"09 June 2019" Archive

Understanding Insolvency and Bankruptcy Code, 2016

Press Release No. IBBI/PR/2019/16 (09/06/2019)

Hon’ble Mr. Justice M. M. Kumar, President, National Company Law Tribunal (NCLT) released a publication titled ‘Understanding the Insolvency and Bankruptcy Code, 2016: Analysing developments in jurisprudence’, jointly prepared by the Insolvency and Bankruptcy Board of India and Vidhi Centre for Legal Policy....

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Payment for bandwidth charge utilization was royalty & TDS applicable

CIT Vs Infosys Technologies Ltd. (Karnataka High Court)

CIT Vs Infosys Technologies Ltd. (Karnataka High Court) Payment for bandwidth charge utilization was royalty and TDS was required to be deducted under section 195 of Income Tax Act, 1961 and on failure to deduct TDS, the disallowance under section 40(a)(i) was rightly made by the Assessing Officer. FULL TEXT OF THE HIGH COURT ORDER [&hell...

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Applicability of TDS U/s. 194C on Payment made to truck owners

ITO Vs Shri Anil Kumar Nevatia (ITAT Kolkata)

ITO Vs Shri Anil Kumar Nevatia (ITAT Kolkata) The ld. DR vehemently argued that the assessee had used the same truck numbers for transporting its goods and hence explanation of the assessee that payments were made only to the truck drivers and that no oral or written contract was entered into with the truck owners […]...

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Section 14A Disallowance also on Strategic investments

CIT Vs Alpha G. Corp Development Ltd. (Delhi high Court)

CIT Vs Alpha G. Corp Development Ltd. (Delhi high Court) High Court held that strategic investments have to be considered for disallowance under Section 14A but assessee is entitled to contend that the investments are legacy Investments or one-time investment and that there is in fact no expenditure incurred to earn the tax-free income. F...

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AO not justified in treating capital gain as unexplained cash credit Where assessee proved genuineness

CIT Vs Maheshchandra G Vakil (Gujarat High Court)

CIT Vs Maheshchandra G Vakil (Gujarat High Court) HC held that Where assessee proved genuineness of share transactions by contract notes for sale and purchase, bank statement of broker, demat account showing transfer in and out of shares, as also abstract of transactions furnished by stock exchange, Assessing Officer was not justified in ...

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Sec 12A Registration eligible for imparting training to officials involved in criminal justice system

CIT (E) Vs M/s The Institute of Correctional Administration (Punjab and Haryana HC)

CIT (E) Vs M/s The Institute of Correctional Administration (Punjab and Haryana HC) The grievance of the appellant is regarding grant of registration to the respondent under Section 12-A of the Income Tax Act, 1961. The respondent is a society constituted by the Government for imparting training to various officers/officials involved in t...

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Return of Deposit Form DPT-3

Receiving multiple query about filling of DPT-3. People are asking about number of DPT-3 are required to file for FY ended on 31-03-2019 including one time return of deposit? MCA has inserted an explanation to rule 16 and a new rule 16A vide notification dated 22-01-2019. Explanation to rule 16: [Explanation- It is hereby clarified [&hell...

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Posted Under: Corporate Law |

Redemption of preference shares

Section 55 of the Companies Act, 2013 (the Act) prescribes that a company shall not issue an irredeemable preference shares. Further, it also imposes restriction on companies limited by shares to issue preference shares liable to be redeemed at the end of the end of twenty years....

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Posted Under: Corporate Law |

A gist on AS – 9 / IND AS – 18

An accounting standard is a common set of principles, standards and procedures that define the basis of financial accounting policies and practices. Accounting standards are adopted by companies in India and issued under the supervision of Accounting Standards Board (ASB) which is a committee under Institute of Chartered Accountants of In...

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Posted Under: Corporate Law |

Amendments to the SEBI LODR

Based on the report of the Committee on Corporate Governance under the Chairmanship of Mr. Uday Kotak, SEBI notified the amendments to the SEBI LODR Regulations. These amendments are expected to improve the governance standards in large listed companies. The listed companies are expected to be in compliance with the requirements of the re...

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Posted Under: Corporate Law |