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Archive: 24 May 2024

Posts in 24 May 2024

Failure to provide explanations or comments in Board Report: MCA imposes ₹16.5 Lakh Penalty

May 24, 2024 8892 Views 0 comment Print

Reflektion Media Software (India) penalized ₹12 lakh for non-compliance with Section 134(3) of the Companies Act, 2013. Directors also fined.

Classification & Notification of Parts to manufacture ASSY-Case front: CAAR Ruling

May 24, 2024 768 Views 0 comment Print

Read the CAAR ruling on Elentec India Pvt. Ltd.’s query regarding Customs duty exemption under Notification no. 09/2024 for manufacturing “ASSY-CASE-FRONT” and classification.

Time-barred claims by Creditors in IBC Proceedings should not to be considered

May 24, 2024 1023 Views 0 comment Print

Analysis of Pooja Mehra vs Victory Ace case before NCLAT Delhi. Understanding IBC time limits, belated claims, and implications for creditors. Detailed judgment breakdown.

Section 269SS & 269T Not Applicable to Share Application Money; No Penalty Under Section 271D or 271E

May 24, 2024 2235 Views 0 comment Print

Calcutta High Court held that share application money or its repayment does not fall under Section 269SS & 269T, as the same are not loans or deposits, and do not attract penalties under Sections 271D and 271E of Income Tax Act.

Madras HC Allows Re-submission for GSTR-1 vs GSTR-3B Errors

May 24, 2024 5283 Views 0 comment Print

Madras High Court grants Hajabandenawas a chance to resubmit documents for GSTR-1 vs GSTR-3B discrepancies without pre-deposit condition. Learn more about the case.

AO correctly assumed Section 147 jurisdiction if lack of full & true disclosure: Delhi HC

May 24, 2024 663 Views 0 comment Print

Delhi High Court ruling: Assessing Officer cannot assume jurisdiction under Section 147 of Income Tax Act without proper grounds. Detailed analysis and judgment.

ITAT deletes addition of Cash Deposit against Opening Balance during demonetization

May 24, 2024 6519 Views 0 comment Print

Discover why ITAT Jodhpur ruled that cash deposits made by a 77-year-old assesse during demonetization couldn’t be added under section 68 of the Income Tax Act.

Waste Exceeding SION Norms Exempt from Customs Duty if cleared with Proper Permissions & Payments

May 24, 2024 993 Views 0 comment Print

CESTAT Ahmedabad held that waste and scrap, even if exceeding SION norms, are exempt from customs duty provided they are cleared with proper permissions and duty payments.

ITAT allows filing of Form No. 10AB despite exclusion from timeline extension Circular

May 24, 2024 867 Views 0 comment Print

Learn how ITAT Chennai extended the timeline for filing Form 10AB for recognition under section 12A of the Income Tax Act up to 30.09.2023, allowing appeals against denial of registration under section 80G(5).

NCLT Cannot Set Aside Arbitral Award During IBC Moratorium

May 24, 2024 678 Views 0 comment Print

NCLT Kolkata rules it cannot annul an arbitral award during an IBC moratorium. Detailed analysis of Mahavir Industrial Corporation vs Hindustan Controls & Equipment Pvt Ltd.

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