Check your phone. I have messaged an OTP. It is a 6 digit number. Feed it in the box below
Do you want me to resend the OTP? Yes resend itBy Penman
-
Income Tax · By Kanishka
Demystifying Section 2(14) of the Income Tax Act: Agricultural Land and Capital ...
Articles , April 23, 2024Navigating 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 Tax Act, 1961, which defines capital assets and their treatment under various circumstances. From agricultural land to securities, personal effects to insurance policies, this guide covers it all, provid ...
-
Income Tax · By Kanishka
Mere inclusion of the lands in a draft town planning scheme or their potential f ...
Articles , April 23, 2024The 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 profits from the sale were not liable to be taxed as capital gains.
-
Co. Law, Sebi, Audit & A/c · By Kanishka
Penalized Rs. 25 Lakh for Not Appointing Whole Time Company Secretary
Articles , April 23, 2024The 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 mandate under Section 203(1) of the Companies Act, 2013. This adjudication order underscores the ministry's dedication to making sure companies toe the line with statutory rules, even amidst tough situati ...
-
Co. Law, Sebi, Audit & A/c · By Kanishka
Rs 1Lac penalty imposed as Additional director continued holding office even aft ...
Articles , April 23, 2024In 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 stemmed from the company's failure to ensure the timely cessation of an additional director's tenure, extending beyond the mandated Annual General Meeting (AGM) date. The adjudication order underscores th ...
-
Co. Law, Sebi, Audit & A/c · By Kanishka
Auditor Faces MCA Penalties for non-compliance with Sections 143, 129, and Accou ...
Articles , April 23, 2024In 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 & Distribution (India) Limited. The adjudication order highlights instances of non-compliance with Sections 143, 129, and Accounting Standard 18, spanning multiple financial years. The auditor failed to disclose ...
-
Co. Law, Sebi, Audit & A/c · By Kanishka
DISCLOSURE LAPSES in Financial Statements - MCA Penalizes Auditor.
Articles , April 23, 2024In 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 Udyog (India) Pvt Ltd. The adjudication order, issued under Section 454(3) of the Companies Act, 2013, highlights instances of non-compliance with Sections 143, 129, and Schedule III, spanning multiple ...
By Subjects
-
Co. Law, Sebi, Audit & A/c · By Kanishka
In-Depth Exploration of Director KYC Requirements for FY 2023-24: Significance, ...
Articles , April 23, 2024In 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 Director Identification Number (DIN) must submit an annual Know Your Customer (KYC) filing through E-form DIR-3 KYC. This comprehensive process ensures accurate and up-to-date information, including p ...
-
Goods & Services Tax · By Kanishka
Court orders release of life-saving drug consignment seized by tax authorities d ...
Judgement, April 23, 2024The 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 for detention and seizure as prescribed under the Goods and Services Tax (GST) Act and the relevant circulars issued by the GST authorities. Consequ ...
-
Goods & Services Tax · By Kanishka
Court remands undervaluation penalty case back to appellate authority for fresh ...
Judgement, April 23, 2024This 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 court has remanded the matter back to the appellate authority for reconsideration, directing it to determine whether the vehicle was in movement at the time of interception, thereby attracting the provisi ...
-
Goods & Services Tax · By Kanishka
Court quashes confiscation order under GST Act due to lack of evidence of tax ev ...
Judgement, April 23, 2024The 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 path. The petitioners, the owners of the goods and vehicle, challenged the confiscation order passed under Section 130 of the GST Act. The court quashed the confiscation order due to lack of evidence o ...
-
Goods & Services Tax · By Kanishka
Court quashes penalty for alleged undervaluation of goods, rules detention inval ...
Judgement, April 23, 2024This 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 undervaluation was invalid and not permitted under the law.
-
Goods & Services Tax · By Kanishka
Court remands GST case back to Appellate Authority for fresh consideration on e- ...
Judgement, April 23, 2024The 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 carrying goods. The petitioner argued that the original vehicle had a valid e-way bill, but due to a breakdown, the goods were shifted to another vehicle, and a new e-way bill was generated within thre ...
By Tags
-
Goods & Services Tax · By Kanishka
Court orders release of life-saving drug consignment seized by tax authoritie ...
Judgement, April 23, 2024The 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.
-
Goods & Services Tax · By Kanishka
Typographical error in e-way bill not grounds for penalty, rules Allahabad Hi ...
Judgement, April 23, 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.
-
Goods & Services Tax · By Kanishka
Truck number mismatch on e-way bill not grounds for penalty, rules Allahabad ...
Judgement, April 23, 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.
-
Goods & Services Tax · By Kanishka
Court orders release of goods detained for minor e-way bill discrepancy on fu ...
Judgement, April 23, 2024The 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 pena ...
-
Goods & Services Tax · By Kanishka
Court dismisses petition as infructuous after authorities withdraw seizure an ...
Judgement, April 23, 2024The 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.
-
Goods & Services Tax · By Kanishka
Court quashes penalty for expired e-way bill, upholds no intention of tax eva ...
Judgement, April 23, 2024The 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.
