Under GST law, tax to be first charge on property except under IBC

There is a specific provision in Section 82 of the CGST Act 2017 which states that ‘Notwithstanding anything to the contrary contained in any law for the time being in force, save as otherwise provided in the Insolvency and Bankruptcy Code, 2016, any amount payable by a taxable person or any other person on account […]

RFP for Concurrent Audit of investments of POLIF & RPOLIF

Government of IndiaMinistry of CommunicationsDepartment of Posts(Directorate of Postal Life Insurance)1st Floor, Chanakyapuri Post Office Complex, New Delhi -110021 Invitation for REQUEST FOR PROPOSAL (RFP) for Engagement of Concurrent Auditor for Concurrent Audit of Investment Functions of Post Office Life Insurance Fund (POLIF) and Rural Post Office Life Insurance Fund (RPOLIF) It is to inform that the Department of Posts has […]

CBDT extends time for filing of modified ITR in Form ITR-A

CBDT extends timeline for filing of modified ITR in Form ITR-A by a successor company under section 170A of Income Tax Act till March 31, 2023. F.No. 370142/41/2022-TPLGovernment of IndiaMinistry of FinanceDepartment of Revenue(Central Board of Direct Taxes) **** New Delhi, 26th September, 2022 Subject: Order under section 119 of the Income-tax Act, 1961- reg. […]

Foreign Trade Policy extended for six months

The government has received requests from Export Promotion Councils and leading exporters that we should continue with current Foreign Trade Policy (2015-20), which had been extended from time to time. In recent days, exporters and industry bodies have strongly urged the government that in view of the prevailing, volatile global economic and geo-political situation, it […]

Mere Emails & Form 16A not Sufficient to prove Employer-Employee Relationship

Kaushal Kishor Singh Vs Sita Kuoni World Travel India Ltd. (Delhi High Court) The law is well settled that the burden of proving the relationship of employer and employee lies on the workman. The inference regarding this relationship has to be inferred from facts and circumstances in each case and no general view can be […]

Investigation wing Information cannot be considered as external source information

DCIT Vs Pabal Housing Pvt. Ltd. (ITAT Mumbai) At the time of hearing, the Ld A.R pointed out that the tax effect involved in this appeal is less than the monetary limit of Rs.50.00 lakhs prescribed by CBDT for filing appeal before the Tribunal. The Ld D.R, on the contrary, submitted that the present appeal […]

FAQ’s on filing of Tax Audit Report Form 3CA-CD/3CB-CD

Question 1: What are the prerequisites for filing of Form 3CA-3CD/3CB-3CD? Resolution: The following are the prerequisites for filing of Form 3CA-3CD/3CB-3CD Taxpayer and CA are registered on the e-Filing portal with valid user ID and password Status of PAN of taxpayer and CA is active  Taxpayer has assigned CA for form 3CA-CD CA and […]

Best judgment assessment – Arbitrary adoption of percentage not admissible

Shri Lakshmanan Vs ITO (ITAT Chennai) It is an admitted fact that the ld. AR for the assessee has filed a letter dated 14.11.2017 and expressed his inability to produce supporting bills and vouchers for various expenditures debited into the profit & loss account. It is also an admitted fact that the ld.AR for the […]

India-UAE CEPA makes significant positive impact on India-UAE trade

India-UAE CEPA makes significant positive impact on India-UAE trade Post India- UAE CEPA, India’s non-petroleum exports to UAE grow by 14% Year-on-Year during June-August 2022 Growth in exports achieved amidst significant global macroeconomic headwinds India-UAE CEPA bears fruit; India’s non petroleum exports to UAE grow by more than 5 times India’s non-petroleum exports to the […]

Modalities related to Investment Adviser applications

Securities and Exchange Board of India PR No. 28/2022 Modalities related to Investment Adviser applications SEBI, vide circular ref. 2021/579 dated June 18, 2021, granted recognition to BSE Administration and Supervision Ltd. (BASL), a wholly owned subsidiary of BSE to act as an Investment Adviser Administration and Supervisory Body (IAASB) for a period of three […]

Section 234C interest not applies to shortfall in advance tax payment on windfall gain/unexpected income

Hamilton Industries Pvt. Ltd. Vs ITO (ITAT Mumbai) Whether Commissioner of Income Tax (A) erred in conferring the interest of Rs.12,31,304/- under section 234C of the Income tax Act, 1961 without appreciating that the book profit includes capital gain income which arose in 4h quarter therefore the liability to pay advance tax arise only on […]

Customs broker liable for the act of employees

Meghna Clearing and Forwarding P. Ltd Vs Commissioner of Customs (CESTAT Mumbai) In the present case the concern clerk admitted his mistake and sought for a lenient view in the matter. As per Section 58 of the Indian Evidence Act facts admitted by the parties or their agents are not required to be proved in […]

