Author: Raju and Prasad Chartered Accountants
Where appellant was given excess subsidy of 25 per cent under Rajasthan Investment Promotion Scheme-2003, appellant was directed to refund same with interest of 12 per cent per annum
Vide decision of Supreme
Court of India in ultratech Cement limited vs. State of rajasthan.
Facts of the case:
Apellant company was
engaged in business [...]
Where assessee filed a petition contending that due to technical difficulties he could not file Form Trans-1 within prescribed time and thus requested the authority to allow him same so that he could claim transitional credit of eligible duties in terms of section 140(3), said petition was to be disposed of with a direction to State of Madhya Pradesh to take a decision on representation of assessee in accordance with law
Vide decision of High
Court of Madhya Pradesh in Ankit Babeley vs. State of Madhya Pradesh.
Facts of the case:
Assessee had been filing
his return [...]
A Notification would come into effect from date and time when it was electronically printed in gazette and mere uploading same on website would have no significance and, therefore, where Notification No. 29/2018-cus, dated 01-03-2018 was updated on 02-03-2018 and came to be published in official gazette on 06-03-2018 whereas custom duty had already been paid by assessee on 05-03-2018, enhanced amount sought to be realised from assessee on basis of aforesaid Notification was unlawful.
Vide decision of High Court
of Madras in Ruchi Soya Industries Limited vs. Union of india
Facts of the case:
Assessee company entered
into a contract [...]
For purpose of allowing benefit of deduction under section 54(1), expression ‘a residential house’ includes within its ambit plural numbers as well and, thus, it cannot be construed as one residential house only
Vide decision of High
Court of Karnataka in Arun K. Thaigarajan Vs Commissioner of Income Tax
(Appeals)-II
Facts of the case:
The assessee was the
owner [...]
Income Tax I : Where assessee engaged in business of manufacturing ATMs and distribution of NCR books products, took a premises on lease for a period of three years and incurred expenditure on improvement of said premises such as improvement of interiors and electrical works, ceiling work for networking of computers in connection with set up of office etc., expenditure so incurred was to be allowed as revenue expenditure Income Tax II: ATM can be regarded as a computer and thus it is eligible for higher rate of depreciation Income Tax III: Where assessee changed revenue recognition method during relevant assessment year, in view of fact that departmental authorities failed to prove that changed method was not correct and it distorted profits of relevant year, impugned order passed by Assessing Officer rejecting new method of accounting was not sustainable
Vide Decisions of High court of Karnataka
in Commissioner of income tax Vs. NCR Corporation (p.) limited.
Facts of the case:
Assessee is engaged in the [...]
General order for extension of time to hold AGM for F.Y. 2019-20
MCA vide Press Release Dated, 08th September 2020, extending the timeline for holding Annual General Meeting till December 31st from September 30th due to [...]
Relaxation of Additional fees and extension of last date of filing CRA-4 (form for filing of cost Audit Report) for FY 2019-20 under the Companies Acr, 2019
MCA vide General Cirular No. 29/2020 dated 10th September 2020, In view of the disruption caused due to the pandemic, it has been that if cost audit report [...]
Review of Debt and Money Market Securities Transactions Disclosure w.r.t Mutual Funds and Asset Management companies
SEBI vide circular No. SEBI/HO/IMD/DF4/CIR/P/2020/163 dated 01st September 2020 In order to further enhance transparency, it is now decided that the details [...]
Resources for Trustees of Mututal Funds
SEBI vide circular No. SEBI/HO/IMD/DF4/CIR/P/2020/0000000151 dated 10th
August, 2020 providing administrative assistance to trustees in
monitoring various [...]
Grevience Resolution between listed entities and proxy advisers
SEBI vide circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/119dated 04th August, 2020 in order to facilitate resolution of such grievances of listed entities against [...]
Procedural Guidelines for Proxy Advisors
SEBI vide circular No. SEBI/HO/IMD/DF1/CIR/P/2020/147 dated 03rd August
2020, Procedural gudelines for proxy advisors has been issued.
As per SEBI [...]
Use of Digital Signature Certifications for Authentication /Certification of filings/submissions made to Stock Exchanges
SEBI vide circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/145dated 31st July 2020, it has been permitted for authentication /certification of any filing/submission [...]
Conducting meeting of unitholders of InvITs and REITs through Video Conferencing (VC) or through other audio-visual means (OAVM)
SEBI vide circular No. SEBI/HO/DDHS/DDHS/CIR/P/2020/102 dated 22nd June 2020 clarified that InvITs/ REITs may conduct the meeting of unitholders through [...]
Acceptance of payment through prescribed electronic modes – Imposition of charge on the prescribed electronic modes
Income tax vide Circular No. 16/2020
dated 30-08-2020 issues orders to immediately refund the charges collected, if
any, on or after 1st January, 2020 on [...]
CBDT provides ITR filing compliance check functionality for scheduled commercial banks
Income tax vide Notification no. 71/2020
dated 31-08-2020 issues orders to scheduled commercial banks for furnishing
information about IT return filing [...]