Hello Readers,
Greetings of the Day ! 🙏
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Today's Word of Wisdom -
We can win life by all means, If we simply avoid two things in our life, Comparing with others and Expecting from others.😇
Life is never about the people who act true to your face. It is always about the people who remain true at your back. 😀
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20 December 2017 Updates 📄📄📄
Case laws📺
➡1. Karnataka HC rejects grant of immunity from summoning u/s 131 to Honorary Consulate of Republic of Ethiopia
Sai Ramakrishna Karuturi v. Union of India , New Delhi*
➡2. ICSI issues Secretarial Standard on Dividend
➡3. Bank-creditor could not recover amount from account of debtor during moratorium period: NCLAT
Indian Overseas Bank v. Dinkar T. Venkatsubramaniam Resolution Professional for Amtek Auto Ltd.
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Delhi HC seeks Clarification from Government on Petition by Tour Operators on Issues of Input Tax Credit [Read Order]
Read more at: http://www.taxscan.in/delhi-hc-seeks-clarification-government-petition-tour-operators-issues-input-tax-credit/15217/
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Finance Minister Enumerates Measures taken by Govt to Curb Parallel Economy and Unaccounted Transactions
Read more at: http://www.taxscan.in/finance-minister-enumerates-measures-taken-govt-curb-parallel-economy-unaccounted-transactions/15225/
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Rajasthan Govt Notifies E-Way Bill [Read Notification]
Read more at: http://www.taxscan.in/rajasthan-govt-notifies-e-way-bill/15208/
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BAY CAPITAL TO MAKE HOSTILE BID FOR RELIGARE : TP 150
Religare Enterprises has seen few recent developments in last one month :
1) Promoter stepped aside to make way for one Mohnish Mukkar of ABG shipyard and Deccan chronicle fame and new management took the over REL
2) Many employees under old management were sacked and being replaced with the people appointed by Mohnish Mukkar
3) These developments infuriated the stake holders of REL, which perceives these development is to dump the company and take out key assets such as *Religare health Insurance( growing 60% in current year, latest valuation 2200cr)* and Religare securities
4) The stakeholders such as IDBI invoked 18% shareholding ( pledged shares) and such holding got consolidated in three hands through 3 bulk deals
5) Next move, by Bay Capital founded by Punit Sarwagi holding 10%, is to move notice for EGM to eject Mr Lakshmi Kumaran and Mr Udeshi and appoint new directors.
6) Shareholding of promoters has fallen to 15%. *Battle Royale is expected on Religare*
7) As per recent filings under SAST, in last 2 months, over 35% shareholders likely to team up to eject the new appointees.
8) Both sides have placed their legal team for show down for check and mate. *Possibility of Open Offer which will spike share price further*
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🌺 MCA Update
👉Subject: Condonation of Delay Scheme, 2018
the Central Government has decided to introduce a Scheme namely *“Condonation of Delay Scheme 2018”* [CODS-2018] as follows-
🍓1.The scheme shall come into force with effect from 01.01.2018 and shall remain in force up to 31.03.2018
🍓2.Applicability: - This scheme is applicable to all defaulting companies (other than the companies which have been stuck off/whose names have been removed from the register of companies under section 248(5) of the Act). A defaulting company is permitted to file its overdue documents which were due for filing till 30.06.2017 in accordance with the provisions of this Scheme.
🍓3.Procedure to be followed for the purposes of the scheme:-
(1) In the case of defaulting companies whose names have not been removed from register of companies,-
i)The DINs of the disqualified directors de-activated at present shall be temporarily activated during the validity of the scheme to enable them to file the overdue documents.
ii)The defaulting company shall file the overdue documents in the respective prescribed eForms paying the statutory filing fee and additional fee payable as per section 403 of the Act read with Companies (Registration Offices and fee) Rules, 2014 for filing these overdue documents.
iii)The defaulting company after filing documents under this scheme, shall seek condonation of delay by filing form e-CODS 2018 attached to this scheme along with a fee of Rs. 30,000/- (Rs. Thirty Thousand only) as prescribed under the Companies (Registration Offices and Fee) Rules, 2014 well before the last date of the scheme.
iv)The DINs of the Directors associated with the defaulting companies that have not filed their overdue documents and the eform CODS, and these are not taken on record in the MCA21 registry and are still found to be disqualified on the conclusion of the scheme in terms of section 164(2)(a) r/w 167(1)(a) of the Act shall be liable to be deactivated on expiry of the scheme period.
