"February, 2020" Archive - Page 2

SC set aside NCLAT order in the matter of Jaypee Infratech Vs Axis Bank

Anuj Jain Interim Resolution Professional for Jaypee Infratech Limited Vs Axis Bank Limited Etc. (Supreme Court)

Anuj Jain Interim Resolution Professional for Jaypee Infratech Limited Vs Axis Bank Limited Etc. Etc (Supreme Court) While setting aside the judgment dated 1st August, 2019 of the NCLAT on avoidance of certain transactions under section 43, 45 and 66 of the Code whereby CD had mortgaged its properties for the financial assistance to JAL [...

Read More

No transfer as per section 47(xiii) in case land acquired by assessee company from partnership-firm succeeded by it

A.C.I.T. Vs Neptune Industries Ltd. (ITAT Ahmedabad)

Where the existing company acquired all the assets and liabilities of the partnership firms in the manner as provided under section 47(xiii) then the same would not be considered as transfer and there was no requirement under the provisions of section 47(xiii) that the firms should be converted into the company....

Read More

Cenvat credit allowable on HR / MS Flats, MS Coils used for manufacturing ships

Commissioner of Central Excise And Service Tax Vs Pipavav Shipyard Limited (Gujarat High Court)

Commissioner of Central Excise And Service Tax Vs Pipavav Shipyard Limited (Gujarat High Court) Conclusion:  Fabrication of various cranes which were embedded to earth could be treated as excisable goods within the meaning of Capital Goods defined in Cenvat Credit Rules, 2004 and the Cenvat Credit availed of Inputs/Capital Goods like HR ...

Read More

Hardcastle Restaurants- SC Transfers all Writ Petitions to Delhi HC related to Anti Profiteering

NAA Vs Hardcastle Restaurants Pvt. Ltd. & Ors. (Supreme Court)

In the given case, a batch of writ petitions are pending before the High Courts of Delhi, Bombay and Punjab and Haryana in which the constitutional validity of Section 171 of the Central Goods and Services Tax Act 2017 read with Rule 126 of the Central Goods and Services Tax Rules 2017 and other cognate provisions, is under challenge. ...

Read More

There cannot be two parallel investigations under State Act as well as Central Act

Sureshbhai Gadhecha Vs State of Gujarat (Gujarat High Court)

As per clause (b) of sub-section (2) of section 6 of the Goods and Services Tax Act, it was  provides that where a proper officer under Central Goods and Services Tax Act has initiated any proceedings on a subject matter, no proceedings shall be initiated by the proper officer under that Act on the same subject matter....

Read More

Summary of Important Circulars for Bank Branch Audit 2019-20

Summary of Important Circulars for Bank Branch Audit (FY 2019-20-PSB/SCB Bank Branch) Brief Background: The Reserve Bank of India (RBI) at frequent interval issues various circulars/notifications/guidelines applicable to all the regulated entities viz. Scheduled Commercial Bank’s (SCB’s), Regional Rural Banks (RRB’s), Non-Banking Fi...

Read More
Posted Under: Corporate Law |

Annual GST Return GSTR 9 for F.Y. 18-19 – Errors – Rectification Required

Annual GST Return – 9 for Financial Year 2018-19 – Errors – Rectification Required Hope you might be aware of the due date to file GSTR-9 (Annual Return) & GSTR-9C (Reconciliation Statement) for the financial year 18-19 is 31/03/2020 via Order No. 08/2019-Central Tax dated 14.11.2019. However few registered persons &...

Read More
Posted Under: Corporate Law |

GST Input Tax Credit (ITC) on pipeline cost

We know that among all the means of transportation of liquid products (like oil, Gas, water etc) pipeline is the most economical and efficient means of transportation. A common question arises whether the Input Tax Credit (ITC) is available on pipeline cost. Pipeline cost are of two types 1. Erection cost of pipeline (Capital Expenditure)...

Read More
Posted Under: Corporate Law |

Foreign Asset Management Will Turn Towards India

The Indian regulators of the financial market have changed the landscape of investments, advisory and management fee structure of financial products. Well, I am speaking to that segment of the BFSI industry which is called Mutual Funds and AMC. The way the regulators have brought down the expense ratio and brought transparency in product ...

Read More
Posted Under: Corporate Law |

CARO 2020 – Comparative Insight

Article contains Comparative Analysis of Companies (Auditor’s Report) Order, 2003 (CARO 2003), Companies (Auditor’s Report) Order, 2015 (CARO, 2015), Companies (Auditor’s Report) Order, 2016 (CARO, 2016) and Companies (Auditor’s Report) Order, 2020 (CARO 2020). Download – CARO 2020 – Comparative Insight...

Read More
Posted Under: Corporate Law |