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Archive: 20 July 2023

Posts in 20 July 2023

Notice of AGM not specified number of Board Meetings – MCA Imposes Penalty

July 20, 2023 21090 Views 2 comments Print

MCA order identifies that company failed to comply with Secretarial Standards, specifically regarding the mention of the number of board meetings held during the financial year in its reports. A show cause notice was issued to the company, and in response, they admitted the error. As a result, the penalty has been imposed on the company and its officers in default under Section 118(11) of the Companies Act, 2013.

Refund claim u/s 11B filed beyond one year from relevant date is not maintainable

July 20, 2023 798 Views 0 comment Print

CESTAT Mumbai held that refund claim under section 11B filed beyond the period of one year from the relevant date is not maintainable. Here, relevant date was date on which appellant has voluntarily paid the short payment of service tax.

Interest free loan to non-related company without registered MOU creates reasonable doubt

July 20, 2023 504 Views 0 comment Print

ITAT Delhi held that huge amount as interest free advances given to company which is neither relative/ partner nor connected with Assessee based on MOU which is neither on stamp paper nor stamped or registered creates a reasonable doubt. Matter remanded for further inquiry.

Section 68 Addition for unsecured loan Upheld as assessee failed to discharge primary onus

July 20, 2023 2310 Views 0 comment Print

ITAT Delhi held that addition towards unsecured loan under section 68 of the Income Tax Act sustained as assessee failed to discharge the primary onus and burden of proof of providing genuineness, creditworthiness and identity of creditors to the satisfaction of the A.O.

Unjustified Addition of Section 68: Lack of Incriminating Material During Search

July 20, 2023 342 Views 0 comment Print

ITAT Mumbai held that addition u/s 68 of the Income Tax Act towards share application money unsustainable since they are not based on any incriminating material found during the course of search.

Further Deferment of Peer Review Mandate – ICAI Announcement

July 20, 2023 831 Views 0 comment Print

Institute of Chartered Accountants of India has announced the further deferment of the second phase of the Peer Review Mandate. Learn more about the new applicability date and prerequisites for Practice Units.

Exchange Rates for Imported & Exported Goods with effect from 21st July, 2023

July 20, 2023 657 Views 0 comment Print

Central Board of Indirect Taxes and Customs, issued Notification No. 54/2023-Customs (N.T.) on 20th July 2023. This notification pertains to the rate of exchange of conversion of foreign currencies into Indian rupees for imported and export goods with effect from 21st July, 2023. Government Of India Ministry Of Finance Department Of Revenue Central Board Of […]

DPIIT Issues Quality Control Orders for Wood Laminates & Insulated Containers

July 20, 2023 291 Views 0 comment Print

The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce & Industry, has recently announced two new Quality Control Orders (QCOs) for ‘Resin treated compressed wood laminates’ and ‘Insulated Flask, Bottles and Containers for Domestic Use.’ These QCOs, set to take effect six months after their notification, are designed to […]

Supreme Court: IBC Prioritizes Secured Creditors Over Electricity Dues

July 20, 2023 1578 Views 0 comment Print

In a recent Supreme Court ruling, IBC has been found to give higher priority to dues owed to secured creditors than to electricity dues. This analysis examines the court’s interpretation of IBC and its implications for creditors and power sector.

Cash deposit against Sum received from mother-in-law – ITAT directs re-adjudication

July 20, 2023 456 Views 0 comment Print

Key takeaways from the Pawanveer Singh vs ITO case: ITAT Delhi calls for fresh adjudication concerning the income tax on a settlement sum received from a mother-in-law.

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