Explanation widening scope of provision will have prospective effect

Ingersoll-Rand Technologies And Services Private Limited Vs Commissioner (CESTAT Allahabad) Conclusion:  CESTAT held that ‘Explanation’ added to definition of ‘exempted service’ would widen the scope of the provision and will have prospective effect and cannot be applied retrospectively. Facts: In present facts of the case, the Demands were raised under Rule 6(3)(c) and Rule 6(3)(1) of […]

Difference between Retail & Non-Retail Fund Management Entity under IFSCA Regulations

Regulation    Difference Registered FME (Non-Retail): Registered FME (Retail): 3. (b)&(c) Definition The FMEs that pool money from accredited investors or investors investing above a specified threshold by way of private placement for investing in securities, financial products and such other permitted asset classes through one or more restricted schemes. Such FMEs shall also be […]

Time period to file appeal starts on upload of order on GST portal: HC

Navya Foods (P.) Ltd. Vs Superintendent of Central Tax (Andhra Pradesh High Court) A perusal of Rule 107 & 108 of the CGST Rules make it clear that the appeal is required to be filed in an electronic mode only and if any other mode is prescribed, then, the same is required to be notified […]

Sundry creditors cannot be treated as bogus on mere personal belief & imagination of AO

ACIT Vs Pradip Mullick (ITAT Kolkata) Assessee submitted that owing to business of manufacturing and sale of sweets and confectioneries, he has to regularly purchase different types of raw materials from different vendors for his day to day business requirement. The number of vendors are large as there are small vendors mostly supplying perishable item […]

Revised return file to reflect amalgamation scheme approved by HC cannot be ignored by AO

ACIT Vs Rohit Bal Designs Pvt. Ltd. (ITAT Delhi) Ld. A.O has committed an error by passing assessment order based on standalone basis despite fact that he had full knowledge of amalgamation while making the addition. The Ld. A.O should have considered the effect of amalgamation more so in view of the specific mandate of […]

Section 2(22)(e) addition not justified for business expenses of company 

Gaurav Kumar Goenka Vs DCIT (ITAT Chennai) It is an admitted fact by the Assessee’s alleged credit card transaction had happened due to an inadvertent allotment of the PAN Number which he never used for filing the return of income but the same was reflected in his credit card expenses and the alleged transaction of […]

HC grant bail to person who allegedly introduced people to main accused

Sureshbhai Ramanbhai Prajapati Vs State of Gujarat (Gujarat High Court) 1. This application has been filed under section 439 of the Code of Criminal Procedure for regular bail in connection with FIR No. 11191043220204 of 2022 registered with Shahpur Police Station, Ahmedabad City for offences punishable under sections 406, 420, 465, 467, 468, 471, 201 […]

An overview of Regulatory Framework

Private Equity is a form of alternative investment where a wealthy investor invests money/capital into a private company/ public company that is not listed on any stock exchange. Private equity investors generally work towards funding new technology, making new acquisitions, expanding working capital, and bolstering the balance sheets of companies. Private Equity firms also work […]

Silent Period and Trading Window Closure

What is Silent Period? Silent period is the period during with a Company’s senior management does not interact with the institutional investors, analysts and the media to ensure that there is no leakage of confidential information to selected group of stakeholders or investors. However, at present there is no regulatory framework in place to regulated […]

Activities to be undertaken w.r.t GST Compliances for FY 2021-22 in September 2022

We are fast approaching the end of September 2022. It mandates for important activities to be carried out under the GST laws for smooth filing of Annual Return (GSTR 9) and Self Certified Reconciliation Statement (GSTR 9C) for the Financial Year (FY) 2021-22. We have listed down certain important activities for the smooth amendment/ transition/ […]

Section 194R of the Income Tax Act, 1961

The Finance Act 2022 inserted a new Section 194R in the Income Tax Act, 1961 with effect from 01.07.2022. The new Section 194R casts an obligation on the person responsible for providing any benefit or perquisite to a resident, to deduct tax at source @ 10%, whether the benefit or perquisite is in cash or […]

Retrospective amendment will not attract provisions of Section 263

AI Champdany Industries Limited Vs Commissioner (Calcutta High Court) Hon’ble Supreme Court in the case of COMMISSIONER OF INCOME TAX VS. MAX INDIA LTD. 2007 295 ITR 282 (SC) had taken note of the fact that Section 80HHC had been amended eleven times and different views existed on the day, when the COMMISSIONER (therein) passed […]

Furnishing of Opinion not necessary when Inspection of Opinion already made under SEBI Adjudication Rules

Kavi Arora Vs SEBI (Supreme Court) Conclusion: In present facts of the case, the Hon’ble Supreme Court dismissed the SLP filed by the Petitioner by making observations that where the Petitioner has apparently been  permitted to inspect the opinion under SEBI Adjudication Rules and apparently there is no rule which requires SEBI to furnish the […]

Taxation Aspects of MSMES with respect to Income Tax Act 1961

Definition of MSMES MSMEs are the back bone of our Country. It can contribute much to our economy and foreign exchange reserves. Following is the definition of MSMEs as per the Government of India notification on June 1, 2020. Classification Micro Small Medium Manufacturing Enterprises and Enterprises rendering Services Investment in Plant and Machinery or […]

