"10 October 2017" Archive

IBBI invites public comments on two Draft Insolvency rules

IBBI invites public comments on (i) Draft Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Individuals and Firms) Rules, 2017, and (ii) Draft Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Individuals and Firms) Regulations, 2017 by 31st October, 2017. ...

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Posted Under: Corporate Law |

No Respite to Himachal CM Virbhadra Singh from HC in Income Tax Case

Shri Virbhadra Singh (HUF) through its Karta Shri Virbhadra Singh Vs. Principal Commissioner of Income Tax (Himachal Pradesh High Court)

Section 263 confers sufficient powers upon the Commissioner to decide all issues of law, after recording its satisfaction that the order passed by the Assessing Officer is erroneous and prejudicial to the interest of the Revenue. ...

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ICAI demands CA Certificate be treated at par with graduate & Post-Graduate Degree

The Institute of Chartered Accountants of India (ICAI) has recently written a letter to the Ministry of Corporate Affairs, Government of India seeking its intervention in designating Chartered Accountancy qualification as equivalent to Post-graduation and CA-Intermediate to be treated equivalent to Graduate degree in the University educat...

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Posted Under: Corporate Law |

No Transfer U/s 2(47) if JDA is not registered: SC

CIT Vs Balbir Singh Maini (Supreme Court of India)

There is no contract in the eye of law in force under Section 53A after 2001 unless the said contract is registered. This being the case, and it being clear that the said JDA was never registered, since the JDA has no efficacy in the eye of law, obviously no transfer can be said to have taken place under the aforesaid document....

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Mere allotment of PAN would not make allottee a Separate Entity

Sardar Vallabhbhai Patel Education Society Vs. ITO (Gujarat High Court)

Mere allotment of PAN under section 139A of the Act would not make the allottee necessarily a separate entity for the purpose of assessment of tax. The statute recognizes certain eventualities where quite outside the requirement of payment of tax and for filing return of income, the Assessing Officer may allot a PAN to individual....

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Exemption U/s 54F cannot be denied for delay in filing Income tax returns

Smt. Amina Ismil Rangari Vs. ITO (ITAT Mumbai)

Section 54F does not cast any statutory obligation on the part of assessee to file his return of income within the stipulated time period contemplated u/s 139 or 148 of the ‘Act’, as a precondition for entitling him to claim exemption under the said statutory provision....

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Bombay HC on ITAT order blaming ICAI and Chartered Accountants

Vijay Vishin Meghani Vs DCIT (Bombay High Court)

HC held that Tribunal, out of sheer desperation and frustration and agitated by the fact that the Revenue is not opposing the request for condonation of delay, turned its attention towards the assessee's Chartered Accountant....

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Refund of IGST paid on export of goods under Rule 96 of CGST Rules 2017

Public Notice No. 128/2017-JNCH (10/10/2017)

Attention of Importers /Exporters, Custom Brokers & Trade is invited to Board’s Instruction No. 15/2017 –Customs dated 09/10/2017 on the above mentioned subject whereby Board has issued guidelines for refund of IGST paid on exports of goods under Rule 96 of CGST Rules 2017....

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Digitization of disbursement of Drawback claims at JNCH

Public Notice No. 127/2017-JNCH (10/10/2017)

In continuation of Public Notice No. 44/2017 dated 31.03.2017 regarding the procedure for submission of Drawback claim and digitization in the manner as prescribed vide aforesaid Public Notice No. 34/2017 dated 16.03.2017, it is clarified that aforesaid procedure is optional and the Exporters /Importers/person submitting drawback claims h...

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Non-compliance with Minimum Public Shareholding – Action to be taken by Stock Exchanges

Circular No. CFD/CMD/CIR/P/2017/115 (10/10/2017)

In order to maintain consistency and uniformity of approach in the enforcement of MPS norms mandated under regulation 38 of the Listing Regulations, the below mentioned procedure shall be followed by the recognised stock exchanges/depositories, as applicable, with respect to non-compliant listed entities, their promoters and directors:...

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