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Archive: 22 October 2019

Posts in 22 October 2019

Stay against recovery granted not automatically lapses after six months

October 22, 2019 1575 Views 0 comment Print

Oracle Financial Services Software Ltd Vs DCIT (Bombay High Court) We are prima facie of the view that the Revenue Authorities committed serious error. Against the total demand arising out of the order of assessment of Rs. 205 crore, the Assessing Officer has already recovered a total of Rs. 140 crores by now through different means. […]

Assessment proceedings not conclude till assessment order served upon Assessee

October 22, 2019 3465 Views 0 comment Print

M3M India Holdings Pvt. Ltd Vs ITSC (P&H High Court) For purposes of making an application for settlement, a case i.e. an assessment would be pending till such time as the assessment order is served upon the assessee. The assessee is entitled to proceed on the basis that till the service of the assessment order, […]

Whether TDS provision under GST Act applicable to Co-operative Society?

October 22, 2019 4065 Views 0 comment Print

In re Tamil Nadu Coop. Silk Producers Federation Ltd. (GST AAR Tamilnadu) Whether TDS provision under GST Act is applicable to the Co-operative Society since it is Registered under Tamil Nadu Cooperative Society Act of 1975 and not under society registration act 1860 (21 of 1860)? In view of the above circumstances and facts of […]

Addition pursuant to search operation on matter dealt during original assessment

October 22, 2019 450 Views 0 comment Print

As AO has not unearthed any incriminating during the course of search operation under section 132, so no addition could be made during the relevant assessment year under section 153A by reopening the assessment on the matter, which was already examined earlier during original asses

ITC on Goods embossed with brand name given free of cost- CGST & SGST members differed

October 22, 2019 1407 Views 0 comment Print

In re Sanofi India Limited (GST AAAR Maharashtra) ITC eligible on Shubh Labh Trade Loyalty Program it is manifest that the Appellant’s act of providing the promotional goods and services under the Shubh Labh Trade Loyalty Program is certainly not an act of generosity, as the Appellant is not giving these goods and services to […]

Does the MCLR Rate Hike by Banks Signal Higher Interest Rate Regime?

October 22, 2019 618 Views 1 comment Print

Loan borrowers all over the country are worried about the possibility of a hike in the marginal cost-based lending rates (MCLR) across banks. This predicts that loans ranging from personal to home loans are likely to become costlier. This occurred when the Reserve Bank of India (RBI) announced that the base rate for loans given […]

Serious lapses in processing recent DICGC claims – Open letter to RBI

October 22, 2019 1236 Views 0 comment Print

You might have read a lot on PMC bank debacle (including some of my articles on PMC Bank and DICGC) in the last couple of days. The communication to Governor RBI (I termed it as ‘an open letter’) write up and commentary will speak of the reality, the current state of affairs. The risk of losing […]

Indian MSMEs need Cashflow based Financing!!

October 22, 2019 1695 Views 6 comments Print

The Indian MSME sector is the second largest employer after agriculture sector for the country.  Not just this, MSME sector can be accredited as the most important tool of ensuring equal distribution of wealth and resources resulting into de-risking of the economy. MSMEs work in sync with large industries as supporting units and thus, contribute […]

Empanelment as Concurrent Auditors with Vidharbha Konkan Gramin Bank

October 22, 2019 2901 Views 0 comment Print

Vidharbha Konkan Gramin Bank invites applications from practising Chartered Accountants who fulfil the eligibility criteria as mentioned hereunder and are willing to have their Firms empanelled as Concurrent Auditors in the Bank for conducting Concurrent Audit at different intervals of 326 branches spread over 17 Districts of Maharashtra. District-wise list of branches is given in Annexure-II.

Buy Back of Shares under SEBI Regulation and Companies Act, 2013

October 22, 2019 41982 Views 1 comment Print

Article explains Securities And Exchange Board Of India (Buy-Back Of Securities) Regulations, 2018, Conditions and requirements for buy-back of shares and specified securities, General compliance and filing requirements for buy-back, Disclosures, filing requirements and timelines for public announcement, Disclosures, filing requirements and timelines for draft letter of offer, Offer procedure, Buy Back Through tender offer, […]

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