Taxation of filing modified ITR in cases of Succession otherwise than by death

Section 170 of the income tax Act governs the procedure of taxation in case of succession to business in the event of reorganization or restructuring of the business 170 (1) Where a person carrying on any business or profession (such person hereinafter in this section being referred to as the predecessor) has been succeeded therein by […]

National CSR Exchange Portal – Registration Requirement and Benefit

As we all know, current Central Government is focusing on Digitalisation of India. In a recent move, they have launched National CSR Exchange portal to maintain a database of CSR Spending companies and NGOs that are eligible to receive CSR Funding i.e implementing agency. It is a platform where both CSR Spending company and registered […]

Amounts paid to foreign suppliers for use of computer software through distribution agreement is not Royalty

DCIT Vs Adobe Systems Software Ireland Ltd. (ITAT Delhi) Conclusion: In present facts of the case, the Hon’ble ITAT by relying upon the Judgment of Hon’ble Supreme Court on the issue of Royalty observed that the amounts paid by resident Indian end-users/distributors to non-resident computer software manufacturers/ suppliers, as consideration for the resale/use of the […]

Format of Management Representation Letter (MRL) for Audit

In this article author has shared the format of the Management Representation Letter or Written Representation (MRL/WR)  to be obtained from the management during various professional engagements: To, M/s XYZ & Co. Gurgaon, Haryana Sub: Management Representation in course of Statutory Audit for F.Y. 2021-22. This representation letter is provided in connection with your audit […]

Checklist for Statutory Audit – Documents to be obtained

In this article author has tried to brief the procedures to be followed while conducting statutory audit in a brief manner: There are lots of audit procedures which are required to be followed as per various standard on auditing. Please refer Standard on Auditing and Guidance Note issued by ICAI for different audit procedures. Some […]

Global Supply Chains Integrating Global + Local : Shifting to Global

Introduction: Global Supply Chain advanced due to Globalization and Increasing Free Trade among Countries. Globalization undoubtedly has many Advantages & Benefits of Better Access and Integration of Supplies at Global Level. However, Globalization & Global Supply Chains are more Prone to Supply Chain Disruptions. COVID Pandemic’s impact on global trade and Supplies is so devastating […]

Bail for GST Offences cannot be denied merely for ongoing investigation

Munavver Ismail Memon Vs State of Gujarat (Gujarat High Court) In the facts of the present case, based on the unaccounted transactions, the evasion of tax has been unearthed by the department. The department has already filed the complaint before the Court concerned. The department objected the bail application mainly on the ground that investigation […]

HC set-aside order uploaded on GSTN Portal for not containing reasons

Dauji Ispat Private Limited Vs State of U. P. (Allahabad High Court) Sri Manu Ghildyal learned counsel for the Revenue Authority fairly states that due to some error the copy of the impugned order visible to the petitioner on the GSTN portal is only that which has been annexed to the writ petition. Clearly that […]

Foreign exchange fluctuation Loss on revaluation of advances allowable

India Safari And Tours Ltd Vs DCIT (ITAT Delhi) Apropos issue relating to disallowance of gross income on foreign exchange. On this issue, AO noted that assessee was found to have claimed certain loss on account of foreign exchange fluctuation on revaluation of advances received. He noted that loss was in respect of advances and […]

Different Concepts Used in Valuation of Securities

Valuation is the process of determining the current worth of an asset or a company. There are many techniques used for doing a valuation. An analyst placing a value on a company looks at the business’s management, the composition of its capital structure, the prospect of future earnings, and the market value of its assets. […]

CARPET AREA and Must know provisions under RERA

Must know provisions under RERA Act 2016 (June 2022) Land is an essential natural resource, both for the survival and prosperity of humanity and for the maintenance of all terrestrial ecosystems. Over millennia, people have become progressively more expert in exploiting land resources for their own ends. The limits on these resources are finite while […]

Section 80-IA deduction not allowable if not claimed in return of Income

Patel Brass Works P. Ltd Vs ACIT (ITAT Rajkot) The issue for consideration before us is that if the assessee has not claimed deduction under section 80-IA of the Act in the return of income, can it be permitted to claim the same during the course of assessment proceedings by way of filing a revised […]

Technical Know-How Fees Is allowable Revenue Expenditure

ACIT Vs Voith Paper Fabrics India Ltd (ITAT Delhi) During the course of assessment proceedings, A.O. noticed that assessee had debited Rs.3,60,48,535/- on account of ‘Technical know-How Fees Royalty’. According to A.O. the expenses appeared to be of capital in nature. The assessee was, therefore, show caused and asked to explain as to why the […]

Expense allowable if essential for maintenance of company even if no business was carried

DCIT Vs NCR Business Park Pvt. Ltd. (ITAT Delhi) This bench is of considered view that there are two kinds of provisions under the Act, one in respect of what is allowable and other in respect of what is not allowable, i.e., they override the provisions. The overriding provisions should first be applied and then […]

