"07 March 2021" Archive

Abridged Annual Return in Form MGT-7A for OPCs & Small Companies

01/01/1970

Recently, two notifications have been issued by Ministry of Corporate Affairs (MCA) on 5th March, 2021. First Notification is with regard to notify the date of applicability of amendment in Section 92 of Companies Act, 2013 (CA, 2013) which deals with Annual Return of the Company and was made by Companies (Amendment) Act, 2017  but [&hel...

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Posted Under: Company Law |

How to get first FC-GPR approved – In case of a Greenfield Project?

01/01/1970

What do you mean by a Greenfield Project? Getting your hands on to any new industry can be broadly referred to as Greenfield project and Brownfield project. Meaning of the aforesaid terms are mentioned hereunder: 1. Greenfield project refers to completely new venture that has to be executed from scratch viz a viz setting up […]...

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Posted Under: Company Law |

Section 132(13) & 131(1)(a) of Income Tax– Unexplored Provisions

01/01/1970

Search and Seizure under CRPC  and it’s reference under Section 132(13) Section 132 (13) of Income Tax Act 1961 make a reference of provisions on Search and Seizure contained under Criminal Procedure Code 1973. Importance of these provisions can be appreciated from the fact that even though the Law complying authority is Quasi Judicial...

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Posted Under: Company Law |

Analysis of MCA amendments vide notifications dated 5th March 2021

01/01/1970

MCA on 5 March. 2021 has made some amendments with 3 different notifications.  Let us know about those amendments through this article.  Summary of amendments made  ♣ Provisions of Section 23(1) to be made applicable w.e.f. 5 March, 2021  ♣ Insertion of Option for Aadhaar Authentication for GST Registration for Company Incorporati...

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Posted Under: Company Law |

Investor Guide for Rights Issue

01/01/1970

After the implementation of the SEBI circular SEBI/HO/CFD/DIL2/CIR/P/2020/13 dated 22/01/2020 for Streamlining the Process of Rights Issue the concept of dematerialized Rights Entitlements (RE’s) came into force. While the Rights issue is not a new process but the trading in RE’s is something unheard of by the Investors before. RE t...

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Posted Under: Company Law |

Section 271(1)(b) penalty not imposable when assessee finally complied with notice(s)

Gyan Mata Radha Satyam Kriyayog Ashram Research Institute Vs ITO (ITAT Allahabad)01/01/1970

Gyan Mata Radha Satyam Kriyayog Ashram Research Institute Vs ITO (ITAT Allahabad) On the one hand, the Assessing Officer has given the date of compliances in the above table whereas the penalty was imposed on the ground that the above notices were not complied by the assessee. Further, the Assessing Officer has also stated that […]...

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Memory Loss is not valid explanation for not explaining Cash Deposit Source

Smt. Anasuya Basi Reddy Vs ITO (ITAT Bangalore)01/01/1970

Smt. Anasuya Basi Reddy Vs ITO (ITAT Bangalore) The Assessing Officer in the impugned assessment order had made addition of Rs.50,000 as unexplained cash credits in the bank account of the assessee. The said amount has been deposited in Karnataka Bank saving bank account on 07.04.2007 (cash deposit). Before the Assessing Officer, the asse...

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HC orders release of Trucks seized from office premises of writ applicant

Surya Roadways Vs Senior Intelligence Officers (SIO) (Gujarat High Court)01/01/1970

Surya Roadways Vs Senior Intelligence Officers (SIO) (Gujarat High Court) The short point for the consideration of this Court is whether the two trucks could have been seized under Section 129 of the Act, 2017, more particularly when both the trucks were not in transit carrying any goods. Indisputably both the trucks were seized from [&he...

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TDS not deductible by Uber India on Payments to Driver Partners

Uber India Systems Private Limited Vs JCIT (ITAT Mumbai) 01/01/1970

Uber India Systems Private Limited Vs Jt. CIT (ITAT Mumbai) Uber B.V. is involved in rendering lead generation service to the Driver-Partner and transportation service is not provided by Uber B.V. or UISPL. The transportation service is provided by the Driver- Partner to the User for which the car is arranged by the Driver-Partner, all [&...

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Taxes paid abroad allowable as deduction in computation of income: ITAT Mumbai

Bank of India Vs ACIT (ITAT Mumbai)01/01/1970

Bank of India Vs ACIT (ITAT Mumbai) To sum up, the assessee is declined the foreign tax credits for Rs 182,64,22,948, and, accordingly, we hold that the assessee is not entitled to seek a refund of that money from the Indian tax exchequer. As we hold so, we may add that in the present case, […]...

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