"15 January 2021" Archive

New MCA Scheme for condonation of delay for certain companies

General Circular No. 03/2021 15/01/2021

Scheme for condonation of delay for companies restored on the Register of Companies between 01 December 2020 and 31 December 2020,  under section 252 of the Companies Act, 2013 ...

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ICAI mulls to use AI to identify Non-compliances in Financial Statements

The Institute of Chartered Accountants of India through its Financial Review Reporting Board (ICAI-FRRB) is gearing up for another milestone towards technological advancement by way of utilising Artificial Intelligence (AI) to systematically identify the non-compliances in financial statements to make the review process more robust....

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Posted Under: Company Law |

Fake GST invoice: White collar offences more serious than offences like murder, dacoity etc.

Tejas Pravin Dugad Vs Union of India (Bombay High Court)

Tejas Pravin Dugad Vs Union of India (Bombay High Court) The Petitioners are directors of M/s. Ganraj Ispat Private Limited company and the company is registered under the provisions of the Central Goods and Services Tax Act, 2017 (GST Laws) (the Act). It has registered office at Supa, District Nagar, Maharashtra. One Tushar Munot, sole [...

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Issue of short TDS deduction by Dish TV India remanded back to CIT(A)

Dish TV India Ltd. Vs CIT (ITAT Delhi)

CIT (A), notwithstanding the fact that in Financial year 2010-11 he had held that the payments were not in the nature of services falling under section 194J, not only ignored his appellate order in Financial Year 2010-11 but also chose to brush aside the explanations and evidences supplied by assessee without examining the same in detail....

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India’s Foreign Trade Data: December 2020

India’s overall exports (Merchandise and Services combined) in April-December2020-21* are estimated to be USD 348.49Billion, exhibiting a negative growth of (-)12.65per cent over the same period last year. Overall imports in April-December 2020-21* are estimated to be USD 343.27Billion, exhibiting a negative growth of (-) 25.86per cent ...

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Posted Under: Company Law |

Bail denied to Person Accused of Wrongfully Availing ITC

State Vs. Satinder Kumar (Rohtak Court)

State Vs. Satinder Kumar (Rohtak Court) The present order shall dispose of an application under Section 167(2) Cr.P.C moved by petitioner Satinder Kumar Singla. 2. Briefly said, it is the contention of the applicant that he was arrested in the present case on 12.11.2020 in connection with the matter referred as file no. C.No. IV(6)DGGI/RR...

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Section 50C: Benefit of Higher Tolerance band of 10% is retrospective

Maria Fernandes Cheryl Vs ITO (ITAT Mumbai)

Maria Fernandes Cheryl Vs ITO (ITAT Mumbai) Once legislature very graciously accepts, by introducing the legal amendments in question, that there were lacunas in the provisions of Section 50 C in the sense that even in the cases of genuine variations between the stated consideration and the stamp duty valuation, anti-avoidance provisions ...

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Penny Shares: Delhi HC deletes addition of alleged bogus LTCG

PCIT Vs Krishna Devi (Delhi High Court)

In the instant case, the AO had proceeded predominantly on the basis of the analysis of the financials of M/s Gold Line International Finvest Limited. His conclusion and findings against the Respondent are chiefly on the strength of the astounding 4849.2% jump in share prices of the aforesaid company within a span of two years, which is n...

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Addition cannot be made Merely based on Statement recorded during survey

Poddar Rubber Industries Vs. DCIT (ITAT Kolkata)

Poddar Rubber Industries Vs. DCIT (ITAT Kolkata) The assessee had discharged its primary onus in proving the transaction on F&O by producing the corroborating evidence before the AO/Ld. CIT(A). Both the authorities could not find any infirmity on these documents. However, the AO discarded the primary documents produced by the assessee...

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CFSS-2020 Form available for filing

Availability of Companies Fresh Start Scheme-2020 Form as e-form w.e.f. 16th January, 2021 Companies Fresh Start Scheme, 2020 was a scheme which given a chance to enable companies to make good of any filing-related defaults, irrespective of the duration of default, and make a fresh start as a fully compliant entity. Companies Fresh Start ...

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Posted Under: Company Law |

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July 2022