"13 May 2022" Archive

IBBI cancels license of IRP/RP for not intending to resolve CD as a going concern

Order No. IBBI/DC/100/2022 13/05/2022

DC finds that the Mr. Agarwal did not verify the claims received within prescribed time. He conducted the four meetings of the CoC on 06.09.2019, 26.09.2019, 18.10.2019 and 11.11.2019 without verification of claims. The CoC was constituted based on claim submission and not on claim verified by Mr. Agarwal as IRP/RP. Further, two FCs namel...

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ITAT directs AO to look into additional evidences – Closure of business reasonable cause

Balex Private Ltd. Vs ACIT (ITAT Ahmedabad)

Balex Private Ltd. Vs ACIT (ITAT Ahmedabad) Ld. AR further submitted during the set-aside assessment proceeding the address to where notices alleged to have been served remained vacant and therefore, the assessee could not reply to the notices issued by the AO. The assessee came to know about the issuance of notice when the Authorised [&h...

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Exemption from dispatch of hard copy of Annual Report to debenture holders

Circular No. SEBI/HO/DDHS/P/CIR/2022/0063  13/05/2022

It has been decided to provide relaxation up to December 31, 2022, from the requirements of Regulation 58 (1)(b) of the Listing Regulations which prescribes that an entity with listed non-convertible securities shall send a hard copy of statement containing the salient features of all the documents, as specified in Section 136 of Companie...

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Service Tax not payable on Notice pay mentioned in employment contract

XL Health Corporation India Pvt. Ltd. Vs Commissioner of Central Tax (CESTAT Bangalore)

XL Health Corporation India Pvt. Ltd. Vs Commissioner of Central Tax (CESTAT Bangalore) The term ‘notice pay’ mentioned in the employment contract cannot be considered as a service, more specifically as the taxable service inasmuch as neither of the parties to the contract have provided any service to each other. Thus, the phrase ‘s...

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Activity of repacking amounts to manufacture

Vaibhav Global Ltd. Vs Commissioner of Customs (CESTAT Delhi)

Vaibhav Global Ltd. Vs Commissioner of Customs (CESTAT Delhi) This Tribunal in the case of CCE vs Western Electronics reported as 2000 (116) ELT 181 (Tri) while relying upon the similar circular as mentioned above has held that packing of the goods into different packs amounts to manufacture and while exporting such goods, the activity [&...

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SAT Lifts Restrictions Imposed on Infosys Employee in insider trading case

Pranshu Bhutra Vs SEBI (Securities Appellate Tribunal Mumbai)

Pranshu Bhutra Vs SEBI (Securities Appellate Tribunal Mumbai) 1. The present appeal has been filed questioning the confirmatory order dated 15th September, 2021 confirming the ex-parte ad-interim order dated 31st May, 2021 whereby the appellant was restrained from buying or selling any securities, either directly or indirectly, till furth...

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Excess Payment to Employee due to Erroneous Interpretation of Rule Not Recoverable : Supreme Court

Thomas Daniel Vs State of Kerala (Supreme Court of India)

Thomas Daniel Vs State of Kerala (Supreme Court of India) This Court in a catena of decisions has consistently held that if the excess amount was not paid on account of any misrepresentation or fraud of the employee or if such excess payment was made by the employer by applying a wrong principle for calculating the […]...

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Amendment in Export Policy of Wheat

Notification No. 06/2015-2020-DGFT [S.O. 2236(E)] 13/05/2022

The export policy of wheat against the above mentioned HS codes is 'Prohibited' with immediate effect except for shipments fulfilling the conditions mentioned in Para 2 above which will be allowed as per the procedure outlined in Para 1.05 (b) of the Foreign Trade Policy, 2015-2020....

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Amendment in Export Policy of Onions Seeds

Notification No. 05/2015-20 [S.O. 2235(E)] 13/05/2022

The Export Policy of Onion Seeds has been put under 'Restricted' category, with immediate effect. Notification No. 05/2015-20 Dated: 13th May, 2022...

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SEBI Guidelines for seeking NOC by Stock Brokers/Clearing Members

Circular No. SEBI/HO/MIRSD/DoR/P/CIR/2022/61 13/05/2022

The format of application along with list of supporting documents for seeking NOC for setting up Wholly Owned Subsidiaries, Step Down Subsidiaries or entering into Joint Ventures in GIFT IFSC is placed as Annexure-A....

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