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Demystifying Section 2(14) of the Income Tax Act: Agricultural Land and Capital…
Navigating the intricate realm of capital assets can be a daunting task, but understanding the nuances is crucial for individuals, businesses, and real estate developers alike. This small guide delves into the heart of Section 2(14) of the Income Ta…
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Mere inclusion of the lands in a draft town planning scheme or their potential …
The Gujarat High Court overturned the Income Tax Appellate Tribunal's decision and ruled in favor of the assessee, Chandulal Lallubhai (HUF). The court held that the lands sold by the assessee to a housing society were agricultural lands, and the pr…
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Penalized Rs. 25 Lakh for Not Appointing Whole Time Company Secretary
The Ministry of Corporate Affairs (MCA) made a firm stand for corporate governance standards by slapping a hefty fine of Rs. 25 lakh on Delta International Ltd. and its officers. Their offense? Not appointing a full-time Company Secretary, a key man…
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Rs 1Lac penalty imposed as Additional director continued holding office even af…
In a move to reinforce corporate compliance, the Ministry of Corporate Affairs (MCA) imposed penalties on Mayflower Infra Realty Private Limited and its director, Sanjana Gupta, for violating Section 161 of the Companies Act, 2013. The violation ste…
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Auditor Faces MCA Penalties for non-compliance with Sections 143, 129, and Acco…
In a move to uphold corporate governance standards, the Ministry of Corporate Affairs (MCA) has imposed penalties on the auditor, CA B.K. Sahoo, for violations related to inadequate disclosures in the financial statements of Transmission & Distribut…
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DISCLOSURE LAPSES in Financial Statements - MCA Penalizes Auditor.
In a move to uphold corporate governance standards, the Ministry of Corporate Affairs (MCA) has imposed a penalty on the auditor, CA Rabindra Kumar Patnia, for violations related to inadequate disclosures in the financial statements of Pre-Stressed …
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In-Depth Exploration of Director KYC Requirements for FY 2023-24: Significance,…
In the ever-evolving landscape of corporate governance, directors play a pivotal role in shaping the future of companies. To maintain transparency and accountability, the Ministry of Corporate Affairs (MCA) has mandated that every director holding a…
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Court orders release of life-saving drug consignment seized by tax authorities …
The petitioner sought a mandamus directing the respondents (tax authorities) to release a consignment of a life-saving drug, Polystardone XL-10, which was seized by the Commercial Taxes Department's Roving Squad on 13.08.2022. The court found that t…
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Court remands undervaluation penalty case back to appellate authority for fresh…
This case involves a writ petition filed by a petitioner challenging a penalty order imposed by tax authorities for alleged violation of Sections 68 and 129(1) of the CGST Act related to transporting goods without e-way bill and tax invoice. The cou…
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Court quashes confiscation order under GST Act due to lack of evidence of tax e…
The case involves the detention and subsequent confiscation of goods and a vehicle transporting them from Tamil Nadu to Maharashtra by the Kerala GST authorities. The authorities suspected tax evasion as the vehicle's route deviated from the normal …
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Court quashes penalty for alleged undervaluation of goods, rules detention inva…
This case involves a writ petition filed by a petitioner challenging penalty orders imposed by tax authorities for alleged undervaluation of goods. The court quashed the penalty orders, ruling that the detention of goods solely on grounds of underva…
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Court remands GST case back to Appellate Authority for fresh consideration on e…
The petitioner challenged the order of the Appellate Authority under the West Bengal GST Act, which dismissed the petitioner's appeal and confirmed the order imposing penalty and tax for not having an e-way bill during the interception of a vehicle …
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Court orders release of life-saving drug consignment seized by tax authorities …
Goods & Services Tax,Jan. 19, 2023The petitioner sought a mandamus directing the respondents (tax authorities) to release a consignment of a life-saving drug, Polystardone XL-10, which was seized by the Commercial Taxes Department's Roving Squad on 13.08.2022. The court found that the respondents had not followed the proper procedure prescribed under the Goods and Services Tax (GST) Act and the relevant circulars, and ordered the release of the consignment.
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Typographical error in e-way bill not grounds for penalty, rules Allahabad High…
Goods & Services Tax,Mar. 05, 2024The Allahabad High Court quashed orders imposing penalty on a cosmetics dealer for a typographical error in the vehicle number mentioned in the e-way bill. The court held that a minor error without any intention to evade tax cannot lead to penalty under the Goods and Services Tax (GST) Act.
