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Archive: October, 2022

Posts in October, 2022

No violation of competition law if ONGC Blacklist tenderer for 2 years for not adhering to terms

October 21, 2022 1542 Views 0 comment Print

Ravinder Singh Bawa Vs Oil And Natural Gas Corporation Limited (Competition Commission of India) The moot question that arises for consideration is whether ONGC had sufficiently indicated its requirements upfront while issuing the tender in question so as to enable interested bidders to assimilate and factor such requirements while placing their technical and financial bids […]

CCI order investigation against IREL (India) for alleged abuse if its dominant position

October 21, 2022 1221 Views 0 comment Print

Beach Mineral Producers Association Vs IREL (India) Ltd (Competition Commission of India) The Commission notes that, until 1988, beach sand mining was restricted to the public sector owing to coexistence of monazite, a heavy mineral used for the production of thorium. Realising the untapped potential in the beach sand minerals sector, the Department of Atomic […]

Collective dominance is not recognised under Competition Act, 2002

October 21, 2022 555 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 1929 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 3648 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 5581 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 3393 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 2943 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 1125 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 3318 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.

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