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"10 January 2022" Archive

Delinquent officer cannot appoint any representative during departmental proceedings

Rajasthan Marudhara Gramin Bank (RMGB) Vs Ramesh Chandra Meena (Supreme Court of India)

Rajasthan Marudhara Gramin Bank (RMGB) and Anr. Vs Ramesh Chandra Meena & Anr. (Supreme Court of India) Facts- While working as Branch Manager, it was alleged that he committed irregularities while granting loans to farmers/ villagers under loan scheme. He didn’t take adequate precautions and without writing mandates of borrowers, ...

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CESTAT upheld Confiscation of 11 Gold Bars which appeared to be of foreign origin

Mahendra Kumar Bajpai Vs Commissioner, Customs, Goods and Service Tax and Central Excise (CESTAT Allahabad)

Confiscation of eleven gold bars-MMTC marking/brand was upheld and penalty under section 112(b) was reduced to Rs. 2,50,000 as the reliability of statement of Mr. Bajpai recorded during investigation was doubtful, as he had alleged coercion and duress....

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Guidelines for recovery for self-assessed tax (GSTR 1 vs GSTR 3B)

Procedure for recovery for Mismatch in GSTR 3B and GSTR-1 Returns:  Central Government introduced amendment to Section 75 (12) of the CGST Rules, 2017 by inserting an explanation thereby paving way for recovery of self-assessed tax without having to resort to proceedings u/s 73 or Sec 74 of the CGST Act, 2017. The explanation defines [&h...

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Posted Under: Corporate Law |

Waiver of Section 234B & 234C interest for delay in deposit of Advance/SA tax

Waiver of interest u/s 234B and 234C of Income Tax Act on delay in deposit of advance tax/self-assessment (SA) tax on MEIS/RODTEP for the A.Y. 2021-22 1. CHAPTER 3 OF FOREIGN TRADE POLICY,2015-20 Exports of notified goods/products with ITC[HS] code, shall be rewarded under MEIS. Appendix 3B lists the rate(s) of rewards on various notified...

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Posted Under: Corporate Law |

A short write up on Corporate Restructuring

Corporate Restructuring is a wider concept. Corporate Restructuring is a means of significantly changing the company’s business model, management team by cutting out and merging departments. Corporate Restructuring means to rebuild, to rearrange to give a new structure. Companies might follow restructuring as a business strategy to incr...

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Posted Under: Corporate Law |

Article 21A assures free child education, however, State can determine the medium of education

School Development Management Vs State of Rajasthan (Rajasthan High Court at Jodhpur)

This Court is of the considered opinion that changing mode of instruction to English or imparting education in English per-se is not violative of fundamental rights guaranteed to the children or to their parents under Article 21A of the Constitution of India. Because Article 21A only assures right of a child below 14 years to have access ...

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Price Parallelism & Cartelization – Madra HC dismisses plea relying on final order passed by CCI

MRF Limited Vs Ministry of Corporate Affairs (MCA) (Madras High Court)

MRF Limited Vs Ministry of Corporate Affairs (MCA) (Madras High Court) Facts- The main allegation is that when natural rubber price increased, the tyre prices were increased in a concerted manner by the domestic major tyre manufacturers, however, when the price of natural rubber decreased, the tyre prices were not reduced by the domestic ...

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Request to extend due date of furnishing Report of Audit for current fiscal year

I am informed that CBDT had carried out changes in the Tax Audit Schema thrice already with the latest one being on January 6th, 2022. These last-minute changes are causing unnecessary hassle for the audit professionals who themselves are struggling with the pandemic....

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Posted Under: Corporate Law | ,

Income Tax Dept searches two groups in the business of quarry operation

Income Tax Department conducts searches in Kerala The Income Tax Department carried out search and seizure operation on 05.01.2022 on two groups, engaged in the business of quarry operation.  More than 35 premises spread across districts of Kottayam, Eranakulam, Thrissur, Palakkad and Kannur have been covered in the search operation. Dur...

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Posted Under: Corporate Law |

Income Tax Dept searches 3 real estate developers in AP & Telangana

Income Tax Department carried out search and seizure operation on 05.01.2022 on three real estate developers, engaged in the business of land development as well as construction activities in the town of Kurnool and other mofussil areas of Andhra Pradesh and Telangana. More than two dozen premises have been covered in the search operation...

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Posted Under: Corporate Law |

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