"17 March 2020" Archive

Racket busted of firms falsely claiming GST refund against ITC

A large number of proprietorship / partnership firms registered with Gautam Buddha Nagar and other Commissionerates of Delhi NCR which were apparently connected and had claimed huge amount of refunds against accumulated Input Tax Credit (ITC) on account of inverted tax structure and Zero-rated supply of Goods were identified....

Read More

Allow companies to consider Restricted Matters via video conferencing: ICSI

ICSI has made a request to MCA to allow participation of directors in a meeting through video conferencing or other audio visual means in which following Restricted matters can be discussed which are otherwise not allowed- a) the approval of the annual financial statements; (b) the approval of the Board’s report; (c) the approval of...

Read More

Key Takeaways from Companies (Amendment) Bill, 2020

Government has introduced The Companies (Amendment) Bill, 2020 as Bill No. 88 of 2020 to further amend Companies Act, 2013 in Lok Sabha on 17th March 2020. CLC Committee submitted its report in November, 2019. There were amendments in 66 Sections of Companies Act, 2013. A. Objects of the Companies (Amendment) Bill, 2020 To decriminalize [...

Read More

Taxation of Foreign Companies in India

In India, companies are taxed on their income according to their residential status. A company with residential status in India will be taxed on its global income whether earned in India or outside India whereas a non resident company will be taxed only on income received, accrued or arise in India....

Read More

Section 263 Jurisdiction cannot be assumed by Pr. CIT for making roving enquiries

Arihant Technology Pvt. Ltd. Vs Pr. CIT (ITAT Delhi)

It has been held in various decisions that action u/s. 263 can be taken only when there is lack of enquiry or no enquiry. However, in the instant case necessary enquiry was conducted. Therefore, merely because the Ld. Pr. CIT does not agree with the manner of enquiry conducted by the AO he cannot substitute his own reasons and held the or...

Read More

CA Challenges Constitutional validity of Vivad se Vishwas Act 2020

CA Satyaprakash Singh from Mumbai has challenged Constitutional validity of Section 9 of Vivad se Vishwas Act, 2020 by FIling a Public Interest Petition with Hon’ble Supreme Court of India. By this Public Interest Petition, the Petitioner is impugning the Constitutional validity of Section 9 of Vivad se Vishwas Act, 2020. The Respon...

Read More

Bar Council of Punjab & Haryana postpones election to 17.04.2020

The Bar Council is also concerned about the democratic process of annual elections of the Bar Associations in Punjab, Haryana and Chandigarh including High Court Bar Association. The magnitude of outbreak COVID-19 has compelled the Bar Council to postpone the date of election from 3rd April 2020 to 17th April 2020 to maintain level playin...

Read More

Extend time-line of 31st March 2020 for Vivad Se Vishwas Scheme

Representation for extension of time-lines of 31st March 2020 for payment of 100% of ‘Disputed Tax’ for VSVS in wake of the prevailing economic situations on account of outbreak of Corono Virus, for your consideration....

Read More

Capital gain exemption under section 54G of Income Tax Act, 1961

Section 54G of the Income Tax Act provides exemption towards capital gain arisen on the transfer of capital assets like plant or machinery or land or building which is forming part of an industrial undertaking being situated in an urban area. Such transfer should be on account of shifting of industrial undertaking from the urban […...

Read More

Sunset review Investigation concerning imports of “Flexible Slabstock Polyol” from Singapore

Case No: (SSR) 05/2019 (17/03/2020)

The original investigation was initiated to examine the nature and extent of dumping and its effect on the situation of the Domestic Industry with respect to Flexible Slabstock Polyol originating in or exported from Singapore, Australia and EU....

Read More