"30 November 2019" Archive

Delhi Court convicts a Director for holding Directorship of More than 20 Companies

Registrar of Companies Vs Sh. Roop Kishore Madan (Tis Hazari Court, Delhi)

Under the Rule 16 of The Companies (Appointment and Qualification of Directors) Rules 2014, the accused has the responsibility being Director to forward to the Registrar copy of resignation along with the applicable fees in Form DIR-11 within 30 days of such resignation....

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Independent Director: Feasible or not?

With the increased focus on shareholders’ wealth maximisation as the key corporate objective, regulators worldwide have understood the role independent directors can play to safeguard the interests of minority shareholders....

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Posted Under: Company Law |

Deploy e-Form PAS-6 & Clarify on due date of e-Form PAS-6: ICSI

We request you to arrange to deploy the e-form PAS -6 at the MCA website or issue clarification that for the half year ending September 30, 2019, the period of sixty days for filing of e-form PAS-6 would start from the date of deployment of said e-Form....

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Posted Under: Company Law |

Reopening of Assessment merely based on department advisory is invalid

Ravindra Kumar (HUF) Vs CIT (Patna High Court)

In view of the clear fact situation available on the record where such reopening is simply founded on the advisory dated 10.03.2016 issued by the department and where the reasons so present for the formation of belief is not resting on any tangible material, in possession of the Assessing officer as confirmed from the discussions above, i...

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Adhoc disallowance of expenses not justified without pointing any defects

TUV India Pvt. Ltd. Vs DCIT (ITAT Mumbai)

No enquiries were conducted by the AO/learned CIT(A) even during appellate/remand proceedings . The books of accounts were not rejected by authorities below nor any defect is pointed out by the AO/learned CIT(A) in the books of accounts maintained by the assessee. There is no allegation by Revenue that the assessee claimed any bogus expen...

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Assessment order framed in the name of non-existing person was void ab initio

Pr. CIT Vs Maruti Suzuki India Ltd. (Supreme Court)

Notice under section 143(2) under which jurisdiction was assumed by AO was issued to a non-existent company. The assessment order was also issued against amalgamating company. This was a substantive illegality and not a procedural violation of the nature adverted to in section 292B. Accordingly, assessment order framed in the name of non-...

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FAQs on Issues faced by field users in Assessment module of ITBA

While uploading Manual order for the A Y 2017-18 user is getting the following message: Manual Order cannot be uploaded for this PAN AY as processing of Assessment order u/s 147 is still pending on ITBA...

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Posted Under: Company Law |

ICAI members to pay Membership/ COP Fees by 31.12.2019

It is just a gentle reminder that Membership/Certificate of Practice Fees for the year 2019-20 became due for payment on 1st April, 2019. If not paid till date, kindly pay Annual Membership/COP Fees by 31st December 2019....

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Posted Under: Company Law |

SAP based filing of Appeal Applications under MVAT & CST Act

Trade Cir. 55T of 2019 (30/11/2019)

The dealers who desire to file Appeal application against the orders passed by the Assessing Authorities under various Acts, apply manually to the Appropriate Authorities. These Appeal Applications are then decided by the Appellate Authorities as per the provisions of the Act....

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Section 153A Assessment -Incriminating material whether necessarily be discovered?

CIT Vs K.P. Ummer (Kerala High Court)

After issuing notice under section 153A revenue can carry out re-assessment or assessment with respect to the six immediate prior years and the year in which the search is carried out. This does not require any incriminating material recovered on search relating to those prior years; in which there is no time left, on the date of search, ...

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