"05 January 2021" Archive

Representation for further extension of CFSS 2020

Due to the various ground realties the corporates have not been able to take benefit of the scheme. Therefore in these difficult times the extension of CFSS, 2020 is imperative and paying such hefty penalties & fines will not be in best interest of all stakeholders. Thus we request your good office to extend the CFSS, 2020 and other r...

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Posted Under: Company Law | ,

Auditor cannot share client info with Credit Rating Agencies unless permitted: ICAI

It is hereby clarified that under the provisions of Chartered Accountants Act,1949 it is not permissible to members to share client information with the CRAs, except if permitted by the Auditee client....

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Posted Under: Company Law |

Refusal to accept delivery of notice is deemed acceptance of delivery & service of notice

Sri D. Srinivasa Rao Vs. Vaishnovi Infratech Ltd (NCLAT): Company Appeal (AT) (Insolvency) No. 880 of 2020

Sri D. Srinivasa Rao Vs. Vaishnovi Infratech Ltd (NCLAT) Brief Facts: An application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Respondent- ‘Vaishnovi Infratech Ltd.’ (Corporate Debtor) filed by the Appellant- Operational Creditor was rejected by the Adjudicating Authority (National Company Law Tribunal), Hyde...

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Posted Under: Company Law | |

No capital gain tax liability on receipt of credit in partner’s capital account due to revaluation of firm

Lupin Investments Private Limited Vs DCIT (ITAT Mumbai)

Since assessee did not receive any sum over and above the value of its investments from partnership firm on revaluation of assets, therefore, there could not be any levy of capital gains or any levy in the nature of income upon retirement of assessee from firm within the meaning of Section 2(24) in the hands of assessee....

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Outward Freight not to be considered for TP adjustment as same doesn’t operate from transaction perspective

Michelin India Pvt. Ltd. Vs DCIT (ITAT Delhi)

Outward freight in India except the freight for import of material distributed be not considered for adjustment as it is not operating from transaction perspective. ...

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Rule 86B of CGST Rules- Mysterious Puzzle

With effect from 01.01.2021 vide Notification No. 94 /2020 – Central Tax, dated 22nd December 2020 a new rule i.e., 86B is inserted to curb the ongoing fake invoices transactions. 1. Legal Provision: Notwithstanding anything contained in these rules, the registered person shall not use the amount available in the electronic credit ledge...

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Posted Under: Company Law |

SC Upholds Centre’s Plan For Central Vista Project by 2:1 Majority

Rajeev Suri Vs Delhi Development Authority & Ors. (Supreme Court of India)

Exercise of power by the Central Government under Section 11A(2) of the DDA Act, 1957 is just and proper and thus the modifications regarding change in land use of plot Nos. 2 to 8 in the Master Plan of Delhi, 2021/Zonal Development Plan for Zone-D and Zone-C vide impugned notification dated 20.3.2020 stands confirmed....

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Contradiction of GST Rule 36(4) with Section 16

The CBIC has introduced new Rule 36(4) vide Notification No: 49/2019-CT dt: 09.10.2019 which restricts Recipients from availing Input Tax Credit (ITC) over and above the ITC available in GSTR2A (Supplier Filed Data). This Rule is somehow contradictory to the Section 16 and let us see briefly how: Rule 36 (4)  “(4) Input tax credit [&he...

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Posted Under: Company Law |

Operationalisation of Payments Infrastructure Development Fund Scheme

RBI/2020-21/81 DPSS.CO.AD No.900/02.29.005/2020-21 05/01/2021

PIDF is intended to subsidise deployment of payment acceptance infrastructure in Tier-3 to Tier-6 centres with special focus on North-Eastern States of the country. It envisages creating 30 lakh new touch points every year for digital payments....

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IP violates code of conduct if fails to provide copies of certain records to Inspecting Authority

Order No. IBBI/DC/63/2021 05/01/2021

In view of above, the DC finds that Mr. Arumugam, as an RP, has contravened, the provisions of section 208(2)(a), clause 19 of the Code of Conduct under regulation 7(2)(h) of the IP Regulations for not providing the copies of certain records to the IA. The DC, therefore, in exercise of the powers conferred under […]...

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