"17 May 2018" Archive

CODS, 2018- Where petitions have already been filed before NCLT

General Circular No. 05/2018 (17/05/2018)

It, is therefore, hereby directed that in such cases the Registrar(s) of Companies shall raise a ticket through Change Requirement Form (CRF) on MCA21 portal along with copy of NCLT order and E-governance shall activate DIN of the directors, such struck off companies that have been revived through NCLT to file e-CODS, 2018. ...

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Customs Rate of Exchange of Foreign Currency Conversion wef 18.05.2018

Notification No. 43/2018-Customs (N.T.) (17/05/2018)

Customs Rate of Exchange of Conversion Foreign Currencies wef 18.05.2018 notified vide Notification No. 43/2018-Customs (N.T.) dated: 18th May, 2018...

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ITAT allows ‘Rasna’ Loss on account of destroyed stock

Rasna Pvt. Ltd. Vs Dy. CIT (ITAT Ahmedabad)

These are four appeals by the assessee and revenue against each other against the order of the Commissioner of Income Tax (Appeals)-XI & VIII, Ahmedabad, dated 25/11/2011 & 27/09/2012 for the Assessment Years (AYs) 2008-09 & 2009-10....

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Deduction U/s. 80-IC allowed despite Belated filing of return if delay is because of Reasonable cause

Symbiosis Pharmaceuticals (P) Ltd. Vs. Dy. CIT (ITAT Chandigarh)

Where assessee filed return within extended period of section 139(4) and delay was caused by reason beyond the control of assessee, liberal interpretation was to be given to procedural requirement of section 80AC and denial of deduction under section 80-IC was not, therefore, justified....

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Trust Created for Benefit of Particular Community or Religious Group cannot be granted registration U/s. 12A

M/s. Sri Visa Vadnagar Vanik Samaj Vs Director of Income Tax (ITAT Hyderabad)

Briefly stated, the institution, Sri Visa Vadnagar Vanik Samaj, has earlier stated to have filed an application on 07-10-1988, seeking registration U/s.12A of the Income Tax Act, 1961 [Act]. It seems the said application has not been accepted/rejected by the Department. For the A.Y.2003-04 the AO has rejected the claim of assessee for exe...

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Transfers between holding company and step-down subsidiary are not transfers which can give rise to capital gains or loss

Emami Infrastructure Ltd Vs ITO (ITAT Kolkata)

The only issue is to be decided as to whether the CIT-A justified in confirming the order of AO in determining the long term capital gain at Rs. 29,05,83,769/- against the claim of assessee as long term capital loss of Rs.25,05,20,775/- in the facts and circumstances of the case....

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Section- 118 of Companies Act, 2013: Minutes of Board Meeting

The expression ‘Minutes’ means a record of the proceedings of a Meeting. Minutes should contain a fair and correct summary of the proceedings of the Meeting and should normally convey why, how and what conclusions or decisions were arrived at in relation to each business transacted at the Meeting. It need not be an exact [&hel...

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Posted Under: Company Law |

Are you KYG (Know Your Goal) Complaint..?

Everyone has their own list of Goals such as vacations, child’s education, childs marriage, a bigger house, a holiday home, a dream car, a peaceful retirement, etc. All of these Goals, have a financial implication. To accomplish these, we either take a loan or make an investment or a combination of both....

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Posted Under: Company Law |

Major Recommendations of GST Council in 27th meeting

It the 27th meeting held on 4th May, 2018, GST Council, the high powered Constitutional body to take decisions on levy and administration of Goods and Service Tax in India considered various issues and concerns and made recommendations. These recommendations are subject to detailed consideration by Group of Ministers or other bodies and s...

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Posted Under: Company Law |

Deemed Dividend not applicable to Current Account Transactions

M/s Sree Krishna Gyanodya Flour Mills Pvt. Ltd. Vs. Pr. Commissioner of Income Tax (ITAT Kolkata)

A division bench of the ITAT Kolkata comprising N.V.Vasudevan, Judicial Member and Waseem Ahmed, Accountant Member were ruled that the provisions of deemed dividend under section 2(22)(e) of the Income Tax Act would not applicable to Current Account Transactions....

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