"01 December 2020" Archive

MCA extends last date of filing Form CRA-4 extended to 31.12.2020

General Circular No. 38/2020 (01/12/2020)

Relaxation of additional fees and extension of last date of filing of CRA-4 (form for filing of cost audit report) to 31st December, 2020 for FY 2019-20 under the Companies Act, 2013. General Circular No. 38/2020 Eoffice File No: 17/52/2020-CL-V GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS 5th Floor, ‘A’ Wing Shastri Bhaw...

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Adjudication of Show-Cause Notices after 13 years is untenable in law: Bombay HC

Parle International Limited Vs Union of India And Others (Bomabay High Court)

Bombay High Court held that, the commencement of adjudication proceedings after inordinate delay of 13 years post-issuance of Show Cause Notices is untenable in law and any consequential decision or order based on such adjudication proceeding is therefore, held to be invalid....

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IBBI bars IP till he is exonerated of Criminal charges against him

Order No. IBBI/DC/48/2020 (01/12/2020)

The DC also notes that the FIR against Mr. Mohan is yet to culminate into a charge sheet, however, the submission of Mr. Mohan that before issuing of the SCN, statutory requirements of section 217, 218, 219 and 220 of the Code were not complied with by the IBBI since no independent investigation was conducted […]...

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IBBI directs IP accused of accepting amount for granting illegal favour to not to seek/accept any assignment till exoneration of charges

Order No. IBBI/DC/47/2020 (01/12/2020)

The DC notes that a trap proceeding was conducted by CBI against Mr. Agarwal wherein he was caught accepting an amount of Rs. 3 lakhs from Mr. Amit Sarawgi (complainant to CBI). However, it has been contended by Mr. Agarwal that the said amount was accepted as a part refund of Rs. 10 lakhs illegally […]...

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Handing over control & custody of assets by IP to ex-management is violation of code: IBBI

Order No. IBBI/DC/46/2020 (01/12/2020)

In the present case, after stay on further proceedings by the Hon’ble Supreme Court, Mr. Gupta handed over the control and custody of the assets to ex-management which was against the fundamental jurisprudence of the Code relating to creditor in control mechanism. His conduct is in violation of key procedural norm of keeping with him [&...

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Hazira Port enlisted for import of unshredded metallic scrap & waste

Public Notice No. 31/2015-2020 (01/12/2020)

In continuation of Public Notice No. 43/2015-2020 dated 13.11.2019, Hazira Port is enlisted as a designated port for import of unshredded metallic scrap and waste....

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Interest on delayed payment of TDS not allowable as business expenditure

Govindam Clearing Agencies Pvt. Ltd Vs DCIT (ITAT Jaipur)

Govindam Clearing Agencies Pvt. Ltd Vs DCIT (ITAT Jaipur) AO had disallowed the interest and made an addition of Rs. 18,315/- on account of late deposit of TDS by the assessee. We find that the facts are undisputed that the assessee has claimed interest as expense incurred for delayed payment of TDS. We find that […]...

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Rs 1,04,963 crore of gross GST Revenue collected in November 2020

Release ID: 1677332 (01/12/2020)

The gross GST revenue collected in the month of November, 2020 is ₹ 1,04,963 crore of which CGST is ₹ 19,189 crore, SGST is ₹ 25,540 crore, IGST is ₹ 51,992 crore (including ₹ 22,078 crore collected on import of goods) and Cess is ₹ 8,242crore (including ₹ 809 crore collected on import of goods). The total number of GSTR-3B ...

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BOT meeting will focus on new Foreign Trade Policy (FTP) (2021-26)

The discussions in the meeting will focus on the new Foreign Trade Policy (FTP) (2021-26) and the strategies and measures to be taken in order to take forward domestic manufacturing and exports.BOT platform provides an opportunity to have regular discussion and consultation with trade and industry and advise the Government on policy measu...

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Posted Under: Company Law |

ICAI President’s Message – December 2020

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. The new portal is expected to be equipped with latest features and technology....

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Posted Under: Company Law |

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January 2021