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Archive: 06 April 2021

Posts in 06 April 2021

Auditor Appointment by Companies under Companies Act, 2013

April 6, 2021 97155 Views 9 comments Print

Article explains Why does a company need to appoint an auditor, What are different types of Audit under companies Act, 2013, How is Statutory Auditor Appointed, How will the Auditor be appointed to fill the Casual Vacancy and  Rotation of Auditor of Companies under Companies Act, 2013. 1.  Why does a company need to appoint […]

Residential certificate is not a proof of citizenship: HC

April 6, 2021 1173 Views 0 comment Print

Re. Khadija Begam (Calcutta High Court) The Calcutta High Court has recently observed that It is needless to say that residential certificate may be obtained by any resident, he may be an Indian National or Foreign National, if he stays at a particular place. Residential certificate is not a proof of citizenship. FULL TEXT OF […]

Opportunity of hearing to affected parties is to be given before taking action

April 6, 2021 2658 Views 0 comment Print

Rajdeep Clothing and Advisory Pvt. Ltd Vs Brijesh Kumar Mishra (NCLT Ahmedabad) Whether opportunity of hearing to the affected parties is to be given before taking such action? It is a legitimate expectation, both in equity and in law that person who is going to be punished or again whom some adverse action is being […]

Do not restrict use of ‘C’ Forms for inter-State purchases of High Speed Diesel

April 6, 2021 2220 Views 0 comment Print

Sasi Anand Spinning Mills India P Ltd. Vs State of Tamil Nadu (Madras High Court) The Appellant State and the Revenue Authorities are directed not to restrict the use of ‘C’ Forms for the inter-State purchases of six commodities by the Respondent/Assessees and other registered Dealers at concessional rate of tax and they are further […]

Setting up of LPCC by AMCs of Mutual Funds

April 6, 2021 513 Views 0 comment Print

It was prescribed, inter alia, that the contribution from AMCs shall be in proportion to the Average AUM of open ended debt oriented mutual fund schemes (excluding overnight, gilt fund and gilt fund with 10-year constant duration but including conservative hybrid schemes) managed by them for the Financial Year (FY) 2019-20.

Section 271(1)(c) Penalty imposed without specifying the limb is invalid

April 6, 2021 9105 Views 0 comment Print

Glory Lifesciences Pvt. Ltd. Vs ACIT (ITAT Delhi) It is an admitted fact that before levy of the penalty A.O. has issued show cause notice Dated 20.06.2014 in all the years in which A.O. has mentioned both the limbs of Section 271(1)(c) of the I.T. Act that assessee have concealed the particulars of your income […]

Section 153C Assessment invalid if Satisfaction not recorded & If section 153C notice not issued

April 6, 2021 3252 Views 0 comment Print

No satisfaction note have been recorded under section 153C of the I.T. Act. The A.O. passed the assessment order for the assessment year under appeal i.e., 2013-2014 under section 143(3) considering the preceding A.Y. 2012-2013 to the year of the search.

A Bird’s eye View on SEBI’s Consultation paper for review of provisions of Independent Director

April 6, 2021 1482 Views 0 comment Print

INTRODUCTION ♦ The concept which was first introduced in the 1998 CII Report was enthusiastically endorsed by the Kumar Mangalam Birla Committee Report which asserted that the independent directors have “a key role in the entire mosaic of corporate governance” in India. This faith in the person of the independent director has been reflected in […]

ITR-4–Validation Rules for AY 2021-22

April 6, 2021 4602 Views 1 comment Print

Central Board of Direct Taxes, e-Filing Project ITR 4 – Validation Rules for AY 202 1-22 Version 1.0 2nd April 2021 Directorate of Income Tax (Systems) E-2, A.R.A. Centre, Ground Floor Jhandewalan Extension New Delhi – 110055 Document Revision List Document Name: ITR 4 – Validation Rules for AY 202 1-22 Version Number: 1.0 Revision […]

ITR-1–Validation Rules for AY 2021-22

April 6, 2021 17868 Views 8 comments Print

ITR 1 – Validation Rules for AY 2021-22 Version 1.0 2nd April 2021 Directorate of Income Tax (Systems) E-2, A.R.A. Centre, Ground Floor Jhandewalan Extension New Delhi – 110055 Document Revision List Document Name: ITR 1 – Validation Rules for AY 2021-22 Version Number: 1.0 Revision Details Version No. Revision Date Revision Description Page Number […]

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