"03 December 2021" Archive

SC Classical Interpretation on Pre-Deposit Criteria Before Appeals

VVF (India) Limited Vs The State of Maharashtra (Supreme Court of India)

VVF (India) Limited Vs The State of Maharashtra (Supreme Court of India) While analyzing the rival submissions, it is necessary to note, at the outset, that, under the provisions of Section 26(6A), the aggregate of the amounts stipulated in the sub-clauses of the provision has to be deposited and proof of payment is required to […]...

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Section 292BB of Income Tax Act cannot be given a retrospective effect

PCIT Vs Mahla Real Estate Pvt. Ltd. (Rajasthan High Court)

PCIT Vs Mahla Real Estate Pvt. Ltd. (Rajasthan High Court) We do not find that the Tribunal has committed any error in setting aside the assessment. The counsel for the revenue however has strenuously argued that in view of Section 292BB inserted in the Income Tax Act, mere defect in service of notice had to […]...

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Guidelines for disposal of seized/confiscated gold

Instruction No. 27/2021-Customs 03/12/2021

Seized/confiscated gold (other than gold ornaments/jewellery/articles) shall be sold to RBI only. Any mention of gold in subsequent paragraphs shall refer to gold other than gold ornaments/jewellery/articles....

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AAR cannot admit application on questions raised as a recipient of service

In re indian Oil Corporation Ltd. (GST AAR Uttar Pradesh)

The application is not admitted, under Section 98(2) read with Section 95(a) of CGST Act, 2017/UPGST Act, 2017 for the reason that the applicant has raised questions as a recipient of service...

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Understanding the concept of Transmission of Securities

Introduction ‘Transmission of Securities’ means transferring the ownership of securities to legal heirs or successor or nominee or surviving joint holder, by operation of law, in case of death of a security holder, insolvency, inheritance or lunacy of the member. Securities As per Section 2(81) of the Companies Act, 2013 and S...

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जीएसटी फर्जी बिलिंग को रोकने के लिए रजिस्ट्रेशन तंत्र को करना होगा मजबूत

जीएसटी फर्जी बिलिंग से फर्जीवाड़ा सरकार और विभाग के लिए सरदर्द बना हुआ है. यह इतने व्यापक स्तर पर फैल चुका है कि सरकार जब तक इन लोगो...

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Revisiting earlier order on merits is beyond the scope & ambit of powers available u/s 254(2)

CIT Vs Reliance Telecom Limited (Supreme Court of India)

While considering the application u/s 254(2) of the Act, the Appellate Tribunal is not required to re-visit its earlier order and to go into detail on merits. The powers under Section 254(2) of the Act are only to rectify/correct any mistake apparent from the record....

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Start-up India – Recognition, Eligibility, Tax exemption & Company Law Relaxations

Startup Recognition: Under the Startup India Action Plan, startups that meet the definition as prescribed under G.S.R. notification 127(E) are eligible to apply for recognition under the program. Eligibility Criteria for Startup Recognition as per G.S.R. notification 127(E) is as follows: 1. The Startup should be incorporated as a private...

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Preliminary Notice for non-compliance u/s 148 of Companies Act, 2013 – Non- Appointment of Cost Auditor for FY 2016-17

MCA has started identifying the companies who have not complied with the provisions with regard to the appointment of Cost Auditor due to ignorance or otherwise and have started issuing the notices like the one as is given below as preliminary Notices for year FY 2016-17....

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Compliances to be undertaken for sale of an Undertaking

The Companies Act imposes some restrictions on the general powers of directors. Pursuant to section 180 of Companies Act, 2013 (Act, 2013), there are certain powers which the board of directors of a company can exercise only with the consent of the members of the company by means of a special resolution. In this article, […]...

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