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Implementation of Insolvency and Bankruptcy Code- Pitfalls & Solutions

August 3, 2021 2184 Views 0 comment Print

Chairperson of the Parliamentary Standing Committee on Finance, having been authorized by the Committee, present this Thirty-second Report on the subject ‘Implementation of Insolvency and Bankruptcy Code-Pitfalls and solutions’.

Break the Chain: Maharashtra relaxes COVID restrictions: Malls, gyms to open

August 2, 2021 9105 Views 0 comment Print

1) All essential and non-essential shops (including shopping malls) to remain open on all weekdays till 8 PM and till 3 PM on Saturday. All shops and malls except essential shops to remain closed on Sundays. 2) All Public Gardens and playgrounds can be kept open for the purpose of exercise, walking, jogging and cycling.

Search conducted on CA based In Faridabad by GST Department

August 2, 2021 4233 Views 0 comment Print

GOVERNMENT OF INDIA / MINISTRY OF FINANCE OFFICE OF THE COMMISSIONER, GOODS & SERVICES TAX G.S.T. BHAWAN, & BLOCK  ‘C’ & ‘D”, NEW C.G.O. COMPLEX. NH-IV, FARIDABAD-121001, HARYANA (Search conducted on CA based In Faridabad) In pursuance of an investigation into fake invoices of Rs. 47.22 crores (duty involvement of Rs. 10.33 crores) issued by […]

A person cannot be treated as Trustee merely on the ground that he is supervising substantial activities of Trust

August 2, 2021 1356 Views 0 comment Print

ITO Vs The Inclen Trust International (ITAT Delhi) AO made an addition of Rs.37,19,000/- being the excessive remuneration paid to Dr. N.K. Arora. On the one hand, he is being considered a specified person as a de facto trustee and on the other hand, he is being admitted as working under the trust and his […]

HC Transfer Winding-up proceedings to NCLT to avoid Multiplicity of Litigation

August 1, 2021 3159 Views 0 comment Print

Lalitaben Govindbhai Patel Vs Gujarat State Financial Corporation (Gujarat High Court) The present litigation on the board of this Court in the form of Special Civil Application No.11116 of 2008 and Letters Patent Appeal No.2480 of 2010 has arisen on account of sheer misconception on the part of the writ petitioners and writ appellants in […]

Assessment order valid despite initial section 147 notices in wrong name if revenue identifies & corrects the mistake

August 1, 2021 3027 Views 0 comment Print

Principal Officer, M/s. Vedanta Limited Vs DCIT (Madras High Court) As far as the present Writ Petition is concerned, admittedly, the notice under Section 148 was issued in a wrong name. However, close reading of the name of the Company would reveal that the first word ‘Sesa’ is not alien to the petitioner Company and […]

HC upheld disallowance of Foreign Travel expense of wife on failure to prove that she was working as staff

August 1, 2021 792 Views 0 comment Print

P. Amarnath Reddy Vs ACIT (Madras High Court) It is pertinent to note that in the Assessment Order, M/s.Shoetek Agencies is the assessee’s proprietary concern and is engaged in the business of leather and leather products. In the Assessment Order, though the assessee contended that Mrs. Swetha Reddy went aboard in the capacity of Marketing […]

Deduction of telecommunication & travel expenditure incurred in foreign currency from Turnover for Section 10B deduction

August 1, 2021 531 Views 0 comment Print

CIT Vs HTC Global Services India Pvt. Ltd. (Madras High Court) Appellate Tribunal was not correct in confirming to reduce the expenses relating to telecommunication and travel expenses in foreign currency from the total turnover for computing deduction under Section 10B of the Income Tax Act. Further Appellate Tribunal was not right in excluding the […]

Marine Aids to Navigation Act, 2021

July 31, 2021 711 Views 0 comment Print

THE MARINE AIDS TO NAVIGATION ACT, 2021An Act to provide for the development, maintenance and management of aids to navigation in India; for training and certification of operator of aids to navigation, development of its historical, educational and cultural value; to ensure compliance with the obligation under the maritime treaties and international instruments to which India is a party and for matters connected therewith or incidental thereto.

Anti-dumping investigation on imports of Viscose Staple Fibre

July 31, 2021 1854 Views 0 comment Print

Case No. SSR AD – 03/2021 Sunset Review of anti-dumping investigation concerning imports of Viscose Staple Fibre originating in or exported from China PR and Indonesia.

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