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Truck number mismatch on e-way bill not grounds for penalty, rules Allahabad Hi…
Goods & Services Tax,Mar. 05, 2024The Allahabad High Court quashed the orders imposing penalty on a company for transporting goods with an incorrect truck number mentioned on the e-way bill. The court held that the mistake was a clerical error, and the department failed to establish any intention to evade tax.
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Court orders release of goods detained for minor e-way bill discrepancy on furn…
Goods & Services Tax,Jan. 28, 2021The court disposed of the writ petition filed by the petitioner, a registered dealer, challenging the detention of their goods (aluminum scrap) under Section 129(1) of the UPGST Act. The goods were detained solely due to a minor discrepancy in the vehicle number mentioned on the e-way bill. The court directed the authorities to release the goods and vehicle forthwith upon the petitioner furnishing an indemnity bond equivalent to the tax and penalty…
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Court dismisses petition as infructuous after authorities withdraw seizure and …
Goods & Services Tax,Jan. 30, 2021The court dismissed the writ petition filed by the petitioner challenging the seizure order and penalty notice issued by the authorities for not carrying an e-way bill during the transportation of goods. This decision came after the State's Special Counsel produced an order from the Assistant Commissioner withdrawing the seizure and penalty notices, rendering the petition infructuous.
Court quashes penalty for expired e-way bill, upholds no intention of tax evasi…
The petitioner challenged the order of the appellate authority under the WBGST Act, which confirmed the penalty imposed by the adjudicating authority for transporting a vehicle after the expiry of the e-way bill. The court, considering the facts and circumstances, and relying on its previous orders, set aside the impugned orders and directed the refund of the penalty, finding no deliberate intention of tax evasion by the petitioner.
Goods & Services Tax,Mar. 05, 2024-
Dealer penalized for transporting gutkha without proper documents; court uphold…
Goods & Services Tax,Mar. 07, 2024The case involves a dealer of Pan Parag Gutkha whose goods vehicle was intercepted by the Commercial Tax authorities for transporting gutkha without proper documents. The authorities imposed a penalty on the dealer, which was initially set aside by the appellate authority. However, the revisional authority reinstated the penalty, and the dealer challenged this decision in the High Court.
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Court quashes seizure order and penalty notice for lack of e-way bill, upholds …
Goods & Services Tax,Jan. 30, 2021The petitioner, a registered proprietorship firm dealing in iron and steel, challenged the seizure order and penalty notice issued by the authorities for not carrying an e-way bill during the transportation of goods from Raipur to Basti. The court found the transaction to be bonafide and set aside the orders, considering the e-way bill requirement was not mandatory at the time of the incident.
Directors Penalized for Failure to Update Address with MCA
Co. Law, Sebi, Audit & A/c,Mar. 13, 2024The Ministry of Corporate Affairs (MCA) has imposed a substantial penalty of Rs. 2.21 lakh on Somen Venture Private Limited and its directors for non-compliance with Rule 12 of the Companies (Appointment and Qualification of Directors) Rules, 2014. The directors failed to intimate the MCA about their change of address within the prescribed timeline, resulting in a violation of Section 450 of the Companies Act, 2013.
Penalty Imposed for Violating Secretarial Standards on Meeting Documentation
The Ministry of Corporate Affairs has taken strict action against a company for failing to comply with the secretarial standards mandated by Section 118(10) of the Companies Act, 2013. The company and its officers were penalized for not consecutively numbering the pages of meeting minutes, highlighting the importance of adhering to prescribed documentation practices for corporate transparency and accountability.
Co. Law, Sebi, Audit & A/c,Mar. 13, 2024-
Co. Law, Sebi, Audit & A/c , Mar. 13. 2024MCA Imposes Rs.180,000 Penalty on Auditors for Disclosure Lapses in Financial R…
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Co. Law, Sebi, Audit & A/c , Mar. 12. 2024Company secretary penalised for Digitally Signing Without Statutory Audit
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Co. Law, Sebi, Audit & A/c , Mar. 13. 2024Unraveling the Power of the Director Identification Number (DIN)
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Co. Law, Sebi, Audit & A/c , Mar. 13. 2024Rs45lac Penalty imposed for Bypassing Board Approval on Related Party Transacti…
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Co. Law, Sebi, Audit & A/c , Mar. 13. 2024Rs2.5lac Penalty for Non-Compliance with Director Appointment Filings
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