"10 November 2020" Archive - Page 3

RERA Compliances in Uttar Pradesh and Haryana

Uttar Pradesh RERA (UPRERA) And Haryana RERA (HARERA) Compliances UPRERA COMPLIANCES 1 QPR updation u/s 11(1) Comment Due Date of Compliance Penalty Quarterly up-to-date the list of number and types of apartments or plots, asthe case may be, booked; (c) quarterly up-to-date the list of number of garages booked; (d) quarterly up-to-date th...

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Posted Under: Corporate Law |

Transitional Credit- HC explains implication of directions to ‘consider’ a case

Macleods Pharmaceutical Ltd. Vs Prakash Kumar (Himachal Pradesh High Court)

Macleods Pharmaceutical Ltd. Vs Prakash Kumar (Himachal Pradesh High Court) Petitioner had filed TRAN-1 form for CENVAT Credit which was made admissible and credited to its Electronic Credit Ledger account on 26.10.2017. It was further submitted that the company could not amend TRAN-1 form as per the provisions of Goods and Services Tax A...

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ICAI invites suggestions for improvement in functioning of MCA-21 Portal

The Ministry of Corporate Affairs (MCA) has taken up to build a new MCA21 v3 system – upgraded version of MCA- 21 portal to enable easy and secure access of MCA services. It is expected to be filled with latest features and technology. The core objectives of MCA21 v3 system are promoting automation, integration with external regulatory,...

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Posted Under: Corporate Law |

FMV of shares: Jurisdiction of AO to reject valuation methods adopted by Assessee

Canvera Digital Technologies Pvt. Ltd Vs DCIT (ITAT Bangalore)

Canvera Digital Technologies Pvt. Ltd Vs DCIT (ITAT Bangalore) From the details filed, Ld.AO observed that, assessee had computed the value as per DCF method and that there was nothing to suggest that DCF method was an appropriate method to value the shares. Ld.AO rejected DCF method adopted by assessee for the reasons that cash […...

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Company Secretaries (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Amendment Rules, 2020

Notification No. G.S.R. 696(E) 10/11/2020

These rules may be called the Company Secretaries (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Amendment Rules, 2020....

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Subsidy cannot be treated as a payment to meet any portion of actual cost of Capital Asset

ACIT Vs Inox Air Products Private Limited (ITAT Pune)

ACIT Vs Inox Air Products Private Limited (ITAT Pune) The only issue raised in the assessee’s appeal is against  the direction of the ld. CIT(A) for reducing the amount of subsidy from the value of assets for the purpose of granting depreciation. From Explanation 10 to section 43(1) of the Act it is immensely clear […]...

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Sabka Vishwas Scheme – Amount in arrears – Deposits to be adjusted after determination of amount payable

M/s. Solamalai Automobiles Private Limited Vs The Designated Committee (Madras High Court)

Solamalai Automobiles Private Limited vs The Designated Committee (Madras High Court) The Madras High Court has held that for cases falling under ‘Amount in arrears’ category under the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019, the deposits  should   be adjusted after the determination of the amount payable. Department...

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Madras High Court: Allows rectification of GSTR-1 to avail credit in absence of enabling provision

The Hon’ble Madras High Court in the case of M/s. Sun Dye Chem v. The Assistant Commissioner [W.P. No. 29676 of 2019 dated November 6, 2020] has held that absence of enabling provision cannot jeopardize taxpayer from availing credit that they are entitled to, while allowing them to rectify and correct Form GSTR-1 for the […]...

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Class Action Suit under Companies Act, 2013 – Need of The Hour

In order to bring a ‘collective action’ by the ‘minority shareholder’ against the company, there was no such provision till 2013 under the Indian Companies Act. However, there were/are provisions of ‘oppression remedy’ under the Indian Companies Act i.e. Section 397 & 398 under the Companies Act, 1956 (‘the Erstwhile Act...

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Posted Under: Corporate Law |

Weekly GST Communique November 09, 2020

A. Important GST Judgment, Rulings of the week ending on 09th November 2020 1. Delhi High Court: Upheld the power to conduct Service Tax Audit post GST regime 2. NAA: Tata Croma told to slash prices of DSLRs, power banks; fined Rs 1.9 cr for GST-related profiteering 3. NAA: Starbucks fined for not passing on […]...

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Posted Under: Corporate Law |

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