"23 June 2020" Archive

Govt to verify Patanjali Ayurved claim on treatment of COVID-19

Patanjali Ayurved Ltd has been asked to provide at the earliest details of the name and composition of the medicines being claimed for COVID treatment; site(s)/hospital(s), where the research study was conducted for COVID-19; protocol, sample size, Institutional Ethics Committee clearance, CTRI registration  and results data of the study...

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Posted Under: Corporate Law |

CBIC Enables End to End Paperless Exports under Turant Customs

Shri Ajit Kumar, Chairman, Central Board of Indirect Taxes and Customs (CBIC) here yesterday unveiled a Secure QR coded Shipping Bill that would be electronically sent to exporters after the Customs allows export. This eliminates in one stroke the requirement of the exporters having to approach the Customs officers for proof of export. Th...

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Posted Under: Corporate Law |

Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2020

G.S.R. 396(E). (23/06/2020)

MCA has issued Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2020 which are applicable from  23rd June 2020 and by this Registration of details of Independent Directors in Independent Directors Data Bank who were director on 1st December 2019 is been allowed till 30th September 2020. Revised rules now prov...

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Companies (Meetings of Board and its Powers) Second Amendment Rules, 2020

G.S.R. 395(E) (23/06/2020)

Companies (Meetings of Board and its Powers) Second Amendment Rules, 2020- MCA further relax the requirement of holding Board meetings with physical presence of directors under section 173 (2) read with rule 4 of the Companies (Meetings of Board and its Powers) Rules, 2014 for approval of the annual financial statements, Board’s report,...

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Measures for benefit of CAPF & CPMF veterans & their family included in CSR

Notification No. G.S.R. 399(E) (23/06/2020)

MCA amends Clause (vi) of CSR Schedule VII of Companies Act 2013 to includes measures for the benefit of Central Armed Police Forces (CAPF) and Central Para Military Forces (CPMF) veterans, and their dependents including widows vide Notification No. G.S.R. 399(E) dated 23rd, June 2020. MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi,...

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SEBI Operational Framework for Transactions in Defaulted Debt Securities Post Maturity

Securities Exchange Board of India (SEBI) vide Circular no. SEBI/HO/DDHS/CIR/P/103/2020 dated 23rd June, 2020 has came out with Operational framework for transactions in defaulted debt securities post maturity date/redemption date under provisions of SEBI (Issue and Listing of Debt Securities) Regulations, 2008. SEBI has received various ...

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Posted Under: Corporate Law |

Year of taxability of unutilised portion of capital gains- Section 54/54F

Deepak Bhardwaj Vs ITO (ITAT Delhi)

Deepak Bhardwaj Vs ITO (ITAT Delhi) Only question that arises for our consideration is whether the unutilised portion of capital gains is liable for tax either in the year in which such long term capital gains arose or in the year in which the period of 3 years for such utilisation expires. Under identical facts […]...

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Validity of addition for Undervaluation/Understatement/ Shortage of closing stock

Shyam Cotsyn India Ltd. Vs ITO (ITAT Ahmedabad)

Shyam Cotsyn India Ltd. Vs ITO (ITAT Ahmedabad) Understatement of stock or unrecorded sale If the assessee has overvalued its closing stock of the earlier assessment year which suggests that amount of profit was increased by that amount or the loss was decreased by the same amount of that assessment year. As such the effect […]...

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SOP for Housing Societies in Mumbai

Housing Societies in Mumbai can be categorized as. 1. Societies those who have all resources to manage the situation.(Resources like, Watchman, Housekeeping and so on) 2. Societies where maximum members are senior citizens who manage the society. 3. Other small and General societies which do not have resources....

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Posted Under: Corporate Law |

Goods purchased outside India and supplied outside India

A company dealing in software does development of software and got the order from Thailand for development of software and along with Hardware . a company did development of software and exported to Thailand. But hardware were brought form Hongkong and it has not crossed the territory  of India and directly supplied to Thailand on [&hell...

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Posted Under: Corporate Law |