"07 April 2019" Archive - Page 2

Loan / Advances to Directors | Section 185 | Companies Act, 2013

According to Section 185 (1) of the Companies Act, 2013, No Company shall directly or indirectly – Advance any Loan, -Loan represented by Book debt -Or give any guarantee, – Or provide any security in connection with the Loan taken by Following persons: A. 1. Any Director of the company, 2. Any Director of the […]...

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Posted Under: Company Law |

Threatening RP while discharging her duties as Court officer can never be tolerated

Asset Reconstruction Company (India) Pvt Ltd Vs Shivam Water Treaters Pvt Ltd (National Company Law Tribunal, Mumbai)

Asset Reconstruction Company (India) Pvt Ltd Vs Shivam Water Treaters Pvt Ltd (National Company Law Tribunal, Mumbai) The Resolution professional has also reported that Mr Gaurav Dave abused the RP while she was discharging her duties as Court officer. Such actions of the Ex-directors can never be tolerated. We at this moment provide two ...

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Deemed dividend if Lender and borrower have common shareholder?

CIT Vs Ms. Mustang Leather Pvt. Ltd. (Allahabad High Court)

CIT Vs Ms. Mustang Leather Pvt. Ltd. (Allahabad High Court) A deemed dividend could only have been assessed in the hands of a person who is shareholder of the lender company and not in the hands of the borrowing concern in which such shareholder is a member or partner having substantial interest. Admittedly, in the […]...

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HC disposes petition as same was appealable under Punjab GST Act, 2017

M/s Arya Sudharma Tradex Pvt. Ltd Vs State of Punjab & ors (Punjab and Haryana HC)

It was stated by learned counsel for the State that the goods have been released and the amount of tax and penalty has been deposited  by the petitioner. It was further stated that the impugned order is appealable under Section 107 of Punjab General Goods and Service Tax Act, 2017....

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Reference to DVO when assessee relied on estimate made by Registered Valuer

Pr.l CIT Vs Late Shantaben P. Patel (Gujarat High Court)

Pr. CIT Vs Late Shantaben P. Patel (Gujarat High Court) In this case Since assessee had relied on the estimate made by the Registered Valuer for the purpose of supporting its value of the asset, any such situation would be governed by clause (a) of section 55A and AO could not have resorted to clause […]...

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Provisional list of IPs prepared for Appointment as Administrators under SEBI Law

Provisional list of IPs prepared in accordance with' Guidelines for Appointment of IPs as Administrators under the SEBI (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations,2018.' ...

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Posted Under: Company Law | ,

Provision for warranty made on scientific basis is allowable

Grundfos Pumpas India Ltd. Vs DCIT (Madras High Court)

Grundfos Pumpas India case: Where the provision was made on a scientific basis and not on an adhoc estimate, deduction in respect of provision for warranty was allowed...

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Bank Audit-Issue of Reversal of Unrealised Interest on NPA Accounts

Statutory audits of banks and their branches are under process. Various issues relating to these audits are under discussion amongst the (auditors ) Chartered Accountants . One of such issues in bank branch audit is regarding reversal of unrealized interest on loans / advances  which have became NPA in the year under audit. In this artic...

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Posted Under: Company Law |

Treatment of GST on Free Supply

It is a known principle that ‘nothing comes free in business’ and the same is a proven fact in the recent ruling by Maharashtra Authority for Advance Ruling (AAR) in the case of Biostadt India Ltd and the circular 92/11/2019-GST which clarifies issues on treatment of sales promotion schemes under GST. Several promotional schem...

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Posted Under: Company Law |

Secretarial Compliance | DPT-3 | DIR-3 KYC | MSME-1 | INC-22A (Active)

Article explains what is Form DPT-3,Form DIR-3 KYC,Form INC – 22A (ACTIVE) and Form MSME-1, who has to file these forms, When thswe needs to be filed, Due date of filing, What if not filed, and Non Compliance Consequences. Particulars Form DPT-3 Form DIR-3 KYC Form INC – 22A (ACTIVE) Form MSME-1 What is Form […]...

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Posted Under: Company Law |