"14 July 2021" Archive - Page 4

SC set aside provision of Tribunal Reforms Ordinance 2021 fixing term of members of Tribunal at 4 years

Madras Bar Association Vs Union of India (Supreme Court)

The declaration of  Court in para 53(iv) of MBA-III should prevail and the term of Chairperson of a Tribunal shall be five years or till she or he attains the age of 70 years, whichever was earlier and the term of Member of a Tribunal should be five years or till she or he attained the age of 67 years, whichever is earlier....

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MF Trustees must get unit-holders’ consent before winding up a scheme: SC

Franklin Templeton Trustee Services Private Limited and Another Vs Amruta Garg and Others (Supreme Court of India)

Franklin Templeton Trustee Services Private Limited and Another Vs Amruta Garg and Others (Supreme Court of India) Prior-consent from the unitholders if necessary even when the trustees ‘decide to wind up’ a scheme under Regulation 39(2)(a), would inevitably delay the publication of public notices as envisaged by Regulation 39(3). The...

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Withdraw cases registered under Section 66A of I-T Act, 2000: MHA

No. 21021/46/2016-IS-II/M 14/07/2021

It has been brought to our notice through an application in Hon'ble Supreme Court that FIRs are still being lodged by some police authorities under the struck down provision of Section 66A of IT, Act, 2000. Hon'ble Supreme Court has taken a very serious view in the matter....

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Blatant violations of COVID norms | MHA advisory to States

D.O. No. 40-3/2020-DM-I (A) 14/07/2021

However, blatant violations of COVID norms have been observed in several parts of the country, especially in public transport and at hill stations. Massive crowds are also thronging the market places, violating norms of social distancing....

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Measures for expediting Customs Faceless Assessment & clearance processes

Standing Order No. 18/2021 | Public Notice No. 69/2021- JNCH 14/07/2021

CBIC has recently comprehensively reviewed the implementation of Faceless Assessment and deliberated on the further measures required for expediting the pace of assessment and Customs clearance of imported goods....

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RBI: Foreign exchange rate – The rise & ignominy of LIBOR

Reserve Bank of India vide its communication dated July 8, 2021 made an advisory to banks and other RBI-regulated entities emphasizing the need for preparedness for the transition away from London Interbank Offered Rate (LIBOR). Let us look at this most important message which has already shaken the foreign exchange world which virtuall...

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Posted Under: Income Tax |

LR of deceased not obliged to intimate death to Income tax deptt & get PAN cancelled

Sripathi Subbaraya Manohara L/H Late Sripathi Subbaraya Gupta Vs PCIT (Delhi High Court)

Delhi High Court quashed reopening notice as well as reassessment order & all consequential proceedings initiated in the name of deceased & also held, interalia, that the LR of deceased are not obliged to intimate death to Income tax deptt & get PAN cancelled & that reassessment order can be challenged in such cases in writ petition....

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Appointment, Role & Qualifications of Directors | Companies Act, 2013

According to Section 2(10) of Companies Act, 2013, Board of Directors or Board, in relation to a company, means the collective body of the directors of the company. Director is defined in Section 2 (34) as “director” means a director appointed to the Board of a company. A Company is an artificial person having a […]...

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Posted Under: Income Tax |

All About Corporate Law

What is Corporate Law? Corporate law is the group of laws, rules, guidelines, and practices that administer the arrangement and activity of corporations. It’s the assemblage of law that manages legal elements that exist to direct business. The laws address the rights and commitments of the entirety of individuals involved with formi...

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Posted Under: Income Tax |

Redemption of preference shares under Companies Act, 2013

Preference shares are suitable for investors who want a steady source of income without taking on the risks of volatility in the common shares. Preference shareholders also give up the upside potential of common shares as preference shares do not change their value substantially in any given holding period. Methods of Issue of Preference ...

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Posted Under: Income Tax |

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September 2021