Legal Updates
1. NCLAT reject the appeal filed by Insolvency and bankruptcy board of India (IBBI) agianst NCLT order in the matter of Wig Associates Pvt. Ltd., in which NCLT interpret sec.29A of IBC. It held that IBBI has no authority to challenge NCLT order even if interpretation is incorrect. It is the duty of Resolution Professional to bring the same to the notice of the Appellate Authority by filling an appeal.
LSI-289-NCLAT-2018(NDEL)
2. NCLAT uphold allegations of oppression-mismanagement against respondents. It had been alleged that respondent(director&shareholder)illegally pass resolution in EGM to increase authorised share capital and issuing shares at private placement basis and preferential allotment without complying with the provisions of Companies Act,2013. Therefore, it quashes resolution for increase in share capital and subsequent private placement.
LSI-290-NCLAT-2018(NDEL)
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Penalty for ITC Claim: GST Dept’s Insensitive Move to Affect Kerala Traders after Flood [Read Letter]
Read more at: http://www.taxscan.in/penalty-itc-claim-gst-depts-insensitive-affect-kerala-traders-after-flood/27712/
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Finance Ministry has clarified that next week only two bank holidays will be there on 2nd September as Sunday and 8th September as second Saturday. 3rd September is not national holiday.
Finance Ministry is considering an amendment in the law to raise penalties against companies that fail to pass on GST rate cuts to consumers. At present, the penalty for such an act is 10,000 or the amount of tax evaded, whichever is higher.
CBIC has issued a circular to clarify that the forwarding of samples for testing to the Outside Laboratories till the upgradation of the Revenue Laboratories.
Supreme Court reserved its verdict on the SFIO's plea to stay a Delhi High Court order in a case concerning Bhushan Steel's erstwhile promoter Neeraj Singal. It said it will pass orders on the plea of the SFIO, while agreeing to hear the probe agency's appeal against the release order.
DGFT has eased down the process of making intimation to Regional Authorities about Block-wise fulfillment of EO under the EPCG Scheme by facilitating intimations without using the digital signatures.
SEBI is working on facilitating participation of mutual funds and commencement of portfolio management services in the commodity derivatives market. MCX and custodian banks have submitted a report to SEBI on how issues pertaining to MF participation can be facilitated.
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Calcutta HC freezes Service Tax Audit Post-GST [Read Order]
Read more at: http://www.taxscan.in/calcutta-service-tax-audit-gst/27723/
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CBDT Notifies Rules for Computing Fair Market Value of Inventories converted to Capital Asset [Read Notification]
Read more at: http://www.taxscan.in/cbdt-notifies-rules-computing-fair-market-value-inventories-converted-capital-asset/27730/
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Filing of Income Tax Returns registers an upsurge of 71% upto 31st August,2018
Read more at: http://www.taxscan.in/income-tax-returns-registers-upsurge-71-31st-august/27743/
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An Excel sheet of All GST Circulars and Notifications issued till date(as on 18/08/2018) has been prepared for your convenience.
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https://drive.google.com/file/d/1m1GzObZBz43J2cMV0SQB9oD34ZEDOg4F/view?usp=drivesdk
