1. Ministry of Corporate Affairs has inserted Rule 9A w.e.f. 26th January 2021 in the Companies (Incorporation) Rules, 2014 to further extend the time period of the name reserved through SPICE+ under Rule 9 upon payment of certain fees. 2. Rule 9A provides that the Registrar …
Judgement: The Delhi High Court held that the Assessing Officer (AO) wrongfully assumed the jurisdiction and passed the final assessment order without passing a draft assessment order. Facts of the case:- The respondent-assessee, Headstrong Services India Pvt. Ltd. a wholly-owned subsidiary of Headstrong Services LLC, USA, …
1. The Central Board of Indirect Taxes and Customs (CBIC) in order to spread awareness about fake online trader scam, time and again tools steps to beware people. 2. The CBIC has reiterated that the Indian Customs never call or send SMS for paying in a …
i) To reinvigorate the Profession of Accountancy in this fast-changing digitalized World and to curb the prevalent malpractice of fake certificates forged by non-CAs, an innovative concept of Unique Document Identification Number (UDIN) was introduced by the Council of ICAI as mandatory Council Guidelines in a …
Judgement:- The Income Tax Appellate Tribunal (ITAT), Bangalore Bench held that the capital deduction is allowable for purchase of house property abroad. The assessee, Joseph K. Zachariah earned long term capital gain at Rs.10.18 Crores. Facts of the case:- The assessee has invested in the construction …
1. The Central Board of Indirect Taxes and Customs (CBIC) while clearing the misconceptions, in a series of tweets, has said the rule will be applicable to only 0.5% of the total taxpayers base of 1.2 crores. 2. The CBIC has introduced Rule 86B in GST …
1. CA. Atul Kumar Gupta, President, The Institute of Chartered Accountants of India (ICAI) has been elected as the Board Member of the International Federation of Accountants (IFAC) at the IFAC Council Meeting in November 2020. 2. CA. Gupta has been elected for a period of …
1. The Ministry of Corporate Affairs (MCA) notified the Companies (Share Capital and Debentures) Second Amendment Rules, 2020 which seeks to amend the Companies (Share Capital and Debentures) Rules, 2014. 2. The government amended Form No. SH-7 which pertains to the notice to the registrar of …
The Delhi High Court directed the Income Tax Authority to grant the benefit of revised TDS rates prescribed for Financial Year 2019-2020 and a rebate of 25%. Facts of the Case:- The petitioner, Manpower Services challenged the order passed by the respondent authority under Section 197 …
Judgement:- The Customs, Excises, and Service Taxes Appellate Tribunal (CESTAT), New Delhi Bench held that no o Service Tax is applicable on Liquidated damages, forfeiture of earnest money deposit and penalty. Facts of the case:- The appellant, M/s. South Eastern Coalfields Ltd. is a public sector …
1. The Ministry of Corporate Affairs (MCA) notified the new provision namely Rule 9A for the extension of reservation of name in certain cases. The Government notified the Companies (Incorporation) Third Amendment Rules, 2020 which seeks to amend the Companies ( Incorporation) Rules, 2014. 2. In …
Judgement:- The Delhi High Court while ruling in favour of the assessee held that the ITAT is ought to set aside ex-parte order, irrespective of final order decided the appeal on merits. Facts of the case:- The Petitioner, M/s Kalra Papers Private Limited filed its Return …
