"24 November 2020" Archive

Incorporation of Non Profit Company: Formation of Companies with Charitable Objects

INTRODUCTION To provide an option to the person or association of person with a legal entity to carry charitable objects the government of India came-up with the section 25 in the Companies Act, 1956 and subsequently replaced by the Section 8 of the Companies Act, 2013. Section 8 discusses the incorporation of the company with […]...

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Posted Under: Company Law |

Reversal of ITC after legal availment under GST

In the forth coming article we will discuss the issue that the right to avail the input tax credit is to be seen as on the date of the credit availment and not otherwise .The main intent of the this article is that whether ITC can be called upon to pay back by revenue officers […]...

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Lack of legally trained mind, manifest arbitrariness in revocation of GST registration: HC

Ansari Construction Vs Additional Commissioner Central Goods And Services Tax (Allahabad High Court)

Ansari Construction Vs Additional Commissioner Central Goods And Services Tax (Allahabad High Court) In the present case along with the application, the petitioner had filed a statement to the effect that all the requisite returns have been filed and the dues are cleared and thus it was incumbent upon the Department to have verified the [...

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SEBI relaxes requirement of Testing of software related to Trading

Circular No. SEBI/HO/MRD1/DSAP/CIR/P/2020/234 24/11/2020

It has been decided that requirement of mandatory mock trading sessions to facilitate testing of new software or existing software that has undergone any change of functionality shall be optional if a Stock Exchange provides suitable simulated test environment to test new software or existing software that has undergone any change of func...

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No TP adjustment for Overdue Receivables which already been considered in working capital adjustment

Bertelsmann Marketing Services India Pvt. Ltd. Vs DCIT (ITAT Delhi)

The issue under consideration is whether overdue receivables from AEs is considered as an international transaction? ITAT direct the learned transfer pricing officer to delete the addition on account of interest on overdue receivable from associated enterprise. Accordingly ground of the appeal is allowed....

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Explanations of Recent GST Notification No. 81 to 88/2020-Central Tax

New Notifications in GST (Notification No. 81/2020 to Notification No. 88/2020-Central Taxes) TABLE OF CONTENTS: Notification No. Content 81/2020 Regarding Amendment in Sec. 39 82/2020 Regarding New Rules 83/2020 Due Dates of GSTR -1 84/2020 Options for GSTR – 1 85/2020 Procedure for GSTR – 3B 86/2020 Regarding an earlier notifica...

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Posted Under: Company Law |

FAQ on refund of Excess /Incorrect ROC Fees paid

The user is required to make various payments to avail MCA21 services. A number of instances have been observed where the users make multiple payments or incorrect payment or excess payment while using these services. In order to allow the stakeholders to claim refund of such payments, refund process has been introduced by MCA. To claim r...

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Posted Under: Company Law |

Complemented Assessment cannot be reopened U/s. 147/148 on Borrowed Satisfaction

Hitesh Ashok Vaswani Vs DCIT (ITAT Ahmedabad)

Hitesh Ashok Vaswani Vs DCIT (ITAT Ahmedabad) The power to reopen a completed assessment under Section 147 of the Act has been bestowed on the Assessing Officer, if he has reason to believe that any income chargeable to tax has escaped assessment for any assessment year. However, this belief that income has escaped assessment has [&hellip...

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How to Start a New Business in India– Necessary Steps to Take Care

In the current era of competitive market, every person wants to start its own business but due to inadequate knowledge and experience their business fails in starting 1-2 years. Either they fail due to cash crunch situation, wrong marketing strategies or due to non-compliance of law. During our day to day practice many youngsters contact ...

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Posted Under: Company Law |

IBBI warns PVAI-VPO to be extremely careful in recommending applications for registration as valuers

Order No. IBBI/Valuation/Disc./2/2020 24/11/2020

In the present case, PVAI-VPO is an RVO recognized under sub-rule (5) of rule 13 of the Valuer Rules. It allowed ineligible candidates to be enrolled as members of its organization even though they did not have proper credentials as per the eligibility norms, qualification and forwarded the applications of candidates who did not meet [&he...

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October 2021