Gujarat High Court held that since for the year under consideration, there is no retention of income but in fact there is a deficit of 7%, hence the question of denying the exemption under section 11 of the Income Tax Act wouldn’t arise. Accordingly, writ petition is allowed.
The Delhi ITAT upheld deletion of ₹2.57 crore TP adjustment, confirming that mere margin variations do not trigger 80IA(10) without evidence of profit manipulation. Revenue’s appeal dismissed.
Gujarat High Court held that recovery of interest amount which became due u/s. 50(1) of the CGST Act can be done only after issuance of intimation in Form GST DRC-01D. Accordingly, order quashed with direction to department to initiate proceedings by issuance of notice in Form GST DRC-01D.
The ROC penalised a company for issuing bonus shares without completing mandatory dematerialisation. The order highlights strict enforcement of Section 29 and Rule 9A compliance requirements.
The ROC penalised the company and officers for failing to dematerialise securities before issuing bonus shares, as required under Section 29 and Rule 9A. The ruling reinforces mandatory demat compliance for unlisted public companies.
Jayurance Healthcare and its officers were penalized under Section 12(8) of the Companies Act for non-compliance, emphasizing accountability and timely statutory adherence.
A company and its directors were penalized under Section 90(11) of the Companies Act for failing to issue notices to Significant Beneficial Owners, emphasizing regulatory accountability.
The ROC held that a one-day delay in filing Form PAS-3 violated Section 42(8), attracting penalty under Section 42(9). The company and its directors were collectively fined Rs. 500, apportioned individually.
Naturedge Beverages and its directors were penalized for misstating the number and dates of board meetings in the FY 2022-23 Directors Report.
Naturedge Beverages was penalized for failing to report three board meetings in the Annual Return, highlighting the need for accurate statutory compliance.
