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Archive: 04 June 2022

Posts in 04 June 2022

Checklist Annual Secretarial Compliance Report 2022

June 4, 2022 10461 Views 1 comment Print

Stay compliant with the Annual Secretarial Compliance Report (ASCR) for 2022. Learn about legal provisions, formats, and non-applicability criteria for listed entities. Get insights into the information required for issuing the report, including notices from stock exchanges, communication compliance, board meeting minutes, statutory record reviews, and more. Ensure adherence to SEBI regulations and guidelines for a robust corporate governance framework.

How does a trademark work | Everything you must Know

June 4, 2022 1734 Views 0 comment Print

Unlock the secrets of how trademarks work, from their identification role to benefits like consistent quality assurance and brand promotion. Understand the relevance of trademark registration, its unique identification, and how it serves as a shield, providing valuable assets for businesses. Discover the cost-effectiveness of trademarks and their infinite validity, becoming a powerful tool for brand protection and financial leverage.

‘Cargo Handling Service’ being incidental service, service tax not leviable on storage of import cargo

June 4, 2022 5973 Views 0 comment Print

Seabird Marine Services Pvt Ltd Vs C.C.E. & S.T. (CESTAT Ahmedabad) Facts- These appeals are filed by the M/s Seabird Marine Services Pvt. Ltd., Mundra International Container Terminal Pvt. Ltd., Allcargo Logistic Ltd., and Honeycomb Logistics Pvt. Ltd. against demand of Service Tax on “Storage and Warehousing services” allegedly provided by the appellant’s, demand of […]

Section 263 Revisionary order in violation of principles of natural justice is invalid

June 4, 2022 1713 Views 0 comment Print

CIT (E) was not right in passing the impugned revisionary order u/s.263 of the Act in violation of principles of natural justice alleging the assessment order as erroneous and prejudicial to the interest of the revenue and directing the AO to redo the assessment without making an enquiry himself.

Section 54- Exemption from Capital Gain arising on Transfer of House

June 4, 2022 476860 Views 68 comments Print

A person wanted to shift his residence due to certain reason, hence, he sold his old house and from the sale proceeds he purchased another house. In this case the objective of the seller was not to earn income by sale of old house but to acquire another suitable house.

Income Tax on dividend received from company

June 4, 2022 429474 Views 18 comments Print

Navigate the changes in dividend taxation post-Finance Act 2020. Delve into the tax obligations for domestic companies, withholding tax, and the impact on shareholders. Stay informed on deductions, rates, and the implications for non-resident investors. Get comprehensive insights on the taxability of dividends under the Income Tax Act, 1961, and plan your financial strategies accordingly.

Directorship in Indian Companies- Special requirement for resident of a Country sharing Land Border With India

June 4, 2022 6675 Views 0 comment Print

Uncover the special requirements for foreign nationals from countries sharing a land border with India seeking directorship in Indian companies. Explore the amended rules, security clearance mandates, and essential forms for Director Identification Number (DIN) application. Stay informed about Ministry of Corporate Affairs (MCA) notifications for a seamless directorial appointment process.

Section 50C not applies to Business Transactions

June 4, 2022 3147 Views 0 comment Print

ITO Vs Kanubhai M. Patel (ITAT Ahmedabad) Pune Tribunal in the case of Dilip Battu Karanjule v. ITO [2016] 74 taxmann.com 12 (Pune – Trib.) held that where assessee identified land on behalf of existing and known persons and entire money towards purchase of land had been financed by such persons to whom land was ultimately […]

Disallowance of Excess Remuneration to Directors: Section 40A(2)(b) cannot be invoked without corroborative evidence

June 4, 2022 7755 Views 0 comment Print

Carmel Softech Pvt. Ltd. Vs ITO (ITAT Chennai) We noted that the Tribunal in the case of The Bombay Samachar Pvt. Ltd., supra, has considered the issue of applicability of provisions of section 40A(2)(b) of the Act to the directors remuneration and held that this provision will not apply to the directors payment for holding […]

GST penalty cannot be imposed without giving an opportunity of hearing

June 4, 2022 5082 Views 0 comment Print

S.P.Y. Agro Industries Limited Vs Union of India (Andhra Pradesh HC) Penalties have been imposed creating additional liability on the petitioner, which was not reflected in the earlier notice dated 13.08.2020. No opportunity of hearing was given to the petitioner while imposing the said penalty. As stated earlier Section 62 of the Act does not […]

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