"05 January 2018" Archive

29,403 companies registered as LLP on all India basis in FY 2016-17

In FY 2016-17, 29,403 companies registered as LLP on all India basis The Limited Liability Partnership Rules, 2009 have been in force since 01.04.2009. The Limited Liability Partnership Rules provide for effectuating/implementing the provisions of Limited Liability Partnership Act, 2008. The Rules, inter-alia include procedures on incorpo...

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Posted Under: Corporate Law |

MCA Removes names of 2,26,166 defunct companies in 2017

ROCs has removed the names of 2,26,166 companies as on 19.12.2017 from the register of companies by following the due procedure under Section 248 of the Companies Act, 2013. ...

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Posted Under: Corporate Law |

CCI imposes Penalty on Chemists Associations for limiting & Controlling supply of drugs and medicines

Reliance Agency Vs. Chemists and Druggists Association of Baroda (CDAB) & Others (Competition Commission Of India)

Competition Commission of India imposes Penalty on Chemists and Druggists Association of Baroda and Federation of Gujarat Chemists and Druggists Association The Competition Commission of India (‘Commission’) has found the Chemists and Druggists Association of Baroda (‘CDAB’) and Federation of Gujarat State Chemists and Druggists A...

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No Service Tax on health care services by clinical establishments

M/s Sir Ganga Ram Hospital Bombay Hospital & Medical Research Centre Vs CCE (CESTAT Delhi)

These 7 appeals are involving common dispute and are accordingly taken up together for disposal. 6 appeals are by assessees. One is by Revenue. The appellant assessees are engaged in health care services to the patients and they are managing well-known hospitals/medical centres in various places. ...

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Royalty paid to Suzuki Motor Corporation Japan by Maruti Suzuki India Ltd. for use of licensed information is revenue expenditure

Maruti Suzuki India Ltd. Vs ACIT (ITAT Delhi)

Maruti Suzuki India Ltd. Vs ACIT (ITAT Delhi) The royalty paid to Suzuki Motor Corporation Japan by Maruti Suzuki India Ltd. for the use of licensed information held to be revenue expenditure...

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Mere addition to declared income during assessment proceedings would not ipso facto lead to imposition of penalty

ITO Vs Ramsons Castings (P.) Ltd. (Bombay High Court-Nagpur Bench)

Assessee is not absolved of penalty because the additional income has been declared to buy peace. It must follow therefore that the above strategy (buy peace) by itself will not justify imposition of penalty, unless the requirement of the section under which the penalty is imposed are satisfied....

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No Section 14A Disallowance if investments are business expediency & strategic investments

DCIT Vs. Sri Rikhab Chand Jain (ITAT Kolkata)

No disallowance U/s 14A of Act need to be made by invoking the provisions of Rule 8D (2) (ii) of Rules as investments admittedly are business expediency investments and strategic investments....

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Draft of amendments to Ind AS 20, Accounting for Government Grants

Following is the Exposure Draft of the Amendments to Ind AS 20, Accounting for Government Grants and Disclosure of Government Assistance, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India for comments....

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Posted Under: Corporate Law |

RBI Introduces ₹ 10 banknote in Mahatma Gandhi (New) Series

Press Release: 2017-2018/1848 (05/01/2017)

The Reserve Bank of India will shortly issue Rs. 10 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India. The new denomination has motif of Sun Temple, Konark on the reverse, depicting the country's cultural heritage. The base colour of the note is Chocolate Br...

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Chairman CBEC’s weekly newsletter dated 05.01.2018

DO.No. 43/CH(EC)/2017 (05/01/2018)

It has been decided that one representative of the rank of Commissioner or above from every zone shall attend every GST Council Meeting. In this regard Commissioner (GST) has already issued a letter dated 2nd January 2018. ...

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