"21 November 2020" Archive

Indian Stamp Act Amendments – New Dimensions to securities transactions

Indian Stamp Act (ISA) amendments were made effective from 1st July 2020. The said amendments on one hand brought in rationalization in charging of duties on issue & transfer of securities for pan India transactions & on the other hand done away with the concepts of duty on securities certificates, letter of allotment, instrument of trans...

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Posted Under: Corporate Law |

Place of Supply under GST – Online/Virtual Coaching Classes

In the past few months, the online/virtual coaching segment has boomed due to the shift in the social/educational environment imposed by the covid-19 pandemic. This change in social/educational environment necessitated every training/coaching service provider to shift from conventional physical class rooms to online/virtual class rooms to...

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Posted Under: Corporate Law |

Know when to say no to cash transactions

We were told by history that before advent of cash there was concept of barter system though barter system where there was no currency ‘no cash’ and things were exchanged according to needs and sooner society realized that barter system having its own series of advantages and disadvantages need to be left behind with time and later on...

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Stay Applications under the Income Tax Act, 1961

Sections 220 to 232 of the Income-tax Act deals with collection and recovery of taxes. These provisions will become active every year in the months of February and March. Probably each officer or Commissioner may have to report to the higher authority the taxes outstanding, and total collection of taxes in their charge. As the scope of th...

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Posted Under: Corporate Law |

Residential property and Tax on capital gain

When investors make profits on sale of assets like land, shares and mutual fund units, it is termed as capital gains. The investor has to pay tax on the resulting gains that is commonly referred to as capital gains tax. The amount of money outflow from your pocket depends on how long you held the property. If a residential property is hel...

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Posted Under: Corporate Law |

NRI investments – Some FAQs

One of the first things you should know as an NRI is that your existing bank accounts are no longer valid.The Foreign Exchange Management Act (FEMA) requires you to inform all the banks where you have an account,be it savings or deposits, about your changed residential status. ...

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Posted Under: Corporate Law |

GST: DRC-03, DRC-04 and DRC-05 user Manual

This presentation will familiarise you with the end-to-end processes involved in payment made by the Taxpayer using DRC-03 and verification of such payment made using DRC-03 and issuance of acknowledgement of Payment through DRC-04 or Conclusion of Proceeding through DRC-05 as per the Cause of Payment in the CBIC-GST application. At the e...

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Posted Under: Corporate Law |

Place of Supply under GST (Summarized)

PLACE OF SUPPLY (SUMMARISED) Place of Supply is important to determine: – -Whether the supply is Interstate or Intrastate. -Resulting to which, Whether SGST/UTGST plus CGST is leviable or IGST is leviable. If inter state transaction is wrongly treated inter-state or vice-versa and tax paid accordingly, then it can be rectified. Howe...

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Posted Under: Corporate Law |

Doctrine of Reinstatement & Insurance

Reinstatement of any property generally means replacement of what is lost or repairing the damaged property by bringing it to its original value and usefulness. In case of total destruction of an asset, the company generally replace the same with new assets or if possible, repair the old one to bring it at the same […]...

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Posted Under: Corporate Law |

Analysis of Section 184, 185 and 186 of Companies Act, 2013

Disclosure of Interest by Director under Section 184, Loan to Director under Section 185 and Loan and Investment under Section 186 of the Companies Act, 2013. This Article aims to bring a clear vision on the Disclosure of Interest by Director under Section 184, Loan to Director under Section 185 and Loan and Investment under […]...

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Posted Under: Corporate Law |

Registration and Self Assessment Tax under CGST, 2017

The liability to register under GST arises when aggregate turnover of a supplier exceeds threshold limits. The registered person acquires a 15-digit GSTIN from the tax authorities so that he is eligible to collect tax on behalf of the Government and thereby avail the benefit of Input Tax Credit. Every registered person shall make a [&hell...

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Posted Under: Corporate Law |

Service Tax will not form part of aggregate amount for section 44BB

BAKR Hughes Singapore PTE Vs Addl. Director of Income Tax International Taxation (Uttarakhand High Court)

The issue under consideration is whether amount of service tax being statutory levy, received by assessee from its customers was to be included in calculating the aggregate amount referred to in sub-section (2) of Section 44BB of the Act?...

