"08 September 2022" Archive - Page 2

Mandatory Legal Obligations for Companies in India

(A) Statutory Mandatory Obligations for Company in India 1. Obligation for preparing XBRL financial statements by company (i) Applicability (a) On listed company (b) On Subsidiary of listed Company (c) On unlisted Public Limited company + Private Limited Company (both): (ca) Where paid up share capital is exceeding 5 crore  or (cb) Where...

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Posted Under: Company Law |

RBI issues List of unauthorised forex trading platforms

Reserve Bank of India Alert List The Alert List contains names of entities which are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platform (ETP) for forex transactions under the Electronic Trading Platforms (Reserve Bank) Directions, 2018. This list...

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Posted Under: Company Law |

Cenvat credit cannot be denied by stating that name of Original Importer is too Technical

Karaikal Chlorates Vs Commissioner of GST (CESTAT Chennai)

CESTAT held that denial of credit alleging that invoices mention the name of the original importer is too technical and cannot be accepted....

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Advance ruling application cannot be rejected for initiation of investigation post filing of an application

Srico Projects Pvt. Ltd. Vs Telangana State Authority For Advance Ruling (Telangana High Court)

Held that any inquiry/ investigation post-filing of an application for advance ruling cannot debar the applicant from seeking advance ruling....

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Reference to arbitration is mandatory in terms of arbitration agreement

USP Studios Pvt. Ltd. Vs Ganpati Enterprises & Ors. (Bombay High Court)

Held that in a case where there exists an arbitration agreement, the court is under obligation to refer the parties to arbitration in terms of the arbitration agreement....

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Whether Losses sustained by 100% EOU can be set off against other business income of assessee?

PCIT Vs Sandvik Asia Pvt. Ltd (Bombay High Court)

PCIT Vs Sandvik Asia Pvt. Ltd (Bombay High Court) The other issue arises for consideration is whether the losses sustained by hundred per cent EOU could be set off against the other business income of the assessee. This issue, however, is no longer res integra. In Hindustan Lever Ltd. V/s. Dy. CIT This Court observed […]...

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GST not applicable on consideration received on sale of residential site

In re Rabia Khanum (GST AAR Karnataka)

In re Rabia Khanum (GST AAR Karnataka) The Applicant is an individual who owns land and planning to convert that land into residential sites and sell them to individuals and the applicant seeks advance ruling whether GST is applicable on sale of these sites. Thus CBIC has clarified that land may be sold either as […]...

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AO must pass provisional attachment order under GST only after recording his opinion

Varun Gupta (Proprietor of M/s SG Plastics)

Order of provisional attachment cannot be passed with complying with the conditions of forming an opinion, having a tangible material, etc....

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An activity between only 2 parties cannot be treated as intermediary service

BlackRock Services India Private Limited Vs Commissioner of CGST (CESTAT Chandigarh)

Intermediary arranges or facilitates supplies of goods or services or securities between two or more persons and an activity between only two parties cannot be considered as an intermediary service....

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Forum of Regulators (Amendment) Rules, 2022 under Electricity Act

Notification No. G.S.R. 691(E). 08/09/2022

MINISTRY OF POWER NOTIFICATION New Delhi, the 8th September, 2022 G.S.R. 691(E).—In exercise of the powers conferred by sub-section (1) of section 176 read with sub-sections (2) and (3) of section 166 of the Electricity Act, 2003 (36 of 2003), the Central Government hereby makes the following rules, to amend the Forum of Regulators Rule...

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December 2022