Appeal can’t be rejected merely due to non-submission of certified copy of order appealed against within one week of filing of appeal: Orissa HC
GST : Where assessee against an order dated 18-8-2020 filed appeal before Appellate Authority within time on 13-11-2020 electronically accompanied by a downloaded copy of order appealed against and thereafter it submitted a certified copy of order appealed against belatedly on 9-3-2021, i.e., after prescribed period,
Delhi Govt. notifies Medical Oxygen Production Promotion Policy of Delhi, 2021; allows 100% reimbursement of SGST
The Govt. of National Capital Territory of Delhi has approved the Medical Oxygen Production Promotion Policy of Delhi – 2021. This policy has been introduced with an aim to make Delhi self-reliant in production of Medical Oxygen to meet with any such crisis/medical emergency in future.
No demand order to be passed under Section 73 without giving opportunity of being heard: AP HC
GST : When an adverse decision is contemplated against an assessee opportunity of hearing to such assessee is indispensable and is required to be followed scrupulously under section 75(4)
Equalisation levy and its applicability on intra-group transactions
In the last decade, there has been a paradigm shift in the world of business, with more businesses going online and moving away from the traditional brick and mortar model to expand their businesses in different countries, paving the way for a new digital economy.
Interest deduction for full-year can’t be allowed if partner has withdrawn major amount of capital from firm: ITAT
INCOME TAX : Where major amount from opening balance in capital account of a partner of assessee partnership firm was withdrawn by said partner and only a meager sum was available with partnership firm for its business purposes,
CIT couldn’t invoke sec. 263 revision without meeting assessee’s objections legally: ITAT
INCOME TAX : Where assessee brought to notice of Pr. Commissioner that no disallowance could be made under section 40(a)(ia) even if there was a violation under section 194C(7), Pr. Commissioner could not have set aside assessment order under section 263 without meeting assessee’s objections legally
Rental income received from letting out gym equipment not taxable as ‘income from house property’ : ITAT
INCOME TAX : Where Assessing Officer made addition under section 68 to total income of assessee on account of cash deposited in two bank accounts, since amounts were received from parents, brother and spouse respectively as gifts and father had withdrawn substantial cash amount from bank before giving gift on various dates to his son and balance gifts from brother, mother and from spouse were not huge amounts,
SEBI requires depositories to use distributed ledger technology to monitor security creation
SEBI has asked depositories to use block chain technology to record and monitor security creation as well as covenants of non-convertible securities. Distributed ledger technology has the potential to provide more resilient system than traditional centralised databases. It offers better protection against different types of cyber-attacks. The move is aimed at strengthening process of security creation and monitoring of security created, asset cover and covenants of non-convertible securities.
MCA amends norms relating to creation and maintenance of databank of independent directors
MCA has notified the Companies (Creation and Maintenance of databank of Independent Directors) Second Amendment Rules, 2021. A new rule 6 has been inserted requiring the Institute to submit an annual report on the capacity building of independent directors within 60 days from the end of every financial year to every individual whose name is included in the data bank and also to every company in which such individual is appointed as an independent director in prescribed format.
Transfer of Membership In A Company Limited By Guarantee
A company limited by guarantee is a private company where the liability of the members is limited by the company’s constitution.[ Sub-section 21 of Section 2 of the Companies Act, 2013.] The limit is set out in the Memorandum of Association to such amount as the members may respectively undertake to contribute in the event of winding up of the company. Generally, on becoming a member of a company limited by guarantee
Loans to Directors under Section 185 of the Companies Act, 2013-Some perspectives
The present version of the above provision represents a much mellowed version as compared to what stood originally in its place at the time of inception of the Companies Act, 2013(hereinafter referred to as “The Act”).Readers will recall that Section 185 in its entirety was substituted to its present form by the Companies (Amendment) Act, 2017
Insolvency & Bankruptcy Code:
Appeal against NCLT’s order dismissing interlocutory application of corporate debtor is not maintainable: NCLAT
IBC : Where interlocutory application of corporate debtor raising issue of limitation in CIRP proceedings initiated by financial creditor was dismissed by NCLT, although appeal against said order of NCLT was not maintainable, liberty was to be granted to corporate debtor to raise plea of limitation before NCLT being a ‘question of fact and law’
Applicant being an MSME would be eligible to submit resolution plan for his own company: NCLT
IBC : Where during CIRP period, definition of MSMEs underwent a change vide notification dated 26-6-2020 and corporate debtor pursuant to said notification fell under category of MSME, since, section 240A exempts MSMEs from application of clauses (c) and (h) of section 29A, applicant, promoter of corporate debtor would be eligible to submit a resolution plan for his own company
CIRP plea against corporate debtor admitted as there was sufficient reason for proving existence of debt
IBC : Where corporate debtor had not denied that amount was due to operational creditor and application filed by operational creditor under section 7 was within limitation period, same was to be admitted