"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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ICAI fined Rs. 50000 by Appellate Authority for not complying its directions

Anil Kumar Aggrawal Vs ICAI (Before the Appellate Authority)

Authority is of the view that further period of four months be given to the Institute to complete its entire proceedings on priority. The Institute is, however, burdened with penalty of Rs.50,000/- in each appeal payable to the Appellate Authority within 2 weeks from the date of receipt of this order....

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Amendment on Criteria of Related Party Transaction on 18.11.2019

Amendment in Criteria of threshold limits for  Related Party Transactions (RPT) vide Companies (Meetings of Board and its Powers) Second Amendment Rules, 2019 On 18th November,2019 Ministry of Corporate Affairs (MCA) had notified amendment in the Companies (Meeting of Board and its Powers) Rules, 2014 and amended criteria for Related Par...

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Posted Under: Corporate Law |

20% ITC Restriction under Rule 36(4) of CGST Rules, 2017

Clarification regarding New Rule 36(4) of CGST Rules, 2017, Restriction in Availment of  Input Tax Credit (ITC) Circular No. 123/42/2019– GST, Dt. 11 Nov 2019 This being a new provision, the restriction is not imposed through the common portal and it is the responsibility of the taxpayer that credit is availed in terms of the […...

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Posted Under: Corporate Law |

Incorrect Data in certain IECs

The Director General of Foreign Trade (DGFT) has recently issued a Trade Notice No. 39/2019-20 dated 19 November 2019 to highlight Incorrect Data in certain IECs (Import Export Code number). Please find below synopsis of Trade notice for your reference: On analysis of the DGFT IEC database, it has been observed that there are certain da...

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Posted Under: Corporate Law |

Mere admitted liability not enough to invoke Section 79 provision of CGST Act

M/s V.N. Mehta & Company Vs Assistant Commissioner (Madras High Court)

GST - Section 79- whether mere admitted liability is enough for invoking the provision under Section 79 of CGST Act - validity of recovery proceedings in the absence of assessment - term amount payable by a person - initiation of proceeding for provisional attachment -...

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Single member cannot pass order on matter heard by two Members: NCLAT

Raj Singh Gehlot, Director of Ambience Pvt. Ltd. Vs Vistra ITCL (India) Ltd. & Anr.(NCLAT, Delhi)

The order of ‘admission’ is challenged on the ground that the matter having been heard by two Hon’ble Members and the final order could not have been passed by Hon’ble Member (Judicial)....

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Posted Under: Corporate Law | |

Compulsory Registration of MFD (Printer Cum Scanner etc) for Import- HC allowed release of goods

M/s Genuine Copier Systems Vs Union of India and Ors. (Punjab and Haryana High Court)

The issue in these writ petitions is whether multi-function devices (MFDs) are covered under the term 'printers'. This dispute has arisen in view of the document Annexure P-12 by a clarification which was issued by way of Circular No.1 of 2019 dated 2.5.2019 as per which it was 'clarified' that multi-function devices which are basically p...

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HC takes note of Huge Pendency at CESTAT Chandigarh due to non availability of Member Technical

M/s S.K. Enterprises Vs. Union of India & Ors. (Punjab and Haryana High Court)

We request the learned President of CESTAT, Principal Bench, New Delhi to initiate some remedial measures by deputing a Member Technical for atleast two weeks during a month to hold Court at Chandigarh Bench so that the Divisional Bench, CESTAT, Chandigarh Bench can function for reducing the pendency....

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Life tax payable on Invoice Value of Vehicle & not on ex Showroom price

M/s Millennium Infra & Reality Projects Pvt. Ltd. Vs State of Telangana (Telangana High Court)

State cannot be allowed to levy life tax on the ex-showroom price shown in the price list, when it is not the actual cost of the vehicle and the life tax has to be levied on the actual cost of the vehicle as paid by the purchaser of the vehicle which can be reflected from the invoice....

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GST on GTA cannot be avoided by non-issuance of consignment note

In re K M Trans Logistics Private Limited  (GST AAAR Rajasthan)

In re K M Trans Logistics Private Limited  (GST AAAR Rajasthan) Appellant is claiming on its official website (www.kmtrans.in) that they are serving about 90% of car makers viz. Maruti Suzuki, Toyota, Tata, Hyundai, Mahindra etc., are having Fleet Size of 1250, 35 branch offices, 32 loading stations, 80 service support. From this, it is...

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Officer who is in default | Section 2(60) | Companies Act, 2013

Section 2(60) of the Companies Act defines 'Officer who is in default' and it mentions officers such as whole-time director, KMP, directors, etc. who shall be liable to any penalty or punishment in case of default committed by the company under the Companies Act, 2013....

