2 Archive - 18 August 2022

"18 August 2022" Archive - Page 3

BCCI is a ‘shop’ for the purposes of applicability of ESI Act

Board of Control for Cricket in India Vs Regional Director Employees’ State Insurance Corporation and Anr. (Bombay High Court)

BCCI is a ‘shop’ for the purposes of applicability of the ESI Act as activities of the BCCI can be said to be systematic commercial activities providing entertainment by selling tickets etc....

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Provisional ADD on UDCA import from China and Korea

Notification No. 25/2022-Customs (ADD) [G.S.R. 637(E)] 18/08/2022

CBIC imposes Provisional anti-dumping duty (ADD) on UDCA import from China and Korea vide Notification No. 25/2022-Customs (ADD) | Dated: 18th August, 2022. The provisional anti-dumping duty imposed under this notification shall be effective for a period of six months, unless revoked, amended or superseded earlier, from the date of publi...

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Report on CSR vis-à-vis Annual Filing for F.Y. 2021-22

MCA notified Companies (Accounts) Amendment Rules, 2022 and introduced concept of Report on Corporate Social Responsibility in form CSR-2...

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Posted Under: Company Law |

Special Additional Excise Duty rate on Petroleum Crude production & Aviation Turbine export

Notification No. 24/2022-Central Excise [G.S.R. 642(E).] 18/08/2022

CBIC amends Notification No. 18/2022-Central Excise, dated 19th July, 2022 to decrease the Special Additional Excise Duty on production of Petroleum Crude to Rs. 13,000 per tonne  and increase Special Additional Excise Duty export of Aviation Turbine Fuel to Rs. 2 per litre vide Notification  No. 24/2022-Central Excise | Dated: 18th Aug...

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What is Alternative Investment Funds (AIF) ?

AIF Means, privately pooled investment vehicle which collects funds from investors, whether Indian or foreign, for investing it in accordance with a defined investment policy for the benefit of its investors....

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Posted Under: Company Law |

Special Additional Excise Duty on Diesel increased to Rs. 6 per litre

Notification  No. 23/2022-Central Excise [G.S.R. 641(E).] 18/08/2022

Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022 , to increase the Special Additional Excise Duty on Diesel vide Notification  No. 23/2022-Central Excise | Dated: 18th August, 2022 NINISTRY OF FINANCE (Department of Revenue) New Delhi Notification  No. 23/2022-Central Excise | Dated: 18th August, 2022 G.S.R. ...

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No tax on capital gain in case of permissive possession in Immovable Property

Smt. Vani Shree Vs ITO (ITAT Bangalore)

Assessee had given permissive possession and not legal possession, as contemplated within the meaning of section 53A of the Transfer of Property Act. Therefore, the provisions of section 53A of the Transfer of Property Act, were not applicable to the impugned Joint Development Agreement and the conditions laid down in section 2(47)(v), co...

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No addition if nexus exist between expenses incurred & purpose of business

Mahalaxmi Saws Pvt. Ltd. Vs ITO (ITAT Jaipur)

Once it is established that there was nexus between the expenditure and purchase of the business (which need not necessarily be the business of the assessee itself) the Revenue could not justifiably claim to put itself in the arm-chair of the businessman or in the position of the board of directors and assume the role to decide how much w...

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Disqualification of director u/s 164(2) for non-submission of return of dissolved company is unsustainable

Eanokaran Anthony Tony Vs Union of India (Kerala High Court)

Eanokaran Anthony Tony Vs Union of India (Kerala High Court) Held that disqualification of the director under section 164(2) of the Companies Act, 2013 for failure to submit returns with respect to a dissolved company is untenable in law. Facts- Petitioner was the Director of a company named Margin Free Kuries Private Ltd. As the [&hellip...

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Revised rate of import duty not applicable to bill of entry presented before issuance of notification

Ruchi Soya Industries Ltd Vs Union of India (Calcutta High Court)

Held that bill of entry was self-assessed before the notification no. 103/2020- Customs (N.T.) dated 29.10.2020 was issued. Accordingly, revised rate of duty not applicable....

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