Officers of the company were adjudicated for non-submission of Form AOC-4, emphasizing personal accountability under Section 137(3) and the Companies Act’s strict compliance requirements.
ROC Vijayawada penalizes THREE SEASONS EXIM and directors ₹3.5 Lakhs under Section 450 for failing to send EGM notice to a director and improper minute-keeping.
Three Seasons Exim Ltd. and its directors were penalized for not serving an EGM notice to a member and failing to maintain proper minutes. ROC Vijayawada highlighted strict compliance with Sections 101(3) and 450 of the Companies Act, 2013.
ROC Vijayawada imposed a Rs. 75,000 penalty on three directors of Three Seasons Exim Ltd. for failing to issue the mandatory 7-day notice for two 2017 board meetings.
The ITAT Mumbai upheld the deletion of a Rs.2.22 Cr addition under Section 43CA for AY 2018-19, ruling that the 10% tolerance limit (safe harbor) for the difference between sale consideration and property valuation is a beneficial, curative amendment and thus applies retrospectively from the provision’s insertion.
This decision strengthens the protection against time-barred reassessment, emphasizing that the extended limitation under Section 149(1)(b) applies only if the escaped income is factually above ₹50 lakh. The ITAT confirmed the reassessment was invalid as the AO’s final order confirmed the escaped income was much lower than the extended limit required for reopening
Invalid 143(2) notice format kills assessment. Kolkata ITAT quashes s.143(3) assessment (Pankhuri Mishra Vs ITO) as notice didn’t specify scrutiny type (limited/complete) per CBDT mandate.
The ITAT Delhi upheld the deletion of a RS.4 crore addition made under Section 68 against Livros Publishing Pvt. Ltd., ruling that the share application money received through banking channels from a listed NBFC.
PFRDA Circular mandates Source Nodal Office authorization for all NPS Inter-Sector Shifting and Exit Requests for Government sector subscribers, effective immediately.
The ITAT Delhi dismissed the Revenue’s appeal, confirming that losses of Rs.18.6 crore incurred by Fiem Industries Ltd. on target-redemption forward contracts to hedge export receivables were genuine business losses, not speculative transactions under Section 43(5).
