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Archive: November, 2021

Posts in November, 2021

SC directs ‘Newtech developers’ refund amount to respective home buyers, for failure to hand over possession

November 11, 2021 7614 Views 0 comment Print

Newtech Promoters and Developers Pvt. Ltd. Vs State of U.P (Supreme Court) The submission of the appellants/promoters is that under Section 40(1) of the Act only the interest or penalty imposed by the authority can be recovered as arrears of land revenue and no recovery certificate for the principal amount as determined by the authority […]

Books cannot be rejected by AO for mere decline in gross profit

November 11, 2021 1578 Views 0 comment Print

Shri Sanjay Agarwal Vs ITO (ITAT Jaipur) In this case, the AO has rejected the books of accounts and has estimated G.P. rate of 0.69% on declared turnover as against G.P rate of 0.38% declared by the assessee and made a trading addition of Rs. 49,56,217/- in the hands of the assessee. The AO has […]

HC directs AO to pass reasoned order after affording opportunity of hearing

November 11, 2021 1260 Views 0 comment Print

Umkal Healthcare Pvt. Ltd. Vs National Faceless Assessment Centre & Anr. (Delhi High Court) Since in the present case no hearing had been granted before passing the impugned assessment order, there is a violation of principles of natural justice as well as mandatory procedure prescribed in ‘Faceless Assessment Scheme’ and stipulated in Section 144B of […]

Joint Representation on NFRA Consultation Paper on Statutory Audit

November 10, 2021 9624 Views 1 comment Print

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. Karnataka State Chartered Accountants Association 3. Chartered Accountants Association, Ahmedabad 4. Chartered […]

A brief on Foreign Contribution Regulations in India

November 10, 2021 4332 Views 0 comment Print

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 religious matters in India. The […]

DGFT notifies ‘Hamilton Steel Logistics Inc’ as PSIA

November 10, 2021 942 Views 0 comment Print

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.

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

November 10, 2021 1074 Views 0 comment Print

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, Chairman, Competition […]

Service Tax on Coal Block Cancellation Compensation

November 10, 2021 5676 Views 0 comment Print

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 cancellation of coal blocks by the Hon’ble Supreme Court in 2014, by invoking the provisions of Section 66E(e) of the Finance Act, 1994.

Credit Information Companies (Amendment) Regulations, 2021

November 10, 2021 7701 Views 0 comment Print

(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.

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

November 10, 2021 5055 Views 0 comment Print

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 complaint, respondent could not contended […]

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