"16 August 2022" Archive

Analysis of Companies (Accounts) Fourth Amendment Rules, 2022

Corporate Laws & Corporate Governance Committee The Institute of Chartered Accountants of India 16th August, 2022 ANNOUNCEMENT Sub: Amendment in the Companies (Accounts) Rules, 2014 relating to availability of books of account and other relevant books and papers maintained in electronic mode at all times and also details of person in ...

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Posted Under: CA, CS, CMA |

Refund allowed of IGST paid by assessee on ocean freight charges

Louis Dreyfus Company India Private Limited Vs Union of India (Gujarat High Court)

Gujarat HC directed department to grant refund of IGST already paid by the assessee on the amount of ocean freight charges....

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Notices under Section 248 For Non-Filing of INC-20A Under Section 10A

Many companies are receiving notices under section 248 sub-section (1) from their respective Registrar of Companies. The main content of the notice is as follows: “the subscribers to the memorandum have not paid the subscription which they had undertaken to pay at the time of incorporation of a company and a declaration to this effect [...

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Posted Under: CA, CS, CMA |

Deduction u/s 80IA is allowed unit wise

DCIT Vs Gujarat JHM Hotels Ltd. (ITAT Surat)

Held that deduction under Section 80IA of the Income Tax Act is to be allowed unit wise without deducting incurred loss by the other unit of eligible business and allowed the appeal of assessee....

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There has to be neutrality in arbitrator selection process

Hedge Finance Private Limited Vs Bijish Joseph (Kerala High Court)

Held that law mandates neutrality for both arbitrator and arbitrator selection process. Interim award passed by the arbitration who was appointed in contravention of provisions is unenforceable....

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Central Universities (Amendment) Act, 2022

Act No. 17 of 2022 16/08/2022

Establishment of Gati Shakti Vishwavidyalaya in Gujarat. (1) The National Rail and Transportation Institute, Vadodara, Gujarat, declared as a deemed to be University under section 3 of the University Grants Commission Act, 1956, shall be established as a body corporate under this Act by the name Gati Shakti Vishwavidyalaya....

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Comments invited for declaring two or more prime constituents of commodity on front side of package with Brand Name/ Logo

Notification No. I-19/42/2022-W&M 16/08/2022

The common or generic names of the commodity contained in the package and in case of packages with more than one product, the name and number or quantity of each product shall be mentioned on the package...

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Section 10(23FE) – CBDT notifies ‘INQ Holding LLC’ as sovereign wealth fund

Notification No. 95/2022-Income Tax, [S.O. 3828(E)] 16/08/2022

Section 10(23FE) – CBDT notifies ‘INQ Holding LLC’ as sovereign wealth fund vide Notification No. 95/2022-Income Tax | Dated: 16th August, 2022 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 95/2022-Income Tax | Dated: 16th August, 2022 S.O. 3828(E).—In exercise o...

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IBBI suspends registration of IP for eliminating voting rights of CoC members for non-contribution to CIRP costs

Order No. IBBI/DC/122/2022 16/08/2022

Most serious contraventions relate to eliminating the voting rights of CoC members for non-contribution to the CIRP costs. This contravention goes against the letter and spirit of the Code....

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Weekly newsletter from Chairman, CBIC dated 16/08/2022

DO No. 37/CH(IC)/2022 16/08/2022

With a view to enhancing facilitation of trade across the India-Bangladesh border, a number of stakeholder meetings have been held between Indian Customs and our counterparts in Bangladesh....

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September 2022