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Archive: 12 May 2021

Posts in 12 May 2021

Advocates-on-Record Examination, 2021 Postoponed

May 12, 2021 543 Views 0 comment Print

Competent Authority, after consideration of the requests received from various quarters for postponement of the Advocates-on-Record Examination, 2021 and for ensuring the safety and well-being of the candidates and the examination functionaries, has been pleased to postpone the AOR Examination which was scheduled to be held from 8th to 11th June, 2021. The fresh dates for the said Examination shall be intimated in due course.

No link between 5G technology and spread of COVID-19

May 12, 2021 663 Views 0 comment Print

It has come to the notice of the Department of Telecommunications (DoT),  Ministry of Communications that several misleading messages are being circulated on various social media platforms claiming that the second wave of coronavirus has been caused by the testing of the 5G mobile towers. As per a press statement issued by DoT these messages […]

SC: UPPTCL acted in excess of power to realize labour cess under Cess Act by withholding dues

May 12, 2021 1323 Views 0 comment Print

UPPTCL had no power and authority and or jurisdiction to realize labour cess under the Cess Act in respect of the first contract by withholding dues in respect of other contracts and/or invoking a performance guarantee. The finding of the High Court was sustainable as UPPTCL acted in excess of power by its acts impugned, when there was admittedly no assessment or levy of cess under the Cess Act.

An Introduction to ‘Public Policy’ under Arbitration Act of 1996

May 12, 2021 1353 Views 0 comment Print

An arbitral award may be set aside if the court finds that the award is in conflict with the public policy of India. Without prejudice to the generality of clause 34(ii)(b), it is hereby declared, for the avoidance of any doubt, that an award is in conflict with the public policy of India if the […]

Recent Guidelines of SEBI concerning ‘Refunds’ in Rights Issue

May 12, 2021 777 Views 0 comment Print

SEBI recently came up with new and fresh guidelines that specifically pertains to refund of partially allotted and unallotted applications concerning Rights Issue. These guidelines were issued vide Circular No. SEBI/HO/CFD/DIL2/CIR/P/2021/552 Dated: April 22, 2021 and Crux of this Circular is as follows:- ♦ Now the applications are allowed to be received only through one […]

Cash Receipts from Sales during Demonetisation cannot be added As Income if No Defect in Stock of Assessee

May 12, 2021 7335 Views 0 comment Print

ACIT Vs Hirapanna Jewellers (ITAT Visakhapatnam) In the instant case the assessee has established the sales with the bills and representing outgo of stocks. The sales were duly accounted for in the books of accounts and there were no abnormal profits. In spite of conducting the survey the AO did not find any defects in […]

Section 135 Corporate Social Responsibility & Schedule VII (CSR)

May 12, 2021 26847 Views 0 comment Print

Section 135 Corporate Social Responsibility Constitution of CSR Committee (1) Every company having -Net worth of Rs. 500 crore or more, or -Turnover of Rs.1000 crore or more or -Net profit of Rs.5 crore or more during the immediately preceding financial year shall constitute a CSR Committee of the Board consisting of three or more […]

No proceedings could be initiated to recover claims not part of approved resolution plan

May 12, 2021 2682 Views 0 comment Print

Once a resolution plan is duly approved by the Adjudicating Authority under subsection (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the Corporate Debtor and its employees, members, creditors, including the Central Government, any State Government or any local authority, guarantors and other stakeholders.

Income by way of interest on compensation or on enhanced compensation referred to in Section 145B(1) [Section 56(2)(viii)]

May 12, 2021 61284 Views 1 comment Print

As per section 56(2)(viii), any income by way of interest received on compensation or on enhanced compensation, as the case may be, shall be chargeable to tax under the head ‘Income from other sources‘, and as per section 145B(1) such income shall be deemed to be the income of the year in which it is […]

Right Time To File Income Tax Return For AY 2021-22

May 12, 2021 159279 Views 78 comments Print

Learn about the right time to file your income tax return for AY 2021-22 and the required documentation for filing. Don’t miss the deadlines!

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