"11 April 2019" Archive

Panel of Insolvency Professionals for appointment as Administrator

Panel of Insolvency Professionals [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.‘] for appointment as Administrator for a period from 10th April 2019 to 30th September 2019. Download ...

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Posted Under: Corporate Law |

RBI issues directions to prevent market abuse

Market Abuse:It includes market manipulation, benchmark manipulation, misuse of information, or any other similar practice. Market abuse may arise in circumstances where financial market investors have been unreasonably disadvantaged, directly or indirectly, by others who:...

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Posted Under: Corporate Law |

Brand usage – not an international transaction

Hyundai Motor India Limited Vs DCIT (ITAT Chennai)

Whether the usage of foreign Associated Enterprise (AE) brand name on the cars manufactured and sold by the tax payer amounted to rendering of brand promotion service, and whether it constituted an international transaction under section 92B of the Income-tax Act, 1961(Act)....

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ITC Utilization & Rule 88A

Rule 88A of Central Goods and Services Tax (CGST) Rules, 2017 read with Section 49(5), 49A and  49B of CGST Act, 2017 deals with Order of utilization of input tax credit.  Rule 88A is been inserted vide Inserted vide  Notification No. 16/2019-Central Tax (Dated 29th March, 2019) and Section 49A and 49B were inserted vide […]...

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CBDT conducts search in the case of Sri Gurappa Naidu

The Income Tax Department conducted search on 9th April, 2019 in Vijaywada at the premises of Sri Gurappa Naidu, a cost accountant. An information had been received on toll-free-number that cash was kept at the residence of Shri Gurappa Naidu which was to be used in General Election. ...

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Posted Under: Corporate Law |

Analysis of amended SEBI Law of Insider Trading for Window Closure

To ensure that the regulatory framework dealing with insider trading in India is further strengthened, SEBI had notified SEBI (Prohibition of Insider Trading) Regulations, 2015 [PTI Regulations] in place of an earlier Regulations....

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Posted Under: Corporate Law |

Composition Scheme for Services Sector

GST Composition Scheme for Services Sector In line with the GST Council Meeting held on 10th Jan 2019, Service Providers can opt into the Composition Tax Scheme. In order to implement the said decision of Goods and Service Tax Council, the Central Board of Indirect Taxes and Customs have issued a notification no. 2/2019-Central Tax [&hell...

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Payment of professional fee to trustees who are doctors allowable

Parkar Medical Foundation Vs ACIT (ITAT Pune)

rofessional fee paid to the trustees, who were qualified doctors were allowable as deduction as it could not be held to be for the direct or indirect benefit of trustees....

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20% deposit of tax pending appeal can be increased or decreased

Keva Fragrances Private Limited Vs ACIT (Bombay High Court)

CBDT circular dated 29.02.2016 which requires 20% deposit of tax pending appeal is not rigid and cannot be implemented in all the cases. Based on the facts of the case, the deposit percentage can be increased or decreased....

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Bogus Capital Gain: Cross examination Opportunity should be allowed

Sanjay Kumar Jain Vs ITO (ITAT Chennai)

Conclusion: Claim of assessee for long term capital gains arising on transfer of shares u/s.10(38) was real or sham, required a revisit by AO by considering all the evidences produced by assessee and also, AO should allow the opportunity of cross-examination  to check the nature of transaction....

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