THE SUPREME COURT ORDER: MIXTURE OF TWO OR MORE PRODUCTS THAT DOES NOT CHANGE ESSENTIAL NATURE OF PRODUCT WILL NOT AMOUNT TO MANUFACTURE:- The Supreme Court in the case of M/s Satnam Overseas Ltd. Versus Commissioner of Central Excise, New Delhi, 2015 (318) E.L.T. 538 (S.C.) has held that a process of packing combination of mixture of …
LOAN TAKEN IN CASH MORE THAN RS. 20,000 TAKEN BY BUILDER TO MEET IMMEDIATE REQUIREMENT OF BUSINESS WON’T ATTRACT PENALTY Section 269SS, read with sections 273B and 271D, of the Income-tax Act, 1961 – Deposits – Mode of taking/accepting Circulars and Notifications: Circular Nos. 387 dated 6-7-1984 and 572, dated 3-8-1990:- Penalty under section 271D could not be …
LIST OF RESOLUTION FOR WHICH MGT-14 REQUIRES TO BE FILED The Resolutions for which MGT-14 has to be filed can be categorized in the following three categories:- Board Resolutions Special Resolutions Ordinary Resolutions List of board resolutions required to be filed with ROC in form MGT-14 S. No. List of board resolutions required to be …
NEW ITR FORMS FOR FY 2022-23 – TYPES & APPLICABILITY BRIEF INTRODUCTION Where offline ITRs were filed, greater importance be given on the type of ITR form applicable based on the source and quantum of the income of the taxpayer. However, with the advancement of technology, all these manual works is now done with the …
RECOGNIZES E-PRESENCE IN IMPLEMENTING SUCH ELECTRONIC MEETINGS BY MCA MCA issued two circular (Circulars) setting out the rules for the participation of the directors and shareholders in the meetings of the company electronically. MCA assessed the legal implications of allowing this practice in view of the provisions of the Information Technology Act, 2000 (“IT Act”) …
MAURITIUS VS INDIA TRADE ROUTE MARRED? Introduction In a complete disregard to the decision of the Supreme Court of India (“SC”) in Union of India vs. azadi Bachao Andolan, (2003) 263 ITR 706, 263 ITR 706 (SC), which had permitted the Mauritian companies having tax residency certificates to benefit from the India-Mauritius tax treaty, Circular No. 789, …
IMPLICATIONS – M&A MORE “SECURE” ON MAKING FDI IN INDIA INFLOWS According to a press report, joining a gamut of nations, the Indian government is considering a sweeping review of its FDI guidelines “following increasing risk of terror funds being parked in the country and other investments being fraught with security implications.” Justifying its stance …
IMPACT ON CAPITAL GAINS FOR FOREIGN COMPANIES ON SECURITIES TRANSACTION While giving its ruling in an application filed by Fujitsu Services Limited, the Authority of Advanced Rulings (“AAR”) held that foreign companies transferring shares of a listed company can claim benefit of a lower rate of tax on capital gains arising from the transaction. Facts …
INDIA OPENED ECONOMY THROUGH FDI IN MULTI-BRAND RETAIL The much awaited news arrived on a Friday, hopefully, ending a protracted controversy. The Indian Government opened its economy to FDI in multi-brand retail on September 14, 2012, subject to specific conditions. At the end of 2011, the Cabinet had approved a proposal to introduce FDI in …
FAILURE TO FILE RETURN OF INCOME DOESN’T INVITE CONCEALMENT PENALTY Section 271(1) (c), read with section 145, of the Income-tax Act, 1961 – Penalty – For concealment of income -Estimation of income. Where no return had been filed by assessee and income was assessed on estimate basis by revenue, no penalty could be levied for …