Guidelines for Deductions & Deposits of TDS by DDOs Under GST Law

Government of Jammu and KashmirFinance DepartmentCivil Secretariat, Jammu/Srinagar Subject: Guidelines for Deductions and Deposits of TDS by the DDOs Under Goods and Services Tax Law. CIRCULAR Instances have come to the notice of the Finance Department that some DDOs are not following the provisions of TDS as envisaged under Goods & Services Law (J&K GST […]

Time barred Section 115JB effect cannot be given by way of appeal effect

G. E. Conductors Pvt. Ltd Vs ACIT (ITAT Amritsar) Admittedly, while framing the assessment vide order u/s 143(3) dated 21/3/2014, the assessing officer did not make any reference to section 11 5JB or give any working of section 11 5JB either in the assessment order or the accompanying documents (APB, Pg. 3 to 10). In […]

Homebuyers Benefited from RERA but a long way to go

The Real Estate Regulation & Development Act, 2016 (RERA) was passed in the Parliament in March 2016 & it came into effect from 1st May 2016. In May 2022, RERA completed 6 Years. RERA law, various decisions of Hon. Supreme Court and other judicial forums like NCDRC, NCLT has substantially empowered the India’s Homebuyers. Modi […]

Online Gaming: A GST Perspective

World class digital infrastructure, ubiquitous smartphones, affordable internet, young population teeming in millions, compulsory homestay due to lockdown, cricket mania, a vicarious urge for the game, an ecosystem of creators, what else was required for the growth of a budding online industry – we are talking about the fantasy sports, the online gaming industry, the […]

Remission/cessation of liability by BIFR cannot be taxed under Income Tax Act

Arcot Textiles Mills Ltd. Vs ACIT (ITAT Chennai) The assessee is a sick company under Sick Industrial Companies (Special Provisions) Act. The BIFR vide its order dated 04.05.1999 declared the company as sick industry. Further, the BIFR has allowed certain reliefs and concessions vide its order dated 17.05.2012, as per which, the Board has granted […]

Financial Reporting Review Board

Financial Reporting Review Board (FRRB or the Board) is a non-standing committee of the Council of the Institute of Chartered Accountants of India. The FRRB was constituted by the Council at its 226th meeting held in July 2002. OBJECTIVE OF FRRB The objective of the Board is to review the compliance, inter alia, with the […]

List of Statutory Registers to be Maintained Under Companies Act,2013

According to Companies Act,2013 Every Company is Required to Maintain Statutory Registers which have to be kept at the Registered Office of Company in Paper or Electronic Form. Failure of the company to maintain a statutory register could result in a fine of not less than Rs.1 lakh, which may extend to Rs. 10 lakh. […]

How to Register Under Startup India Programme

What is Startup India Programme Startup India is the Initiative of the Central Government Launched in 2016 Under the Leadership of Prime Minister Narender Modi. This Initiative is taken by the Government in order to Promote Innovations and Startups in India and to enhance Employment Opportunities and Sustainable Economic Development. Startup India Program Facilitate Entrepreneurs […]

No Duty Exemption if Slum Sale Agreement made only to extend benefit of Exemption beyond 10 years

Pegasus Pharmaco India Pvt Ltd. Vs Commissioner Central Goods & Service Tax (CESTAT Delhi) a) Balaji has not commenced commercial production prior to the cut-off date of 31.3.2010 even though a single invoice was issued and therefore, it was not entitled to the benefit of the exemption notification nor has it claimed it until a […]

CBIC circular on Classification of Truck Cranes or All Terrain Cranes

F. No.528/10/2021-STO(TU)Government of IndiaDepartment of RevenueMinistry of Finance(Central Board of Indirect Taxes & Customs)Tariff Unit, North Block, New Delhi Circular No: 20/2022-Customs | Dated: 22nd September, 2022 To,All Principal Chief Commissioners/Chief Commissioners of Customs/Customs (Preventive)All Principal Chief Commissioners/Chief Commissioners of Customs and Central TaxAll Principal Commissioners/ Commissioners of Customs/Customs (Preventive)All Principal Director Generals/Director Generals under CBIC […]

Transfer of Shares Through Gift – Income Tax and FEMA Regulations

Article explains Provisions of transfer of shares by way of gift involving a Non-Resident under FEMA, Reporting Requirement under FEMA Regulations and Provisions of taxation for gift under Income Tax Act. ITS NOT THE GIFT, BUT THE THOUGHT THAT COUNTS An important characteristic of a company having it Capital limited by Shares is that its shares are […]

No section 68 addition for merely not producing cash creditors before AO

ITO Vs Hi Link City Homes Pvt. Ltd (ITAT Indore) ITAT held that merely for not producing the cash creditors before the Ld. AO even when all the necessary documents as required to prove the identity, creditworthiness and genuineness of the cash creditors are furnished by the assessee, cannot be a reasonable basis to make […]

Benefits of Incorporating A LLP

Limited Liability Partnership is a New Form of Legal Business Entity that not only gives the benefit of Limited Liability but also Allow its Members the Flexibility of Organising their Internal Structure and LLP is a Separate Legal Entity with a Perpetual Succession and Common Seal. Following are the benefits of Incorporting a LLP 1. […]

