NCLAT : In Shyam Manglunia & Ors. vs. Ravi Shankar Srivastava & Ors.
*_When NCLT had exercised its discretion judicially by passing Ad Interim Order to protect the interest of the Company, no interference by NCLAT is called for._*
*_Read full case law at :_* https://dasgovernance.com/2018/08/24/nclat-in-shyam-manglunia-ors-vs-ravi-shankar-srivastava-ors/
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Madras High Court in the matter of V. R. Global Energy Pvt. Ltd vs. ITO Said that If no cash is involved in the transaction of allotment of shares and it is a case of book adjustment, provisions of s. 68 treating it as unexplained cash credit are not attracted. Even if it were to be assumed that the subscribers to the increased share capital are not genuine, the amount of share capital would in no circumstances be regard as undisclosed income of the company.
A panel of officials under the GST Council, the decision-making body of the tax, has favoured doing away with GST on freebies. The final call on the issue will be taken by the Council, a government official told ET.
Surrender Director Identification Number (DIN) in Form DIR-5, if not required: Although the due date for filing DIR – 3 KYC without any late fee has been extended up to 15th September 2018, but the person, who have DIN but not a director in any company means who doesn’t require DIN, better to surrender the same instead filing DIR - 3 KYC every year.
A person who neither files DIR – 3 KYC up to extended date nor does surrender the same, and whether or not he is a director in a company, has to pay late fee of Rs. 5,000/- later to use of his DIN.
US has announced hefty preliminary anti-dumping duties on metal pipes imported from India, China and four other countries, in an aggressive tactic by the Trump administration to protect the American industry and lower the trade deficit.
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5% GST applicable to Commodities used as a part of Fishing or Floating Vessels: AAR* [Read Order]
Read more at: http://www.taxscan.in/5-gst-applicable-commodities-fishing-floating-vessels-aar/27452/
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*One-Time Non-Refundable Upfront Charges paid for Acquisition of Leasehold Right not subject to TDS: ITAT follows CBDT Circular* [Read Order]
Read more at: http://www.taxscan.in/one-time-non-refundable-upfront-charges-paid-for-acquisition-of-leasehold-right-not-subject-to-tds-itat-follows-cbdt-circular/27423/
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*Agency Commission received by Canara Bank for RBI not subject to Service Tax: CESTAT* [Read Order]
Read more at: http://www.taxscan.in/agency-commission-received-canara-bank-rbi-service-tax-cestat/27440/
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Capital Gain Exemption can be allowed to House Property acquired in Foreign Countries: ITAT* [Read Order]
Read more at: http://www.taxscan.in/capital-gain-exemption-allowed-house-property-foreign-countries-itat/27418/
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5% GST applicable to Commodities used as a part of Fishing or Floating Vessels: AAR* [Read Order]
Read more at: http://www.taxscan.in/5-gst-applicable-commodities-fishing-floating-vessels-aar/27452/
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ICAI to launch New Portal for Job Updates Next Month*
Read more at: http://www.taxscan.in/icai-launch-portal-job-updates/27498/
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*GSTR-3B and GSTR-1 Extended for Flood Affected Areas* [Read Notifications]
Read more at: http://www.taxscan.in/gstr-3b-gstr-1-extended-flood-affected-areas/27500/
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SEBI
SEBI has extended the time frame for KYC compliance for foreign portfolio investors (FPIs) upto 31-12-2018, in accordance with Prevention of Money–laundering (Maintenance of Records) Rules, 2005. SEBI has decided to extend the time frame for compliance with the circular No. CIR/IMD/FPIC/CIR/P/2018/64 dated April 10, 2018 on Know Your Client Requirements for Foreign Portfolio Investors (FPIs) upto December 31, 2018 from the original date of October 10, 2018. SEBI has received representations from some market participants in relation to the circular, inter-alia, seeking review and additional time for complying with the said circular. All other terms and conditions specified in the aforesaid circular dated April 10, 2018 shall remain unchanged.
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NCLAT : In Nasik Diocesan Trust Assn. Pvt. Ltd. vs. Uday Daniel Khare
When there was an exceptional circumstances, which may merit ‘waiver’ under sub-section (1) of section 244, the Tribunal had rightly exercised its discretion.
Read full case law at : https://dasgovernance.com/2018/08/25/nclat-in-nasik-diocesan-trust-assn-pvt-ltd-vs-uday-daniel-khare/
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*ITR: File your ITR (Non-Corporate and Non Audit Cases) for AY2018-19 by the extended due date of 31 AUG 18 to avoid late fee upto ₹ 5,000.
*IT: ICAI clarifies that the Tax Audit done U/s 44AD, 44ADA and 44AE shall not be taken into account for Counting the Number of Tax Audit. Link at: https://resource.cdn.icai.org/51421councilaffairs-dtc41150.pdf
*ICAI RVO announces start of next batch of ICAI Registered Valuers Organisation (*RVO*) from 2nd to 9th SEP, 2018 (8Days) at ICAI, Sector 62, Noida. Link at: https://icairvo.in/