(2) In the event of defaulting companies whose names have been removed from the register of companies under section 248 of the Act and which have filed applications for revival under section 252 of the Act up to the date of this scheme, the Director’s DIN shall be re-activated only NCLT order of revival subject to the company having filing of all overdue documents.
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Delhi HC seeks Clarification from Government on Petition by Tour Operators on Issues of Input Tax Credit [Read Order]
Read more at: http://www.taxscan.in/delhi-hc-seeks-clarification-government-petition-tour-operators-issues-input-tax-credit/15217/
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Goods purchased from Duty Free Shops in Indian Currency: Limit of 25K applicable to Payments through Debit/Credit Cards, says CBEC [Read Circular]
Read more at: http://www.taxscan.in/goods-purchased-duty-free-shops-indian-currency-limit-25k-applicable-payments-debit-credit-cards-says-cbec/15186/
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Bombay HC Admits PIL challenging GST Cess: Issues Notice to Govt, CAG [Read Petition]
Read more at: http://www.taxscan.in/bombay-hc-admits-pil-challenging-gst-cess-issues-notice-govt-cag-read-petition/15189/
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Bitcoins: Income tax department to issue notices to 4-5 lakh HNIs
Suspected conversion of black money into white, post demonetisation, through the use of bitcoins was also under income tax department’s scanner

As the bitcoins or cryptocurrencies are illegal and unregulated in India as of now, the income tax department has taken action as per the existing provisions. Photo: Reuters
PTI
New Delhi: Widening its probe into bitcoin investments and trade, the Income Tax (IT) department is set to issue notices to 4 to 5 lakh high networth individuals (HNI) across the country who were trading on the exchanges of this unregulated virtual currency.
The taxman had conducted surveys at nine such exchanges last week to check instances of tax evasion. The department, officials said, found that out of the estimated 20 lakh entities registered on these exchanges, about 4 to 5 lakh were “operational” and indulging in transactions and investments.
People in the know told PTI that the Bengaluru investigation wing of the tax department, which supervised last week’s operations, has now dispatched the information of the individuals and entities found on these databases to eight other such wings across the country for a detailed probe. “Those individuals and entities whose records were recovered by the department are now being probed under tax evasion charges. Notices are being issued and they will have to pay capital gains tax on the bitcoin investments and trade,” a senior official privy to the operation said.
About 4-5 lakh HNIs and their businesses are being issued notices which will first seek their relevant financial details and subsequently establish the tax demand, if any, he said. As the bitcoins or the virtual currencies (VCs) are illegal and unregulated in the country as of now, the IT department has taken action as per the existing provisions, they said.
The survey operations conducted last week, under section 133 A of the Income Tax Act, were undertaken for “gathering evidence for establishing the identity of investors and traders, the transaction undertaken by them, identity of counter-parties, related bank accounts used, among others,” they said. A survey action under the IT law pertains to the tax officials making a surprise visit to the business premises of the party under action but not their residential ones.
The trigger for the action is understood to be the huge spike being registered in the value of bitcoins and other virtual currencies in the recent past. Suspected black money being converted into white, post demonetisation, through the use of bitcoins was also under the department’s scanner, officials said.
Earlier this month, there was a spurt in the value of a bitcoin. It rose from under $10,000 at the start of the year to close to $20,000, before a sharp 20% plunge within hours. Bitcoin, a virtual currency, is not regulated in the country and its circulation has been a cause for concern among central bankers the world over for quite a while now.
