deduction/collection of TDS/TCS, where the PANs of the deductees/collectees were inoperative. In such cases, the deduction/collection has not been made at a higher rate, leading to […]

Britannia Industries Ltd. Vs Dy. CIT (ITAT Kolkata) Introduction to the Case In the case between Britannia Industries Ltd. and the Deputy Commissioner of Income-tax, the Income Tax Appellate Tribunal (ITAT) in Kolkata delivered a significant verdict on December 14, 2023. This case, cited as IT Appeal No. 461/KOL/2023, pertains to the assessment year 2018-19 […]

Indirect taxation in India witnessed a paradigm shift on July 01, 2017, ushering into a unified tax regime whereby an associate outsized range of Central and State indirect taxes were amalgamated into one tax goods and Services Tax (GST). It was the Constitution (101st Amendment) Act, 2016, that paved the way for the introduction of GST […]

Al Jamia Mohammediyah Education Society Vs CIT (Bombay High Court) The case of Al Jamia Mohammediyah Education Society vs. CIT before the Bombay High Court revolves around the condonation of delay in filing Form 10B by a charitable trust. Despite the trust’s explanation of an auditor’s error, the application for delay condonation was rejected under […]

Surjit Kumar Dhal Vs State Of Odisha (EOW) (Orissa High Court) Introduction: The case of Surjit Kumar Dhal, a senior journalist and Editor-in-Chief of “Reporters Today” and “Mahabharat,” presents a complex legal scenario involving allegations of economic offenses. Dhal, seeking bail, challenges the rejection of his bail application by the designated court under the OPID […]

Unlock the secrets of financial fitness with our exclusive offering, the Financial Fitness Book. Delve into the nuances of Section 43B(h) of the Income Tax Act 1961, as we guide you through its recent amendments and their implications for MSME creditors. This  book serves as your passport to understanding crucial tax provisions and navigating the […]

The importance of competition in a healthy economy cannot be defined. It stimulate the consumer-centric environment where businesses are constantly struggling to improve their offerings and keep prices competitive. This not only benefits consumers with greater choice and potentially lower prices, but also unleashes the full potential of participating companies. However, the natural course of […]

National Stock Exchange of India Ltd (NSE), the world’s largest derivatives exchange for consecutive fifth year in a row in the year 2023 based on contracts traded as published by FIA, launched futures and options contracts on the Nifty Next 50 Index today. The new derivatives contract has received positive response from market participants. More […]

Introduction: The Institute of Chartered Accountants of India (ICAI) has made significant changes to its examination schedule and registration deadlines for the Foundation and Intermediate courses. Effective May/June 2024, exams will be held thrice a year, offering more flexibility to students. This article delves into the details of these updates and what they mean for […]

The Reserve Bank of India (RBI) plays a crucial role in regulating the financial activities of Non-Banking Financial Companies (NBFCs). The latest master circular provides detailed guidelines for banks regarding financing NBFCs, ensuring adherence to regulatory policies and promoting financial stability. Reserve Bank of India RBI/2024-25/24DOR.CRE.REC.No.17/21.04.172/2024-25 April 24, 2024 All Scheduled Commercial Banks (excluding RRBs) […]

The Reserve Bank of India (RBI) has recently issued Circular No. 02 for the year 2024-25, addressing concerns regarding unauthorised foreign exchange (forex) transactions. This article delves into the details of the circular, highlighting the challenges posed by unauthorised forex trading and the measures recommended by the RBI to combat it effectively. Detailed Analysis 1. […]

Reserve Bank of India Date : Apr 24, 2024 The Reserve Bank of India has today issued the Master Direction – Reserve Bank of India (Asset Reconstruction Companies) Directions, 2024. The Directions have come into effect immediately. The Master Direction consolidates the existing regulatory guidelines issued to ARCs vide Master Circular on ARCs and Master […]

APEDA Registration is essential for exporters dealing with scheduled food products. This article elucidates the registration process, required documentation, and the benefits of obtaining the RCMC (Registration-cum-Membership Certificate) issued by APEDA. What is APEDA REGISTRATION? It is a process which allows exporters to register with the APEDA (Agricultural and Processed Food Products Export Development Authority) […]

Introduction and Meaning A slump sale refers to the transfer of an entire business undertaking, or part thereof, from one entity to another as a going concern. In a slump sale, all assets and liabilities of the business or part of the business are transferred together as a package, typically for a lump sum consideration. […]

