"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

Notification No. 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

Notification No. 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 |

Economy and GST in Covid Times

The Covid -19 Pandemic is still on and has moved India up in top five nations to suffer from this virus in terms of people affected. Covid-19 has also and is continuing to adversely affect our lives and economy as well making it difficult for one and all to survive and cope up with its […]...

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Posted Under: Corporate Law |

How to Reduce Your Home Loan EMI Burden?

At a time when a fragile economy is sucking the lifeblood out of most people, making regular loan payments is challenging. For those who have taken home loans, where the EMIs are incredibly high, this challenge becomes tougher. Cutting down EMI payments seems to be an efficient way of surviving in a lousy economy. As […]...

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Posted Under: Corporate Law |

Modalities of WTO committed in-quota tariffs on specified items

Notification No. 28/2020-Customs [G.S.R. 398(E)] (23/06/2020)

CBIC prescribes the manner and modalities in respect of WTO committed in-quota tariffs on specified items vide Notification No. 28/2020-CUSTOMS dated 23rd June, 2020. MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 23rd June, 2020 Notification No. 28/2020-CUSTOMS G.S.R. 398(E).- In exercise of the powers conferred ...

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Anti-Dumping Duty on import of Flat rolled product of steel

Notification No. 16/2020-Customs (ADD)/G.S.R. 397(E) (23/06/2020)

CBIC  imposes Anti-Dumping Duty on import of Flat rolled product of steel, plated or coated with alloy of Aluminium and Zinc originating in, or exported from China PR, Vietnam and Korea RP vide Notification No. 16/2020-Customs (ADD) dated: 23rd June, 2020. MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION NO. 16/2020-CUSTOMS (ADD)...

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Reimbursement of Audit fees to foreign parent company: Taxable

SPX India Pvt. Ltd. Vs CIT (ITAT Delhi)

SPX India Pvt. Ltd. Vs CIT (ITAT Delhi) Tax was required to be deducted at source on share of ISO audit expenses paid to foreign parent company, as element of income was embedded in receipt of auditor.  FULL TEXT OF THE ITAT JUDGEMENT Assessee is in appeal before us against the order of ld. CIT […]...

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Reimbursement of technical expenses-Cost Allocation: Non-Taxable

Bureau Veritas-Indian Division Vs ADIT (ITAT Mumbai)

Bureau Veritas-Indian Division Vs ADIT (ITAT Mumbai) Technical expenses allocated by head office to assessee-Indian division was in nature of reimbursement of technical expenses to head office and not on account of any specific technical services having been ‘made available’ and, therefore, such amount could not be brought to ...

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No TDS on reimbursement of expenses to Sister concern on Cost basis

ITO Vs Vishinda Diamonds (ITAT Mumbai)

ITO Vs Vishinda Diamonds (ITAT Mumbai) Sister concern made purchases of rough diamonds on behalf of assessee. Sister concern made payment of core service charges to vendor after deducting tax at rate of 15 per cent as per article 13 of the India-UK DTAA. Assessee reimbursed expenses to sister concern. HELD, There was no element […]...

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Per-Day Allowance during employee stay abroad: Non-Taxable

CIT Vs Information Architects (Bombay High Court)

CIT Vs Information Architects (Bombay High Court) The amounts paid by the assessee to its employees towards overseas maintenance allowance. These amounts were paid towards expenses at the rate of IEP 50 per day per employee. Held that these amounts constitute only reimbursement for the expenses incurred by the employees at a particular am...

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No TDS on Reimbursement of cost to cost management expenses to parent company

CIT Vs Expeditors International (India) (P.) Ltd. (Delhi High Court)

CIT Vs Expeditors International (India) (P.) Ltd. (Delhi High Court) Assessee-company was engaged in business of supplying chain management, logistics and freight forwarding related to movement of goods and cargo within India or outside by road, rail, air or ship – It involved activities of packing, loading/unloading, trucking, tend...