The Reserve Bank of India (RBI) has also cautioned users, holders and traders of virtual currencies. The government has also said that it does not recognise ‘crypto-currency’ as legal tender in India. In March, the union finance ministry constituted an inter-disciplinary committee to take stock of the present status of virtual currencies both in India and globally and suggest measures for dealing with them. The committee has submitted its report which is being examined.
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👉🏻Modi Govt set to issue notices to GST defaulters.*
(The Government it seems is in no mood to lower its guard on the tax collection front as it looks to send notices to GST defaulters.)
👇🏻 👇🏻 👇🏻
https://goo.gl/DCKrfU
*👉🏻Over 2,400 fresh cases of insolvency filed before NCLT.*
(As many as 2,434 new cases have been filed before the National Company Law Tribunal (NCLT) since the enactment of Insolvency and Bankruptcy Code last year.)
👇🏻 👇🏻 👇🏻
https://goo.gl/FZRNFp
*👉🏻Bitcoins - Income Tax notices to 4-5 lakh HNIs across the country.*
(Widening its probe into bitcoin investments and trade, the Income Tax department is set to issue notices to 4 to 5 lakh high networth individuals (HNI)
👇🏻 👇🏻 👇🏻
https://goo.gl/X4XqYm
*👉🏻GSTN brings in option for monthly, quarterly filing of forms.*
(GSTN said it has put a new function on its portal to allow taxpayers choose the frequency of filing GSTR 1 form on quarterly or monthly basis.)
👇🏻 👇🏻 👇🏻
https://goo.gl/S67urs
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Income tax department to issue notices to 4-5 lakh HNIs Suspected conversion of black money into white, post demonetisation, through the use of bitcoins was also under income tax department’s scanner.
E-way bill Mandatory wef 1.2.18 for Inter-state & 1.6.18 for Intra-state Supplies. Voluntary filing wef 16.1.18. Press Release MOF of 16.12.17.
Modi government set to issue notices to GST defaulters as a guard on the tax collection and not deposit and failed to file returns.
Indirect tax department has launched an investigation into Bitcoin exchanges operating in India to ascertain at what rate they can be taxed under the goods and services tax (GST) regime.
Cabinet has approved replacing the Goods and Service Tax (Compensation to States) Ordinance by a bill, sources said. The GST (Compensation to States) Act 2017 aims to provide for compensation to the states for the loss of revenue arising on account of implementation of GST.
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Set for Revival: Jyoti Structures Ltd.
Promoter of NetMagic has emerged as frontrunner in NCLT to acquire Jyoti Structures. Being backed by several Ultra HNIs. Amongst these, *most prominent is Manish Kejriwal who had quit Temasek ( after heading it for several years) and started his own 2 billion dollars PE fund KEDAARA.* Manish Kejriwal will invest in Jyoti Structures in his personal capacity
With banks likely to settle entire debt for 1800-2000 Crores, fortunes of Jyoti Structures likely to turn positive as co was 2nd largest mfr of transmission Towers
Stock can be 2x in next few months.
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No Penalty when Income of Assessee is determined on an Estimate Basis: ITAT [Read Order]
Read more at: http://www.taxscan.in/no-penalty-income-assessee-determined-estimate-basis-itat/15170/
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Companies (Amendment Bill 2017) is passed by Rajya Sabha
Bill Amends Following Sections of Companies Act, 2013 – 2, 4, 7, 12, 21, 26, 35, 47, 53, 54, 62, 73, 74, 76A, 77, 78, 82, 89, 92, 94, 96, 100, 101, 110, 121, 123, 129, 130, 132, 134, 135, 136, 137, 139, 140, 141, 143, 147, 148, 149, 152, 153, 157, 160, 161, 164, 165, 167, 168, 173, 177, 178, 180, 184, 186, 188, 196, 197, 198, 200, 201, 2016, 223, 236, 247, 366, 374, 379, 384, 391, 403, 409, 410, 411, 412, 435, 438, 439, 440, 441, 447, 458.
Read below
https://drive.google.com/file/d/1HaWFIlfKBZ86T1ljxwtNU-ZXWcKb77cA/view?usp=drivesdk
🙏Thank you🙏
Have a nice day