"12 March 2020" Archive

Admission in Balance Sheet – Mere Statutory Compliance or Admission of Debt?

V. Padmakumar Vs. Stressed Assets Stabilisation Fund (SASF) & Anr. (NCLAT)

Recently, a three judge bench of NCLAT in V. Padmakumar vs. Stressed Assets Stabilisation Fund (SAFS) & Anr. considered the issue that ‘whether admission of debt in balance sheet would amount to acknowledgement of debt which would further amount to extension of period of limitation as per Section 18 of the Limitation Act, 1963 (Limitati...

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Necessity of investigation for system failure on mis-declaration of POS, MPOS devices and evasion of customs duty

Shri Chinta Haran Ojha Vs Principal Commissioner of Customs (CESTAT Delhi)

Chief Commissioner of Customs was directed to consider whether it should be necessary to cause a vigilance enquiry on the system failure to determine how the consignments were cleared when there were so many mis-declaration in description as well as classification of the imported Point of Sale Devices (POS) and Mobile Point of Sale Device...

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HC Quashes section 276C(2) Prosecution as Tax dues were subsequently paid

Bejan Singh Eye Hospital Pvt. Ltd. Vs Income Tax Department (Madras High Court)

 It was admitted in the counter-affidavit itself that the assessee had cleared the dues and as on date no tax dues were payable in respect of previous financial years. Inasmuch as the tax has been subsequently paid, continuance of the impugned prosecution under section 276C(2) would only amount to an abuse of legal process....

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Sanction of Walmart’s acquisition of Flipkart by CCI was justified

Confederation of All India Traders Vs Competition Commission of India (NCLAT)

: In absence of any prime facie opinion framed, that the combination of Walmart-Flipkart was likely to cause or had caused appreciable adverse effect on the competition within the relevant market in India, the sanction of of Walmart’s acquisition of Flipkart by Competition Commission of India (CCI) was justified....

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Posted Under: Corporate Law | |

Demand for Cost Recovery Charges was non sustainable

Goodearth Maritime Limited Vs Commissioner of Customs (CESTAT Ahmedabad)

Since no services were being specially provided by the customs officials to the custodians at a customs port or customs airport, to enable them to collect any fee, from such a custodian thus, High Court not only set-aside the demand of Cost Recovery charges but even held that Regulation 5(2) of Regulation 2009 was illegal....

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Mere statement without backing of credible evidences not justifies addition

Bini Builders Pvt. Ltd. Vs DCIT-Central Range-7(3) (ITAT Mumbai)

Statements recorded during the course of survey proceedings would not have much evidentiary value unless the same were backed by credible evidences. Assessee could not prove the source and nature of transactions, the stated amount was added to the income of the assessee u/s 68 and the original return was processed u/s 143(1) and the only ...

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Steps taken by DFS related to Disruption on account of Corona Virus

Trade Notice No. 55/2019-20-DGFT 12/03/2020

All Public Sector banks(PSBs) have been advised: i) to immediately set up special cells to provide full assistance required to industry segments and MSME units affected by Corona Virus and to process such request for assistance with the requisite sensitivity;...

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Last date to file MGT-7 and AOC-4 in J&K & Ladakh extended to 30.06.2020

General Circular No. 09/2020 12/03/2020

It has been decided to further extend the due date for filing of e-forms AOC-4, AOC-4 (CFS) AOC-4 XBRL and e-form MGT-7 upto 30.06.2020, for companies having jurisdiction in the UT of J&K and UT of Ladakh without levy of additional fee....

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Common Mistakes In Declaring Business Income U/S 44AD In Income Tax

Individual, HUF and Partnership firm, whose annual turnover does not exceed Rs. 2 crores, are given an option to pay tax by declaring business income under presumptive basis i.e. minimum 8% of the business turnover shall be treated as the net profit and thereafter, the tax shall be payable as per the applicable tax rate […]...

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Posted Under: Corporate Law |

Need for frequent GSTR-2A reconciliation after 9th October 2019 for optimum utilisation of Working Capital

Need for frequent GSTR-2A reconciliation after 9th October 2019 for optimum utilisation of Working Capital GST was implemented in our country from 1st of July 2017, by passing the GST Act in the parliament on 29th of March 2017. The main object of GST was to implement a simple tax structure with the concept of […]...

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Posted Under: Corporate Law |

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