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Archive: February, 2023

Posts in February, 2023

SEZ Rule 21B – Units dealing with aircraft leasing activities

February 23, 2023 1833 Views 0 comment Print

A Unit in an International Financial Services Centre, authorised to undertake aircraft leasing activity, if allowed by the International Financial Services Centre Authority not to maintain separate office, may utilise office space or manpower or both, of another unit set up in International Financial Services Centre authorised to undertake aircraft leasing activity, as may be approved by the Authority

Bicycles- Retro Reflective Devices (Quality Control) Order, 2023

February 23, 2023 1713 Views 0 comment Print

Order may be called Bicycles- Retro Reflective Devices (Quality Control) Order, 2023. It shall come into force from 1st day of July, 2023

Conversion of Company Into LLP- Format of Notice for meeting & Resolutions

February 23, 2023 35091 Views 0 comment Print

Guide to Converting Company into LLP: Notices & Resolutions Format – Essential steps and legal requirements for a seamless transition.

Extended service tax demand gets applicable only when there is deliberate mis-statement/ suppression of facts

February 23, 2023 1518 Views 0 comment Print

Delhi High Court held that extended service tax demand invoking proviso to Section 73(1) of the Act would be applicable on account of mis-statement or suppression of facts only if the same was deliberate and for the purposes of evading payment of duty.

Dues of income tax department classifiable as secured creditors

February 23, 2023 4203 Views 0 comment Print

NCLAT Delhi held that the dues of income tax department are Government dues and they are secured creditors.

CBIC exempts BCD on ships/ vessels for breaking up

February 23, 2023 3624 Views 0 comment Print

CBIC Exempted Customs Duty and IGST leviable on ‘vessels and other floating structures for breaking up’ Vide Notification No. 13/2023-Customs Dated: 23rd February, 2023. MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) New Delhi Notification No. 13/2023-Customs | Dated: 23rd February, 2023 G.S.R. 124(E).—In exercise of the powers conferred by sub-section (1) of section 25 of the […]

Transparency and Accountability: Implementing Section 188 for Related Party Transactions in Private Limited Companies

February 23, 2023 28110 Views 0 comment Print

Ensuring Fairness Guide to Section 188 for Related Party Transactions in Pvt Ltd Companies – Navigate related party transactions with transparency.

Banks cannot invoke Section 171 of Indian Contract Act to recover pending dues from a deceased customer

February 23, 2023 12243 Views 0 comment Print

Whether bank may exercise and invoke banker’s Rights of Lien as per Section 171 of Indian Contract Act, 1872 to settle dues from deceased person in case deceased person has taken a loan?

Reopening of assessment despite full & true disclosure of material facts is unjustifed

February 23, 2023 1539 Views 0 comment Print

Bombay High Court held that reopening of assessment in absence of failure on the part of the assessee to disclose fully and truly the material facts and also in absence of any tangible material is unjustifiable.

Disciplinary proceedings against VAT officer merely based on suspicion is unjustified

February 23, 2023 1530 Views 0 comment Print

Allahabad High Court held that the disciplinary proceedings against an officer VAT Commissioner cannot take place on information which is vague and indefinite and suspicion has no role to play in such matters when the department has taken a conscious decision not to challenge the order passed by the appellant and has allowed the same to attain finality.

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