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No Tax on Payment for link charges to USA telecom service providers

Convergys Customer Management Group Inc. Vs ADIT (ITAT Delhi)

Convergys Customer Management Group Inc. Vs ADIT (ITAT Delhi) The assessee made payment for link charges to telecom service providers in the USA and cross-charged the portion of the cost incurred by it in connection with the India half link to CIS, which was accordingly reimbursed by CIS to assessee. The assessee has merely procured [&hel...

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Introduction of Secretarial Audit

Secretarial Audit a system to check the overall compliance of Laws, Rules, Regulations, Circulars, Notifications etc, which are applicable on an Organization.  Secretarial Audit ensure that the proper compliance system are in order. Why Secretarial Audit is Important? To Protect the interest of the stakeholders of the Company To avoid t...

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Posted Under: Corporate Law |

Income tax Search & Seizure : Whether a New Claim can be raised in Income tax Return Filed U/S 153A

Introduction: The provisions of assessment in the case of search u/s. 153A etc. have been inserted by the Finance Act, 2003 with effect from 01.06.2003. These provisions are successor of the special procedure for assessment of search cases under Chapter XIV-B starting with section 158B. Whereas Chapter XIV-B required the assessment of “...

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Posted Under: Corporate Law |

New Tax Regime Vs. Old Tax Regime – A Comparative Study

Budget 2020 introduced a new personal income tax regime for individual tax payers with more tax slabs and lower tax rates but it came with a catch of removal of all available deductions and exemptions....

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Domestic Pressure Cooker (Quality Control) (Amendment) Order, 2020

Order No. S.O. 2019(E) (23/06/2020)

(1) This Order may be called the Domestic Pressure Cooker (Quality Control) (Amendment) Order, 2020. (2) It shall come into force on the date of its publication in the Official Gazette....

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The Safety Glass (Quality Control) Amendment Order, 2020

Notification No. S.O. 2018(E) (23/06/2020)

(1) This Order may be called the Safety Glass (Quality Control) Amendment Order, 2020. (2) It shall come into force on the date of its publication in the Official Gazette....

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Flat Transparent Sheet Glass (Quality Control) (Amendment) Order, 2020

Order No. S.O. 2017(E) (23/06/2020)

(1) This Order may be called the Flat Transparent Sheet Glass (Quality Control) (Amendment) Order, 2020. (2) It shall come into force on the date of its publication in the Official Gazette....

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Transparent Float Glass (Quality Control) (Amendment) Order, 2020

Order No. S.O. 2016(E) (23/06/2020)

(1) This Order may be called the Transparent Float Glass (Quality Control) (Amendment) Order, 2020. (2) It shall come into force on the date of its publication in the Official Gazette....

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Section 10(46) exemption to Maharashtra Electricity Regulatory Commission

Notification. No. 34/2020-Income Tax [S.O. 2015(E)] (23/06/2020)

Notification No. 34/2020- Central Government notifies ‘Maharashtra Electricity Regulatory Commission’, Mumbai , a commission established by the State Government of Maharashtra, in respect of the specified income arising to that board under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOA...

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Section 10(46) exemption to Greater Noida Industrial Development Authority

Notification No. 33/2020-Income Tax [S.O. 2014(E)] (23/06/2020)

Notification No. 33/2020- Central Government notifies ‘Greater Noida Industrial Development Authority’, an authority constituted by the State Government of Uttar Pradesh, in respect of the specified income arising to that board under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (Central Board of ...

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Delhi HC allows rectification of Form GSTR-3B

HC permits the Petitioner to rectify Form GSTR-3B for the period to which the error relates, i.e. the relevant period from July, 2017 to September, 2017. We also direct the Respondents that on filing of the rectified Form GSTR-3B, they shall, within a period of two weeks, verify the claim made therein and give effect to the same once veri...

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Posted Under: Corporate Law |

Credit of CVD & SAD paid post 01.07.2017 under Advance Authorisation Scheme-Importers left remediless

Credit of CVD & SAD paid post 01.07.2017 under Advance Authorisation Scheme-Importers left remediless Importers under the Advance Authorization Schemes which commenced before the implementation of GST and concluded post the implementation of GST face an unique transition issue. Upon payment of duties along with interest at the tim...

