"04 March 2017" Archive

Perspective and challenges of NCLT

The Government of India has, after fourteen years since their introduction, constituted the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) under the Companies Act, 2013 to provide for a single judicial forum to adjudicate all disputes concerning the affairs of Indian companies....

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Posted Under: Company Law |

11th Meeting of GST Council held on 4th March 2017

GST Council in its 11th Meeting held on 4th March 2017 approved CGST / IGST Laws, Cap rate and restaurants having turnover upto 50 Lakhs to be covered under Composition Scheme....

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Posted Under: Company Law |

Aadhaar mandatory for initiatives under National Health Mission

Notification No. S.O. 697(E) (28/02/2017)

Ministry of Health & Family Welfare in the Government of India is supporting multiple programmes and initiatives under National Health Mission to achieve goals as provided in National Framework for Implementation of Scheme...

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GST Council approves CGST and IGST Bill

Goods and Services Tax GST) Council approves the Central Goods and Services Tax (CGST) Bill and the Integrated Goods and Services Tax (IGST) Bill. The Goods and Services Tax GST) Council, in its meeting held today in Vigyan Bhawan in New Delhi under the Chairmanship of the Union Minister for Finance & Corporate Affairs, Shri […...

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Posted Under: Company Law | ,

Loss should be recognized immediately if contract cost is likely to exceed revenue

ITO Vs. Shri Vivek Ramrao Parashkar (ITAT Mumbai)

As per AS-7 when the cost of contract is likely to be exceed the contract revenue then the loss incurred on the contract should be recognized as revenue expenditure immediately....

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Payment for Net Communication system developed by principal for smooth functioning of shipping business is not FTS

DIT Vs. A. P. Moller Maersk, (Supreme Court)

In this Case Hon’ble Supreme Court held that Payments made by the agents to the concerned foreign assessee, for using the facility of Net Communication System, developed by the assessee for smooth functioning of its international shipping business cannot be classified as fees for technical services and would not be chargeable as inc...

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Rent cannot be treated as other income for not recording construction expense in books

M/s. Ramairen Properties Pvt. Ltd. Vs Income Tax Officer (ITAT Delhi)

Construction expenses not recorded in books of account, cannot be a ground for assessing rental income under the head income from other sources when conditions of Section 22 of Act for assessing annual value of property have been fulfilled by assessee....

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Lifting of Corporate Veil in case of Public Limited Company by treating the same as Private Limited Company

Ajay Surendra Patel Vs. DCIT (Gujarat High Court)

It appears to the authority that there is a systematic design which rightly necessitated the authority to lift the corporate veil. It is also found by the authority that at the relevant point of time, the company was of one man show and substantially managed and controlled by petitioner and that conclusion is arrived at on the basis of ma...

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ITAT has wide powers to call for records / examine the records and Such powers cannot be curtailed: HC

Principal Commissioner of Income-Tax Vs. Income-Tax Appellate Tribunal & Anr. (Delhi High Court)

Delhi High Court dismisses writ petition filed by Revenue and held that Income Tax Appellate Tribunal being an appellate body has wide powers to call for records/examine the records. Such powers cannot be curtailed and the Revenue cannot refuse to produce the records. The Revenue claims to be aggrieved by the direction of the Income [&hel...

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GST Migration: Provisional Ids & Access Token of Phase 3 VAT dealer in Maharashtra Reg.

Trade Circular No. 6T of 2017 (04/03/2017)

Provisional Ids and Access Token of Phase 3 dealers, are now made available by GSTN. Dealer can obtain their provisional Ids from department's portal www.mahavat.gpv.in, using their login credentials. ...

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