Appointment of KMP | Section 203

Before going into the Section we must know – Who is Key Managerial Personnel under Section 203 of the Companies Act, 2013? -Managing Director or Chief Executive Officer or Manager and in their absence, a Whole-Time Director -Company Secretary -Chief Financial Officer APPLICABILITY Following companies shall mandatorily appoint whole time KMP as per Rule 8 […]

Preservation of Documents As Per Secretarial Standard 1

As we all know, preservation of documents in an organization is a matter of concern. So, here are the few documents which are mandatorily required to be preserved by the Company as per the Secretarial Standard-I. Let’s have a read on the same. 1.Proof of sending Notice and its delivery: It shall be maintained by […]

Denial of pension is continuing wrong & court can’t be oblivious of difficulties of retired employee: SC

State of Rajasthan Vs O.P. Gupta (Supreme Court of India) Dr. Singhvi submitted that the appointment was a fresh appointment for which past service was inconsequential. Dr. Singhvi, emphatically argued that, in service jurisprudence, resignation necessarily leads to cessation from service and entails forfeiture of past service. The stand taken by the State is arbitrary, […]

Analysis of Companies (CSR Policy) Amendment Rules, 2022

SHORT SUMMARY: The Ministry of Corporate Affairs (MCA) has notified the amendment to the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2022 mandating the companies having unspent CSR Account to form a CSR Committee. In this editorial author shall discuss the amendment made by MCA in CSR Provisions. MCA has made amendment in 3 rules […]

ITR and Bank Statements are sufficient to prove creditworthiness under Section 68: ITAT

ITO Vs More Marketing Pvt. Ltd (ITAT Mumbai) Conclusion: In present facts of the case, the Hon’ble ITAT held that ITR and bank statements were sufficient to prove the genuinety and for creditworthiness under Section 68 of Income Tax Act. Facts: These appeals are filed by the Revenue against different orders of Ld.CIT(A) dated 28.03.2018 […]

Burden of proof lays on revenue for classifying goods under different heading

Som Flavour Masala Pvt Limited Vs C.G. & S.T-C.C.E. & S.T.-Rohtak (CESTAT Chandigarh) Chandigarh CESTAT held that if the department intends to classify the goods under a particular heading different from that claimed by the assessee, the department has to adduce proper evidence and discharge the burden of proof. Facts- The Appellant started manufacturing chewing […]

Company IPO – Pricing of Shares

One of the major roles of Investment banks in IPO Management is Underwriting of IPO. Underwriters not only manage the public issue, It take the risk of buying a company’s remaining unsubscribed shares to avoid the failure of IPO process charging nominal fees. If size of the issue is too big and one Investment bank […]

Representation to extend due date of filing of Income Tax Audit reports

Representation to extend the due date of filing of Audit reports under Income Tax Act, 1961, from 30th September, 2022 to 31st October, 2022.  ALL INDIA FEDERATION OF TAX PRACTITIONERS Dated: September 19,2022 To, 1. Smt. Nirmala Sitharaman Ji,The Honorable Union Finance Minister,Ministry of Finance, Govt of India,North Block, New Delhi – 110001. 2. Shri […]

5 ways to maximize your portfolio’s value in 2022

#AD There is always a narrative going on, a trend. Even in financial markets, there is a pattern that goes on for a time duration. Based on that pattern, the narration is taken into technical aspects and presented in different formats like charts and candlesticks. Personal branding, optimizing a brand’s value, value addition, and maximization […]

Introduction To Appeal and Revision Related Case Law under GST

CHAPTER XVIIIAPPEALS AND REVISIONINTRODUCTION What do you understand by Appeal? An Appeal is a continuation of proceedings/orders wherein the entire proceedings/orders are again left open for consideration by the Appellate Authorities. Brief understanding of Revision and Review? Revision: The act of Examining again to remove any defect or grant relief against irregular or improper exercises […]

Audit of Charitable Institutions under Section 12A of Income-tax Act, 1961

ICAI Technical Guide on Audit of Charitable Institutions under Section 12A of Income-tax Act, 1961 Dynamics of the income-tax law, compel sharpening of skill sets in the arena for effective performance. Addressing counselling and compliance responsibilities of clients and the other stakeholders, importance of updating professional knowledge, need not be overemphasized. ICAI publications afford professionals, […]

Firewall between Credit Rating Agencies and their Affiliates

Securities and Exchange Board of India Circular No. SEBI/HO/DDHS/DDHS-RACPOD2/P/CIR/2022/121 | Dated: September 21, 2022 ToAll Credit Rating Agencies (CRAs) registered with SEBI Dear Sir/ Madam, Sub: Firewall between Credit Rating Agencies and their Affiliates I. SEBI (Credit Rating Agencies) Regulations, 1999 (“CRA Regulations”) provide for a principle-based regulation of Credit Rating Agencies (CRAs) focusing inter […]

