"13 November 2020" Archive

RBI discontinues 17 types of FEMA Returns/Reports

RBI/2020-21/66 A.P. (DIR Series) Circular No. 05 13/11/2020

RBI decided to discontinue the 17 returns/reports as listed under under Foreign Exchange Management Act, 1999 which includes Report on Category-wise transaction where the amount exceeds USD 5000 per transaction...

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No addition if No incriminating material found during search in respect of Unabated assessment

DCIT Vs Creative Trendz Pvt. Ltd. (ITAT Ahmedabad)

Where regular assessment for the year under consideration remained unabated as on date of search, same could not be interfered with while framing section 153A assessment, in the absence of incriminating material discovered during search....

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Income Tax relief for Real-estate Developers and Home Buyers

Release ID: 1672636 13/11/2020

In order to boost demand in the real-estate sector and to enable the real-estate developers to liquidate their unsold inventory at a rate substantially lower than the circle rate and giving benefit to the home buyers, it has been decided to further increase the safe harbour from 10% to 20% under section 43CA of the Act for the period from...

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Finance Ministry seeks Suggestions for Annual Budget 2021-22

Release ID: 1672634 13/11/2020

Over the years, the Ministry of Finance has been holding pre-budget consultations in North Block with Industry/Commerce Associations, Trade Bodies and Experts to seek ideas for the Annual Budget. Owing to the pandemic situation, the Ministry has received suggestions from various quarters for holding pre-budget consultations in a differ...

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How to Apply for Directors’ Disqualification removal without Reviving Strike-Off Company?

The Indian economy is under severe stress due to COVID-19. The government is taking all measures to revive the economy. This is the reason they came up with Company Fresh Start Scheme 2020. Under this scheme, the owners of a company which is struck off from RoC can apply for its revival without paying heavy […]...

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Posted Under: Fema / RBI |

IBBI found IP guilty of accepting assignment as IRP after 31st December, 2019 without holding a valid AFA

Orders No. IBBI/DC/43/2020 13/11/2020

In the present matter it is observed that, Mr. Rajagopal had provided his consent to accept the assignment in Form-2 to Indian Overseas Bank on 01.03.2019 prior to the amendment made to IP regulation for CIRP of Coastal Energy Private Limited, before 31st December, 2019. However, it is observed that the date of commencement of […]...

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No capital gain if possession is taken back & there was no development

Santosh Kumar Subbai Vs ITO (ITAT Hyderabad)

Santosh Kumar Subbai Vs ITO (ITAT Hyderabad) In the instant case, the assessee has entered into development agreement for construction of duplex houses and assessee was to receive the constructed area of 5000 sq.ft by virtue of development agreement. However, after entering into agreement, the developer has vanished and no real developmen...

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IBBI order IP to undergo pre-registration educational course

Order No. IBBI/DC/42/2020 13/11/2020

(i) Mr. Kamalesh Kumar Singhania shall undergo pre-registration educational  course from the IPA of which he is a member. (ii) Mr. Kamlesh Kumar Singhania shall not take any new assignment/ process under the Code without compliance of the above direction....

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Mistakes committed by insolvency professionals in conduct of corporate insolvency resolution process

Facilitation/005/2020 13/11/2020

The Insolvency and Bankruptcy Code, 2016 (Code) provides a market process, popularly known as called corporate insolvency resolution process (CIRP), for time bound revival of viable corporate debtors (CD) and closure of unviable ones....

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IBBI (Liquidation Process) (Fourth Amendment) Regulations, 2020

Notification No. IBBI/2020-21/GN/REG067 13/11/2020

(1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Liquidation Process) (Fourth Amendment) Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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