Petitioner, wishing to rectify the error, had attempted to submit an application for amendment of the registration certificate. However, while filling the application Online, the Accountant had selected ‘cancellation’ from the drop down menu instead of ‘modification’. It is thus that the impugned order has come to be passed cancelling the registration with effect from 01.05.2020.
Raja Ram Dalmia Vs PCIT (Calcutta High Court) High Court held that department has to first initiate proceedings against the defaulting private limited company and upon failure in their attempt to recover the tax dues power under section 179 of the Act could have been invoked. On facts it is clear that no such attempt […]
If assessee was under bona fide belief that as per Guidance Note issued by ICAI on ‘tax audit under section 44AB’ net result in derivative transaction was to be considered as turnover and accordingly, he would not be liable to get his books audited as turnover did not exceed more than Rs. 1 crore, penalty levied under section 271B was to be deleted
IBUs are directed to follow the IFSCA KYC guidelines with immediate effect. IBUs are also advised that guidelines/circulars of the domestic financial sector regulators on the issues covered by the IFSCA KYC guidelines shall cease to apply with immediate effect.
Section 23(3) of IBC Code clearly provides for handing over of documents by IRP to RP. DC notes that acts of Mr. Prateek Kathuria for non-submission of documents to newly appointed IRP has caused delay in process which could have been avoided. Hence, the DC finds that Mr. Prateek Kathuria has violated section 23(3), 17(2)(e), […]
Local cheques are payable within the jurisdiction of the clearing house and will be presented through the clearing system prevailing at the centre. Credit arising out of local cheques shall be given to the customer’s account as indicated in the Cheque Collection Policy (CCP) of the concerned collecting bank.
Parimal Textiles Vs Union of India (Gujarat High Court) This order in original the petitioners have challenged in the present petition mainly on the ground that the department did not take any steps for adjudication for nearly 17 years. After that without ensuring that the notices were served, department proceeded exparte against the petitioners and […]
It is observed that the subject company had given SBI card to all 53 minority shareholders based on their requests. Hence, it is affirmed that the subject company has violated the provisions of Sec. 118(10) of the Companies Act, 2013 read with SS-2 in Clause 14 of Secretarial Standard.
Mags Garments Pvt. Ltd. Vs Union of India And Others (Himachal Pradesh High Court) Having gone through the contents of the Scheme of Budgetary Support under Goods and Service Tax regime especially in the light of Tax which accrues to the Central Government under Central Goods and Service Act, 2017 and Integrated Goods and Services […]
It is settled law that inordinate delay (17 Years in this case) in adjudication results into denial of principles of natural justice and such violation cannot be overlooked by any authority.
