In the matter of CIRP of Murli Industries Limited, the DC notes that the invoices for the services rendered by Mr. Iyer were raised in the name of his firm, i.e., DTTILLP. Section 206 of the Code clearly provides that only individual (person) can render services as an IP. Section 5 (13) defines the term […]
Sakthi Textiles Ltd Vs DCIT (ITAT Chennai) Coming back to observations of the Assessing Officer regarding valuation report. The Assessing Officer never stated that assessee has not filed valuation report in support of fair market value of shares. In fact, Assessing Officer has categorically admitted that assessee has filed valuation report from independent Chartered Accountant […]
Budget 2021- Seeks to amend notification No. 01/2017 – Customs (CVD) dated 7th September, 2017 so as to temporarily revoke the operation of the said notification for the period from 2nd February, 2021 to 30th September, 2021. Notification No. 02/2021-Customs (CVD) Dated 1st February, 2021 GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification […]
Budget 2021- Seeks to amend notification No. 28/2002-Central Excise, dated 13.05.2002, to exempt M-15 and E-20 fuels from Special Additional Excise Duty and to add the reference of Agriculture Infrastructure and Development Cess in the appropriate duty of excise. Notification No. 04/2021-Central Excise Dated 1st February, 2021. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of […]
Budget 2021- Seeks to amend notification No. 05/2019-Central Excise, dated 06.07.2019, to prescribe effective rate of Special Additional Excise Duty for Petrol and Diesel. Notification No. 02/2021-Central Excise Dated- 1st February, 2021. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 02/2021-Central Excise New Delhi, the 1st February, 2021 G.S.R.84(E). – In exercise […]
Budget 2021- Seeks to amend notification No. 38/2019 – Customs (ADD) dated 25th September, 2019 so as to temporarily revoke the operation of the said notification for the period from 2nd February, 2021 to 30th September, 2021. – Notification No. 06/2021-CUSTOMS (ADD) Dated 1st February, 2021. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) […]
Budget 2021- Seeks to amend notification No. 54/2018 – Customs (ADD) dated 18th October, 2018 so as to temporarily revoke the operation of the said notification for the period from 2nd February, 2021 to 30th September, 2021. Notification No. 05/2021-Customs (ADD) dated 1st February, 2021. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification […]
For the purposes of sub-clause (i) and sub-clause (ii) of clause (85) of section 2 of the Act, paid up capital and turnover of the small company shall not exceed rupees two crores and rupees twenty crores respectively.
Honourable Speaker, the preparation of this Budget was undertaken in circumstances like never before. We knew of calamities that have affected a country or a region within a country, but what we have endured with COVID-19 through 2020 is sui generis.
Jaypee Powergrid Limited Vs ITO (ITAT Delhi) It is clear upon a perusal of the facts as found by the authorities below that the funds in the form of share capital were infused for the specific purpose of acquiring land and the development of infrastructure. Therefore, the interest earned on funds primarily brought for infusion […]
