"24 August 2022" Archive

Mobilization advance given to corporate debtor is operational debt

Athena Demwe Power Ltd. Vs Abir Infrastructure Private Limited (NCLAT Delhi)

Held that the mobilization advance given by the Appellant to the Corporate Debtor is clearly an Operational Debt and the Adjudicating Authority committed error in rejecting the claim of the Appellant as an Operational Debt....

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Posted Under: Corporate Law | |

Arbitral award set aside as passed by ineligible arbitrator

Chokhi Dhani Vs JS Construction (Madhya Pradesh High court)

Held that qualification of the arbitrator as per the arbitration agreement is pre-requisite for eligibility to be appointed as an appointed as an arbitrator. Arbitrator not satisfying the qualification is ineligible and arbitral award passed by such ineligible arbitrator cannot be sustained in the eyes of law....

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Furnishing of supporting evidence mandatory to claim TDS credit in absence of TDS certificate

DZ Bank Vs DCIT (International Taxation) (ITAT Mumbai)

Held that in absence of TDS certificate, assessee has to furnish any other evidence to support deduction of tax at source by the payer of income. TDS credit denied for failure to furnish any other supporting evidence...

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Non-Ind AS Revised Schedule III Financial Statements for Companies for FY 21-22 Onwards

All sincere efforts have been made to bring the new reporting requirements under the Companies Act 2013 into the attached format of Financial Statements for Micro, Small to Medium Size Companies. ICAI has brought out ‘GUIDANCE NOTE ON DIVISION I – NON IND AS SCHEDULE III TO THE COMPANIES ACT, 2013 (Revised January, 2022 Edition)&#...

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Posted Under: Corporate Law |

Companies (Removal of Names of Companies from Register of Companies) Second Amendment Rules, 2022

Notification No. G.S.R. 658(E) 24/08/2022

These rules may be called Companies (Removal of Names of Companies from the Register of Companies) Second Amendment Rules, 2022....

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GST exempt on Cleaning & Maintenance of Toilets At Bus Stations

Rajeev Yuvajana Sangham Vs State of AP (Andhra Pradesh High Court)

HC held that demand of GST on monthly license fee paid by the petitioner for the work contract of maintenance of public toilets at bus station is illegal and improper....

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Posted Under: Corporate Law |

Tips to avoid resubmission in Company / LLP Name Reservation Application

Tips to avoid resubmission in name reservation application Name is an integral part of any business entity. It creates an identity in eyes of stakeholders. Professionals as well as the promoters involved in incorporation needs to very sensitive towards the legal provisions regarding reservation of name. At the same time, they must be crea...

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Posted Under: Corporate Law |

Provisionally attachment under GST cannot extend after One Year: Delhi HC

Sh. Nitin Singhania Vs Commissioner of Central Tax GST (Delhi High Court)

HC set aside order to attach the bank account of assessee for more than one year and held that as per section 83 of CGST Act the prescribed time limit for provisional attachment is one year...

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CBDT notifies Andhra Pradesh Pollution Control Board under Section 10(46)

Notification No. 103/2022-Income Tax [S.O. 4001(E).] 24/08/2022

CBDT notifies Andhra Pradesh Pollution Control Board under Section 10(46) of income Tax Act, 1961 vide Notification No. 103/2022-Income Tax | Dated: 24.08.2022. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 103/2022-Income Tax | Dated: 24.08.2022 S.O. 4001(E).—In exercise of the p...

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Service Tax cannot be levied on affiliation fees & rent collected by universities

HC held that Service Tax cannot be levied on affiliation fee and fees collected for other incidental activities by universities for providing educational services....

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Posted Under: Corporate Law |

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