"05 March 2022" Archive

Insolvency Resolution Proceeding Under IBC 2016

> The Insolvency And Bankruptcy Code 2016 provides a consolidated time-bound process to resolve insolvencies, previously which was a lengthy process. The Code outlines separate insolvency resolution processes for individuals, companies and partnership firms. > The code aims to protect the interests of small investors and make the pr...

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Posted Under: Corporate Law |

Income Tax Due Dates and Case Law Updates – March 2022

INCOME TAX DUE DATES-MARCH 2022 [Source: www.incometaxindia.gov.in] Date Nature of Compliance 02nd March Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA/194IB/194M in the month of January, 2022 07th March Deposit of tax deducted/collected for the month of February, 2022. 15th March Fourth i...

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Posted Under: Corporate Law |

Permanent Registration of Charitable Trust by filing Form No. 10AB

Relevant Section, Rule and Forms Section 12A – Conditions for applicability of sections 11 and 12. Sec 12AB – Prescribes the procedure framework for registration with the income-tax authorities to avail the exemption u/s 11 and 12.(introduced wef AY 2022-2023) Section 80G – Deduction in respect of donations to certain f...

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Posted Under: Corporate Law |

Declaration of Dividend – Section 123 to 127 of Companies Act 2013

DECLARATION OF DIVIDEND SECTION 123 TO SECTION 127 OF THE COMPANIES ACT 2013 READ WITH COMPANIES (DECLARATION AND PAYMENT OF DIVIDEND) RULE 2014  Definition of Dividend  Section 2(35) of Companies Act 2013 dividend includes interim dividend. Interim Dividend Means – The Dividend which is declared between financial year/ Calendar year ...

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Posted Under: Corporate Law |

PF/ESI Registration – Benefits and Applicability

EPF REGISTRATION:- Organization with 20 or moré employees are required by law to register for EPF Scheme within one month of attending the minimum strength of 20 employees. Small organizations which do not have minimum strength can register themselves voluntarily. If an employee drawing salary more than 15000 per month , it is not mandat...

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Posted Under: Corporate Law |

Sale deed registration operate from the time from which it would have commenced to operate if no registration was required or made

Chitranshi Goyal Vs Indian Oil Corporation Ltd. (Rajasthan High Court)

Chitranshi Goyal Vs Indian Oil Corporation Ltd. (Rajasthan High Court) The facts of the case are that on 14/12/2018, an advertisement was issued by the respondent-IOCL in daily newspaper “Rajasthan Patrika’ for selection of dealers qua IOCL retail outlet at various locations. The respondent-IOCL also issued a brochure dated 24...

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GST: Subsequent events cannot be utilised to overcome the mandate of pre-deposit for Appeal filing

Nico Tiles Vs State Tax Officer (Kerala High Court)

Nico Tiles Vs State Tax Officer (Kerala High Court) Once the petitioner undertakes the remedy of a statutory appeal under section 107 of the Act, petitioner cannot thereafter turn around and approach this Court seeking reliance upon subsequent events, to avoid the mandatory pre-deposits. Such a practice, if permitted, would render the pr...

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Section 41(1) addition merely based upon conjectures & surmises was not sustainable

ITO Vs N.G. Group (ITAT Mumbai)

ITO Vs N.G. Group (ITAT Mumbai) ITAT observed that that AO has invoked the provision of section 41(1) without bringing on record any cogent material. For how long the account is outstanding and on what basis of his enquiry, AO has come to the conclusion that these accounts are not payable. Devoid of these details, […]...

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Date of Cancellation of sale of flat is relevant date for computing limitation under Section 11B

Pramukh Realty Vs C.C.E. & S.T.-Daman (CESTAT Ahmedabad)

Pramukh Realty Vs C.C.E. & S.T.-Daman (CESTAT Ahmedabad) The brief facts of the case are that the appellant have pad service tax on Construction of residential Complex for which they have entered into the agreement for sale of flats, accordingly they have paid service tax on sale of flats. Subsequently the sale of flats has […]...

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Section 234E late fee for defaults prior to 01.06.2015 is not sustainable 

ICMC Projects Pvt. Ltd. Vs ITD (ITAT Delhi)

ICMC Projects Pvt. Ltd. Vs ITD (ITAT Delhi) Hon’ble Karnataka High Court in case of Fatehraj Singhvi & Ors. vs. UOI & Ors. 2016 (9) TMI 964 is in favour of the assessee holding that the amendments brought in statute w.e.f. 01.06.2015 are prospective in nature and as such, notices issued u/s 200A of the […]...

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