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Archive: January, 2023

Posts in January, 2023

Use ‘Price / Yield range setting’ facility provided on e-Kuber platform: RBI

January 11, 2023 1266 Views 0 comment Print

All market participants are, advised to utilize Price / Yield range setting facility provided on e-Kuber platform before placing bids in Primary Market auctions.

Debt means any liability inclusive of interest which is claimed as due from any person under SARFAESI Act: SC

January 11, 2023 2922 Views 0 comment Print

The Hon’ble Supreme Court observed in a case where the borrower also challenges the auction sale and does not accept the same and also challenges the steps taken under Section 13(2)/13(4) of the SARFAESI Act with respect to secured assets, the borrower has to deposit 50% of the amount claimed by the secured creditor along with interest as per section 2(g) of the Act 1993 and as per section 2(g), “debt” means any liability inclusive of interest which is claimed as due from any person.

GST: Karnataka AAR allows withdrawal of application by TE Connectivity Services India Pvt. Ltd.

January 11, 2023 1113 Views 0 comment Print

Whether subsidized deduction made from employees availing transportation or canteen services within office is supply under Section 7 of CGST Act

GST on subsidised transportation and canteen services to employees – AAR allows withdrawal of application

January 11, 2023 780 Views 0 comment Print

Whether the subsidised deduction made by the Applicant from the employees who are availing transportation services and / or canteen services within the factory would be considered as a ‘supply’ by the Applicant under the provisions of Section 7 of Central Goods and Service Tax Act, 2017 and Karnataka Goods and Service Tax Act, 2017.

Deposit of balance amount on the Order of Trial Court shows readiness and willingness to perform Contract: SC

January 11, 2023 4362 Views 0 comment Print

The Hon’ble Supreme Court observed that deposit of earnest money as well as balance amount on order of the Trial court shows readiness and willingness on the part of the plaintiff to execute the Contract.

Legal sale of gold using prohibited currency/ SBNs not permissible

January 11, 2023 2484 Views 0 comment Print

ITAT Hyderabad held that no legal sale of gold can be made with the use of either prohibited currency or prohibited Specified Bank Notes (SBNs)

Sale of software products/licenses is not royalty and hence not taxable

January 11, 2023 8118 Views 0 comment Print

ITAT Delhi held that payment received from sale of software products/ licenses doesn’t fall in the nature of royalty as per Article 12(3) and as per section 9(1)(vi) and hence the same is not taxable in India.

No addition towards notional rent as residential asset held as stock-in-trade

January 11, 2023 2058 Views 0 comment Print

ITAT Pune held that addition of notional rental not sustainable as the residential assets held in stock-in-trade.

Penalty for non submitting MGT-14 for Board Resolution of approval of accounts

January 11, 2023 4515 Views 0 comment Print

As per Sec. 117(3)(g) of the Companies Act, 2013, the provisions of this section shall apply to – (g) resolutions passed in pursuance of sub-section (3) of section 179. As per Sec. 179(3)(g) of the Companies Act, 2013, the Board of Directors of a company shall exercise the following powers on behalf of the company […]

Penalty for not mentioning DIN on Form AOC-4 documents

January 11, 2023 4125 Views 0 comment Print

As per Sec. 158(1) of the Companies Act, 2013, Every person or company, while furnishing any return, information or particulars as are required to be furnished under this Act, shall mention the Director Identification Number in such return, information or particulars in case such return, information or particulars relate to the director or contain any […]

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