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IBBI de-recognises 13 Insolvency Professional Entities

January 17, 2019 2898 Views 0 comment Print

Thirteen IPEs are hereby directed to forthwith: (a) surrender their original certificates of recognition to the IBBI; and (b) inform the concerned Registrar of Companies about their de-recognition.

No TDS U/s. 194J on charges paid to unqualified professional

January 16, 2019 19263 Views 1 comment Print

Nikhil Chandra Mitra Vs ITO (ITAT Kolkata) Disallowance of Rs.60,000/- made on account of accounting charges by invoking the provisions u/s 40(a)(ia) of the Act.  The assessee submits that the person whom the amount was paid was not a qualified professional and he was an accountant writing the accounts and hence 194J of the Act, […]

HC should have condoned delay in removing office objections : SC

January 15, 2019 4092 Views 0 comment Print

CIT Vs M/s Reliance Industries Ltd. (Supreme Court of India) The appeal was filed by the Department (appellant herein) before the High Court against the judgment of the Income Tax Appellate Tribunal (ITAT). However, the said appeal was defective and the appellant took abnormal time of 1371 days in removing those defects. An application for […]

Guidelines for public issue of units of REITs – Amendments

January 15, 2019 951 Views 0 comment Print

Provided that in case of strategic investor, the aforesaid application value shall be subject to Regulation 2(1)(ztb) of the REIT Regulations.

National Company Law Tribunal (Amendment) Rules, 2019

January 15, 2019 1968 Views 0 comment Print

Central Government hereby makes the following rules further to amend the National Company Law Tribunal Rules, 2016, namely:- 1. (1) These rules may be called the National Company Law Tribunal (Amendment) Rules, 2019.

IBBI (Voluntary Liquidation Process) (Amendment) Regulations, 2019

January 15, 2019 1617 Views 0 comment Print

1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2019. (2) They shall come into force on the date of their publication in the Official Gazette.

Womaniya on Government e Marketplace 

January 14, 2019 774 Views 0 comment Print

Government e Marketplace [GeM] has launched Womaniya on GeM, an initiative to enable women entrepreneurs and women self-help groups [WSHGs] to sell handicrafts and handloom, accessories, jute and coir products, home décor and office furnishings, directly to various Government ministries, departments and institutions.

Penalty U/s. 271AAA cannot be levied if not asked to substantiate Income Disclosed

January 14, 2019 1497 Views 0 comment Print

ACIT Vs Sh. Bhavi Chand Jindal (ITAT Delhi) Since no specific query was raised, at the time of recording statement under section 132(4) and during the assessment proceedings, however, the manner was substantiated by filing written submission and also referring relevant documents relating to undisclosed income, which were found and seized. Therefore, assessee was not […]

Auditor cannot be an accountant for the purposes of Rule 11UA (2)

January 14, 2019 6864 Views 0 comment Print

M/s. Kottaram Agro Foods Pvt. Ltd. Vs ACIT (OSD) (ITAT Bangalore) At the very outset, it was submitted by ld. DR of revenue that as per para 4.2 of the assessment order for Assessment Year 2014-15 and para no. 4.3 of the assessment order for Assessment Year 2015-16, it is noted by the AO that […]

Bihar relaxes e-way bill requirement

January 14, 2019 7596 Views 0 comment Print

The e-way bill in respect of movement of goods originating and terminating in the State of Bihar shall not be required to be generated where the consignment value does not exceed One Lac Rupees

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