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Posted Under: Corporate Law |

SEBI proposes Issuance of SEBI (Portfolio Managers) Regulations, 2019

Press Release No. 24/2019-SEBI (20/11/2019)

The salient features of the proposed SEBI (Portfolio Managers) Regulations, 2019 are: 1. To enhance the eligibility criteria and to define the role of Principal Officer clearly. The enhanced eligibility criteria to be applicable to any employee with decision making authority relating to management of the clients’ portfolios....

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Competition Commission of India (General) Amendment Regulations, 2019

Notification No. L-3(2)/Regln-Gen. (Amdt.)/2019/CCI (20/11/2019)

(1) These regulations may be called the Competition Commission of India (General) Amendment Regulations, 2019. (2) They shall come into force on the date of their publication in the Official Gazette....

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HC found 41 questions/answers out of 100 wrongly framed

Kumar Saurav Vs State of Chhattisgarh (Chhattisgarh  High Court)

Kumar Saurav Vs State of Chhattisgarh (Chhattisgarh  High Court) Out of 100 questions, as much as 41 questions/answers have wrongly been framed. Re-examination ordered. Carelessness will always have a price. Considering the degree and percentage of defects in the question papers which according to this Court as much as 41 wrong questions...

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IICCI, Delhi enlisted under Appendix 2E of FTP

Public Notice No. 44/2015-2020-DGFT (20/11/2019)

M/s Indian Importers Chambers of Commerce and Industry, Delhi, is enlisted under Appendix 2E of FTP, 2015-2020 for issuing Certificate of Origin (Non-Preferential)...

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IBBI (Bankruptcy Process For Personal Guarantors To Corporate Debtors) Regulations, 2019

Notification No. IBBI/2019-20/GN/REG051 (20/11/2019)

Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 issued by IBBI on 20th November, 2019. Also Read-IBBI notifies Regulations for Insolvency Resolution and Bankruptcy Proceedings of Personal Guarantors to Corporate Debtors INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NO...

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IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019

Notification No. IBBI/2019-20/GN/REG050 (20/11/2019)

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 issued by IBBI on 20th November, 2019. Also Read-IBBI notifies Regulations for Insolvency Resolution and Bankruptcy Proceedings of Personal Guarantors to Corporate Debtors INSOLVENCY AND BANKRUPTCY BOARD ...

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Surplus from assignment of loan to third party was not cessation or extinguishment of liability u/s 41(1).

Cable Corporation of India Limited Vs DCIT (ITAT Mumbai)

Surplus resulting from assignment of loan at present value of future liability was not cessation or extinguishment of liability as loan was to be repaid by the third party and therefore could not be brought to tax in the hands of the assessee under section 41(1). ...

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Taxability of Ocean freight under GST

What is Ocean freight? Ocean Freight is a method of transporting large quantities of goods through the sea. Products are packed into large containers which are loaded onto vessels sailed to the destination country. The largest ocean shipping carrier in the world is the Maersk Line. Other major ocean shipping lines are – Mediterranea...

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Posted Under: Corporate Law |

Time in the market or Timing the market

Last year saw ‘Andhadhun’ starring Ayushman, Tabbu at PVR cinema. Movie was Indian black comedy crime thriller. Every moment of the movie was intriguing but I was receiving frequent calls from my office so two  times have to miss the film for 5-10 minutes each and after the film was over everybody was going gaga […]...

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Posted Under: Corporate Law |

Company Closure under Section 248 of Companies Act, 2013

With the ease of doing business, the process and procedure of Incorporation of Companies has been streamlined and eased out. However, with the increasing number of regulations and compliance with heavy penalties for delays, many businesses find it difficult to survive and look for options to exit the Company mode of operation. Thus, gover...

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Posted Under: Corporate Law |

RBI superseded DHFL Board, May Initiate Resolution Process under IBC

Press Release: 2019-2020/1230-RBI (20/11/2019)

Reserve Bank superseded the Board of Directors of DHFL owing to governance concerns and defaults by DHFL in meeting various payment obligations. Shri R. Subramaniakumar, ex-MD and CEO of Indian Overseas Bank has been appointed as the Administrator under Section 45-IE (2) of the Act....

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Lok Sabha Passes The Chit Funds (Amendment) Bill, 2019

Bill No. 192C of 2019 (20/11/2019)

The Chit Funds (Amendment) Bill, 2019 was introduced in Loksabha on 05.08.2019 and was passed by Lok Sabha on 20.11.2019. Below is the text of Chit Funds (Amendment) Bill, 2019 as introduced in Loksabha on 05.08.2019 which explains why the same been introduced. As the end of this post we have provided link to download […]...

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Blocking of e-way bill on non-filing of GST return

Hello friends greetings for the day, in this current article we will discuss the proposal which will be implemented in the coming months regarding blocking of e-way bill in case GSTR-3B is not filled for consecutive two months. Implementation will take a little bit of time but non-fillers should get worried about the consequences for [&he...

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Posted Under: Corporate Law |

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