"04 July 2019" Archive

Last date to opt alternate GST composition scheme extended

NA 04/07/2019

It was recommended that the last date for filing the said intimation may be extended. Accordingly, a corrigendum dated 01.07.2019 to Circular No. 97/16/2019-GST has been issued extending the last date for filing the intimation for availing this benefit from 30.04.2019 to 31.07.2019....

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FAQs on Companies Act, 2013- ICAI e-book

FREQUENTLY ASKED QUESTIONS ON THE COMPANIES ACT, 2013 (Revised July, 2019 Edition) To keep the members abreast of the frequent developments and also to develop their understanding about the intricacies of various new provisions of the Companies Act, 2013, the Corporate Laws & Corporate Governance Committee (CL&CGC) of the Institut...

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Key Highlights of Economic Survey 2018-19

The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman tabled the Economic Survey 2018-19 in the Parliament today. The Key Highlights of Economic Survey 2018-19 are as follows:...

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Important Judgment on Credit Card Interest and interest for delay by builder

INEQUITABLE AGREEMENT My builder forced me to pay ‘Penal interest’. But, he does not pay any compensation for delayed completion. What to do? As per the agreement, if the Builder abandons the whole or part of the scheme, the builders liability is limited only to refund of the Amount paid by the allottee without interest […]...

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Speculation loss from share trading cannot be set off against F&O profits

Snowtex Investment Limited Vs Pr. CIT (Supreme Court)

Loss occurred to assessee as a result of its activity of trading in shares (a loss arising from the business of speculation) was not capable of being set off against the profits which it had earned against the business of futures and options since the latter did not constitute profits and gains of a speculative business....

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‘Operational Creditors’ having disputed claim can avail remedy U/s. 60(6) of I&B Code

Standard Chartered Bank Vs Satish Kumar Gupta R.P. of Essar Steel Ltd. & Ors (National Company Law Appellate Tribunal)

During the submissions, Mr. Harish Salve, learned Senior Counsel appearing on behalf of ‘ArcelorMittal India Pvt. Ltd.’ submitted that once a ‘Resolution Plan’ is approved then under Section 31 of the ‘I&B Code’, it is binding on the ‘Corporate Debtor’ and its employees, members, creditors, guarantors and other stakeholder...

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Assessment U/s. 153C invalid if AO fails to records satisfaction note of searched person

Shri Sushil Golecha Vs ACIT (ITAT Indore)

Initiation of assessment proceedings under section 153C in case of other person, i.e., assessee without  issuing proper satisfaction note by AO of the searched person in favour of AO having jurisdiction of such other person, the proceedings initiated u/s 153C  was void-ab-initio....

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Clarification on BEN -2 FORM

Eform BEN-2 is required to be filed pursuant to Pursuant to Section 90(4) of the Companies Act, 2013 and Rule 4 of the Companies (Significant Beneficial Owners) Rules 2018, which are reproduced for your reference. Section 90(4): Every company shall file a return of significant beneficial owners of the company and changes therein with the ...

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Format of Authority Letter for Filing NFRA Form 1

Format of Authority Letter for Filing NFRA Form 1 To, Chairperson National Financial Reporting Authority 8th floor, Hindustan Times House Kasturba Gandhi Marg New Delhi- 110001 I, <<Name>>, <<Designation>> hereby authorize following official to sign, fill and submit NFRA-1 on behalf of the organization. Name: Desig...

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AO cannot make Addition for capital gains from penny stocks on mere statement recorded by INV Wing

Shri Deepak Nagar Vs A.C.I.T (ITAT Delhi)

Addition under section 68 on account of bogus capital gains from penny stocks was not justified as AO had not conducted any independent and separate enquiry to prove that the transactions carried out by the assessee were not genuine or that the documents were not authentic and assessee had successfully discharged the onus cast upon him by...

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