The CBDT, aiming to address grievances of deductors/collectors who collected TDS/TCS at the normal rate but were required to deduct/collect at double the rate due to the deductee’s PAN being inoperative (unlinked with Aadhar) since April 1, 2023, issued Circular No. 6 on April 23, 2024. This circular prevents treating such TDS deductors as in […]

Introduction With the increasing popularity of online gaming, taxation authorities have introduced specific provisions to regulate income derived from online games. This article provides a detailed overview of the taxation rules, including recent amendments to the Income-tax Act, 1961, governing online gaming income. 1. Definition: For taxation purposes, an online game is defined as a […]

Brought into force on 1st July 2017, the Goods and Service Tax (GST) is a comprehensive destination-based tax, enacted with the aim of merging the fragmented tax levy system and instead, bringing a unified tax levy system. Though it is a unified system of levying taxes, it is levied at both the central and state […]

Instruction No. 09/2024-Customs, issued by the Government of India’s Ministry of Finance, extends the exemption period for Ortho-phosphoric Acid used in fertilizer manufacturing from BIS standard IS 798:2020. F.No.401/56/2023-Cus.IIIGovernment of IndiaMinistry of Finance, Department of Revenue(Central Board of Indirect Taxes & Customs)Room No.229A, North Block, New Delhi Instruction No. 09/2024-Customs Dated, 22.04.2024 To,All Principal Chief Commissioners/ […]

Introduction The financial state of a person or entity being unable to pay off bills and debts to the creditors is known as insolvency. If a corporate person is the debtor, that is unable to pay the foresaid debts and bills, then it is corporate insolvency. Insolvency can lead to insolvency resolution proceedings, which may […]

Artificial rain, also known as cloud seeding, refers to the deliberate modification of weather conditions by scientists. This process is typically carried out in regions where natural rainfall is scarce or infrequent. The primary objective is to address water scarcity, enhance agricultural productivity, and increase overall water availability. However, altering weather patterns through artificial means […]

Many salaried employees may not be aware of the House Rent Allowance (HRA) exemption and its potential benefits, especially if they’re not familiar with tax laws or if their employers haven’t adequately communicated these benefits. It’s essential for both employees and employers to understand HRA exemptions to maximize tax savings and ensure compliance with tax […]

In India, the preparation and execution of wills are governed by the Indian Succession Act of 1925. While not mandatory, preparing a will is advisable to ensure the smooth distribution of assets after death. This article provides an in-depth analysis of the provisions of the Indian Succession Act, the types of wills, the execution process, […]

Abstract: This research paper delves into the intersection of intellectual property rights (IPR) and cybersecurity in the Indian context. With the rapid digitization of various industries and the growing reliance on digital platforms for business operations, the protection of intellectual property has become increasingly critical. However, the digital landscape also presents new challenges and threats, […]

Grounds of Appeal related to the penalty imposed u/s 271(1)(c) of the Act , 1961 AY 2015-16 1. In the facts and circumstances of the case the Ld. Jurisdictional AO is not justified in imposing penalty of 6,54,050.00 on the assessee which is illegal and imposed in a most arbitrary manner and assessee denies her […]

Case Law Details Case Name : Sant Steel And Alloys Private Limited Vs Directorate General of Goods And Services Tax Intelligance (Delhi High Court) Appeal Number : W.P.(C) 4410/2024 Date of Judgement/Order : 09/04/2024 Related Assessment Year : Sant Steel And Alloys Private Limited Vs Directorate General of Goods And Services Tax Intelligance (Delhi High […]

Otsuka Pharmaceutical India Pvt. Ltd. Vs Union of India & Ors. (Gujarat High Court) In a recent judgment, the Gujarat High Court addressed the issue of rejection of GST appeals due to non or delayed submission of certified copies of uploaded orders. The case involved Otsuka Pharmaceutical India Pvt. Ltd., a company engaged in the […]

Recently Govt. of Karnataka has brought a notification dated 10-01-2024 by exercising powers given under section 4A(4) the Payment of Gratuity Act 1972 – where it has mandated companies registered in Karnataka to obtain gratuity insurance policy for their employees. The said move has been taken to protect employee rights and to provide them financial […]

ABSTRACT The method to combating online infringement and digital piracy is comprehensive, encompassing legal, technological, and instructional initiatives. With the help of international cooperation, legislative efforts are concentrated on enacting anti-piracy measures and modernizing copyright laws. Content identification systems, watermarking, and DRM are examples of technological solutions. Legal repercussions, domain blockage, and ISP collaboration are […]

