"06 August 2021" Archive - Page 5

Final IRDAI Order in the matter of Corporation Bank, Corporate Agent

Ref. No:IRDAI/ENF/ORD/ONS/227/08/2021 06/08/2021

Bank is having Corp Mediclaim Product group health insurance tie up with the New India Assurance Company limited to fulfill the health insurance requirements of bank account holders. The CA requested the New India insurance company (NIACL) about rectification of wrong group size....

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6 Key decision taken by SEBI Board in its meeting on 06th August 2021

Press Release No. 24/2021 06/08/2021

1. The companies will be allowed to provide share based employee benefits to employees, who are exclusively working for such company or any of its group companies including its subsidiary or its associate. 2. The companies will have flexibility in switching the administration of their schemes from the trust route to the direct route an...

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Transition from LIBOR to an alternative reference rate shall not be treated as restructuring of derivative contract

RBI/2021-22/81 DOR.MRG.39/21.04.157/2021-22 06/08/2021

It is clarified that change in the terms of a derivative contract on account of change in reference rate necessitated due to transition from LIBOR to an alternative reference rate shall not be treated as restructuring of the derivative contract provided all other parameters of the original contract remain unchanged....

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Services of construction of R&R Colony taxable under Works Contract Service

In re Adani Enterprises Limited (GST AAR Madhya Pradesh)

In re Adani Enterprises Limited (GST AAR Madhya Pradesh) Q1.  Whether the services of construction of the R&R Colony supplied by the Applicant would be taxed as a part of the composite supply of mining service or the same would be taxed separately as a supply of works contract service. In respect of 1st question, […]...

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GST leviable on residential land provided on lease basis

In re Gwalior Development Authority (GST AAR Madhya Pradesh)

In re Gwalior Development Authority (GST AAR Madhya Pradesh) Q1. We are providing residential land on lease basis for which we are charging or receiving lease premium whether GST is leviable or not? It is well accepted that in the case of ambiguity in a provision of law, the interpretation shall be liberal. However, in […]...

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GST on Supply of LPG & Related services to industrial users

In re SHV Energy Private Limited (GST AAR Telangana)

In re SHV Energy Private Limited (GST AAR Telangana) 1. Whether sale of LPG, Collection of Take or Pay Charges for not lifting minimum assured quantity and rental charges for Supplier Gas System installed at the customer premises to store the LPG which is a condition precedent for supply of LPG be treated as composite supply […]...

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Composite Supply under GST & importance of having “A Principal Supply”

The Central Goods and Services Act 2017, was admittedly an Act which drew inspiration from the earlier laws, and also brought in concept to nullify issues brought up due to jurisprudence of past Acts. But, while trying to iron out the wrinkles of the past, could it have unintentionally brought in issues for the future? […]...

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Posted Under: Corporate Law |

Section 271(1)(c) penalty not leviable when AO levied penalty under both charges

ITO Vs Shri Udaykumar D. Bhatt (ITAT Ahmedabad)

ITO Vs Shri Udaykumar D. Bhatt (ITAT Ahmedabad) Section 271(1)(c) cast responsibility upon the AO to reach the clear finding with respect to levy of penalty under the specific charge and if the AO fails to do so then the penalty cannot be levied as such penalty order shall not be maintainable in the eyes […]...

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SC: Amazon got relief in arbitration dispute with Future Retail Limited on it’s merger with Reliance Group

Amazon.Com Nv Investment Holdings LLC Vs Future Retail Limited (Supreme Court of India)

SC HELD in favour of Amazon in a case that pitched Amazon.Com against India’s original retail king Kishore Biyani’s Future Group and Mukesh Ambani’s Reliance Retail, which is set to go big on e-commerce....

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Safeguarding Digital Data & Best Practices for Cyber Security

The digital data has ingrained itself as an integral part of modern business. It has transformed the way business is conducted and opened grand vistas.  With opportunity however, comes responsibility.   The cyber world has unfortunately plenty of potential for someone with malicious intent. With remote working and increasing cyber atta...

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Posted Under: Corporate Law |

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