"01 March 2019" Archive

7 key decisions taken in SEBI Board Meeting dated March 01, 2019

PR No. 9/2019 (01/03/2019)

The Board considered and approved the following Amendments to SEBI (Infrastructure Investment Trusts) Regulations, 2014 and the SEBI (Real Estate Investment Trusts) Regulations, 2014:...

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CEA says deterrence through IBC catalysed recovery of around Rs 3 lakh crore

Press Information Bureau  Government of India Ministry of Corporate Affairs Date: 01-March-2019 Innovation can lead India to forefront of competition: CEA Subramanian  CEA says deterrence through IBC catalysed recovery of around Rs 3 lakh crore Chief Economic Adviser K.V. Subramanian said that if this century has to belong to India then...

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Posted Under: SEBI |

Sole Concessionaire under GST

Note on Sole Concessionaire under GST Under GST, as given under explanation to Section 15 of the Central GST Act,2017, the term ‘related person’ includes persons who are associated in the business of one another in that one is the sole agent or sole distributor or sole concessionaire, of the other. Now it is time […]...

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Posted Under: SEBI |

No addition can be made for mere non-production of directors of shareholder companies

Ashtech Industries Pvt. Ltd. Vs DCIT (ITAT Delhi)

Addition under section 68 on mere reason of non-production of directors in the person of shareholder companies was not justified and AO had not brought any cogent material on records in assessment order to demolish the copious evidences furnished by assessee....

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Section 54F benefit allowable in case of part performance of contract

Smt. Sabita Devi Agarwal Vs ITO (ITAT Kolkata)

section 2(47) laid down that transfer would include a transaction allowing possession of an immovable property in part performance of a contract of a nature referred to in Section 53A of the transfer of Property Act. In the case on hand, part performance of a contract had taken place and possession had been handed over. Thus, the claim of...

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Maharashtra VAT: Govt withdraws Pending Assessment Proceedings in 118731 cases

Order No. EIU/Withdrawal of Assessments/B- 149, Mumbai (01/03/2019)

For the effective utilization of the available manpower for the disposal of pending work under the Value Added Tax Act, the Central Sales Tax Act and also the work related to Goods and Services Tax, it has become necessary to formulate the criteria for withdrawal of the assessment proceedings where the likely revenue earnings in each such...

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No exemption U/s 54F for purchase of land prior to period of one year from sale of capital asset

Shri. Parswanath Padmarajaiah Jain Vs ACIT (ITAT Bangalore)

Assessee was not entitled to the benefit of section 54F in respect of the investment made by assessee in purchasing the capital asset (land) as the said purchase of land was not within a period of one year prior to the sale of capital asset or falling in any of the categories in which assessee was entitled to claim exemption u/s.54F....

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Step by step process for filing INC -22A i.e. e-form ACTIVE

Kindly see my earlier article, for understanding of INC -22A i.e. e-form ACTIVE.Link titled as ‘Everything one should know about INC 22A – Active‘ Procedure of filing the form INC-22A ACTIVE step by step is here 1. Enter a valid CIN 2. Click the Pre-fill button, Kindly check mail Id , in case there is […]...

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Posted Under: SEBI |

Key understanding on Banning of Unregulated Deposit Schemes Ordinance, 2019

Introduction: The Banning of Unregulated Deposit Schemes Bill, 2019 was passed by the Lok Sabha on 13.02.2019 but could not be passed by the Rajya Sabha. Since the Parliament is not in session, the BANNING OF UNREGULATED DEPOSIT SCHEMES ORDINANCE, 2019 has been issued by the President of India vide Notification dt. 21.02.2019. According t...

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Posted Under: SEBI |

Best Judgement in cases of Rejection of books of account

Rejection of Books of Account under Section 145(3) and Assessment in the manner under Section 144 Connotation thereof Method of Accounting Section 145 of the Income Tax Act, 1961 (the Act) provides the method of accounting by the assessee. Section 145(1) of the Act provides that income chargeable under the head “Profits and gains o...

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Posted Under: SEBI |