In the past few years, Share market has given tremendous return to its investors and traders if they have invested their hard earned money with some logics. Many of them have earned profits, on the other side there are also peoples who have incurred losses due to Future & Options trading, Intraday Trading, investment in […]

Section Compliance Statutory Time Line Due Date Forms Reporting Authority Type of Company 10A Declaration of commencement of business Within 180 Days from the incorporation date. Within 180 Days from the incorporation date INC- 20A ROC All Companies 12 Intimation of Change in the Registered Office Within 30 days of the change of the address […]

Under the Companies Act 2013, meetings play a crucial role in the governance and decision-making processes of companies. Meetings are essential for companies to conduct their affairs efficiently and transparently. The Act mandates various types of meetings, including Board Meetings, Annual General Meetings (AGMs), and Extraordinary General Meetings (EGMs), each serving distinct purposes. This flash […]

In this editorial, we delve into the intricacies of striking off companies under the Companies Act, 2013. We explore the regulations, procedures, and common inquiries surrounding this process. In this Flash editorial, the author shall discuss the provisions and ROC C-Pace of the Strike off of Company under Companies Act, 2013. We receive queries on […]

ACIT Vs Shanker Nebhumal Uttamchandani (ITAT Surat) The case of ACIT Vs Shanker Nebhumal Uttamchandani, as decided by ITAT Surat, highlights the significance of concrete evidence in tax assessments, particularly regarding additions made based on digital device data. The Assessing Officer (AO) had made additions to the income of the assessee based on details found […]

Abstract :- The paper dually illuminates development of the regulatory framework with the effect of judicial decisions on Fintech regulation. Additionally, it examines the legal aspects concerning technologies including blockchain and artificial intelligence and its role in disrupting fintech regulation, providing the readers with insights on these features. The one that follows the Fintech regulations […]

Dormant Company (How to take Status of Dormant Company) Eligibility and Forms Required (How to make Dormant Company Active) There are some instances where a company is being incorporated but the company does not want to carry on the business at the moment due to some reasons the major reason for such a change is […]

The impact of delayed payments to Micro, Small, and Medium Enterprises (MSME) vendors is a pressing concern in the business landscape. This editorial delves into the repercussions of such delays, examining both the provisions of the Companies Act, 2013, and the MSME Act, 2006, along with their reporting requirements. A. Provisions of Companies Act, 2013 […]

Introduction: In the spirit of Hanuman Jayanti, let’s explore who serves as our “Sankatmochan” during financial crises. Just as Lord Hanuman rescues from troubles, various financial instruments offer support in times of need. Arjuna (Fictional Character): Krishna, this April 23rd we’ll be celebrating Hanuman Jayanti, honoring Lord Hanuman, known as Sankatmochan, the one who removes […]

Introduction In the landscape of Goods and Services Tax (GST), Input Tax Credit (ITC) serves as a pivotal tool for businesses to alleviate their tax burdens. However, when it comes to motor vehicles, specific regulations dictate the eligibility and limitations of claiming ITC. Understanding these intricacies is vital for businesses seeking to optimize their tax […]

Bankruptcy order A bankruptcy order is a legal declaration issued by a court stating that an individual or organization is unable to repay their debts. This order is typically sought by creditors who have not received payment from the debtor despite various attempts to collect the debt. Once a bankruptcy order is granted, it initiates […]

Introduction The Indian government’s recent mandate for dematerialization of shares of private companies has raised concerns about the customs duty implications for NRIs and foreign shareholders. For dematerialization, physical copy of the share certificate is required to be sent to India. This article analyses the customs law implications and the applicable customs duty on the […]

 I. Introduction Cross-border insolvency can be construed as those insolvency matters where a debtor who has declared himself to be as insolvent has assets in more than one jurisdiction or country, and its creditors, too, reside overseas. And, therefore, it could also be termed as an international insolvency. Cross-border insolvency is a fairly new concept […]

Navigating the Future: The Domination of Artificial Intelligence (AI) on Corporate Boardrooms and Decision-Making Processes Introduction In the frantic world of business, the only constant thing is the innovation and change. A lot has changed all throughout the centuries, but none has been as fascinating as the rise of Artificial Intelligence (AI). A pivotal question […]

Shweta Sharma Vs SREI Equipment Finance Ltd. & Anr. (NCLAT Delhi) The National Company Law Appellate Tribunal (NCLAT) in Delhi rendered a significant decision regarding the validity of a Section 7 application in the case of Shweta Sharma Vs SREI Equipment Finance Ltd. The dispute stemmed from a loan agreement between the Financial Creditor and […]

