Only companies other than subsidiary companies, associate companies and joint ventures are eligible for purpose of registeration as valuer under rule 3(2) of Companies (Registered Valuers and Valuation) Rules, 2017 – Vide decision of High Court of Delhi in Cushman and Wakefield India (P.) Ltd. v. Union of India

Facts of the case: The petitioners were engaged in the business of real estate consultancy services including provision of real estate valuation services.The petitioner is a subsidiary of a reputed body corporate and is universally recognized as a lauded leader in providing valuation service.The petitioner filed writ petition for declaring rule 3(2) of [...]

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Notified provisions of 56(2)(viib)

Section 56(2)(viib) lays down that where a private limited company receives any consideration from any person being a resident, for issue of shares that exceeds the face [...]

Interest Subvention Scheme for Short Term Crop Loans during the years 2018-19 and 2019-20

Reserve Bank of India vide Notification No RBI/2018-19/137 dated 07th March 2019 has announced that the Government of India has approved the implementation of the Interest [...]

Re-categorization of IDBI Bank Ltd. as a Private Sector Bank

Reserve Bank Of India vide its Presss Release dated 14th March 2019 has categorized IDBI Bank Limited as a ‘Private Sector Bank’ for regulatory purposes with effect from [...]

Revision in Haircut on Central Government Securities accepted as Collateral

Based on the feedback received from the Clearing Corporations and the recommendations of the Risk Management Review Committee of SEBI, SEBI vide Circular No. [...]

Discontinuation of printing of Advance Authorisations / Export Promotion Capital Goods (EPCG) Authorisations on security paper by DGFT for authorisations issued with EDI ports as port of registration

In order to enhance the ease of doing business for exporters, DGFT vide Circular No. 07/2019 dated 21st February 2019 has decided to discontinue the issuance of Advance/EPCG [...]

Nature of Supply of Priority Sector Lending Certificates (PSLC)

Earlier, Notification No. 11/2018-Central Tax (Rate) dated 28.05.2018 was issued to levy GST on trading of PSLC (Priority Sector Lending Certificates) on reverse charge basis [...]

Increase in threshold limit of aggregate turnover for availing Composition Scheme u/s 10 of the CGST Act, 2017

The Central Board of Indirect Taxes and Customs Vide Notification No 14/2019 – Central Tax dated 07th March 2019 has increased the threshold limit of aggregate turnover to [...]

Sections 10(34) and 115BBDA are constitutionally valid – Decision of High Court Of Delhi in Rajan Bhatia v. Central Board of Direct Taxes

Facts of the case: The assessee challenged the constitutional validity of proviso to section 10(34) along with provisions of section 115BBDA on grounds that section 115BBDA [...]

For computing capital gain tax, date of allotment of flat by DDA would be date on which purchaser of flat can be stated to have acquired property – Decision of High Court Of Bombay in Principal Commissioner Of Income Tax-3, Mumbai v. Vembu Vaidyanathan

Facts of the case: The assessee filed its return of income for the AY 2009-10 and claimed long-term capital gain arising out of capital asset in the nature of a [...]

Harmonisation of different categories of NBFCs

Over a period of time, evolution of the NBFC sector has resulted in several categories of NBFCs intended to focus on specific sector. On a review, it has been decided by RBI [...]

Credit Flow to Agriculture- Collateral free agricultural loans

Keeping in view the overall inflation and rise in agriculture input cost over the years since 2010, RBI vide Circular No RBI/2018-19/118 dated 07th February 2019 has decided [...]

Monetary limits for filing/ withdrawal of Wealth Tax appeals by the Department before ITAT, HCs and SLPs/appeals before SC

Circular No. 3 of 2018 dated 11-07-2018 specifiies the monetary limits for filing of income tax appeals by the Department before Income Tax Appellate Tribunal, High Courts [...]