"04 March 2019" Archive

DGFT & CBIC: The ugly face of corrupt practices- 6th Story

There is no educational institution, which taught you to cheat therefore I fail to understand that where did the Indian bureaucracy learn to cheat the citizens. Further, the way systemic corruption pervades the complete system is mind boggling. To me, this is most despicable & disgusting feature of the Indian bureaucracy & every I...

Read More
Posted Under: DGFT |

Big dilemma – Strike off of Company without Annual Filing

As per section 560 of the Companies Act, 1956, Registrar of Companies may strike off the name of companies on satisfying the conditions therein.As per Section 560, a company desirous of getting its name struck off has to apply to Registrar of companies in e-form 61. All pending statutory returns are required to be filed along with e-form ...

Read More
Posted Under: DGFT |

New filing requirement under Company Law till April, 2019

Article compiles filing requirement with due date, fees, penalty and applicability of MSME-1 (Initial Return)- Every Outstanding to MSME more then 45 days as on 22.01.2019, DPT-3 – Details of outstanding Loan/ receipt of money as on 22.01.2019, DIR-3 KYC – Every Person holding DIN as on 31.03.2019, INC-22A (ACTIVE)– Ever...

Read More
Posted Under: DGFT |

E-Form INC 22A Active: Active Company Tagging Identities & Verification

MCA on 21st February, 2019, came out with draft of Companies (Incorporation) Amendment Rules, 2019. These rules shall come into force from 25th February, 2019. A new Rule 25A inserted after Rule 25. A New Form 22A (e-form Active) Introduced. In this Flash Editorial author begins by discussion on the provisions of e-form Active (its [&hell...

Read More
Posted Under: DGFT |

Who is eligible for Valuation of Securities under Company Law or Income Tax

We have received queries / questions many persons Like: Professionals / corporate on subject ‘Who is eligible to do valuation of Securities under Companies Act or Income Tax Act?‘ There is difference in views of professionals, business entities even authorities on above mentioned question. In below mentioned editorial author w...

Read More
Posted Under: DGFT |

Liquidated damages claim are allowable for non-fulfilment of business obligations to own customers

DCIT Vs M/s Hindustan Urban Infrastructure Ltd. (ITAT Kolkata)

Liquidated damages which were in nature of contractual liability on account of non-compliance of business obligations to customers were allowable expenditure...

Read More

Order passed without disposing objection: HC directs AO to pass fresh order after disposing objection

Home Finders Housing Ltd. Vs ITO (Madras High Court)

In case an order is passed without following a prescribed procedure, the entire proceedings would not be vitiated. It would still be possible for authority to proceed further after complying with the particular procedure....

Read More

New Delhi International Arbitration Centre Ordinance, 2019

NO. 10 of 2019 (02/03/2019)

MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 2nd March, 2019 NEW DELHI INTERNATIONAL ARBITRATION CENTRE ORDINANCE, 2019 NO. 10 of 2019 Promulgated by the President in the Seventieth Year of the Republic of India. An Ordinance to provide for the establishment and incorporation of New Delhi International Arbitration C...

Read More

NDMC (Determination of Annual Rent) bye laws, 2009 are Ultra Vires of NDMC Act

New Delhi Municipal Council Etc. Etc. Vs Association of Concerned Citizens of New Delhi And Others Etc. Etc.(Supreme Court of India)

New Delhi Municipal Council Etc. Vs Association Of Concerned Citizens Of New Delhi And Others Etc. (Supreme Court of India) FACTS – NDMC made NDMC House Tax Bye-laws, 1962 and was published on 24th April, 1964. Section 60 empowers levy of taxes which includes property tax. NDMC adopted existing 1962 bye-laws in so far as levy […...

Read More

Mere fall In G.P. Rate cannot be a ground for rejection of books of A/cs

Kamani Oil Industries Pvt. Ltd. Vs DCIT (ITAT Mumbai)

Mere fall in GP rate could not be the ground for making in-depth inquiry. As per section 145(3), books could be rejected only in the situation where AO was not satisfied about the correctness / completeness of the accounts of the assessee....

Read More