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Archive: 13 November 2021

Posts in 13 November 2021

Verification of pleadings under CPC as amended by Commercial Courts Act, 2015

November 13, 2021 55077 Views 0 comment Print

Order VI of Civil Procedure Code (CPC) deals with pleadings in general. Order VII deals with plaint and Order VIII deals with written statement.  Order VI, Rule 1 defines pleadings as follows: 1. Pleading: Pleading shall mean plaint or written statement. Pleading is nothing but what a party to a suit pleads in support of […]

RBI: Retail Direct Scheme – Gilt accounts

November 13, 2021 6384 Views 0 comment Print

We have heard of institutions dealing with government securities at various stages and many retailers wanted to invest or trade in them. RBI heard the requests of retailers and has come out with the following scheme, just yesterday. Let us learn the epoch- making development in detail. The highlights of the ‘RBI Retail Direct’ scheme […]

Rental income from sub-lease shall be considered as Business Income since same was business of assessee

November 13, 2021 7644 Views 0 comment Print

Shanthilal Movji Bhai Thakker Vs ITO (ITAT Chennai) ITAT held that rental income from sub-lease shall be considered as business income as the assesee was engaged in business of real estate development and the property in question was sub-leased in furtherance of their business. Shri Shanthilal Movji Bhai Thakker (“the Appellant”) aggrieved by the order […]

Deduction allowable on loss suffered by assessee on Foreign Exchange Fluctuation Loss

November 13, 2021 870 Views 0 comment Print

Loss suffered by an assessee on account of foreign exchange difference as on the date of balance sheet was an item of expenditure under Section 37(1) as the view of AO and CIT (A) that the investments were made on, from the FNCR loans was not based on any supporting material and was only a presumption.

25 States/UTs have so far undertaken reduction of VAT on Petrol & diesel

November 13, 2021 879 Views 0 comment Print

25States/UTs have so far undertaken commensurate reduction of  VAT on Petrol and diesel to give relief to the consumers.  This follows the decision of the Government of India on 3rd November, 2021 to significantly reduce Central Excise Duty on Petrol and Diesel by Rs. 5 & Rs. 10 respectively. While doing so, the States were also urged to commensurately reduce VAT on Petrol and diesel to give relief to consumers.

Key Highlights of Legal Metrology (Packaged Commodities) Amendment Rules, 2021

November 13, 2021 17625 Views 1 comment Print

The central government has amended the Legal Metrology (Packaged Commodities) Rules 2011 vide Legal Metrology (Packaged Commodities) Amendment Rules, 2021 making declaration of maximum retail price (MRP) in Indian currency inclusive of all taxes on pre packed commodities and date of manufacture mandatory. The amendments to come into effect from 1st April, 2022, said the Ministry […]

Default bail U/s. 167(2) Cr.P.C. cannot be equated with discretion of Court U/s. 437, 438 or 439 Cr.P.C.

November 13, 2021 4473 Views 0 comment Print

Punjab & Haryana High Court modifies conditions for default bail under Section 167(2) Cr.P.C. in Amandeep Singh Bhui vs Inspector CGST case.

MCA & IEPFA further simplifies IEPFA Claim Settlement Process

November 13, 2021 2832 Views 0 comment Print

Ministry of Corporate Affairs has further simplified claim settlement process through rationalization of various requirements under Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 with the mission and vision of Government of India of Ease of Living and Ease of Doing Business. Companies Act, 2013 and rules made thereunder, as […]

Liability of ensuring that keyword is not an infringement of trademark lies on Google

November 13, 2021 2649 Views 0 comment Print

DRS Logistics (P) Ltd. Vs Drs Logistics (P) Ltd. (Delhi High Court) Facts- An application seeking ad interim ex parte injunction was filed by the plaintiffs against Google India, Google LLC and Just Dial restraining them from using or permitting third parties to use plaintiffs’ registered trademark AGARWAL PACKERS & MOVERS or DRS LOGISTICS either […]

Why is Account Outsourcing gaining traction in India?

November 13, 2021 4431 Views 0 comment Print

The assignment of budgeting, financial reporting, and/or compliance work to professional accountants in another country is known as outsourcing accounting. To accomplish this, a company owner will collaborate with an accounting and bookkeeping agency, who will present qualified candidates to them. Outsourcing production, investigations, and other operations were more common, but outsourcing human resource management, […]

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