Issue and listing of Commercial Paper by listed REITs

Securities and Exchange Board of India Circular No. SEBI/HO/DDHS/DDHS_Div3/P/CIR/2022/122 | Dated: September 22, 2022 ToAll Real Estate Investment Trusts (“REITs”)All Parties to REITsAll Recognised Stock ExchangesAll DepositoriesAll Merchant Bankers Madam/Sir Sub: Issue and listing of Commercial Paper by listed REITs 1. In terms of Reserve Bank Commercial Paper Directions, 2017 dated August 10,2022 Real Estate Investment […]

Issue and listing of Commercial Paper by listed InvITs

Securities and Exchange Board of India Circular No. SEBI/HO/DDHS/DDHS_Div3/P/CIR/2022/123 | Dated: September 22, 2022 ToAll Infrastructure Investment Trusts (“InvITs”)All Parties to InvITsAll Recognised Stock ExchangesAll DepositoriesAll Merchant Bankers Madam/Sir Sub: Issue and listing of Commercial Paper by listed InvITs 1. In terms of Reserve Bank Commercial Paper Directions, 2017 dated August 10,2022 InvIT having net worth of […]

Conversion of proprietary concern into a Pvt. Ltd. Company – No Capital Gains on Transfer of Goodwill acquired by incurring cost

DCIT Vs Univercell Telecommunications India-Pvt. Ltd. (ITAT Chennai) M/s. Univercell Telecommunications, proprietary concern of Mr. Sathish Babu. D, was taken over by the assessee company on 28.09.2005 in terms of Sec. 47(xiv)(b) of the Act. It is an undisputed fact that when proprietary concern was converted into a Pvt. Ltd. Co., conditions of Sec.47(xiv)(b) of […]

75% deposit as pre-condition for admission of appeal under MSMED Act not complied- Writ Not Maintainable

Chemflo Industries Pvt. Ltd. Vs KMC Construction Ltd. and another (Orissa High Court) Petitioner submits, impugned is order dated 13th March, 2015 passed on the interlocutory application of his client made in arbitration petition (ARBP no. 122 of 2013), of purported challenge of opposite parties to award dated 29th January, 2011. He submits, by the […]

Bank cannot withdraw One-Time Settlement offer after acceptance by borrower

Pawan Agrawal Vs Small Industries Development Bank of India (SIDBI) (Madhya Pradesh High Court) Madhya Pradesh High Court Held that respondent-bank (SIDBI) cannot withdraw from the offer of One-time Settlement which is already accepted by the petitioner/ borrower. Facts- The respondent-Bank had sanctioned credit facilities to M/s. Madhya Bharat Phosphate Private Limited and the petitioner being […]

Writ petition cannot be admitted by HC when alternative remedy of appeal exist: SC

State of Maharashtra Vs Greatship (India) Limited (Supreme Court) 1. Assessing Officer passed the assessment order determining the tax liability along with interest and penalty under the MVAT Act and CST Act 2. Assessee preferred Writ before Hon. Bombay High Court which quashed the Assessment Order and the Demand Notice 3. Against which Revenue filed […]

Delhi HC Allows CEO to Travel Abroad

Deputy Director of Income Tax (INV) Vs Xiongwei Li (Delhi High Court) The proforma for issuance of the Look Out Circular indicates the nationality of the respondent to be that of China. As per the communication dated 19.2.2022 apart from the aspect of M/s Huawei Telecommunications (India) Company Private Limited (HTICPL) and M/s Huawei Technologies […]

Changes in Board Report/Director report for financial year 2021-2022

Hello everyone I will be sharing a short write up of changes in the board report which you need to follow while preparing the board report or director report for the financial year 2021-2022. MCA wide it’s notification amend the Companies (Accounts) Rules, 2014 to enhance the disclosures required to be made in the Director […]

Penalty u/s 112(a) imposed on customs broker as importer of undeclared/ undervalued goods not traceable

Oceanic Enterprises India Pvt. Ltd Vs Commissioner of Customs (CESTAT Chennai) Held that penalty u/s 112(a) imposed on customs broker is justified as importer of undeclared goods and undervalued goods is not traceable and the address as well as GST registration reflected in the documents are found to be fake. Facts- The appellant, who is […]

Physical verification of Registered Office of Company – Incorporation Rule 25B

Physical verification of Registered Office of Company – Companies (Incorporation) Third Amendment Rules, 2022 INTRODUCTION:   MCA has introduced an amendment in Companies (Incorporation) Rules, 2014 and inserted a new rule 25B  as per which the ROC can physically verify the registered office of the Company to check the authenticity of the registered  company. As we […]

Penalty on import of timber after granting relaxation is unconstitutional: HC

N D Timbers Vs Union of India (Gujarat High Court) The core question of law which falls for consideration by this Court is whether the levy of five time fees in the form of penalty upon the petitioners on import of timber after granting them relaxation for such import will violate the provisions of Article […]

Demand Notice issued for payment of service tax on Legal Services provided by a Senior Advocate was set aside