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Posted Under: Corporate Law |

Inclusion of Interest in Turnover for GST Registration- Gujarat AAR Ruling not in line with Spirit of Legislation

Gujarat AAR Ruling in the case of Shree Sawai Manoharlal Rathi (GST AAR Gujarat) on Inclusion of Interest in Turnover for GST Registration is not in line with Spirit of Legislation. Historic Tax Regime i.e. Goods and Service Tax opens the umbrella of litigation for the professionals as well as brings the ray of hope […]...

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Posted Under: Corporate Law |

Relaxation of Time & Fees for Filing Charge related Forms

Ministry of Corporate Affairs vide circular General Circular No. 23/2020 dated June 17,2020 came up with relaxation of time and fees as well for filing of forms CHG-1/CHG-9 for creation as well as modification of Charge....

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Posted Under: Corporate Law |

Section 271AAD – Penalty for fake invoices / false entry

Decoding Section 271AAD – Penalty for false entry / fake invoices  [inserted vide Finance Act, 2020 – w.e.f. 01.04.2020] Chapter XXI of the Income Tax Act, 1961 is well-stocked with Penal provisions imposing penalties for breach of statutory provisions. Sec.271AAD is a new addition to this family, which imposes penalty for “false e...

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Posted Under: Corporate Law |

IBC Ordinance, 2020-Turn New Challenge into Opportunities for IPs

In these days of COVID-19 outbreak, all over the world everyone is seeing the negative impact of this pandemic i.e. global economic slowdown, job losses, loss of human lives etc. These impacts are measured and witnessed through various surveys and reports by respective authorities and governments....

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Posted Under: Corporate Law |

Agricultural land even by will cannot be transferred to non-agriculturists: SC

Vinodcharndra Sakarlal Kapadia Vs State of Gujarat (Supreme Court)

An agriculturist could not part his agricultural land to a non-agriculturist through a Will and the prohibition against transfers of holding without the previous sanction of the concerned authorities was to be seen in that light as furthering the cause of legislation....

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SC: Person in whose name vehicle stands registered on date of accident is ‘Owner’ entitled to Insurance Claim

Surendra Kumar Bhilawe vs. New India Assurance Company Limited (Supreme Court)

Surendra Kumar Bhilawe vs. New India Assurance Company Limited (Supreme Court) The Supreme Court in the case of Surendra Kumar Bhilawe vs. The New India Assurance Company Limited  in Civil Appeal no 2632 of 2020 decided recently on 18 June 2020 has held that the person in whose name the motor vehicle stands registered would […]...

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HC quashes Ex-Parte order passed without hearing petitioner during Covid-19 Pandemic

Remankhan Belin Vs State of Gujarat (Gujarat High Court)

It is an admitted position that the impugned order dated 14.5.2020 is passed without hearing the petitioner and only on the short ground, the impugned order dated 14.5.2020 is hereby quashed and set aside and the authorities concerned shall pass a fresh order on merits without being influenced by the order impugned after giving an opportu...

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Things to do before 30th June 2020 for Tax Saving, ITR filing & Avoiding any Penalty

Things to do before 30th June 2020 for Tax Saving, ITR filing & Avoiding any Penalty: I would like to remind you about 3 important things which you should do before 30th June 2020. 1. Link your Aadhar with PAN: You can link your Aadhar Card with your PAN by visiting this website- https://www1.incometaxindiaefiling.gov.in/e-FilingGS/Se...

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Posted Under: Corporate Law |

Tax on Instagrammers, Twitterati and Youtubers

Social media influencers are everywhere. We were approached by a few Instagram influencers and Youtubers about their income tax compliances. We decided to write a post to make it easier to understand the tax liability on your income. This post deals with the income tax liability. We’ll get into the GST liability in a separate [&hell...

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Posted Under: Corporate Law |

ICAI Continuing Professional Education (CPE) Hours

CONTINUING PROFESSIONAL EDUCATION (CPE): ICAI wants that after becoming a professional. Continuing their education and update their knowledge according to the changes so, for that ICAI start CPE Continuing Professional Education (CPE) is a requirement for Certified Chartered Accountant one that is designed to help maintain their competenc...

