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"03 December 2021" Archive

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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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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Posted Under: Income Tax |

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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Posted Under: Income Tax |

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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Posted Under: Income Tax |

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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Posted Under: Income Tax |

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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Posted Under: Income Tax |

Investment banking in the IFSC

Circular No. F. No. IFSCA-PLNP/4/2021-Capital Markets 03/12/2021

The investment bankers play an important role in facilitating issuance and listing of securities on the recognised stock exchanges in the IFSC and overall development of the ecosystem for primary market issuances in the IFSC. The IFSCA (Issuance and Listing of Securities) Regulations, 2021 have already been notified providing the necessar...

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Delhi Special Police Establishment (Amendment) Act, 2021 introduced in Lok Sabha

Bill No. 147 of 2021 03/12/2021

(1) This Act may be called the Delhi Special Police Establishment (Amendment) Act, 2021. (2) It shall be deemed to have come into force on the 14th day of November, 2021....

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Central Vigilance Commission (Amendment) Act, 2021 introduced in Lok Sabha

Bill No. 148 of 2021 03/12/2021

(1) This Act may be called the Central Vigilance Commission (Amendment) Act, 2021. (2) It shall be deemed to have come into force on the 14th day of November, 2021....

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