Online tendering will be considered as supply of services : AAR
GST : Online tendering does not satisfy definition of ‘goods’ as per section 2(52)
Supply of Coaching Services along with printed material, test papers, uniform etc. to be treated as composite supply: AAR
GST : Where applicant supplies services of coaching to students which also includes along with coaching, supply of goods/printed material/test papers, uniform, bags and other goods to students and such supplies are not charged separately but a consolidated amount is charged and major component of which is imparting of coaching, said supply made by applicant shall be considered as composite supply of service and coaching service shall be principal supply
Government approved Production Linked Incentive (PLI) Scheme for Textiles: Press Release
The Government has approved Production Linked Incentive (PLI) Scheme for Textiles. PLI scheme for Textiles is part of the overall announcement of PLI Schemes for 13 sectors made earlier during the Union Budget 2021-22, with an outlay of Rs.1.97 lakh crore. It will promote production of high value MMF Fabric, Garments and Technical Textiles in country.
Non-Eligibility of Service Tax in Food Delivery and Takeaway Orders
Recently, a one-judge bench of Madras High Court in the case of Anjappar Chettinad A/C Restaurant and Ors. v. Joint Commissioner and Ors.
CBDT extends due dates for filing of Income-tax returns and various audit reports for assessment year 2021-22
On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961, the CBDT has decided to further extend the due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22.
Land sold after decade indicates that it was held for investment; profit would be tax under head ‘capital gains’: ITAT
INCOME TAX : Where assessee-developer/builder had sold land after gap of a decade and same was shown as investment in fixed assets in balance sheet from time of acquisition till sale of land, profit arising out of sold land was assessable to tax under head ‘capital gains’ and thus, exemption claimed under section 54F was to be allowed
No deemed dividend if sum advanced was adjusted against lease rentals of building given on lease by director: HC
INCOME TAX : Where assessee, director of company, received advance from company for construction of building on plot owned by him and such advance was later adjusted towards security deposit and rent payable to assessee, it would be a commercial transaction and would be outside purview of section 2(22)(e)
Process of shifting of Registered Office of company (under the provisions of Companies Act 2013)
The registered office of a company is by and large the principal place of business activities conducted by a company.
Now distributors of portfolio management services to qualify ‘PMS- Distributors Certification Examination’: SEBI
SEBI has notified that associated persons engaged by a Portfolio Manager as a distributor of the Portfolio Management Services, shall obtain certification from the NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors Certification Examination. The portfolio managers shall ensure that that all associated persons who are distributors of the PMS as on 07.09.2021 shall obtain the certification by passing the Certification Examination within 2 years from the date of this notification.
SEBI introduces T+1 rolling settlement cycle on an optional basis to boost liquidity
SEBI has now decided to provide flexibility to stock exchanges to offer either T+1 or T+2 settlement cycle. Now stock exchange may choose to offer T+1 settlement cycle on any of the scrips, after giving an advance notice of at least one month, regarding change in the settlement cycle, to all stakeholders, including the public at large, and also disseminating the same on its website.
Insolvency & Bankruptcy Code:
Dispute regarding quantum of admitted liability is immaterial at admission stage of CIRP application: NCLAT
IBC : Where liability was admitted by corporate debtor and same was not discharged, dispute in regard to quantum of debt was immaterial at stage of admission of CIRP application
IBC is applicable to Govt. Cos. though not applicable to such Govt. Cos. which are performing statutory functions: HC
IBC : Since, definition of ‘corporate person’ under section 3(7) includes Government Companies, thus, Insolvency Code would be applicable to Government Companies also, though, not applicable to such Government Authorities or bodies, which were performing statutory functions
NCLT passes order for Liquidation of corporate debtor as no resolution plan was received within CIRP period
IBC : Where no resolution plan was received in case of corporate debtor within prescribed period of CIRP, order for liquidation of corporate debtor was to be passed and since, majority of CoC members raised serious allegations against conduct of present RP, said RP was not to be appointed as liquidator