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Posted Under: Corporate Law |

No service tax on KIADB for discharging statutory function

Karnataka Industrial Areas Development Board Vs Commissioner of Central Tax (CESTAT Bangalore)

Assessee was not liable to pay the service tax at all as it was a statutory body discharging the statutory function as per the statute Karnataka Industrial Areas Development (KIAD) Act, 1966 and hence was not liable to pay service tax....

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33 Mistakes which you should not do in your GST work

Some common mistakes being done by us Today we are discussing some of the common mistakes in our business, which we are occurring knowingly or unknowingly. These small mistakes which are being done by us may lead to late- fees, penalty and any other action by Government department. These mistakes are very simple mistakes which […]...

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Ind AS – 116 Leases

An Insight into the Ind AS 116 General overview The Ministry of Corporate Affairs (MCA) introduced the Ind AS 116 and other certain amendments to the Indian Accounting Standards on 30th March 2019.  The new sets of corporate guidelines were incorporated and came into force from 1st April 2019 for the coming financial year. The […]...

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Posted Under: Corporate Law |

Drone Technology Regulations

Innovation is something which is not bounded by the limits and does not aim to take a break. Surfacing of innovations like that of self-driven cars, cloud computing, ‘Machine to Machine’, Internet are a few examples which establish the limitless nature of innovations. These technological innovations are advancing human lives to whole ...

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Posted Under: Corporate Law |

Deduction u/s 35(2AB) of pre-amended period allowed without issue of form No. 3CL from DSIR

Omni Active Health Technologies Ltd Vs ACIT (ITAT Mumbai)

Omni Active Health Technologies Ltd Vs ACIT (ITAT Mumbai) The issue under consideration is whether the deduction u/s 35(2AB) towards research and development expenditure claimed by assessee is justified in law? In present case, the assessee claimed deduction u/s 35(2AB) being 200% of amount incurred towards scientific research. The perusa...

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Tele-medicine: A New Normal Future in India

Advancement in the field of healthcare has always been a challenge in all developing countries, especially like India due to its vast geographical, demographical and landscape factor. These advancements have given rise to one such platform known as Telemedicine. Telemedicine is a practice of caring and engages in treatment of patients rem...

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Posted Under: Corporate Law |

Litigation Financing- General Perspective

A third party who independently provides funds to parties for a dispute in exchange of a fraction of monetary rewards that is recovered from the proceedings is called Litigation Financing. It is also referred as Third Party Funding (TPF). This type of funding adjudges the value of legal claims even before they can be recovered […]...

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Posted Under: Corporate Law |

Refund Excess amount of Stamp Duty paid: MP HC

Brilliant Foundation Vs State of Madhya Pradesh and others (Madhya Pradesh High Court)

In the present case, respondent rejected the refund of excess amount of stamp duty paid on the ground that the said provision does not apply to the case of the petitioner/company as ad-valorem duty was paid at 1% and not at 5% of the market value....

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Artificial Intelligence (AI) & its effects on Arbitration

The term Artificial Intelligence itself explains that technology having human capabilities of performing tasks that require human intelligence. This topic is intuitively interesting that one day our disorderly, frenzied human disputes will be determined by the calm, all-knowing logic of a fair and neutral electronic decision maker. While ...

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Posted Under: Corporate Law |

For section 201(1A) interest ‘month’ means period of 30 days

UTI Mutual Fund Vs DCIT (ITAT Mumbai)

Month is to be interpreted as period of 30 days and not British calendar for levying additional interest u/s 201(1A) for late payment of TDS?...

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SEZs – Relaxations During Pandemic

On account of the Pandemic outburst of COVID-19, the Central Government declared a complete lockdown from 25th March, 2020 onwards in various phases. In subsequent lockdown, the Ministry of Home Affairs vide Guidelines dated 15th April, 2020, issued relaxations for Special Economic Zones (SEZs) wherein the Government from 20th April, 2020...