Oriental Bank of Commerce Vs ACIT (ITAT Delhi) The recent decision by the Income Tax Appellate Tribunal (ITAT) Delhi in the case of Oriental Bank of Commerce vs. ACIT (ITAT Delhi) has significant implications for the treatment of bad debts claimed by the bank under section 36(1)(vii) of the Income Tax Act, 1961. The appeal […]

Ministry of Finance Net Direct Tax collections (provisional) for Financial Year (FY) 2023-24 exceed Union Budget Estimates by Rs. 1.35 lakh crore i.e. by 7.40%Net Direct Tax collections (provisional) for the FY 2023-24 exceed Revised Estimates by Rs. 13,000 crore Gross Direct Tax collections (provisional) for FY 2023-24 stand at Rs. 23.37 lakh crore registering […]

Delve into the intricacies of slump sale as per Section 50B of Income Tax Act in India. Learn about its definition, tax implications, and key considerations for buyers and sellers. The post Slump Sales: A Comprehensive Guide to Structuring Deals for Success appeared first on TaxGuru. Source link

In the realm of corporate finance, the role of personal guarantors holds significant implications, particularly in insolvency scenarios where corporate debtors default on their obligations. Personal guarantors, individuals who pledge their assets to secure loans for corporate entities, often find themselves at the center of legal disputes and financial liabilities. The introduction of the Insolvency […]

Introduction: In today’s world, businesses often operate in many countries, which can complicate things when they run into financial trouble. Cross-border insolvency happens when a struggling company has assets, debts, or legal issues in more than one country. It’s like having a puzzle with pieces scattered all over the world. Understanding cross-border insolvency is important […]

CBIC & DGFT: Why the JNCH Customs indulges in manipulative interpretation —Part 1   The DGFT & CBIC have embraced a systems-driven approach to enhance monitoring capabilities. However, despite these efforts, there are instances where corrupt practices persist. Some individuals within these agencies resort to dubious methods to manipulate the system, causing undue hardship for […]

Section Summary Understanding   Section 22 Meetings of Commission  Meetings and Procedures: The Commission will convene meetings as necessary, adhering to specific rules and procedures outlined in regulations. Chairperson’s Absence: If the Chairperson is unable to attend a meeting for any reason, the most senior Member present will lead the meeting. Decision Making: Decisions within […]

Splendor Landbase Limited Vs Joint Commissioner of State Tax Gurugram and others (Punjab and Haryana High Court) In the case of Splendor Landbase Limited Vs Joint Commissioner of State Tax Gurugram and others, the Punjab and Haryana High Court addressed the issue of delay in filing an appeal against an assessment order. Despite the delay, […]

Silver Oak Villas LLP Vs Assistant Commissioner ST (Telangana High Court) In a recent case before the Telangana High Court, the issue of unsigned orders in tax cases came under scrutiny. The petitioner challenged an order issued by the Assistant Commissioner under the CGST/TGST Act, 2017, citing its voidness due to lack of signature. Let’s […]

Surana And Company Vs Union Of India (Chhattisgarh High Court) The case of Surana and Company vs. Union of India reached the Chhattisgarh High Court concerning the non-refund of a 6% differential GST liability borne by contractors for works contracts. The court directed the refund of the excess tax paid within a stipulated timeframe. The […]

Insolvency And Bankruptcy Board of India Vs Satyanarayan Bankatlal Malu & Ors (Supreme Court of India) The recent Supreme Court ruling in the case of Insolvency And Bankruptcy Board of India Vs Satyanarayan Bankatlal Malu & Ors clarifies the jurisdiction of Special Courts under the Insolvency and Bankruptcy Code. Analyzing the provisions of Section 236(1) […]

Introduction: Buy-back provisions under the Companies Act 2013 offer companies a mechanism to repurchase their own shares, providing flexibility in capital management. This article delves into the nuanced regulations governing buy-backs, including eligibility criteria, procedural requirements, and compliance obligations. > Provisions to be read: Section-68 of the companies act,2013 read with Companies (Share capital and […]

Ireo Fiveriver Pvt. Ltd. Vs Income Tax Department & Anr. (Delhi High Court) The Delhi High Court recently delivered a judgment in the case of Ireo Fiveriver Pvt. Ltd. vs Income Tax Department & Anr., pertaining to Section 148A(d) of the Income Tax Act, 1961, for the Assessment Year 2017-18. The judgment revolves around the […]