"20 April 2020" Archive

Why Struck off Company must Opt for Restoration Immediately

Many of the defaulting Companies have been marked as 'Struck-Off' by the Registrar just because of non-filling of annual compliance based returns either since incorporation or for last two preceding financial years and out of many such Companies, few of which are carrying on its operations but the fact that the name of their Company is no...

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Posted Under: Company Law |

Director remuneration cannot be disallowed merely for approval post payment

PCIT Vs MLS CBRE South Asia Private Limited ((Delhi High Court)

PCIT Vs MLS CBRE South Asia Private Limited ((Delhi High Court) So far as the amount of Rs.4,73,39,848/- being the excess. Remuneration paid to Sh. Anshuman Magazine is concerned, we find the assessee has obtained approval of the competent authority though on 18.07.2011 i.e. much after the date on which such remuneration has been paid. I...

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Relaxation on applicability of restriction on Provisional ITC under GST

Relaxation on applicability of restriction on Provisional Input Tax Credit (ITC) Under GST Existing Provision: The concept of claiming provisional Input Tax Credit (ITC) has been changed from the 38th GST Council Meeting and now only 10% provisional ITC of Eligible ITC is allowed for the Invoices or debit notes not reflected in GSTR-2A an...

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Posted Under: Company Law |

Section 68 cannot be applied in relation to the sales receipt

Shree Sanand Textiles Industries Ltd. Vs DCIT (ITAT Ahmedabad)

The ITAT Ahmedabad has harped upon the mechanical practices adopted by the Assessing Officers to make addition u/s 68. The moot point is that a sale which already forms part of books of account cannot be added again u/s 68 due to the reasons that Sales are already recorded in the books of accounts and the addition of the same amounts t...

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Books of account closure and Lockdown Effects

Precautions Taxpayers and Businessmen are required to take while finalising books of account as on 31st March, 2020 considering the impacts of COVID-19 pandemic...

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Posted Under: Company Law |

Relaxations & Measures | Submission of Bond | Special Refund Drive | e-Bill of Entry

As a part of special measures / relaxations drive from various departmental authorities, the Central Board of Indirect Taxes and Customs (CBIC) has issued Instructions and Circulars to clarify on various aspect including Special Refund Drive, e Bill of Entry and Clearance without Bond. We have encapsulated important aspects from the clari...

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Posted Under: Company Law |

Coronavirus Lockdown Rules for Workplaces

Beginning April 20, India’s workplaces and work environments should follow these standards To battle against the savage COVID-19, the second period of across the nation lockdown started in India today. As reported by Prime Minister Narendra Modi, the Center gave new rules for working environments in the midst of national lockdow...

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Posted Under: Company Law |

Whether it is Mandatory to Mention Nature of Penalty w.r.t. Section 270A in Assessment Order

Section 270A(8) states that where an under-reported income is in consequence of any misreporting by any person, such person shall be liable to pay 200% penalty on an amount of tax payable on such under-reported income.As per the said sub-section, penalty in case of misreporting is equal to 200% of under-reported income....

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Posted Under: Company Law |

SEBI reduced timeline for intimation for holding of Board Meeting and other relaxations

In the wake of corona virus pandemic, SEBI has already issued various relaxations for listed companies vide its circular dated March 19, 2020 and March 26, 2020. In continuing the relaxation, SEBI has decided to grant further relaxations vide its circular dated April 17, 2020 from compliance with certain provisions of SEBI LODR Regulation...

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Posted Under: Company Law |

Locked Down – What are you Doing?

Locked down extended and it should be. Reason behind today’s article is what are you doing presently & going to do in coming days. I am not going to discuss with you what you had done in past locked down days. I want you to concentrate on coming days. Remember time is a valuable asset […]...

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Posted Under: Company Law |

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