"24 November 2022" Archive

Wife Cannot Be prosecuted For Cheque Issued By Her Husband

Smt. Veenashri Vs Sri. Shankar (Karnataka High Court)

HC held that wife cannot be made accused for dishonor of the cheque issued by her husband and he alone can be prosecuted for the same....

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Revision proceedings cannot be sustained if assessee opted to settle dispute under DTVSV Scheme

Pavan Kandkur Vs PCIT (ITAT Bangalore)

In present facts of the case, the ITAT observed that proceedings under Section 263 of Income Tax Act, 1961 cannot be sustained if the tax payer had opted to settle the dispute under the Direct Tax Vivad Se Vishwas Act, 2020....

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Rejection of GST registration revocation application without considering fact is unsustainable

Swarupa Ghosh Vs Assistant Commissioner of State Tax (Calcutta High Court)

Calcutta High Court held that rejection of an application for revocation of registration without considering the vital facts is a non-speaking order liable to be set aside....

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Confirmation of recovery of cost of recovery charges by Commissioner under regulations 5(2) and 6(1)(o) of Customs Area Regulations 2009 unsustainable

Rajasthan Small Industries Corporation Ltd. Vs Commissioner of Customs (Preventive) (CESTAT Delhi)

Rajasthan Small Industries Corporation Ltd. Vs Commissioner of Customs (Preventive) (CESTAT Delhi) CESTAT Delhi held that the Commissioner could not have ordered for cost recovery charges under the provisions of regulations 5(2) and 6(1)(o) of Customs Area Regulations 2009. Accordingly, penalty imposed under regulation 12(8) also not sust...

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SEBI notifies Mechanism for Green Debt Securities issuance by Municipal Authorities

SEBI vide its circular dated 24th November, 2022 with respect to Green Debt Securities vis-à-vis its offering as Municipal Debt Security, has notified that for the purpose of SEBI (Issue and  Listing  of  Municipal  Debt  Securities)  Regulations,  2015 [ILMDS], the green debt securities would be also permissible security, and sin...

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Posted Under: Corporate Law |

Disclosures & compliance requirements for Issuance & Listing of Municipal Debt Securities -Green debt security

Circular No. SEBI/HO/DDHS/DDHS_Div1 /P/CI R/2022/158 24/11/2022

Disclosures and compliance requirements for Issuance and Listing of Municipal  Debt Securities under SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015, which fall within the definition of green debt security...

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IP required to file Form CIRP 7 on monthly basis till completion of activity

Order No. IBBI/DC/142/2022 24/11/2022

DC observes that in view of the previous observations, it is noted that the regulation 40B(1A) of the CIRP regulation introducing the Form CIRP 7 was inserted by notification no. IBBI/2020-21/GN/REG070, dated 15.03.2021 and which came into force from the same date. Thereafter, the Form CIRP 7 was filed on 29.03.2021 and the next Form [&he...

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Credit in Partners Capital account on revaluation of fixed asset taxable: SC

CIT Vs Mansukh Dyeing and Printing Mills (Supreme Court of India)

CIT Vs Mansukh Dyeing and Printing Mills (Supreme Court) Whether amount credited on account of revaluation of fixed assets and credited to the partners’ account is liable to be taxed u/s 45(4) of the Income-tax Act,1961? The department has made a major win today in the above case when the Supreme Court held that upon […]...

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Unravelling 5 Years of GST – Unlocking India’s Potential

The indirect tax regime underwent a major revolution on July 1, 2017, and introduced the Goods and Services Tax (GST) for the industry which has modernized the entire indirect tax structure of India. The past five years were like a roller coaster ride for both the taxpayers and tax authorities....

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Posted Under: Corporate Law |

Reporting of trades in non-convertible securities under SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021

Circular No. SEBI/HO/DDHS/DDHS_Div1/P/CIR/2022/159 24/11/2022

It is observed that information on OTC trades in listed Non-convertible Securities provided to the Stock Exchange(s) by the investors is incomplete and/ or inaccurate....

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November 2022