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[Opinion] Failure to File Return of Allotment in E-Form PAS-3 Results in Severe Penalties for the Company and Its Directors
Prof R Balakrishnan – [2024] 162 taxmann.com 62 (Article) 1. A brief about this case This is a case involving non-filing of the return of allotment with the Registrar of Companies in the prescribed e-form PAS- 3 which is required to be filed within 30 days from the date of allotment of shares pursuant to […]
Rectification Order Disallowing Carry Forward of Loss Without Granting Hearing Opportunity to Assessee is Invalid | HC
Case Details: Apollo Speciality Hospitals (P.) Ltd. v. DCIT - [2024] 162 taxmann.com 2 (Telangana) Judiciary and Counsel Details P. Sam Koshy & N. Tukaramji, JJ. Facts of the Case The petitioner filed a writ petition before the High Court challenging the order passed under section 154. The brief facts of the case are that […]
HC Dismissed Writ Challenging Notification Which Denied Appeal in Respect of Demand Not Involving Tax
Case Details: Bharat Aluminium Co. Ltd. v. Union of India - [2024] 161 taxmann.com 653 (Chhattisgarh) Judiciary and Counsel Details Ramesh Sinha, CJ. & Mrs Rajani Dubey, J. Bharat Raichandani, Omkar Sharma & K. Rohan, Advs. for the Petitioner. Ramakant Mishra, Dy. Solicitor General, R.S. Marhas, Additional Adv. General & Maneesh Sharma, Adv. for the Respondent. Facts of the […]
SEBI Allows Recognised Stock Exchanges to Carry Out Administration and Supervision Over Specified Intermediaries
Notification No. SEBI/LAD-NRO/GN/2024/171; Dated: 26.04.2024 SEBI has notified the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2024. A new regulation 38A has been inserted to the existing regulations. This regulation states that the activities of administration and supervision over specified intermediaries may be carried out by a recognised stock exchange with the […]
HC Dismissed Writ Against Best Judgment Assessment Order Since There Was No Violation of Principles of Natural Justice
Case Details: Ashok Varandani v. Central Board of Indirect Taxes and Customs, Jaipur - [2024] 160 taxmann.com 616 (Rajasthan) Judiciary and Counsel Details Manindra Mohan Shrivastava, CJ. & Bhuwan Goyal, J. Anurag Kalavatiya for the Petitioner. Kinshuk Jain, Jai Upadhyay & Sourabh Jain for the Respondent. Facts of the Case The petitioner was engaged in the business of trading of […]
SEBI Amends Alternative Investment Funds Regulations, 2012 | Introduces a New Regulation w.r.t ‘dissolution Period’
Notification No. SEBI/LAD-NRO/GN/2024/168; Dated: 25.04.2024 SEBI has notified the SEBI (Alternative Investment Funds) (Second Amendment) Regulations, 2024. As per the amended norms, a new regulation 29B relating to the dissolution period has been inserted. It states that a scheme of an Alternative Investment Fund may enter into a dissolution period in the manner and subject […]
Rs 10L Recovery Limit for DRT Filings Now Also Applies to Applications Between 26.09.2018 and 30.06.2019 | Finance Ministry
Notification No. S.O. 1796(E)., Dated 25.04.2024 Earlier, Finance Ministry vide notification dated 11.07.2019, stated that the pecuniary limit of Rs. 10 Lakhs for filing application for recovery of debts in the Debts Recovery Tribunals by such banks and financial institutions shall continue to apply for applications filed prior to 06.09.2018. Now, Ministry has stated that […]
No Liability to Deduct/Collect Tax at Higher Rates if Payee Links Pan-Aadhaar by May 31, 2024 | CBDT
Circular no. 6/2024, dated 23-04-2024 Rule 114AAA lists down consequences that apply if the PAN of a person becomes inoperative due to non-linking with his Aadhaar. One of the consequences listed is tax shall be deducted/collected at a higher rate in accordance with section 206AA/206CC. The Central Board of Direct Taxes (CBDT) vide Circular No. […]
[Opinion] Consequences of Failure to Report Transactions With Related Parties in Form AOC-2 Along With Financials
Prof R Balakrishnan – [2024] 161 taxmann.com 624 (Article) 1. Background of the case The Registrar of Companies of Coimbatore passed an adjudication order on 28th March 2014 in respect of M/s Arise Industries and Agency Private Limited for the violation of section 134(3)(h) of the Companies Act 2013 and penalized the company and its […]
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