Whoever enters into any benami transaction on and after the date of commencement of the Benami Transactions (Prohibition) Amendment Act, 2016, shall, notwithstanding anything contained in sub-section (2), be punishable in accordance with the provisions contained in Chapter VII.]
Where show cause notice issued under section 274 read with section 271(1)(c) did not specify charge against assessee as to whether it was for concealing particulars of income or furnishing inaccurate particulars of income, levy of penalty could no be sustained.
Many clubs allow membership to companies or other business entities. The membership is given in name of company or other concern. It is very well known that the clubs are a platform to meet people.
Every registered person who causes movement of goods whose value is exceeding Rs. 50,000; (i) in relation to supply, (ii) other than relation to supply, (iii) due to inward supply from an unregistered person, shall file the details of the goods before commencement of movement of goods in PART A of GST EWB-01.
In September, 2017, the Ministry identified 3,09,614 such directors associated with the non-compliant companies and they were barred from continuing as directors. Subsequent to this, a lot of hue and cry and representations followed from the industry, and as a result, Condonation of Delay Scheme, 2018 [CODS-2018]was proposed, and further put forward by the Ministry vide a Circular. This article shall discuss the Scheme in brief, and what possibly seems to have been missed in this New Year’s gift by the MCA.
