"14 May 2018" Archive

Civil Suit not Maintainable after initiation of SARFAESI Proceedings: SC

M/s Sree Anandhakumar Mills LTD. Vs M/s Indian Overseas Bank & ORS. (Supreme Court of India)

Though the case has a chequered history and the facts are long the matter lies within a short compass. The core question is one relating to the maintainability of the suit, viz., O.S. No.106 of 2009 filed by the second respondent – Nandini seeking partition wherein the order of injunction was passed....

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Late fees for GSTR-3B waived if TRAN-1 submitted but not filed

Notification No. 22/2018-Central Tax 14/05/2018

CBIC waives late fee payable for failure to furnish  FORM GSTR-3B by the due date for each of the months from October, 2017 to April, 2018, for the class of registered persons whose declaration in FORM GST TRAN-1 was submitted but not filed on the common portal on or before the 27th day of December, […]...

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Allowability of deduction U/s. 80P(2)(a)(i) to Co-operative society engaged in providing credit facilities to members

Jodhpur Sahakari Bhoomi Vikas Bank Ltd. Vs ITO (ITAT Jodhpur)

These appeals preferred by the assessee emanates from the order of learned Commissioner (Appeals)-2, Jodhpur for assessment year 2008-09 vide order dated 19-11-2015; assessment year 2010-11 vide order dated 20-11-2015...

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Section 54EC exemption cannot be claimed on Sale consideration of Property seized by IT Dept.

Jatender Singh Marvaha Vs D.DI.T (ITAT Kolkata)

Both AO & CIT-A have denied the claim of exemption of Rs.40,00,000/- for want of proper evidence showing the capital gains were invested in specified bonds i.e provided by the Government of India, National Highway Authority Bonds (NHAI). The deduction u/s. 54EC of the Act is permissible if the amount representing the long term capital gai...

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Late fees waiver for those who were unable to file GSTR-3B due to technical issues of TRAN-1 filing

Notification No. 22/2018 – Central Tax 14/05/2018

Council, hereby waives the late fee payable under section 47 of the said Act for failure to furnish the return in FORM GSTR-3B by the due date for each of the months from October, 2017 to April, 2018, for the class of registered persons whose declaration in FORM GST TRAN-1 was submitted but not filed on the common portal on or before the ...

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Corporate Insolvency Resolution Process by Financial Creditor

India’s banking industry is in the throes of a crisis. Bad debts are piling up at banks. Freeing up this money is crucial for the banking sector to go about its business. There were many laws dealing with insolvency for Companies as well as for individuals. But most of them were either dating from the British Raj or failing to recover l...

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Posted Under: Fema / RBI |

Benefits of registering Nidhi Company in India

The literal meaning of Nidhi is ‘Treasure’ and in financial market, however, Nidhi Company means a company which tries to cultivate the habit of saving by accepting deposits and providing loans amongst its members. Hence, the nature of the company is exactly the same as it sense and starting a Nidhi company is undoubtedly will be a go...

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Posted Under: Fema / RBI |

Registration U/s. 12AA & sanction u/s 80G(5)(vi) cannot be declined for non-allowability of exemption claimed by the Assessee

Shiv Public School Managing Committee Vs. CIT (Exemptions) (ITAT Delhi)

Shiv Public School Managing Committee Vs. CIT (Exemptions) (ITAT Delhi) 1. Briefly stated the facts necessary for adjudication of the controversy at hand are : the application moved by the assessee society for registration under section 12AA of the Income-tax Act, 1961 and for according sanction u/s 80G(5)(vi) of the Act have been reject...

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List of notified sections of Companies (Amendment) Act, 2017 till 07.05.2018

Various sections of Companies(Amendment) Act, 2017 had been notified by the Government.The note summarizes the sections which have been notified till date....

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Posted Under: Fema / RBI |

Taxation of Car, On crossroads of GST

Since the GST law has came into force various notifications and amendment has been made on issue of old car sale. GST rate which is levied and its ITC provisions depend on what type of passenger vehicle we purchase i.e. 2-Wheeler/4-Wheeler/Bus etc. Let us discuss this in detail....

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Posted Under: Fema / RBI |

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