"10 November 2021" Archive

Joint Representation on NFRA Consultation Paper on Statutory Audit

9th November, 2021 To, Shri Ashok Kumar Gupta Chairperson National Financial Regulatory Authority chairperson@nfra.gov.in Subject: – Joint Representation on Consultation Paper – September, 2021 on Statutory Audit and Auditing Standards for Micro, Small and Medium Companies (MSMCs) 1. Bombay Chartered Accountants’ Society 2. Karn...

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Posted Under: Company Law | ,

A brief on Foreign Contribution Regulations in India

FCRA i.e. Foreign Contribution Regulation Act was earlier enacted in year 1976 by Ministry of Home Affairs (MHA) to regulate the foreign funding that received by various charitable institute, political parties, print and other media and to prevent the foreign organizations or individuals from influencing the social, political economic and...

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Posted Under: Company Law |

DGFT notifies ‘Hamilton Steel Logistics Inc’ as PSIA

Public Notice No. 34/2015-2020-DGFT 10/11/2021

M/s Hamilton Steel Logistics Inc is recognized for Pre-Shipment Inspection Certificates as per provision of Para 2.55(e) of HBP, 2015-20 from the date of issue of this Public Notice. Details of approved spectrometers and survey meters for issuance of PSIC by this agency are annexed....

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FAQs on Master Directions on Priority Sector Lending Guidelines

Priority Sector includes the following categories: (i) Agriculture (ii) Micro, Small and Medium Enterprises (iii) Export Credit (iv) Education (v) Housing (vi) Social Infrastructure (vii) Renewable Energy (viii) Others. ...

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Posted Under: Company Law |

CAIT requests CCI to revoke approval given to Amazon regarding Future Group acquisition

In a detailed representation sent today to Competition Commission of India (CCI), Confederation of All India Traders (CAIT) requested the CCI to revoke the approval given to Amazon in 2019 regarding the acquisition of the Future Group. Confederation of All India Traders (CAIT) Ref. No.: 3198/1/50 08th November, 2021 Shri Ashok Kumar Gupta...

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Posted Under: Company Law |

Service Tax on Coal Block Cancellation Compensation

MNH Shakti Limited Vs Commissioner, Central Goods And Service Tax & Central Excise, Rourkela (CESTAT Kolkata)

Hon’ble CESTAT, Kolkata Bench, vide its Order No. 75689/2021 dated 10.11.2021 has pronounced its judgement on a very important and vexed issue, in favour of the assessee, which will benefit many Corporates which have received similar demand notices for levy of Service Tax on the compensation amount received by them, consequent to cancel...

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Credit Information Companies (Amendment) Regulations, 2021

Notification No. DOR. SIG. FIN. No. 52140/20.16.050/2021-22 10/11/2021

(1) These regulations may be called the Credit Information Companies (Amendment) Regulations, 2021. (2) They shall come into force on the date of their publication in the official gazette....

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Complaint filed by Company cannot be denied merely because Managing Director’s name appeared first in complaint

Bhupesh Rathod Vs Dayashankar Prasad Chaurasia & ANR. (Supreme Court of India)

Bhupesh Rathod Vs Dayashankar Prasad Chaurasia (Supreme Court of India) Complaint filed by Company u/s 138 of NI Act could not be denied merely because Managing Director’s name appeared first in complaint. Conclusion: Merely because Managing Director’s name appeared first as acting on behalf of the Company on the registered compla...

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Return filing process for Tax Audits under New Income Tax Portal

Return filing process for Tax Audits under New Income Tax Portal-Form 3CB, 3CD and DSC registration for Tax professionals(CA) How to file 3CB & 3CD for Tax Audit Cases under New Income Tax Portal : Step 1 : First  login to  taxpayers account   –  https://eportal.incometax.gov.in/iec/foservices/#/login Step 2 : Navigate to ...

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Posted Under: Company Law |

No additions for cash deposit duly explained with cash flow statement 

Smt. Renukaben Umedsinh Parmar Vs ITO (ITAT Surat)

Smt. Renukaben Umedsinh Parmar Vs ITO (ITAT Surat) The assessing officer made addition by taking his view that assessee is a Government Employee and was maintaining bank account and that a person who is maintaining bank account will not keep such huge cash in hand which is abnormal. The ld.CIT(A) concurred with the finding of […]...

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