Madhu Sudan Mittal Vs Union of India (Jharkhand High Court) Conclusion: Demand notice issued by the tax authorities to a Senior Advocate seeking payment of service tax on legal services provided by him to a legal firm was set aside as Notification No.30/2012-ST dated 20.06.2012 had been amended by way of substitution by virtue of […]

NCLT has Discretion to not admit CIRP Application despite default by Corporate Debtor: SC

Vidarbha Industries Power Limited Vs Axis Bank Limited (Supreme Court of  India) The IBC is intended to consolidate and amend the laws with a view to reorganize Corporate Debtors and resolve insolvency in a time bound manner for maximization of the value of the assets of the Corporate Debtor. The title “Insolvency and Bankruptcy Code” […]

Examining conditions for availing exemptions u/s 11 at the time of granting registration u/s 12AA is unjustified

Sanatan Dharam Sabha Durga Bhawan Vs CIT (Exemption) (ITAT Delhi) Income Tax Act, 1961, Section 12AA Held that at the stage of granting registration u/s. 12AA of the Act, authority cannot examine whether the conditions for availing exemptions under Section 11 of the Act are fulfilled or not. Facts- The assessee is a society registered […]

Companies (CSR Policy) Amendment Rules, 2022

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 20th September, 2022 G.S.R. 715(E).— In exercise of the powers conferred under section 135 and sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Corporate Social Responsibility Policy) […]

Section 271B penalty not imposable for non-business income transactions

Lalit Sakalchand Gandhi Vs ACIT (ITAT Pune) AO initiated penalty proceedings u/s. 271B of the Act against the assessee for his failure to gets its accounts audited. The ld. AR contends that there were no sales or purchase made by the assessee during the year under consideration and the additions made on account of unexplained […]

Tax Concessions Disputes are Not Arbitrable: SC

Enterprises Coal Sales Pvt Ltd Vs Union of India (Supreme Court of India) Appellant moved a writ petition before the High Court seeking, inter alia, the following reliefs: “(i) Issue a suitable writ, order or direction in the nature of mandamus commanding the respondent no.2 to accept, Form C and issue Form E-1 to the […]

Addition u/s 69A sustainable in absence of adequate evidence

Dr. (Late) S.F.V. Selvaraj Vs DCIT (ITAT Chennai) Held that as the assessee was not able to furnish any evidence to the fact that the seized cash represent accounted income and also assessee has accepted that no proper cash books was maintained. Accordingly, addition u/s 69A sustained and also penalty leviable u/s 271AAA. Facts- The […]

Dynamics of SEBI Regulations in Adani-NDTV Takeover Conundrum

Introduction Adani Enterprises, along with its subsidiary AMG Media Networks Ltd., on August 24 launched a hostile takeover attempt of NDTV in an expansive bid to foray into the Media and Entertainment Industry. In a first, strategising on getting the 29.18% chunk which breaks up the position of a majority holding of promoters, Radhika Roy […]

HC quashes Section 148A order for not-providing sufficient information

Maharaja Edifice Pvt. Ltd. Vs. Union of India & Ors. (Calcutta High Court) High Court held that reasons provided to the petitioner did not contain any information but it is titled as ‘cash related information detail’ and such information cannot be said to be sufficient for reopening of the assessment. The Assessing Officer issued notice […]

Bonafide error of name in e-way bill generation – HC Quashes Penalty order

Create Consults Vs State of Madhya Pradesh (Madhya Pradesh High Court) While generating the e-way bill, on account of a bonofide error, instead of detail of AVGOL India Pvt. Ltd. (Supplier), petitioner mentioned its own details. Meaning thereby the petitioner made attempt to demonstrate that the e-way bill which was generated by petitioner, should have […]

Reduction of Timelines for Withdrawal from T+4 to T+2 for pension Subscribers benefit

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY Circular No: PFRDA/2022/23/SUP-CRA/08 | Dated:  19th Sep 2022 ToAll Stakeholders under NPS Subject: Reduction of Timelines for Withdrawal from T+4 to T+2 for the benefit of Subscribers -reg As part of Azadi Ka Amrit Mahotsav and to commemorate 75 years of India’s Independence, the intermediaries of PFRDA viz Central […]

Weekly newsletter from Chairman, CBIC dated 19/09/2022

Vivek johriChairam Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Indirect Taxes & CustomsNorth Block, New Delhi-110 001Tel. : +91-11-23092849, Fax : +91-11-23092890E-mail : [email protected] DO No. 42/CH(IC)/2022 | Dated: 19th September, 2022 Dear Colleague, This week, let’s begin with a quiz! What is common to Koodsia (Qudsia) Park, Kashmiri Gate, Mori Gate, Talkatora Military […]

Goods in transit cannot be detained for e-way bill expiry if no intent to evade Tax

Hanuman Ganga Hydroprojects Private Limited Vs Joint Commissioner (Calcutta High Court) The issue in this appeal is whether the authorities were justified in imposing tax and penalty on the ground that, at the time of interception, the validity period of the E-Way bill stood expired. Though the learned Advocate for the petitioner disputed the exact […]