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No TP adjustment for delayed receivables if Same is already been factored in working capital adjustment

Barco Electronic Systems (P) Ltd. Vs DCIT (ITAT Delhi)

Barco Electronic Systems (P) Ltd. Vs DCIT (ITAT Delhi) We have noted that the assessee is not charging interest on overdue debts from the third parties and also the assessee is a debt free company and not paying any interest on funds utilized is business. We have also noted that the assessee company has a […]...

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5% GST on sale of Micafunign Sodium by DTA unit of BIOCON: AAAR

In re BIOCON Ltd. (GST AAR Karnataka)

Sale of Micafunign Sodium by the DTA unit of Appellant is covered under Serial No. 114 of Entry No. 180 of Rate Notification No 01/2017 CT (R) and therefore, is leviable to GST at the rate of 5%'....

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AAR allowed withdrawal of ruling application as relevant Venture was over

In re Savitri Ashirvaad Buildtech Limited (GST AAR Telangana)

In the reference 5th cited, M/s. Savitri Ashirvaad Buildtech Limited, have informed through mail, that the Venture is over and they don’t need the ruling.  Hence the dealer has withdrawn the advance Ruling Application....

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GST order passed is bad in law if mandatory procedures not followed

Shri Shyam Baba Edible Oils Vs Chief Commissioner and another (Madhya Pradesh High Court)

Shri Shyam Baba Edible Oils Vs Chief Commissioner and another (Madhya Pradesh High Court) In the case of Shri Shyam Baba Edible Oils Vs Chief Commissioner and another it was held by Madhya Pradesh High Court that If mandatory procedures as per rule not followed the orders passed are bad in law under GST. It […]...

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Important Provisions of Transfer of Property Act 1882

Transfer of Property Act is a general law related to transfer of property. It generally deals with immovable property only. Objectives Basic objective of this act is to formulate rules, regulations and procedures for transfer of property. Scheme of the Act Transfer may take effect by 2 different ways 1. Transfer by Act of Parties. [&helli...

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Posted Under: Corporate Law |

Changing Paradigm For NGO’s In FCRA

The Ministry of Law and Justice notified the Foreign Contribution (Regulation) Amendment Act 2020 (FCRA Amendment Act) which amends the existing provisions of the Foreign Contribution Regulation Act 2010 (FCRA) after receiving assent of the President of India on the 28th September, 2020. The FCRA Amendment Act brings in a slew of amendmen...

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Posted Under: Corporate Law |

Report on Annual General Meeting under Companies Act, 2013

All the Companies in India are incorporated, governed even get closed as per The provisions of The Companies Act, 2013. Though there some provisions under The Companies Act, 2013 which are applicable to specific companies falling into some specific criteria/(s). One such provision is Report on Annual General Meeting. Lets go through its r...

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Posted Under: Corporate Law |

Notice issued in challenge to constitutional validity & vires of 16(4) of CGST Act 2017/WBGST Act 2017 by Calcutta HC

Rainbow Infrastructure Private Limited & Anr Vs Assistant Commissioner (Calcutta High Court)

Rainbow Infrastructure Private Limited & Anr Vs Assistant Commissioner (Calcutta High Court) Hon’ble Calcutta High Court has issued notice to Centre and State Government in the matter of Latika Ghosh Vs ACST, Raiganj Charge & others, W.P. A. No. 7272  of 2020, in the matter of Rainbow Infrastructure Pvt. Ltd. Vs. ACST, Barrackp...

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Direct Tax Vivad Se Vishwas Act, 2020- Issues & Suggestions

Chamber of Tax Consultants has made a representation to Hon’ble Finance Minister on Direct Tax Vivad Se Vishwas Act, 2020 brought to its attention some technical issues in implementation of Vivad Se Vishwas and suggestions to overcome those issues. It  also submitted the same to CBDT Chairman and Revenue Secretary (CBDT).  Text of the...

