"13 March 2018" Archive

Resolution professional doesn’t require nod of shareholders/members for insolvency resolution

Ministry vide its circular no. IBC/01/2017 dated 25.10.2017 clarified that Section 30 and 31 of the Code provide a detailed procedure from the time of receipt of resolution plan by the resolution professional to its approval by the Adjudicating Authority and there is no requirement for obtaining approval of shareholders/members of the cor...

Posted Under: Corporate Law |

Anti-dumping duty on imports of Sulphonated Naphthalene Formaldehyde

Notification No. 7/2018-Customs (ADD) 13/03/2018

CBEC Seeks to impose definitive anti-dumping duty on the imports of Sulphonated Naphthalene Formaldehyde originating in or exported from China PR vide Notification No. 7/2018-Customs (ADD) dated: 13th March, 2018...

CBDT amends Income Tax Notification No. 49/2015 with retrospective effect

Notification No. 14/2018-Income Tax [G.S.R. 221(E)] 13/03/2018

CBDT amends Income Tax Notification No. 49/2015 with retrospective effect vide notification no. 14/2018 dated: 13th March, 2018...

Division under GSTN- No Choice to Assessee to Opt for State or Centre

The assesses having turnover above Rs. 1.5 crores are to be assigned in the ratio of 50:50 between the Centre and the respective State while those having turnover less than Rs. 1.5 Crores have to be assigned in the ratio of 10:90 between the Centre and the respective State. No choice has been given to assesses to opt for a particular tax ...

Posted Under: Corporate Law |

Security & operational controls in SWIFT environment to prevent fraud in Banks

Security and operational controls in SWIFT environment Reserve Bank of India (RBI) has apprised that it had issued two circulars to banks, related to security and operational controls in SWIFT (Society for Worldwide Interbank Financial Telecommunication) environment, in the months of August and November 2016. As per RBI inputs, compliance...

Posted Under: Corporate Law |

No reduction in approval of resolution plans after enactment of IBC (Amendment) Ordinance 2017

There is no reduction in submission of resolution plans after enactment of The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017. 8 (Eight) resolution plans have been approved by National Company Law Tribunal (NCLT) after coming into effect of Ordinance as compared to 5 (Five) resolution plans approved earlier....

Posted Under: Corporate Law |

9,073 cases under consideration in NCLT as on 31.01.2018

9,073 cases are under consideration in NCLT, including 1,630 cases of Merger and Amalgamation; 2,511 cases of insolvency and 4,932 cases under other sections of Companies Act.  The Company Law Board (CLB) set up under Companies Act 1956 stands dissolved with the setting up of National Company Law Tribunal (NCLT). As on 12.03.2018, only o...

Posted Under: Corporate Law |

Circular on Processing of refund application for UIN entities

Circular No. 36/10/2018-GST 13/03/2018

GST Council, in its 23rd meeting held at Guwahati on 10th November 2017, has decided that the entities having Unique Identity Number (UIN) may be given centralized registration at the option of such entities. Further, it was also decided that the Central Government will be responsible for all administrative compliances in respect of such ...

Order U/s. 201(1) cannot be passed after expiry of limitation period

Vodafone Cellular Ltd. Vs DCIT (ITAT Pune)

Vodafone Cellular recent appeal: No order under section 201(1) of the Act shall be passed after expiry of the limitation period treating assessee-in-default for non-deduction of tax at source...

Exemption Can’t be denied for Mere Technical Mistake: Rajasthan High court

Commissioner Of Central Goods And Service Tax Central Excise Vs Bhoorathanam Construction Co. (P) Ltd. (Rajasthan High Court)

In our considered opinion, the production is the same, manufacturing and the process is the same and excise duty is liable on the manufacturing, merely because in the certificate there is no mention of MS Special, the taxing statute will not be different. In view thereof, the view taken by the Tribunal is just and proper and no interfere...

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