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Archive: 25 June 2020

Posts in 25 June 2020

Transfer of land held as stock on HUF partition not amounts to conversion into Capital Asset

June 25, 2020 1752 Views 0 comment Print

The issue under consideration is whether land held as stock, transferred upon HUF – partition, tantamount to conversion into capital asset for the purpose of imposing a capital gain tax?

4 Recent Amendments under Companies Law

June 25, 2020 3765 Views 1 comment Print

MCA has recently notified Companies (Meetings of Board and its Powers) Second Amendments Rules, 2020 and  Companies (Appointment and Qualification of Directors) Third Amendments Rules, 2020. It also extended date of EGM and  period for name reservation and re-submission of MCA forms. 1. Companies (Meetings of Board and its Powers) Second Amendments Rules, 2020 Relevant […]

Comparative Analysis of NCLT & NCLAT Orders in Tata-Mistry Case

June 25, 2020 6981 Views 0 comment Print

Oppression and Mismanagement is envisaged in Section 241 of the Companies Act, 2013 and allows the petitioners i.e. the minority shareholders to file a suit if they believe the affairs of the company are conducted in a manner prejudicial and/or oppressive to themselves, to the interests of the company or to the public

Income Tax – Due date extensions on 24th June 2020

June 25, 2020 15786 Views 8 comments Print

In order to provide further relief to the taxpayers for making various compliances, the Government has issued Notification No. 35/2020 dated 24th June 2020 amending The Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020, thereby extending due dates under various provisions of Income Tax Act.

Companies Fresh Start Scheme, 2020 (CFSS-2020)– An Overview

June 25, 2020 1326 Views 0 comment Print

MCA on receiving representations from various stakeholders has introduced a Scheme namely CFSS -2020 through its General Circular No. 12/2020 dated 30th March, 2020, in furtherance to the Circular No. 11/2020 dated 24th March, 2020. Purpose of the Companies Fresh Start Scheme, 2020: This Scheme has enabled the defaulting companies a onetime opportunity to complete […]

Permitting delinquent Employee to Continue at Same Place is not in Public Interest

June 25, 2020 3120 Views 0 comment Print

The issue under consideration is whether person is entitled to continue at the same place where he was posted at the time of passing the suspension order and committing the alleged misconduct?

Section 10(46) exemption to RERA Authorities of Odisha & Jharkhand

June 25, 2020 933 Views 0 comment Print

Notification No. 37/2020- Central Government notifies Odisha Real Estate Regulatory Authority and Jharkhand Real Estate Regulatory Authority 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 DIRECT TAXES) Notification No. 37/2020 New Delhi, the 25th June, 2020 […]

Section 10(46) exemption to RERA Authorities of Andhra Pradesh & Karnataka

June 25, 2020 1563 Views 0 comment Print

Notification No. 36/2020- Central Government notifies ‘Real Estate Regulatory Authority, Karnataka and Andhra Pradesh Real Estate Regulatory Authority 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 DIRECT TAXES) Notification No. 36/2020 New Delhi, the 25th June, […]

HC: Suppression of facts is not advocacy- Imposes exemplary cost for frivolous Contempt Petition

June 25, 2020 10221 Views 0 comment Print

The Allahabad High Court in a very detailed judgement in ‘Pradeep Kumar Srivastava And 2 Others vs. Vishal Singh And, Chief Executive Officer And 2 Others’ decided on 19 June, 2020 held that Suppression of facts is not advocacy. An exemplary cost was imposed on each of the three plantiff for suppressing material facts, misleading […]

Further Extensions in relation to GST Act on 24th June 2020

June 25, 2020 1818 Views 0 comment Print

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19), The government has again come up with Notifications on providing relief to the taxpayers :- The 1st CGST Notification : Notification No. 49/2020 – Central Tax dated 24th June 2020 […]

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