"03 November 2022" Archive

Calculation Of Due Date of Annual Forms [AOC-4, MGT-7, ADT-1 & DIR-12]

In this Article author shall discuss a very common point of Companies Act, 2013 that is in relation to Calculation of Due Date of Annual Forms. The question are followings: 1. Whether Date of AGM shall be include/ excluding while calculating the Due Date of e-form? 2. What is the Due Date of AOC-4, MGT-7, […]...

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Request to relax confusion created in new registration regime for charitable organizations

Karnataka State Chartered Accountants Association made a representation on 31.10.2022 to Minister of Finance Smt. Nirmala Sitharaman and requested to simplify the confusion created in the new registration regime for charitable organizations and relax compliances under new regime for registration/approval of trusts, institutions, funds, un...

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Posted Under: Company Law | ,

IFSCA directs IBUs to follow IFSCA KYC guidelines with immediate effect

F.No. 11 0/IFSCA/Banking Regulation/2022-23/4 03/11/2022

IBUs are directed to follow the IFSCA KYC guidelines with immediate effect. IBUs are also advised that guidelines/circulars of the domestic financial sector regulators on the issues covered by the IFSCA KYC guidelines shall cease to apply with immediate effect....

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CBIC notifies Customs Exchange rate for Import & Export wef 04.11.2022

Notification No. 92/2022-Customs (N.T.) 03/11/2022

CBIC notifies Customs Exchange rate for Import & Export wef 4th November, 2022 vide Exchange rate Notification No. 92/2022 – Customs (N.T.) | dated 3rd November, 2022. GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS New Delhi ***** Notification No. 92/2022 – Customs (N...

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Purpose of Valuation and Premises of Valuation

A valuation is undertaken for one or more of several reasons/objective i.e. for valuation of any business, for acquiring any business, merger and acquisition, for liquidation, start-up valuation, distress firm valuation, intangible valuation etc and many more....

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Posted Under: Company Law |

E-commerce intermediaries not liable for goods put up for sale on their platform

Flipkart Internet Private Limited Vs State of U.P (Allahabad High Court)

Allahabad High Court held that e-commerce intermediary i.e. Flipkart is not liable for the goods put up for the sale by the seller on its platform. Such e-commerce networks are exempted from liability under the I.T. Act, 2000....

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Service tax leviable on supply of bed rolls to Railways

Premier Garment Process Vs Commissioner of Central Excise (Madras High Court)

Madras High Court held that service of supply of bed rolls alone for the passengers travelling in AC compartments to Railways cannot be construed as services provided by the Railways and hence service tax is duly payable on the same....

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Capital gain computable as per amended proviso to section 50C despite receipt of 99% of payment by cheque

Baldevji Motiji Thakore Vs ITO (ITAT Ahmedabad)

ITAT Ahmedabad held that when genuineness of the transaction is proved and more than 99% of the payment was received by cheque, capital gain on sale of property should be computed by applying amended proviso to section 50C of the Income Tax Act....

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Duty demand u/r 17H of Central Excise Rules merely for clearance after 6 months unsustainable

Atco Industries Ltd Vs C.C.E. & S.T.-Daman (CESTAT Ahmedabad)

CESTAT Ahmedabad held that as there was no manufacture of fresh goods there cannot be a duty demand under rule 173H of the Central Excise Rules, 1944 merely for reason of clearance after 6 months....

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Section 56(2)(vii) doesn’t apply to property received under will/ inheritance

ACIT Vs Anitha Kumaran (ITAT Chennai)

ITAT Chennai held that provisions of section 56(2)(vii) of the Income Tax Act doesnt apply when the property received under a will or by way of inheritance...

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