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Archive: May, 2023

Posts in May, 2023

Benefit of deduction of 7.5% of total income available to co-operative banks u/s. 36(1)(viia)

May 18, 2023 2043 Views 0 comment Print

ITAT Cochin held that benefit of deduction of 7.5% of the total income is available to co-operative banks under clause (viia) of section 36(1) of the Income Tax Act.

Declared value rejectable whenever significantly higher value of identical goods noticed

May 18, 2023 2478 Views 0 comment Print

CESTAT Ahmedabad’s verdict on customs valuation rules regarding Kumar Impex’s appeal against reassessment of imported goods’ value under Rule 12.

35 FAQ’s on Legislation and special court’s judgments under NIA Act, 2008

May 18, 2023 1344 Views 0 comment Print

Explore 35 FAQs on the National Investigation Agency (NIA) Act, 2008, covering topics like its short title, powers of NIA, definition of special courts, and judgments under NIA Act. Gain insights into the constitution of NIA, investigations, special courts, and key provisions. Stay informed on legislation and court decisions related to the NIA Act, 2008.

Payment of Excess Managerial Remuneration – MCA imposes penalty

May 18, 2023 3060 Views 0 comment Print

Penalties for violating Section 197 of Companies Act as company paid managerial remuneration to a director exceeding requisite approvals

Requirement of EPR registration certificate for import of battery as well as equipment containing battery

May 18, 2023 7152 Views 0 comment Print

Ministry of Finance issues Instruction No. 17/2023-Customs regarding the requirement of EPR (Extended Producer Responsibility) registration certificate for the import of batteries and equipment containing batteries. The Central Pollution Control Board (CPCB) has highlighted the Battery Waste Management (BWM) Rules, 2022, which supersede the earlier Batteries (Management and Handling) Rules, 2001. All producers, including importers, […]

Rs. 2 Lakh penalty imposed on Secretarial Auditor for violation of Section 204

May 18, 2023 10800 Views 0 comment Print

Adjudicating Officer concluded that there was a violation of Section 204 and imposed a penalty of Rs. 2,00,000/- on Secretarial Auditors.

Company Secretaries in Practice can act as IPR/Trade Marks agent: ICSI

May 18, 2023 5589 Views 0 comment Print

Company Secretaries in Practice are allowed to be registered as Trade Marks Agent under Rule 144 of the Trade Marks Rules, 2017, read with the Company Secretaries Act, 1980 and the Regulations made thereunder.

Non-quoting of DIN renders Income Tax order invalid

May 18, 2023 2670 Views 0 comment Print

ITAT Hyderabad held that non-generation/ non-quoting of Document Identification Number (DIN) in the order will render the order invalid and will be treated as never to have been issued.

Reopening justified as it is based on material satisfying that income has escaped assessment

May 18, 2023 1509 Views 0 comment Print

Gujarat High Court held that in case reopening of assessment based on material which satisfied to harbour reasons to believe that there was escapement of income, then, such reopening of assessment is justifiable.

Maharashtra State Board of Technical Education would fall under definition of ‘state’ as per Article 12

May 18, 2023 1419 Views 0 comment Print

ITAT Mumbai held that the Maharashtra State Board of Technical Education (MSBTE) would fall under the definition of state as per Article 12 of the Constitution of India.

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