HC admits petition against notice issued to reverse ITC on account of non-payment of tax by seller, demand stayed
GST : Where GST authority issued notice to reverse input tax credit claimed by assessee-buyer on account of non-payment of tax by seller, writ petition was admitted for hearing and revenue was directed to file reply; demand was stayed subject to deposit of 5 per cent amount of tax
COVID-19 testing in live animals to be done before importing into India: Instruction
CBIC has issued instruction for requirement of COVID-19 testing in live animals before importing into India in order to rule out the spreading of COVID-19 infection through imported animals.
Penalty for non-compliance of B2C QR Code is waived till September 30, 2021: Notification
The Government has issued notification for waiver of penalty for non-compliance of B2C QR Code by any regisetred person from December 1, 2020 till September 30, 2021.
No reversal of ITC in case of loss by consumption of input which is inherent to manufacturing loss: Madras HC
GST : Reversal of input tax credit (ITC) by revenue in case of loss by consumption of input which was inherent to manufacturing loss was not correct as such loss was not contemplated or covered by situations adumbrated under section 17(5)(h)
Notice can’t be issued to bank to seize accounts if assessee already deposited 20% of demand: Bombay HC
INCOME TAX : Where revenue already had amount earlier deposited by assessee with Commissioner (Appeals) in relation to earlier Assessment year which corresponded to more than 20 per cent of demand amount for relevant assessment year, issuance of impugned notice to assessee’s bank to recover demand amount was not justified
Business income to be computed by using conversion rate existing on last day of previous year even if TDS is deductible
INCOME TAX : Correct procedure for calculating receipts in case of income from business and profession in case of currency conversion is Explanation 2(c) to rule 115(1) without taking into account proviso to rule 115(1)
AO rightly taxed fake agricultural income disclosed by student in ITR to get education loan.
INCOME TAX : Where assessee had wrongly claimed income in question as agricultural income and claimed same as exempt, Assessing Officer was justified in treating said income as income from other sources
Company’s website to display the Terms and Conditions of appointment of an Independent Director in companies
In common understanding, an independent director is a non-executive director of a company who helps the company in improving corporate credibility and governance standards. He / she does not have any kind ofmaterial relationship with the company that may affect the independence of his / her judgement.
Now companies can file charge-related forms without paying an additional fee up to August 01, 2021
In view of the large-scale disruption caused by the COVID-19 pandemic and after due examination of the representations received from various stakeholders, the MCA has decided to relax the timelines for filing of forms related to the creation/modification of charges. As a result, companies can file charge-related forms without paying an additional fee up to August 01, 2021.
CA exams to be held from July 05, 2021: Apex Court
The Apex Court has shown green light to the Institute of Chartered Accountancy of India for conducting the CA examination from July 05, 2021. However, it stated that it will hear the petitions Seeking Postponement of CA Examination/ Opt-out Options/Extra Chances/More Exam Centres whereas it will not pass any directions to postpone the Chartered Accountant (CA) examinations 2021 scheduled to commence in July.
Insolvency & Bankruptcy Code:
Personal Guarantors to corporate debtors Vs. Financial Creditors – interesting arguments based on Supreme Court decision
The main purpose of an economic legislation is equitable treatment of all stakeholders and economic prosperity of the Country.
AA can set aside an ex-parte order if there was sufficient cause w.r.t. service of Notice u/r 49(2) of NCLT Rules: NCLAT
IBC : Adjudicating Authority has power to set aside an ex-parte order if it is satisfied that there was sufficient cause with respect to service of notice as provided in rule 49(2) of the NCLT Rules, 2016
HC quashes proceedings initiated under State Laws as section 238 of IBC has overriding effect on any other law
IBC : Where during moratorium period, proceedings under Karnataka Protection of Interest of Depositors in Financial Establishment Act, 2004 were initiated against corporate debtor and properties of corporate debtor were attached, said proceedings were to be quashed as section 238 of IBC had overriding effect over any other law