"18 December 2020" Archive

Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2020

Notification No. G.S.R. 774(E). 18/12/2020

These rules may be called the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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GST Rate & HSN Code must be mentioned on tender/bid document: HC

Bharat Forge Limited Vs Principal Chief Materials Manager Diesel Locomotive Works (Allahabad High Court)

Bharat Forge Limited Vs Principal Chief Materials Manager Diesel Locomotive Works (Allahabad High Court) The HSN code (Harmonized System of Nomenclature) is provided for each product/service by GST Council to specify the rate at which GST would be applicable. The suppliers have to quote HSN Code of the product to be supplied by them in [&...

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Reassessment Invalid if Objection to reopening not disposed by Separate Speaking Order

Admach Auto Limited Vs DCIT (ITAT Delhi)

Admach Auto Limited Vs DCIT (ITAT Delhi) Disposal Of Objection To Reasons In Assessment Order Itself Without Separate Speaking Order Makes Entire Reassessment Invalid We have also gone through the objections dated 27.12.2016 filed by the assessee before the AO in which the assessee has specifically objected the initiation of proceedings u...

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CGST Rule 36(4) notice issued by Hon’ble Gujarat High Court

Surat Mercantile Association Vs Union of India (Gujarat High Court)

Surat Mercantile Association Vs Union of India (Gujarat High Court) Rule 36(4) of the Central GST Rules and Gujarat and GST Rules, 2017 restricts Input tax credit to be availed by the buyer of goods or services in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers […]...

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IBC v. SARFAESI Act – Interplay and Overlapping

1. Introduction The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as ‘IBC’) was introduced for the consolidation of laws relating to reorganization and insolvency in a time bound manner.[1] This single codified framework has been brought in to unify the erstwhile laws relating to this subject matter, which were spread ...

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Posted Under: Company Law |

Risk Control Matrix

Each organization and its risk environment is unique, depending on different factors, including: business type, size, resources, and laws or regulations. Hence, Risk Control Matrix is an important tool to understand and optimize your organization’s risk profile....

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Posted Under: Company Law |

SEBI relaxes timelines for regulatory compliance

The Security and Exchange Board of India (SEBI) had notified the Relaxation in timelines for compliance with regulatory requirements owing to the COVID-19 pandemic. SEBI through a notification made on 1st December 2020 had relaxed the compliance requirements for depository participants, trading members, clearing corporations, as wel...

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Posted Under: Company Law |

AO cannot travel beyond the reason for selection of matter for limited scrutiny 

Balvinder Kumar Vs PCIT (ITAT Delhi)

Balvinder Kumar Vs PCIT (ITAT Delhi) There is no dispute that the case of the assessee was picked up for scrutiny under the category of limited scrutiny. This fact is established from the assessment order and also the notice issued under section 143(2) of the Act. CBDT instructions and the letter clearly establish that it’s […]...

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Assessment Invalid if Section 143(2) Notice Issued by DCIT Instead of ITO

M/s Boutique International Pvt. Ltd. Vs ITO (ITAT Delhi)

M/s Boutique International Pvt. Ltd. Vs ITO (ITAT Delhi) Assessment Invalid if Notice Under Section 143(2) Issued by DCIT Instead of ITO if Returned Income Below 30 Lakh as Per CBDT Instruction No.1/2011 for Corporate Assessee We find that assessee filed its return of income u/s. 139(1) of the Act on 29.8.2013 and the AO […]...

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Education cess paid on Income Tax & surcharge eligible for section 37(1) deduction

Nirpan Securities Pvt. Ltd. Vs ACIT (ITAT Mumbai)

Nirpan Securities Pvt. Ltd. Vs ACIT (ITAT Mumbai) We find that the issue in dispute herein is squarely covered by the decision of the Hon’ble Jurisdictional High Court in the case of Sesa Goa Ltd., vs. JCIT reported in 117 Taxmann.com 96 wherein the Hon’ble High Court had categorically held that education cess paid on […]...

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