"10 January 2023" Archive

IBBI penalised IP for not providing correct information to Board about ineligible resolution applicant

Order No. IBBI/DC/143/2023 10/01/2023

The DC notes that in the CIRP-4 filed by Mr. Subrata Monindranath Maity with the Board on 16.04.2021, he had stated that ‘Number of persons who were ineligible as per Section 29 (A) – 0’ whereas in the 15th CoC meeting held on 11.02.2021 (prior to submission of CIRP – 4 form), it is mentioned […]...

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MahaRERA: Introduction of real estate agent training and certification

Order No. 41 /2023 10/01/2023

With effect from 01.05.2023, only those real estate agents who have a valid MahaRERA Real Estate Agent Certificate of Competency can apply for MahaRERA real estate agent registration / renewal of registration....

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SOP to deal with Customs clearance of fresh fruit consignments

Office Order No. 02/2023-JNCH 10/01/2023

Grievances have been received from Trade and Customs Brokers highlighting the issue of delay in examination and clearance of consignments of fresh fruits.. especially in view of the perishable nature of such fresh fruits, where verification or investigation is being done by SIIB (I) or CIU, JNCH,...

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Introduction of future contracts on Corporate Bond Indices

Circular No. SEBI/HO/MRD/MRD-PoD-3/P/CIR/2023/11 10/01/2023

In order to enhance liquidity in the bond market and also to provide opportunity to the investors to hedge their positions, SEBI had constituted a working group of representatives of NSE, BSE and MSEI to make recommendations on the matter of ‘Derivatives on Bond Indices.’...

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Reopening of assessment for contingent nature of addition unsustainable

DCIT Vs G.K. Ispat Pvt. Ltd. (ITAT Kolkata)

ITAT Kolkata held that addition cannot be made on protective basis in the reopened assessment proceeding as the assessment cannot be reopened for a contingent nature of addition....

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Commodity transactions in regular course of business are not speculative transaction

ACIT Vs Clothing Culture Ltd (ITAT Mumbai)

ITAT Mumbai held that commodity transactions carried out as regular business transaction cannot be treated as speculative transaction. Accordingly, the loss incurred from the same is treated as normal business loss....

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Revisional power unjustified as detailed inquiry conducted by AO

Gurdeep Singh Vs PCIT (ITAT Chandigarh)

ITAT Chandigarh held that invocation of revisional power under section 263 of the Income Tax Act unjustified once detailed inquiry conducted by AO on the matter. ...

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Section 194J not apply to services not requiring specific professional skill/expertise

CG Professional Exam Board Vs DCIT (ITAT Raipur)

ITAT Raipur held that service of tabulation, checking and preparation of marksheets and other computer assisted work doesn’t require any specific professional skill or expertise. Therefore, provisions of section 194J of the Income Tax Act are not attracted....

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Recoveries under SARFAESI Act prevail over recoveries under MSMED Act: SC

Kotak Mahindra Bank Limited Vs Girnar Corrugators Pvt. Ltd. &

The Hon’ble Supreme Court observed that MSMED Act does not provide any priority over the debt dues of the secured creditor akin to Section 26E of the SARFAESI Act. Further, it was held that so far as recoveries under the SARFAESI Act with respect to the secured assets would prevail over the recoveries under the MSMED Act to recover the ...

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Implementation of Recommendations of 48th GST Council Meeting

1. Reversal of ITC in case of non-payment of tax by the supplier by a specified date and mechanism for re-availment. Rule 37(1) of the CGST Rules is amended w.e.f 01.10.2022 to provide that a registered person, who fails to pay to the supplier, the amount towards the value of such supply (wholly or partly) along with […]...

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June 2023