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Archive: 08 April 2021

Posts in 08 April 2021

Securities and Exchange Board of India Act, 1992

April 8, 2021 1983 Views 0 comment Print

Securities and Exchange Board of India Act, 1992 (As amended by the Finance Act, 2021 (13 of 2021) w.e.f. April 1, 2021) Securities and Exchange Board of India Act, 1992 SECTIONS CHAPTER I PRELIMINARY 1. Short title, extent and commencement 2. Definitions CHAPTER II ESTABLISHMENT OF THE SECURITIES AND EXCHANGE BOARD OF INDIA 3. Establishment […]

Letters bearing name & Logo of NeAC will be deemed as issued by NaFAC

April 8, 2021 1869 Views 0 comment Print

All orders/notices/letters/instructions/any other communications issued by the `National Faceless Assessment Centre’ (NaFAC) on or after 01.04.2021 bearing the logo and name ‘National c-Assessment Centre’ (NeAC) shall be deemed to have been issued by ‘National Faceless Assessment Centre’ (NaFAC).

Excise due cannot be demanded on mere presumption without any evidence

April 8, 2021 1092 Views 0 comment Print

Supermax Personal Care Pvt. Ltd. Vs Union of India (Bombay High Court) In the order in original dated 20.11.2019 the adjudicating authority had recorded a clear finding that the only presumption for the demand was that because the maximum retail price of the goods manufactured at Una, Himachal Pradesh and those manufactured elsewhere by the […]

CAIT request Maha Govt to Reconsider & amend Break The Chain order

April 8, 2021 372 Views 0 comment Print

In the wake of steep rising cases of COVID in the State of Maharashtra here is no doubt that citizens should be protected from corona virus. But the most pertinent question arises whether total lockdown of trade and business is the only and practical solution to curb increasing cases of Covid pandemic.

CAIT India requests for a centralized plan to issue covid guidelines

April 8, 2021 402 Views 0 comment Print

We are of the opinion that this step of Maharashtra Government may be followed by other States independently which may hamper the trade to a great extent be­cause large quantities of trade is based on inter-state transactions and different rules in different states will cripple the economy and the trade particularly the inter-state and intra-state trade. We estimate a business loss of about Rs. One lakh crore in a month in Maharashtra.

Customs Act, 1962 cannot be extended beyond India

April 8, 2021 1524 Views 0 comment Print

Discover the implications of Section 1(2) of the Customs Act, 1962 in the case of Seville Products Ltd. vs Commissioner of Customs, Ludhiana. Uncover why the CESTAT Chandigarh sets aside the penalty imposed on an appellant located outside India.

LLP can enter into a partnership with individual or other persons

April 8, 2021 16773 Views 0 comment Print

Jayamma Xavier Vs Registrar of Firms (Kerala High Court) Section 4 of the Partnership Act permits Constitution of a firm or partnership between one or more persons. In this case the partnership deed was executed between an individual and an LLP which is a body corporate having a legal entity and coming within the definition […]

ITAT accepts 50% of Marriage Gifts as Source of Cash Deposit

April 8, 2021 4107 Views 0 comment Print

Venkatesh Soutoor Tirupati Vs ITO (ITAT Hyderabad) As regards the cash withdrawals and the marriage gifts from others and gift from his brother as sources for the balance of cash deposit is concerned, I find that the Assessing Officer has held the ATM withdrawals and also 2/3rd of the gifts at the time of marriage […]

Mandatory HSN /SAC Code Requirement In GST

April 8, 2021 103182 Views 3 comments Print

𝐇𝐒𝐍 / 𝐒𝐀𝐂 𝐂𝐎𝐃𝐄 𝐌𝐀𝐍𝐃𝐀𝐓𝐎𝐑𝐘 𝐅𝐑𝐎𝐌 𝟎𝟏𝐬𝐭 𝐀𝐏𝐑𝐈𝐋 𝟐𝟎𝟐𝟏 The Taxpayers whose aggregate Turnover is up to Rs. 5 crores in the preceding Financial Year HSN / SAC code of 4 digits is mandatory for all the B2B tax invoices and optional for B2C tax invoices on the supplies of Goods and Services. The Taxpayers […]

Procedure For Further Issue of Shares on the Basis of Right Under Companies Act 2013

April 8, 2021 11016 Views 1 comment Print

Sec. 62(1)(a) of Companies Act 2013 Right issue means offering shares to existing members in proportion to their existing share holding. Thus it is an invitation to the existing shareholders to buy new shares in their proportion of existing shareholding. Equal distribution of shares and proportion of voting right is not affecting by issue of […]

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