"23 May 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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Profiteering’ charge upheld against Park Avenue product of Raymond: NAA

Sh. Rahul Sharma Vs J.K. Helene Curtis Ltd. (NAA)

Sh. Rahul Sharma Vs J.K. Helene Curtis Ltd. (NAA) The brief facts of the case are that the Standing Committee on Anti-profiteering vide its communication dated 11.03.2019 had requested the DGAP to conduct a detailed investigation as per Rule 129 (1) of the above Rules on the allegation that M/s Raymond Ltd. had not passed […]...

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C-Form benefits cannot be rejected merely for belatedly filing

TATA Hitachi Construction Machinery Company Pvt. Ltd. Vs State of Karnataka (Karnataka High Court)

TATA Hitachi Construction Machinery Company Pvt. Ltd. Vs State of Karnataka (Karnataka High Court) The issue under consideration is whether Tribunal was correct in rejecting the C-Forms submitted by the petitioner and hence denying statutory benefits? The Appellate Tribunal at the threshold has rejected the declaration forms on the ground...

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GST on shifting / erection of electrical lines for Main Contractor of NHAI

In re Gaurish Sharma (G K Enterprises) (GST AAR Rajasthan)

In re Gaurish Sharma (G K Enterprises) (GST AAR Rajasthan) Applicant is proposing to submit a bid for shifting / erection of electrical lines only to M/s Sadbhav Jodhpur Ring Road Pvt. Ltd who is the main Contractor of NHAI. Thus the activity to be carried out by the applicant is restricted to shifting / […]...

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AAR cannot rule on documents required to prove receipt of proceeds in foreign currency

In re Thinklab Edusoft LLP (GST AAR Rajasthan)

In re Thinklab Edusoft LLP (GST AAR Rajasthan) In the instant case, we observe that the following question sought by the applicant are outside the scope of Section 97(2) of CGST Act 2017 therefore the application is liable for rejection without going in to the merit of the case under Section 98(2) of CGST Act […]...

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GST on Director Remuneration- Analysis of ruling by Rajasthan & Karnataka AAR     

The taxability of director remuneration under GST law should be determined on the basis of appointment terms, copy of agreement between director & company, principle of whether a director is employee or not, details of statutory deduction such as PF, ESI, and TDS etc....

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Posted Under: Corporate Law |

Webinar on GST Audit, Notices from GST Dept & Reply to such notices

NEW DATES FOR 2 Day Web Series on GSTAM (GST Audit Manual) issued by CBIC &Various Notices & Orders received from the GST Department across India and how to prepare for or reply to such notices Tax Guru in association with Tax Connect is Organizinga 2 Day Series for discussions on GSTAM (GST Audit Manual) […]...

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Posted Under: Corporate Law | ,

Reopening of assessment without bringing any fresh material on record is not justified

Chordia Buildcon Pvt. Ltd. Vs DCIT (ITAT Jaipur)

Chordia Buildcon Pvt. Ltd. Vs DCIT (ITAT Jaipur) The issue under consideration is whether the action taken by the AO u/s 147 r.w.s 148 is justified in law? The case of assessee was originally selected for scrutiny and a detailed questionnarie was issued alongwith notice u/s 142(1). The AO asked specific queries with regard to […]...

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HC justifies addition of interest related to transaction with related party done with intention of deliberate tax evasion

Yenepoya Resins & Chemicals Vs DCIT (Karnataka High Court)

It has also been held that the appellant has deliberately created an artificial and colourable devise for reducing its income offered for taxation through an arrangement of letter of credit and thus, the deduction claimed by the assessee on account of interest paid to the bank and also to its creditors are not allowable....

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Analysis of SEBI (LODR) Regulations, 2015

Analysis of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 i.e. SEBI (LODR) Regulations, 2015 Introduction LODR is one of the most important regulation mandated by Securities and Exchange Board of India to enable transparency and fair disclosures by all listed entities in India. Under regulation 30 of SEBI (Lis...

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Posted Under: Corporate Law |