"08 December 2022" Archive

Amendment in Import Policy Condition for de-notifying MMTC as a STE for import of Copra

Notification No. 48/2015-2020-DGFT [S.O. 5746.] 08/12/2022

Amendment in Import Policy Condition for de-notifying MMTC as a STE for import of Copra under Chapter 12 of ITC (HS), 2022, Schedule-I (Import Policy)....

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MCA imposes penalty on Company & Directors for not filing Financial Statements

No. ROC CHD/Adj/2021-22/137/RP/008076/816 08/12/2022

As per MCA Registry company has not filed its Financial Statements for the financial year 2019-20 and 2020-2021. This office has issued Show Cause Notice for violation of section 137(1) of the Companies Act, 2013 read with Companies (Adjudication of Penalties) Rules, 2014...

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E-Voting In ICSI Elections-Good Initiative By MCA

Notification No. G. S.R. 866(E). 08/12/2022

MCAI notifies Company Secretaries (Election to the Council) (Amendment) Rules, 2022 MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 8th December, 2022 G. S.R. 866(E).—In exercise of the powers conferred by clause (a) of sub-section (2) of section 38A read with clause (a) of sub-section (2) of section 9 of the Company Secretari...

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Advance for setting of hospital project which got abandoned is allowable as revenue expense

DCIT Vs Amri Hospitals Ltd (ITAT Kolkata)

ITAT Kolkata held that advance given in relation to business transaction for setting up hospital project which was abandoned, the said advance is irrecoverable and hence allowable as revenue expenditure....

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Order passed beyond time limit prescribed u/s 153(1) is bad in law

Rashidaben Taher Morawala Badri Mohalla Vs DCIT (ITAT Ahmedabad)

ITAT Ahmedabad held that the Assessing Officer is required to pass the assessment order within the time limit prescribed under section 153(1) of the Income Tax Act and hence any order passed belatedly is unsustainable in law....

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Penalty u/s 114AA leviable due to unauthorized modification/ alteration in shipping bill

Euro International Vs Commissioner, Customs (Export) (CESTAT Delhi)

CESTAT Delhi held that penalty under section 114AA of the Customs Act is leviable as the appellant have resorted to unauthorised modification /alteration in the shipping bill after the same was passed by the proper officer of the Customs...

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147 Days delay in filing Appeal was condoned on basis of equity

M.K. Resely Vs Union Bank of India (NCLAT Chennai)

Delay of 147 days in filing of appeal before NCLAT was condoned upon equity. The delay had occurred as the Appellant had challenged the Impugned Order before the High Court instead of NCLAT but on a bona fide basis and the time taken by the High Court in deciding the matter had been excluded by the NCLAT in computation of limitation....

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Posted Under: DGFT | |

Expenditure towards development of software never came into existence is revenue in nature

PCIT Vs Trigent Software Limited (Bombay High Court)

Bombay High Court held that expenditure towards development of a software which never came into existence is revenue in nature as it doesn’t give rise to any new asset....

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Penalty proceedings are independent of assessment proceedings

Bistro Hospitality Pvt. Ltd. Vs ACIT (ITAT Delhi)

ITAT Delhi held that imposition of penalty u/s 271(1)(c) of the Income Tax Act on the mere allegation that assessee failed to justify the revenue nature of the expenditure is unsustainable as penalty proceedings are independent of assessment proceedings....

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TDS on Rent Payment to Non-Resident

1. Deductor Any person, paying Rent to Non-Resident shall be responsible for deduction of tax at source under Section 195. 2. Deductee Tax shall be deducted if the recipient is a non-resident person and the sum received is chargeable to tax in India by virtue of Income-tax Act or Double Taxation Avoidance Agreements. Since the […]...

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Posted Under: DGFT |

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