"01 January 2017" Archive

29 FAQs on new Company Incorporation Form SPICe (INC-32)

1. How many names can be applied for in SPICe (INC-32)? Only one. However, for reservation of a name prior to filing SPICe (INC-32), you may use INC-1 (in which up to 6 names can be proposed) and then input the SRN of approved INC-1 into SPICe....

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Attention! Resident & Non-Resident Indians returning from abroad

1. The Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 has been promulgated, in the follow-up of withdrawal of the legal tender character of the existing series of banknotes, as on 8.11.2016, in denominations of Rs. 500 & Rs. 1000 (referred to as Specified Bank Notes or SBNs). The Ordinance has come into effect from [&...

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Through Cost Accounting, Economy can do better in GST

In GST Model LAW 2016, the government has put a big responsibility on the shoulders of CMAs and has asked them to verify various transactions of business houses through audit, inspection, verification and certification....

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Posted Under: Company Law |

SC dismisses writ on Pradhan Mantri Garib Kalyan Yojana tax scheme

Siddharth Mehta Vs.Union Of India And Anr (Supreme Court)

Writ been filed in SC requesting to quashing/setting aside penalty, surcharge and also provisions for lock-in/withholding of 25% of disclosed income for 4 years under the Taxation Laws (Second Amendment) Bill, 2016, (Pradhan Mantri Garib Kalyan Yojna, 2016), i.e. Section 199D(2), 199E and 199F of the Finance Act, 2016, by declaring them...

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Saal Do Hazar “Satra” main Tax Evaders ko “Khatra”

After demonetization income tax raid at many places, issues in banks came to notice. Further a big change in the indirect tax laws i.e. GST is coming. So there were big changes are likely to come in the year 2017 in the financial world....

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IGST- Lets understand the tax on interstate trade

जी.एस.टी. के दौरान केन्द्रीय बिक्री कर अर्थात सी.एस.टी. का पूर्ण रूप से अंत हो जाएगा एवं सी फॉर्म एकत्र करने की कोई समस्या भी नहीं रहे...

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Bade jhad ka jangal cannot be allotted by State authorities without prior approval of Central Government U/s. 2 of Forest (Conservation) Act, 1980

Tilak Nath Vs State of Chhattisgarh (Chhattisgarh High Court)

Impugning legality, validity and correctness of the order dated 26-5-2005 passed by the Board of Revenue by which the Board of Revenue has affirmed the order of the Commissioner setting aside the sale made by the original holders in favour of the petitioners and vesting the land in favour of the Government finding that the sale made by th...

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Claims Tribunal constituted under provisions of Motor Vehicles Act, 1989 has no power and jurisdiction to review its award on merits, but the Tribunal can review its award to correct procedural as well as inadvertent mistake and in case of fraud.

Atul Kumar Mishra S/o. Vs Mohar Singh Chhabra & others (Chhattisgarh High Court)

The short question that emanates for consideration in these revisions is whether the Claims Tribunal constituted under the provisions of the Motor Vehicles Act, 1989 has power and jurisdiction to review its award on merits....

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Text of PMs address to nation on the eve of New Year 2017

In a few hours, we will be ushering in the new year of 2017. 125 crore Indians will join the rest of the world, in welcoming it with new hope, new energy and new dreams....

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Posted Under: Company Law |

Reference made to TPO without passing a speaking order is invalid

M/s Alpha Nipon Innovatives Ltd Vs. CIT (Gujarat High Court At Ahmedabad)

HC held that a reference to TPO can be made only after passing a speaking odder disposing off objections raised by assessee. In the present case since, the reference was made without passing such a speaking order, the reference so made was invalid....

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