"08 September 2022" Archive

6 Lakh penalty on Company and Directors for not mentioning DIN

ROC-GUJ/ADJ-Order/Section 454/STA (V)/2021-22/4454 to 52 08/09/2022

ROC Ahmedabad imposed penalty of 6,00,000 on Company and Directors for not mentioning DIN in the Financial Statements NO.ROC-GUJ/ADJ-Order/Section 454/STA (V)/2021-22/4454 to 52 Dated:08 Sep 2022 BEFORE THE ADJUDICATING OFFICER REGISTRAR OF COMPANIES, GUJARAT, DADRA & NAGAR IIAVELI IN THE MATTER OF ADJUDICATION Of PENALTY UNDER SECTIO...

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Changes in GSTR-3B w.e.f 01.09.2022 -Simplified

Hello readers, I have written so many articles earlier in very simplified manner, now also I have tried to explain changes in GSTR-3B in a simplified way. As we all know we are required to report ITC availment, reversal of ITC and ineligible ITC as per new format – Table 4 for GSTR-3B to be […]...

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Posted Under: Company Law |

HC quashed Section 148 Notice for not recording valid section 151 satisfaction

Vikas Gupta Vs Union of India (Allahabad High Court)

Vikas Gupta Vs Union of India (Allahabad High Court) Important recent update on landmark Allahabad high court ruling in cases of Vikas Gupta & others vs UOI order dated 08 Septmber  2022 on fatal impact of lack of  Mandatory requirement of valid sec 151 approval on part of approving authority Held quashing notices u/s 148 […]...

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Amendment in Export Policy of broken rice under HS Code 1006 40 00

Notification No. 31/2015-2020-DGFT, [S.O. 4219(E)] 08/09/2022

Export policy of broken rice amended to ensure adequate domestic availability, Move to ensure availability of broken rice for animal feedstock and Ethanol Blending:  Shri Sudhanshu Pandey   Export Policy of broken rice under HS code 1006 40 00 is amended from ‘Free’ to ‘Prohibited’. The Notification will come into effect from 9t...

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Changes In Reporting of Input Tax Credit In GSTR–3B

OPERATIONAL IMPACT OF CHANGES IN TABLE 4 (B) & 4 (D) OF FORM GSTR – 3B Currently, many taxpayers have been recording ITC on the eligible inward supply only in their ITC ledger including where ITC is required to be revered in the following scenarios: – Where ITC is required to be reversed on account […]...

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Posted Under: Company Law |

CBIC prescribes export duty on specified Rice products

Notification No. 49/2022-Customs [G.S.R. 689(E)] 08/09/2022

CBIC amends Second Schedule to the Customs Tariff Act to prescribe export duty on specified Rice products vide Notification No. 49/2022-Customs | Dated:  8th September, 2022 GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) New Delhi Notification No. 49/2022-Customs | Dated:  8th September, 2022 G.S.R. 689(E) – Where...

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Penalty not leviable for bonafide expiry of e-way bill

Daya Shanker Singh Vs State of Madhya Pradesh (Madhya Pradesh High Court)

Held that the delay of few hours of expiry of the validity of the tenure of e-way bill was bonafide and without establishing fraudulent intent and negligence on the part of petitioner. Penalty set aside....

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Penalty u/s 271F leviable for failure to furnish AIR

Cumbum Co-operative Town Bank Limited Vs DCIT (Intelligence & Criminal Investigation) (ITAT Hyderabad)

Held that penalty u/s 271F leviable as the assessee being a co-operative bank failed to furnish annual information annual information return...

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Judicial pronouncement under section 126 of CGST Act, 2017

The recent judicial pronouncements more or less cover issues related to E-way Bill wherein the E-way bill expired and wherein the address was mentioned wrongly. The Courts have invoked the provision of Section 126 of the CGST Act, 2017 and in some cases have remanded back the matter to the department for fresh consideration....

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Posted Under: Company Law |

Modes of issue of ‘securities’ under Companies Act, 2013

Section 23 of the Companies Act, 2013 (‘CA, 2013’) provides the ways in which a public company or a private company ‘may’ issue securities. It is to be noted that there was no corresponding provision under the Companies Act, 1956. This is the first time when Indian Company law has consolidated in one place, the […]...

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Posted Under: Company Law |

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