"09 April 2021" Archive - Page 3

Related Party Transactions – Section 188 of Companies Act, 2013

How to Identify whether the proposed transaction is a Related Party Transaction u/s 188 of Companies Act, 2013 or not? 1st Stage (Preliminary test) 1. Is it a transaction (Contract or arrangement) that falls under Section 188(1)(a) to (g) of the Companies Act, 2013 (the Act)?; AND 2. Is it a related Party in terms […]...

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Posted Under: Company Law |

Advertising Expenses incurred wholly & exclusively for business allowable

CIT Vs Miele India Pvt. Ltd. (Delhi High Court)

CIT Vs Miele India Pvt. Ltd. (Delhi High Court) Mr. Chandra, did draw our attention to the AO’s view qua the issue, which was, that the advertising expenditure had been incurred to build a brand, i.e., goodwill and therefore, should not be allowed as a deduction, it does not impress us. There is nothing on […]...

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Basics of Incorporation of Companies through SPICE+ FORM

SPICE Forms referred to the form through which a Company was Incorporated as per the Companies Act, 2013. This was an E-form available in the MCA website which helped in incorporating a company. However, a new form was introduced by the Ministry of Corporate Affairs (MCA) for incorporation of companies known as ‘SPICE+ (INC-32)̵...

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Posted Under: Company Law |

DGFT & TCS—Awardees for worst implementation of software in the world?

The DGFT is a facilitator & TCS the chosen implementer for the DGFT platform. TCS is a multi-billion-dollar company operating worldwide but it appears that while working with the Indian bureaucracy the best hit the bottom & bite the dust & this seems to be the case. Granting status recognition should not require any applicatio...

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Posted Under: Company Law |

Filing of GST Appeal Electronically or Otherwise Defined by HC

Sri Lakshmi Venkateswara Vs State of Andhra Pradesh (High Court Andhra Pradesh)

Sri Lakshmi Venkateswara Vs State of Andhra Pradesh (High Court Andhra Pradesh) The Counsel for the petitioner submits that since the Assessment Order copies were received manually, there was no occasion for the petitioner to submit grounds of appeal electronically as he has to file the order copies and other relevant documents along with...

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Regular hearing via Video conference at NCLT w.e.f. 12.04.2021

File No. 10/03/2021-NCLT 09/04/2021

Due to sharp increase in COVID-19 cases throughout the It has been decided to take up regular hearing through Video Conference w.e.f. 12.4.2021 at all NCLT Benches. The Benches shall sit as per Rule 9 of NCLT Rules, 2016- sitting hours of the Tribunal:...

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No addition for alleged bogus share capital if Identity of Shareholders Known to Department

Kalinga Conduits Electricables (P) Ltd. Vs PCIT (ITAT Delhi)

It was held that even if the shareholders are bogus, addition cannot be made in the hands of the assessee and addition can be made only in the hands of such bogus shareholders if their identity is known to the Department....

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IRDAI Penalises Royal Sundaram General Insurance Co. ltd

Ref: IRDA/NL/ORD/MISC/085/04/2021 09/04/2021

iolation of para 15(16) of MISP Guidelines by utilizing services and making payments to motor dealers under existing arrangements with whom no MISP distribution agreement was in place....

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Disclosure details of Building Wise sold/ booked inventory in prescribed format: MahaRera

Circular No. 29/2021 09/04/2021

Whereas in order to give more clarity to the purchasers anti to avoid multiple transactions of Flats/plots, it is necessary to provide the information in the standard Format and thereby providing directions to update the requisite information as soon as sale is concluded or booking is made....

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IBBI (Pre-packaged Insolvency Resolution Process) Regulations, 2021

Notification No. IBBI/2021-22/GN/REG071 09/04/2021

Insolvency and Bankruptcy Board of India notifies the Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021....

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June 2021