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Archive: 21 November 2019

Posts in 21 November 2019

Amended criteria for Related Party Transactions under Company Law

November 21, 2019 2130 Views 0 comment Print

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 Party Transactions (RPT) by amending Rule 15 (3) (a) (i) to (iv) of these Rule Companies (Meetings of Board and its Powers) Second Amendment Rules, 2019 vide MCA notification […]

Commission to Director cannot be disallowed without examining appointment terms

November 21, 2019 888 Views 0 comment Print

Kirloskar Oil Engines Limited Vs JCIT (ITAT Pune) The issue under consideration is whether the disallowance made for commission paid to director u/s. 40A(2) is justified? ITAT states that, the assessee is against disallowance of commission paid to Shri Atul Kirloskar u/s. 40A(2) of the Act. It is an undisputed fact that in earlier assessment […]

Dissenting Financial Creditors and Resolution Process under IBC

November 21, 2019 10884 Views 0 comment Print

The resolution plan shall provide for the payment of debts of financial creditors, who do not vote in favour of the resolution plan, in such manner as may be specified by the Board, which shall not be less than the amount to be paid to such creditors in accordance with sub-section (1) of section 53 […]

HC allows GST TRAN-1 filing as system of Taxpayer was down

November 21, 2019 1338 Views 0 comment Print

On facts, case of petitioner is that it could not attempt to file GST TRAN –1 form on GST portal because his own system was down. On 9th January, 2018, deadline having expired on 27th December, 2017, petitioner said so to Revenue. Petitioner then has obtained a report, upon forensic examination of his system, having provided password, which report confirms petitioner’s contention. Less said about the instructions, in context of such facts, as being removed from them, the better.

IILM University Sikkim liable to pay Service Tax on its Courses

November 21, 2019 663 Views 0 comment Print

IILM Business School Vs C.C.E. & S.T. Rajkot (CESTAT Ahmedabad) appellants themselves are not recognized by law to grant any degree and therefore, the service provided by the appellant qualifies as Commercial Coaching and Training. Notification 10/2003 reads as under:- “Commercial training or coaching centre providing commercial training or coaching of specified type exempted In […]

Enable petitioner to again file Form GST TRAN-1: HC

November 21, 2019 591 Views 0 comment Print

Sattibabu Motors Private Limited Vs Assistant Commissioner Of Central Tax (Andra Pradesh High Court) Writ Petition is disposed of in terms thereof directing the respondents to either open the portal to enable the petitioner to again file the Form GST TRAN-1 electronically or in the alternative, accept the Form GST TRAN-1 presented manually, on or […]

Important salient features of new GST returns wef 01.04.2020

November 21, 2019 22137 Views 1 comment Print

From 1st April 2020, taxpayers will be required to file the new GST return & they need to be familiar with new return functionality. Active participation of the taxpayers and GST practitioners in this trial return drive will enable to give their proper feedbacks/suggestions to improve the GST new return tool.

Cabinet approves reduction of GOI equity in select CPSEs below 51%

November 21, 2019 969 Views 0 comment Print

Cabinet approves reduction of Government of India (GOI) equity shareholding in select CPSEs below 51% by retaining management control The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi has accorded ‘in-principle’ approval for enabling reductionof Government of India paid-up share capital below 51% in select CPSEs while retaining the management control […]

Judicial Discipline

November 21, 2019 10563 Views 2 comments Print

Every walk of human life needs self-discipline in the like manner every judicial decision should be based on judicial discipline. The judicial discipline is a vital factor in adjudication proceedings. The adjudicating authorities should be bound by the precedent judgments of the higher authorities in the identical cases. Then only the judicial decision would be […]

News of GSTN system not functioning are incorrect: GSTN

November 21, 2019 19470 Views 21 comments Print

Certain complaints made yesterday on the social media regarding GSTN system not functioning are incorrect. GSTN assures that the GST Return filing system was working within expected limits. Had it not been so, how more than 11.52 lakh GSTR3B (October) returns could have been filed yesterday on 19th Nov with about 1.82 lakh returns filed in a peak hour.

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