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Posted Under: Corporate Law |

Covid-19 Regulatory Updates by ICSI

The pandemic while having disrupted the economic activities has impacted the economic growth of nations globally. But as the famous axiom goes, it has been a hard struggle but I can see a glimmer of light at the end of the tunnel....

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Posted Under: Corporate Law |

ITAT excludes comparable having turnover more than 31 to 62 times

Transcend MT Services Pvt. Ltd. Vs DCIT (ITAT Delhi)

Transcend MT Services Pvt. Ltd. Vs DCIT (ITAT Delhi) Assessee has also argued for exclusion of Infosys BPO Ltd, which is having the turnover more than 31.29 times, and TCS E serve Ltd having turnover of 62 times larger than the assessee does. Therefore, for the reasons given by us for exclusion of I gate […]...

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Extension of last date to submit comments on exposure draft of Guidance Note on Auditing Standards on Secretarial Audit (CSAS-4)

The Institute of Company Secretaries of India 17th November, 2020 Dear Sir/Madam, Subject: Extension of last date to submit comments on exposure draft of Guidance Note on Auditing Standards on Secretarial Audit (CSAS-4) The Institute of Company Secretaries of India had issued first four Auditing Standards namely CSAS-1: Auditing Standard ...

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Posted Under: Corporate Law |

SOP to open and operate FCRA Account

SOP to open and operate the FCRA Account as provided under Section 17(1) of the amended Foreign Contribution (Regulation) Act, 2010 with SBI, New Delhi Main Branch in terms of FCRA (Amendment), 2020...

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Posted Under: Corporate Law |

Report on disclosures pertaining to analyst meets, investor meets & conference calls

The issue of information asymmetry between various classes of investors arising out of limited disclosures in respect of analyst meets/ institutional investors meet/ conference calls was discussed by Primary Markets Advisory Committee (PMAC) in the meeting in July, 2020....

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Posted Under: Corporate Law |

Consultation Paper on Review of requirement of Minimum Public Offer for large issuers

The objective of this consultation paper on Review of requirement of Minimum Public Offer for large issuers in terms of Securities Contracts (Regulation) Rules, 1957 is to seek comments/ views from the public and market intermediaries on Review of requirement of Minimum Public Offer to large issuers in terms of Securities Contracts (Regu...

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Posted Under: Corporate Law |

Date of birth change request in service records at fag end of service is not sustainable: SC

Bharat Coking Coal Ltd. & Ors. Vs Shyam Kishore Singh (Supreme Court of India)

Bharat Coking Coal Ltd. & Ors. Vs Shyam Kishore Singh (Supreme Court of India) This Court has consistently held that the request for change of the date of birth in the service records at the fag end of service is not sustainable. In the instant case, as on the date of joining and as also […]...

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EPFO’s clarification on misleading article published in newspaper

EPFO) stated that an article was published in a section of media on 18.11.2020 under the caption EPFO subscribers, firms down in Oct. In this regard, EPFO has categorically clarified that the information contained in the article is incorrect and unsubstantiated....

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Posted Under: Corporate Law |

Income Tax searches at various locations in Uttar Pradesh

The Income Tax Department started a search and survey action on 18/11/2020 in the case of a leading cattle feed producer in Northern India. The search and survey actions are being carried out at 16 locations in Kanpur, Gorakhpur, Noida, Delhi and Ludhiana....

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Posted Under: Corporate Law |

Consultation paper on review of SEBI (Delisting of Equity Shares) Regulations, 2009 

SEBI vide notification dated June 10, 2009 notified the SEBI (Delisting of Equity Shares) Regulations, 2009 (Delisting Regulations), thereby superseding the earlier SEBI (Delisting of Securities) Guidelines, 2003. Since then, several amendments have been carried out in the Delisting Regulations according to the changing needs and developm...

