"17 February 2020" Archive

Whether NCLT Moratorium Order covers pending GST proceedings

National Plywood Industries Ltd. Vs Union of India And Anr. (Gauhati High Court)

National Plywood Industries Ltd. Vs Union of India And Anr. (Gauhati High Court) In the given case the issue under consideration is whether the order of moratorium of the National Company Law Tribunal also covers the proceeding pending before the GST authorities under the GST Act 2017? The Hon’ble National Company Law Tribunal, Guwahati...

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Undisclosed sales – Only profit can be added when purchases are recorded

M/s Murlidhar Deendayal Vs ITO (ITAT Jaipur)

Murlidhar Deendayal Vs ITO (ITAT Jaipur) In respect of undisclosed sales only profit can be added when purchases are recorded but sales is undisclosed. For this purpose, reliance is placed on the following judicial pronouncements: (i) CIT v/s President Industries (2000) 158 CTR 372 (Guj) (ii) Bansal Rice Mills v/s ITO (2001)72 TTJ 1 (Chd)...

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Lifting of Corporate Veil of LLP – Recent Amendment -Section 460 – Companies Act, 2013

Limited Liability Partnerships (LLPs) can no longer escape from late filing of information with Registrar of Companies (ROC). As per the powers conferred upon the Central Government under Section 67 of the Limited Liability Partnership Act, 2008, Section 460 of the Companies Act, 2013 which provides for condonation of delay has now been e...

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Posted Under: Company Law |

If Designated Committee not issues SVLDRS 3 within 30 days it is a case of deemed discharge

Exotica Housing Pvt. Ltd. Vs Commissioner, Central Excise, Customs, Goods and Service Tax (CESTAT Delhi)

Exotica Housing Pvt. Ltd. Vs Commissioner, Central Excise, Customs, Goods and Service Tax (CESTAT Delhi) if Designated Committee has not issued SVLDRS 3 within 30 days it is a case of deemed discharge under SVLDRS- In that circumstances, SVLDRS-3 form has not been issued to the appellant, therefore, the designated authority was duty bound...

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Time Limit for Refund of Unutilised Input Tax Credit under GST

Accumulation of Input Tax Credit takes place when the tax paid on inputs is more than the output tax liability. Such accumulation will have to be carried over to the next financial year till such time as it can be utilised by the registered person for payment of output tax liability. However, the GST Law […]...

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Posted Under: Company Law |

New Rules of (Portfolio Management System) PMS and Its Impact

The rules of (Portfolio Management System) PMS make the industry more transparent but at the same time, it creates a problem for industry players.  IFA Industry has been under pressure from the day the expense ratio of MF starting coming down followed with Direct Plans. Well, I am speaking for the ones who are not […]...

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Posted Under: Company Law |

An Overview about limited review report

In this write up we will understand about Limited Review Report which is mainly applicable on listed entities and other entities whose accounts are to be consolidated with listed entities.  Listed companies are required to conduct limited review through statutory auditors before submitting it to SEBI and before publishing unaudited fin...

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Posted Under: Company Law |

Moving objections in 7 days to provisional attachment- Rule 159(5) is directory

RR India Pvt. Ltd Vs Union Of India & Ors. (Delhi High Court)

The period of 7 days prescribed in rule 159(5) of the CGST Rules for moving the objections to the provisional attachment is merely directory and not mandatory....

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Synopsis of 18 recent advance rulings under GST

Article contains synopsis of 18 recent advance rulings under GST pronounced by Advance Ruling Authorities of Various States ‘Advance ruling’ means a decision provided by the Authority or the Appellate Authority to an applicant on matters or on questions specified in sub-section (2) of section 97 or sub-section (1) of section 1...

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Posted Under: Company Law |

GST Implication for Printing Press

1. Meaning and definition of Job Work:  Job work is defined under section 2(68) of Central Goods and Services tax (CGST) Act, 2017 as “job work means any treatment or process undertaken by a person on goods belonging to another registered person and the expression job worker shall be construed accordingly.” 2. Rate of GST […]...

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Posted Under: Company Law |

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