MCA provides relaxation to pay additional fee for the delayed filing of all event-based LLP E-forms till 30-06-2022.

In view of the representation received from various stakeholders and considering the transition from Version-2 of MCA-21 to version-3, the MCA has extended timelines for filing of the all the…

Continue ReadingMCA provides relaxation to pay additional fee for the delayed filing of all event-based LLP E-forms till 30-06-2022.

Bombay HC denied indefinite stay where taxpayer was given substantial time to reach Settlement Commission

EXCISE/ST/VAT : Petitioners were engaged in import of Set Top Boxes (STB) embedded with Conditional Access System (CAS) either imported directly or purchased on high seal sale basis and petitioners…

Continue ReadingBombay HC denied indefinite stay where taxpayer was given substantial time to reach Settlement Commission

No sec. 24 deduction for interest paid on loan in absence of evidence that property wasn’t ready to let out: ITAT

INCOME TAX : Where assessee claimed deduction under section 24 in respect of interest paid on loan taken for construction of commercial property and lower authorities rejected claim, since there…

Continue ReadingNo sec. 24 deduction for interest paid on loan in absence of evidence that property wasn’t ready to let out: ITAT

Case study relating to consequences of non-mentioning of CIN and registered office address on company’s letter head under the provisions of Companies

Running a business of an organization under the Companies Act cannot be undertaken lightly. One hand the company needs ongoing investment and on the other hand the company officials required…

Continue ReadingCase study relating to consequences of non-mentioning of CIN and registered office address on company’s letter head under the provisions of Companies

HC justified reassessment as AO conducted an independent investigation after receiving report from DIT (investigation)

INCOME TAX : Where Assessing Officer after considering report of Director (Investigation) had conducted an investigation and gone through income tax return and other related documents of assessee and only…

Continue ReadingHC justified reassessment as AO conducted an independent investigation after receiving report from DIT (investigation)

GAAR can’t be invoked to deny sanction of amalgamation; Tax Dept. may invoke it during assessment: NCLT

INCOME TAX /COMPANY LAW : NLCT rejects ITD's plea to deny sanction to amalgamation by invoking GAAR, as amalgamation was for purpose of business consolidationINCOME TAX /COMPANY LAW : NLCT…

Continue ReadingGAAR can’t be invoked to deny sanction of amalgamation; Tax Dept. may invoke it during assessment: NCLT

SEBI prescribes detailed norms w.r.t. SOP for dispute resolution under Exchange’s arbitration mechanism

SEBI has prescribed detailed arbitration mechanisms norms w.r.t Standard Operating Procedure (SOP) for operationalizing the resolution of all disputes pertaining to investor services. Accordingly, the Arbitration Mechanism shall be initiated…

Continue ReadingSEBI prescribes detailed norms w.r.t. SOP for dispute resolution under Exchange’s arbitration mechanism

Manual disposal of co-noticees’ application pending at SVLDRS-2 stage, where main noticees have paid

The CBIC has issued an instruction under Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 to provide for manual disposal of all eligible cases for the issuance of Discharge Certificate in…

Continue ReadingManual disposal of co-noticees’ application pending at SVLDRS-2 stage, where main noticees have paid

Body corporates from border sharing countries can’t enter into a compromise or an arrangement or merger or demerger without Govt.’s nod

The MCA has notified the Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2022. Now, a company/body corporate incorporated in a country sharing land border with India is required to submit…

Continue ReadingBody corporates from border sharing countries can’t enter into a compromise or an arrangement or merger or demerger without Govt.’s nod