"20 November 2019" Archive

Cabinet approves proposal to Mitigate financial stress of Telecom Services Sector

Department of Telecommunication will give an option to the Telecom Service Providers (TSPs) to defer payment of the spectrum auction instalments due for 2020-21 & 2021-22, either for one or both years.  These deferred amounts bill be spread equally in the remaining instalments to be paid by TSPs. Interest as stipulated while auctioning o...

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Posted Under: Corporate Law |

No Penalty for Cash loan received from father for reasonable cause

Ashok Kumar Bagaria Vs JCIT (ITAT Kolkata)

Since assessee had given reasonable cause for availing loan in cash from his father within the meaning of section 271D, therefore, he would be out of the rigours of levy of penalty under section 271D and no penalty could be levied....

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Cabinet approves Taxation Laws (Amendment) Bill, 2019

In order to attract fresh investment in manufacturing and provide boost to 'Make-in India' initiative of the Government, another provision was inserted to the IT Act, to provide that a domestic manufacturing company set up on or after 1st October, 2019 and which commences manufacturing by 31st March, 2023, may opt to pay tax at 15% plus s...

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Posted Under: Corporate Law |

Directions by Hon’ble Courts to dispose representation by GST Council

Notification No. F.No. 276/187/2018-CX.8A Part (20/11/2019)

Ld. Single Judge in his judgment directed GST Council to consider and pass orders on representation submitted by Petitioner, within a period of one month from the date of receipt of a copy of judgement, after hearing parties....

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IBBI notifies Regulations for Insolvency Resolution and Bankruptcy Proceedings of Personal Guarantors to Corporate Debtors

Press Release No. IBBI/PR/2019/30 (20/11/2019)

There are occasions when a corporate debtor (CD) takes a loan guaranteed by another corporate person (corporate guarantor to the CD) or an individual (personal guarantor to the CD). The lender may pursue a remedy against the guarantor or the CD, being principal borrower, when there is a default in repayment of the loan....

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IEPF Authority Help Line No.

Shri Injeti Srinivas, Secretary, Ministry of Corporate Affairs, inaugurated the Investor Education and Protection Fund Authority (IEPFA) Help Line number — 1800-114-667 — and Call Centre here today....

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Posted Under: Corporate Law |

Highlights on Company Law Committee Report dated 18th Nov 2019

In Chapter 1 of its Report, CLC has recommended amendments to 46 more provisions , detailed below under CA 2013 to reduce or remove criminality and de-clog the criminal justice system by retention of status quo in case of non –compoundable offences. CLC has adopted a principle based approach to further remove criminality, in case of def...

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Posted Under: Corporate Law |

Indian Visa Requirements for Japanese Nationals

Under Indian law, the legal rights and the restrictions imposed on Japanese nationals depend on whether they are categorized as residents or non-residents. Entry into India generally requires a valid visa granted by an Indian Mission (that is, consulate of the Indian embassy) abroad. Furthermore, foreign nationals who enter India must reg...

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Posted Under: Corporate Law |

Assessee not liable for notice issued at Old Address despite intimation of new Address

Ethnic Overseas (P) Ltd. Vs ITO (ITAT Delhi)

Where prior to completion of assessment, assessee had already reported its new address to revenue, but AO sent the notices to assessee at the old address, then assessee could not be held in default for not complying with notices under section 142(1)/(143(2)....

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No Section 40(a)(ia) for Non TDS deduction if Payee paid tax to government

Sai Pushpa Sharada Alliance Vs ITO (ITAT Pune)

Second proviso to section 40(a)(ia) is retrospective in nature and in such circumstances, if payee has paid tax to government account then payer cannot be held liable for non-deduction of TDS....

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