Four level of approvals are required before issuance of notice from specified authority . 1. Before conducting enquiry u/s 148A(a) 2. Before issuing notice under section 148A(b) 3. Before passing order under section 148A(d) 4. Before issuing notice under section 148 [proviso to section 148] In case where procedure under section 148A is no...
Read MoreUnder the new previsions, before issuing notice, AO is required to comply with procedure under Section 148A. Earlier to 1.4.2021 before issue of notice u/s148 reason recorded by AO was the requirement . Now from 1.4.2021 issue of notice u/s 148A which is an opportunity to the assessee to explain his case when revenue requires […]...
Read MoreThird Party Insurance Deemed to be Transferred Along With Effective Control Over Vehicle in a Hire Agreement It is common knowledge that Insurance companies shirk their liabilities on various technical/venial grounds but the Courts do not let the Insurance Companies escape from their liabilities. One such matter recently on 14 July 2021...
Read MoreMicro, Small & Medium Enterprises (MSME) The concept of Micro, Small and Medium Enterprises (MSME) was first introduced in India in the year 2006. The MSME Sector has seen drastic growth in past five decades. The MSMEs are a crucial part of the economy and plays a vital role in the supply chain. MSME Sector […]...
Read More*IBBI Notification No. IBBI/2021-22/GN/REG077 Dtd. 22nd July, 2021 The Insolvency and Bankruptcy Board of India (IBBI) has notified a new set of regulations to amend the existing IBBI (Insolvency Professionals) Regulations, 2016 which shall come into force as on the date of its publication in the Official Gazette. Sr. No. Amendment Effe...
Read MoreINSOLVENCY AND BANKRUPTCY BOARD OF INDIA New Delhi, the 26th July, 2021 AMENDMENT TO THE GUIDELINES FOR TECHNICAL STANDARDS FOR THE PERFORMANCE OF CORE SERVICES AND OTHER SERVICES UNDER THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INFORMATION UTILITIES) REGULATIONS, 2017 In exercise of the powers conferred by section 196 of the Insolvenc...
Read MoreThis issue incorporates very interesting articles on a variety of topics. The articles briefly stated are: i. ‘Sports in Section 2(15) of Income-tax Act, 1961’ highlights the need of including sports, a field of eminent importance, in the definition of ‘charitable purpose’ bringing sports at par with yoga....
Read MoreGovernment has taken a number initiatives for providing financial assistance to the Micro, Small and Medium Enterprises (MSMEs) to cope with the financial impact of the COVID-19 pandemic ...
Read MoreThere is a new energy in our startups space. In just first 6 months of 2021, India has been to see 15 more unicorns . This was said by Shri Piyush Goyal while addressing the Plenary Session of CII- Horasis India Meeting 2021 on India’s Emerging Industry & Trade Architecture...
Read MoreThe information as to whether office addresses of the Police Stations, Assistant Commissioners of Police & Deputy Commissioner of Police posted in sub-divisions/districts/units, Additional Commissioners of Police, Joint Commissioners of Police, Special Commissioners of Police and Commissioner of Police, Delhi are available on the offi...
Read MoreLaureate Buildwell Pvt. Ltd. Vs Charanjeet Singh (Supreme Court of India) - Laureate Buildwell Pvt. Ltd. Vs Charanjeet Singh (Supreme Court of India) Larger Bench of SC declares that HUDA v. Raje Ram 2008 (17) SCC 407 and Wing Commander Arifur Rahman Khan and Anr. v. DLF Southern Homes Pvt. Ltd. 2020 SCC Online 667 (SC) are not good law- Purchaser of flat entitled to intere...
Read MoreUttar Pradesh State Road Transport Corporation Vs National Insurance Co. Ltd. & Ors. (Supreme Court of India) - Uttar Pradesh State Road Transport Corporation Vs National Insurance Co. Ltd. & Ors. (Supreme Court) SC holds that Insurance Companies are liable to pay compensation even if the vehicle is under contact and under control of State Transport Corporation and the insurance policy has been purchased ...
Read MoreUnion of India Vs Rajendra N Shah & Anr. (Supreme Court of India) - Union of India Vs Rajendra N Shah & Anr. (Supreme Court of India) The Supreme Court on July 20 in a 2:1 majority verdict upheld the validity of the 97th constitutional amendment that deals with issues related to effective management of cooperative societies but struck down a part inserted by it ...
Read MoreMadras Bar Association Vs Union of India (Supreme Court) - The declaration of Court in para 53(iv) of MBA-III should prevail and the term of Chairperson of a Tribunal shall be five years or till she or he attains the age of 70 years, whichever was earlier and the term of Member of a Tribunal should be five years or till she or he attained the age of 67 ye...
Read MoreThe State of Odisha & Ors. Vs Sunanda Mahakuda (Supreme Court of India) - State of Odisha & Ors. Vs Sunanda Mahakuda (Supreme Court of India) Looking to the period of delay and the casual manner in which the application has been worded, we consider appropriate impose costs of Rs.25,000/- to be deposited with the Supreme Court Advocates On Record Welfare Fund. The amou...
Read MoreCircular no.: PFRDA/2021/30/SUP-ASP/6 - (22/07/2021) - PFRDA has been receiving requests for surrender of annuity policies post its issuance from the annuitants (who were erstwhile NPS Subscribers) or from other intermediaries with whom such Annuitants were associated earlier as NPS Subscribers. The Surrender is of two types viz surrender due to the app...
Read MoreNotification No. G/128/7/2021-22 - (26/07/2021) - In pursuance of Regulation 20B of Cost and Works Accountants Regulation, 1959, the last date for registration/admission/enrolment to Foundation, Intermediate and Final Course students stands extended up to 10th August, 2021 (Tuesday) for December 2021 term of examination....
Read MoreBill No. 104 of 2021 - (26/07/2021) - The Insolvency and Bankruptcy Code (Amendment) Bill, 2021 introduced in Lok Sabha on 26th July 2021, that seeks to replace the Ordinance, inter alia, provides for— (a) specifying a minimum threshold of not more than one crore rupees for initiating pre-packaged insolvency resolution process; (b) di...
Read MoreCircular No. 24A/2021 - (23/07/2021) - Cases where the transfer is initiated by the promoter: The promoter shall have to apply to MahaRERA with the consent of two-third allottees as on the date of application in the project under consideration, to seek permission to transfer its rights and liabilities to a third party....
Read MoreRef: IRDAI/HLT/REG/MISC/199/07/2021 - (23/07/2021) - Standards and Benchmarks for the Hospitals in the provider Network- taking into consideration the prevailing COVID-19 pandemic, the timelines for complying with the standards and benchmarks stands extended for a further period of one year for all the existing network providers as on the date....
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Circular no.: PFRDA/2021/30/SUP-ASP/6 - 22/07/2021