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Archive: 21 October 2022

Posts in 21 October 2022

Collective dominance is not recognised under Competition Act, 2002

October 21, 2022 351 Views 0 comment Print

Competition Commission notes that allegations of Informant pertain to collective dominance by OPs, which is not recognised under Competition Act, 2002

IRDAI forms Committee to study & recommend on Bima Vahak and Bima Vistaar

October 21, 2022 1656 Views 0 comment Print

Latest developments in the technology like Artificial Intelligence (AI)/ Machine Learning (ML) can be gainfully utilized by creating a digital platform to reach the last mile.

Registration Date irrelevant for Sec 56(2)(vii)(b) as substantial obligation discharged on agreement date 

October 21, 2022 3084 Views 0 comment Print

Mere registration at later date would not cover a transaction already executed in the earlier years and substantial obligations have already been discharged and a substantive right has accrued to the assessee therefrom.

ROC impose penalty for issuing private placement offer cum application letter before filing relevant Board/special resolution with Registry

October 21, 2022 2949 Views 0 comment Print

Applicant Company and its officers who have made the default in complying provision of Rule 14(8) of Companies (Prospectus and Allotment of securities) Rules 2014 of companies Act, 2013 as private placement offer cum applications at different dates were issued before filing special resolution to ROC. Hence, they are liable for penalties under section 450 of Act, 2013.

Stamp value on agreement date should be applied for section 56(2)(vii)(b) if conditions fulfilled

October 21, 2022 3054 Views 0 comment Print

ITAT Pune rules in favor of Sanjay Dattatraya Dapodikar. Section 56(2)(vii)(b) not applicable in 2015, stamp value on 2008 agreement considered.

No section 56(2)(vii)(b) addition for increase in stamp duty value post execution of purchase agreement

October 21, 2022 2481 Views 0 comment Print

Ashutosh Jha (HUF) Vs ITO (ITAT Ranchi) Where assessee purchased a property and made part payment of sale consideration by cheque on very next day of execution of purchase agreement and registry was done after a year, since such part payment made by cheque on very next day of execution of agreement was towards fulfilment […]

Imposition of CVD on Saccharin Imported from Thailand

October 21, 2022 726 Views 0 comment Print

Seeks to levy countervailing duty on imports of ‘Saccharine in all its forms’ originating in or exported from Thailand, to prevent the circumvention of countervailing duty levied on ‘Saccharine in all its forms’ originating in or exported from China PR vide notification No. 2/2019-Customs (CVD), dated the 30th August, 2019. GOVERNMENT OF INDIA MINISTRY OF […]

ROC imposes penalty of Rs. 7.50 Lakh for not appointing woman director

October 21, 2022 2496 Views 0 comment Print

Company is required to appoint a woman director based on Rule 3(ii) of Companies (Appointment and qualification of Directors) Rules, 2014 as Turnover of company is more than 300 Crore.

AO cannot mechanically apply provisions of section 56(2) to difference in value

October 21, 2022 4284 Views 0 comment Print

Mohd. Ilyas Ansari Vs ITO (ITAT Mumbai) Assessing Officer mechanically applied provisions of section 56(2) to difference between stamp duty value and actual sale consideration paid by assessee and made additions, without making any efforts to find out actual cost of property, additions made by Assessing Officer were to be set aside. In this case […]

CBIC extend due date of filing GSTR 3B to 21st day of October, 2022

October 21, 2022 7023 Views 0 comment Print

Due date for furnishing FORM GSTR-3B for September, 2022 month extended till 21st day of October, 2022. Notification No. 21/2022-Central Tax

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