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Posted Under: Corporate Law |

FTP – Relaxations w.r.t. MEIS & SEIS

The Directorate General of Foreign Trade, vide Public Notice No. 08/2015-20 dated 1st June, 2020, provided the following relaxations to the exporters: Increased validity of Duty Credit Scrips Original Validity: Duty Credit Scrips issued under Chapter 3 of the FTP 2015-20 are valid for 24 months from the date of issuance. Extended Validity...

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Posted Under: Corporate Law |

Draft Affidavit for Shifting Registered Office Outside State

Draft Formats of Affidavit For Shifting of Registered Office Outside The State which includes Affidavit Verifying Petition, Affidavit Verifying List of Creditors, Affidavit for Future Liabilities toward Statutory Dues, Affidavit Verifying No Inquiry/Investigation Is Pending, Affidavit in Term of Section 13(5) of Companies Act, 2013, Affid...

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Posted Under: Corporate Law |

No AMP expenditure of assessee lead to promotion of brands of its AEs

Pernod Ricard India Pvt. Ltd. Vs DCIT (ITAT Delhi)

AMP expenditure of assessee did not have a direct bearing on the promotion of brands of its AEs as the issue stood decided in favour of assessee by the decision of the Tribunal in assessee’s own case for the preceding assessment years i.e., A.Y. 2007-08 and 2008-09....

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Health insurance policies covering COVID-19 disease- Guideline

Ref. No: IRDAI/HLT/REG/CIR/156/06/2020 (23/06/2020)

It is considered that short term health insurance policies providing coverages specific to COVID-19 disease is the need of the hour. Accordingly, all insurers (Life, General and Health Insurers) are allowed to offer COVID – 19 specific short term health insurance policies subject to these guidelines....

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Section 68: Creditworthiness of lender can’t be proved merely on strength of Bank Statement

Siddharth Export Vs ACIT (Delhi High Court)

The issue under consideration is whether AO is correct in treating unsecured loan received by assessee as unexplained credit under section 68?...

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Section 148 notice unsustainable as very basis of notice was invalid

Aberdeen Asia Pacific Including Japan Equity Fund Vs DCIT (Bombay High Court)

High Court states that if the Assessing Officer had no jurisdiction to initiate re- assessment proceeding, the mere fact that subsequent orders have been passed would not render the challenge to jurisdiction infructuous. If the very basis for re- opening assessment does not survive, orders on such re-opening would not survive too. Hence,...

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Relaxations for Listed Companies having stressed assets

PR No. 35/2020 (23/06/2020)

SEBI has decided to relax the pricing methodology for preferential issues by listed companies having stressed assets and exempt allottees of preferential issues from open offer obligations in such cases, with immediate effect....

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SEBI Operational framework for transactions in defaulted debt securities

Circular No. SEBI/HO/DDHS/CIR/P/103/2020 (23/06/2020)

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...

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SEBI relaxes document processing pertaining to FPIs Temporarily due to COVID-19

Circular No. SEBI/HO/FPI&C/CIR/P/2020/104 (23/06/2020)

In view of the prevailing situation due to COVID-19 pandemic and representations received from various stakeholders, it has been decided that the temporary relaxations shall be extended to August 31, 2020....

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How to do Electronic Verification of Income Tax Return

Notification No. 2/2015 dated 13/07/2015 regarding Electronic Verification Code (EVC) for electronically filed Income Tax Return as an alternative mode of verification released. EVC would verify the identity of the person furnishing the return of income . ...

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All about Alternate Minimum Tax

Where the regular Income Tax payable for a Previous Year by a person (other than a company) is less than the Alternate Minimum Tax payable for such Previous Year, the Adjusted Total Income shall be deemed to be the total income of such person and he shall be liable to pay Income-tax on such Total Income at the rate of 18.5% [Section 115JC...

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Posted Under: Corporate Law |

Slump Sale and Related Income Tax Provisions

In the process of integration of the Indian economy with the world economy, a number of companies are going for restructuring to gain benefits from large scale operations and focus upon its core competencies. In the restructuring exercise, certain companies sell off their unprofitable business activities and the business activity as a wh...

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Posted Under: Corporate Law |

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