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Posted Under: Corporate Law |

TDS not deductible on Agency Commission paid to Overseas Agents not having PE in India

DCIT Vs Shamrock Pharmachemi Pvt.Ltd. (ITAT Mumbai)

DCIT Vs Shamrock Pharmachemi Pvt.Ltd. (ITAT Mumbai) We find that assessee is engaged in the business of trading activity of import and export of pharmaceutical ingredients, chemicals and intermediates. We find that the assessee debited a sum of Rs. 4,18,50,792/- in its profit and loss account towards export commission paid to overseas age...

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Latest Ownership Guidelines & Corporate Structure for Indian Private Sector Banks- RBI

The Report of the Internal Working Group set up to Review extant Ownership Guidelines and Corporate Structure for Indian Private Sector Banks by Reserve Bank of India dated October 26, 2020, by four members team was submitted. As the name indicates this epoch-making event unlocks the mysteries of floating a private sector bank and the [&h...

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Posted Under: Corporate Law |

Webcast on GST, E-Invoicing, Return, Departmental Audit, Risky Exporters & Litigation

Webcast on GST E-Invoicing (For 100 Crs + Taxpayers) Implementation vide GSP – End to End Analysis, How to deal with Recent Changes in GST Return, Preparation for Departmental GST Audit, How to Handle Risky Exporters & GST Litigations....

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Posted Under: Corporate Law | ,

HC allows filing of GST returns without paying entire admitted tax: Allows payment in Installment

Pazhodiyum Food Ventures Vs Supritendent Commercial Taxes (Kerala High Court)

Pazhodiyum Food Ventures Vs Supritendent Commercial Taxes (Kerala High Court) The petitioner is a private limited company registered as a service provider under the Goods and Service Tax Act. In the Writ Petition it is the case of the petitioner that while he intends to pay the arrears of tax due for the assessment year […]...

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Interest paid on borrowed funds used for business cannot be disallowed

ACIT Vs Chinsha Property Pvt Ltd. (ITAT Mumbai)

ACIT Vs Chinsha Property Pvt Ltd. (ITAT Mumbai) Since the company was engaged in the business of real estate, property in Tulsiwadi was acquired for redevelopment. Hence, commercial expediency/business purpose assessee had invested ₹.11.25 Crores in the project. Therefore, interest cannot be disallowed. Ld. DR submitted that Assessing O...

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Court grants Bail to person alleged of taking Fake ITC Credit

Ashish Aggrawal Vs CGST (Patiala House Court)

No doubt, economic offences should be dealt with sternly, however mere allegations of economic offence does not dis-entitled any person from seeking personal liberty unless there are overwhelming material against such person. In the present case, no money trail has been brought on record which shows that accused Ashish Aggawal is the ulti...

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Section 41(1) No Addition without evidence of cessation of trading liability

Nama Properties Ltd. Vs DCIT (ITAT Hyderabad)

Nama Properties Ltd. Vs DCIT (ITAT Hyderabad) In the decisions relied upon by the learned Counsel for the assessee it was held that the genuineness of the trade payables or creditors has to be examined in the year in which they originate and that unless the liability becomes unenforceable or is written off by the […]...

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HC set aside Tribunal order for failure to records that finding of AO was erroneous

PCIT Vs Rakesh Sarin (Madras High Court)

Court under Section 260A would not interfere with the Tribunal's finding of fact could not be applied to the facts of case because the Tribunal did not record any finding of fact that the finding of fact recorded by AO was erroneous and not borne out by records. Thus, the order passed by Tribunal for not calculating the undisclosed income...

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RBI releases Report of Internal Working Group

Press Release: 2020-2021/667

RBI releases the Report of the Internal Working Group to Review Extant Ownership Guidelines and Corporate Structure for Indian Private Sector Banks....

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Salient features of Quarterly Return filing & Monthly Payment of Taxes (QRMP) Scheme

NA (20/11/2020)

Who can opt for the scheme: Following registered person (hereinafter RP) can file quarterly returns and pay tax on monthly basis w.e.f. 01.01.2021 : An RP who is required to file Form GSTR 3B with AATO of up to Rs 5 Cr. in the previous financial year is eligible. If AATO crosses Rs 5 Cr. during a qtr., RP will become in-eligible for the S...

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