Smart Vishwas Society Vs National Faceless Assessment Centre Delhi (Delhi High Court) In this case Petitioner, is correct in submitting that the provisions of Section 144B of the Act have been violated as no show cause notice-cum-draft assessment order was issued. That being the position, there is no option, but to set aside the impugned […]
The Capital Market Regulator has issued a Circular on June 01, 2021 to give effect to the provisions of the Finance Act, 2021 for providing tax exemption on transfer of portfolio investments of foreign funds to International Financial Services Centre (IFSC). SEBI has been quick enough to come out with the Circular in order to […]
Instances when Section 447 of Companies Act, 2013 (Fraud) has to be invoked – A quick recap of important provisions. The Companies Act of 2013, unlike its previous predecessor Act of 1956 have tried to list out various provisions or instances wherein Section 447, that exclusively deals with defining Fraud and its punishment, has to […]
Company To Have Board Of Directors under Section 149 of Companies Act, 2013 COMPANY TO HAVE BOARD OF DIRECTORS 1. Number of Directors Every company shall have a Board of Directors consisting of individuals as directors Company Minimum Maximum Public Company 3 15 Private Company 2 One Person Company 1 Company may appoint more than fifteen directors after […]
In view of further streaming the process of on boarding of AIFs in IFSC an application format has been designed as annexed. All the AIFs seeking registration shall be required to submit the application in the above stated format.
Expert Committee on Variable Capital Company submits its report to the International Financial Services Centres Authority (IFSCA) Dr. K.P. Krishnan headed expert committee on Variable Capital Company has submitted its report on the feasibility of Variable Capital Companies in the International Financial Services Centres to the Chairperson of the International Financial Services Centres Authority (IFSCA), […]
Government issues Operational guidelines for Production Linked Incentive Scheme of Pharmaceuticals Applications invited from industry With an aim to enhance India’s manufacturing capabilities by increasing investment and production in the sector and to contribute to product diversification to high value goods in the pharmaceutical sector, Department of Pharmaceuticals notified the ‘Production Linked Incentive (PLI) Scheme […]
The law does not oblige a trader to make the maximum profit that he can out of his`trading transactions. Income which accrues to a trader is taxable in his hands: income which he could have, but has not earned is not made taxable as income accrued to him.
Jagadish Nangineni Vs Directorate of Enforcement (Punjab and Haryana High Court) Conclusion: Since ED alleged that both assessees were actively involved in the planning and execution of all the transactions involving repeated transfer of funds and were accused of serious economic offences, therefore, grant of anticipatory bail to assessees at this stage would certainly result […]
Seeks to amend notification No. 06/2019- Union Territory Tax (Rate) so as to give effect to the recommended by GST Council in its 43rd meeting held on 28.05.2021 vide Notification No. 03/2021-Union territory Tax (Rate) | Dated 2nd June, 2021. MINISTRY OF FINANCE (Department of Revenue) New Delhi Notification No. 03/2021-Union territory Tax (Rate) | […]
