"03 January 2018" Archive

CIC issues SCN to CPIO & JCIT for misconduct & negligence under RTI Act, 2005

Mr. Radha Raman Tripathi Vs. CPIO & Jt. Commissioner of Income Tax (Central Information Commission)

Central Information Commission observed that the response provided by the CPIO/Respondent with respect to Points 03 and 04 was in total disregard to the provisions of the RTI Act, 2005 and contradictory response was provided by the Respondent during the hearing. The Commission therefore directs the Respondent, Mr. Sanjiv Kumar Roy, CPIO/J...

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Condonation of Delay Scheme 2018- Unanswered questions

http://www.mca.gov.in/Ministry/pdf/Generalcircular16_29122017.pdf 01/01/1970

Unanswered questions under CODS 2018 introduced by MCA( Ministry of Corporate affairs) Introduction of CODS 2018 would certainly provide relief to the disqualified Directors however there are still some unanswered questions like:  Whether last date of filing e-form CODS – 2018 will also be March 31, 2018? (There is no clarity i...

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Posted Under: Corporate Law |

No deduction allowed U/s. 43B of amount standing in ‘Sales-tax Recoverable A/c‟

Maruti Udyog Ltd. Vs. CIT (Delhi High Court)

Whether the ITAT has committed an error of law in upholding the dis allowance of Rs. 3,08,79,171 in respect of Sales Tax Recoverable account, under Section 43B of the Income Tax Act?...

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SEBI amends Circular on Schemes of Arrangement by Listed Entities

SEBI has amended SEBI Circular No. CFD/DIL3/CIR/2017/21 dated March 10, 2017 which had laid down the framework for Schemes of Arrangement by Listed Entities and relaxation under Rule 19 (7) of the Securities Contracts (Regulation) Rules, 1957 vide Circular No.: CFD/DIL3/CIR/2018/2 dated January 03, 2018 Following are the amendments made b...

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Posted Under: Corporate Law |

ESOP under Companies Act, 2013 for un-listed Companies

Employee Stock Option Plan (ESOP) – Companies Act, 2013 for un-listed Companies 1. Objective of issuing ESOP :- The objective of issuing ESOP is to: A. Provide incentive to retain and reward employees of the company based on their contribution. B. Motivate employees to contribute to the growth and profitability of the company in future ...

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Posted Under: Corporate Law |

No Penalty if income is assessed on estimate basis and addition is made on that basis

Vijaykumar Mavjibhai Dodiya Vs. ITO (ITAT Rajkot)

. The provisions of section 271(1)(c) are not attracted in cases where income of the assessee is assessed on an estimate basis and addition is made on that basis. Even if the assessee is not able to substantiate the explanation, but his explanation is not lacking bona fide, and, therefore, we are of the view that it is not a fit where vig...

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Law on Exemption for Partners’ Share of Profit in Income of Firm

Shri Vinod Agarwal Vs. Pr. C.I.T. Central (ITAT Kolkata)

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT), in Vinod Agarwal vs Pr.C.I.T.Central, has explained the law on income tax exemption for partners’ share of profit in the income of the firm in detail. ...

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Demand notice of unpaid operational debt can be issued by a lawyer on behalf of operational creditor: SC

Macquarie Bank Limited Vs Shilpi Cable Technologies Ltd. (Supreme Court of India)

The present appeals raise two important questions which arise under the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the Code). The first question is whether, in relation to an operational debt...

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Crux of SS-3 – Secretarial Standard on Dividend

1. Dividend shall be paid out of the profits of the financial year for which such Dividend is sought to be declared and/or out of profits for any previous financial year(s) which remains undistributed after providing for depreciation in accordance with the provisions of the Act. Dividend may also be declared out of money provided [&hellip...

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Posted Under: Corporate Law |

GST, Excise, Service Tax, Customs & VAT updates for December 2017

CBEC amended Composition Rates for Manufacturers & easing norms for Traders -- Manufacturers who have opted for composition scheme will now have to pay 1 per cent Goods and Services Tax (GST) as against 2 per cent earlier. -Traders opting for composition scheme would now have to pay the tax at 1 per cent on their turnover of taxable suppl...

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Posted Under: Corporate Law |

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July 2021