Trade credit can’t be equated with usance period on credit availed by Indian importer from Indian Bank

FEMA, BANKING & INSURANCE : Where petitioner-importers situated in India had availed credit facilities from respondent bank which was not an overseas bank but a bank situated in India and…

Continue ReadingTrade credit can’t be equated with usance period on credit availed by Indian importer from Indian Bank

STCG losses rightly disallowed as assessee invested only in high risk stocks of Co. with no business activities

INCOME TAX : Where assessee was not a regular investor in shares and had invested only in high risk stocks of obscure companies with no business activity or asset which…

Continue ReadingSTCG losses rightly disallowed as assessee invested only in high risk stocks of Co. with no business activities

Sum paid to BMC for increasing floor space index is not a commercial right and should be added in cost of building

INCOME TAX: Assessee paid a premium to Government of Maharashtra and BMC in lieu of grant of additional FSI. With grant of additional FSI, assessee got permission to increase size…

Continue ReadingSum paid to BMC for increasing floor space index is not a commercial right and should be added in cost of building

MCA allows Cos. to create repayment reserves of deposits maturing during F.Y. 20-21 till Dec 31, 2020

MCA has further extended the timelines till Dec 31, 2929 for creating the deposit repayment reserve of 20% of deposits maturing during the financial year 2020-21. Also the requirement under…

Continue ReadingMCA allows Cos. to create repayment reserves of deposits maturing during F.Y. 20-21 till Dec 31, 2020

Supreme Court Judgement and Invocation of Section 18 of the Limitation Act, 1963 for Applications under IBC

The recent decision of the Hon’ble Supreme Court as to applicability of Section 18 of the Limitation Act,1963 to the proceedings under Insolvency and Bankruptcy Code,2016, in the case of…

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