Amendments in IBBI Liquidation & Voluntary Liquidation Process Regulations

Amendments in IBBI (Liquidation Process) Regulations, 2016 and IBBI (Voluntary Liquidation Process) Regulations, 2017 1. Streamlining the constitution of SCC Present framework ❖ Reg. 31A -*Stakeholders’ Consultation Committee (SCC) be constituted within 60 days from LCD and decision(s) taken prior to that be placed before it, for information only. ❖ Liquidator takes significant decisions related […]

IBBI Liquidation & Voluntary Liquidation Process Regulations – Major changes

Insolvency and Bankruptcy Board of India Press Release No. IBBI/PR/2022/37 | Dated: 20th September, 2022 Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 and Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 The Insolvency and Bankruptcy Board of India notified the Insolvency and […]

DGFT extends period for exports of broken rice till 30.09.2022

Ministry of Commerce & IndustryDepartment of CommerceDirectorate General of Foreign TradeVanijya Bhawan, New Delhi Notification No. 34/2015-2020-DGFT | Dated: 20th September, 2022 Subject: – Extension for the period of exports of broken rice (HS code 1006 40 00) from 15th September, 2022 till 30th September, 2022 as mentioned in Notification No. 31 dt. 08.09.2022. S.O. (E) […]

83 transfer/postings in the grade of CCIT/DGIT

Office Order No. 203 of 2022-Income Tax Dated: 19.09.2022 on transfer/postings of  officers in the grade of Chief Commissioner of Income Tax/ Director Generals of Income Tax (CCIT/DGIT). F. No. A-22011/3/2022-Ad-VI (Pt.I)Government of IndiaMinistry of FinanceDepartment of Revenue(Central Board of Direct Taxes) North Block, New Delhi -110 001Dated: 19.09.2022 Office Order No. 203 of 2022-Income […]

Parents would be treated as dependents under Motor Vehicles Act: HC

Sonalben Alias Charmiben Hirenbhai Jivani Vs Naranbhai Chananbhai Babariya (Gujarat High Court) Conclusion: The Hon’ble Gujarat High Court held that Parents would be considered as dependents under Motor Vehicles Act and the compensation awarded to them would be computed on the basis of the income of the deceased for the last three years. Facts: In […]

NOC of registrar mandatory to obtain copyright registration of an artistic work

Mohd Ershad Sole Proprietor Ek Agencies Vs Registrar of Copyrights (Delhi High Court) The present petition has been filed under Section 50 of the Copyright Act, 1957 (hereinafter ‘Act’) seeking rectification of the artistic work titled “ASLI KESRI CHAI” bearing No. A-131509/2019 registered by Respondent No.3 – Mr. Shazad Ali. The present petition has been […]

Minimum Threshold of Rs. 1 Crore is to be Seen from date of Filing Petition

Udit Jain (Sole Proprietor of M/s U.J. Trading Co.) Vs Apace Builders and Contractors Pvt. Ltd (NCLT Delhi) HC held that  in application filed under section 9 of IBC, 2016 only the date of filing needs to be considered and not the date of sending the Demand Notice. It is seen that notification of MCA dated […]

HC directs blocking of website for fraudulent activities

Indiamart Intermesh Limited Vs  Mr Sameer Samim Khan & Ors (Delhi High Court) This is an application seeking exemption from advance service to Defendant No.1. Considering the nature of the matter, and the fact that Defendant No.1 has registered the domain name and fraudulently offering jobs using the name of the Plaintiff, the exemption […]

Chhattisgarh HC accepts Writ petition challenging Vires of Section 16(4) of CGST Act 2017

Nathuram Surendra Kumar Vs Union of India (Chhattisgarh High Court) Chhattisgarh High Court accepts Writ petition challenging the Vires of Section 16 (4) of CGST Act 2017 Heard Mr. Palash Soni, learned counsel, appearing for the petitioners. Also heard Mr. Ramakant Mishra, learned Assistant Solicitor General, appearing for the respondent No. 1, Mr. Gagan Tiwari, […]

Compliance Function & Role of Chief Compliance Officer – Urban Co-op Banks

Reserve Bank of India RBI/2022-2023/118Ref.No.DoS.CO.PPG/SEC.04/11.01.005/2022-23 September 19, 2022 The Chairman / Managing Director / Chief Executive OfficerAll Primary (Urban) Co-operative Banks (UCBs) Madam / Dear Sir, Compliance Function and Role of Chief Compliance Officer (CCO)-Urban Co-operative Banks As part of the overall structure for Corporate Governance, the Compliance Function serves a critical role. Therefore, it […]

Validation of Instructions for Pay-In of Securities from Client demat account

Securities and Exchange Board of India Circular No. SEBI/HO/MIRSD/DoP/P/CIR/2022/119 | Dated: September 19, 2022 To,All DepositoriesAll recognized Stock Exchanges and Clearing Corporations Madam / Sir, Sub: Validation of Instructions for Pay-In of Securities from Client demat account to Trading Member (TM) Pool Account against obligations  received from the Clearing Corporations 1. In order to protect clients’ funds […]

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