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[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 […]
Weekly Round-up on Tax and Corporate Laws | 15th to 20th April 2024
This weekly newsletter analytically summarises the key stories reported at taxmann.com during the previous week from April 15th to 20th, 2024, namely: NCLAT sets aside insolvency proceedings against ‘Sporta Technologies Pvt. Ltd.’ parent company of Dream 11; Sum received from employer on account of out-of-court settlement isn’t taxable as profit in lieu of salary: ITAT; […]
[Opinion] Consequences of Delay in Filing a Return of Declaration of Beneficial Interest in Form MGT-6
Prof R Balakrishnan – [2024] 161 taxmann.com 565 (Article) 1. Background of the case The Registrar of Companies of Madhya Pradesh, Gwalior had passed an adjudication order on 27th March 2024, imposing penalties on M/s Realworks Infrabuild Private Limited and its directors for violations of section 89(1A) of the Companies Act 2013. The Registrar of […]
HC Remanded Matter as Assessee Wasn’t Aware of Proceedings Due to Issuance of Demand Notice After Cancellation of GST
Case Details: Thirumurugan Traders (Defunct) v. Deputy State Tax Officer - [2024] 161 taxmann.com 537 (Madras) Judiciary and Counsel Details Senthilkumar Ramamoorthy, J. Mrs R. Hemalatha & S. Rajasekar for the Petitioner. Mrs K. Vasanthamala, Govt. Adv. (Tax) for the Respondent. Facts of the Case The petitioner was a registered person under GST and the GST registration was […]
SEBI Introduces a Standard Reporting Format of ‘Private Placement Memorandum Audit Report’ for AIFs
Circular No. SEBI/HO/AFD/SEC-1/P/CIR/2024/22; Dated: 18.04.2024 As per Regulation 28 of the SEBI (AIF) Regulations, 2012 and Clause 2.4 of the SEBI Master Circular dated July 31, 2023, it is mandatory for Alternative Investment Funds (AIFs) to carry out an annual audit of compliance with the terms of the Private Placement Memorandum (PPM). In terms of […]
NCLT-approved RP Offering 2.16% Payment to OC, Rest via Preference Shares Was Violative of Sec. 30 | NCLAT
Case Details: Gupta Textiles v. Darshan Patel - [2024] 161 taxmann.com 503 (NCLAT-New Delhi) Judiciary and Counsel Details Ashok Bhushan, Chairperson, Barun Mitra & Arun Baroka, Technical Member Nipun Gautam, Adv. for the Appellant. Navin Pahwa, Sr. Adv. & Karan Valecha, Adv. for the Respondent. Kamil Lokhandwala, Ld. Counsel Darshan Patel, Nausher Kohli, Rakesh Gupta & Deeraj Garg, Ld. […]
Sec. 153C Proceedings Can Be Initiated Only if Seized Material is Likely to Have Bearing on Determination of Income
Case Details: Saksham Commodities Ltd. v. - [2024] 161 taxmann.com 485 (Delhi) Judiciary and Counsel Details Yashwant Varma & Purushaindra Kumar Kaurav, JJ. Salil Kapoor, Sumit Lalchandani, Ms Ananya Kapoor, Ms Tarun Chanana, Shivam Yadav, Vibhu Jain, Utkarsa Gupta, Amandeep Mehta & Sanat Kapoor, Advs. for the Petitioner. Sunil Agarwal, Sr. SC Shivansh B. Pandya, Jr. SC & Utkarsh Tiwari, Adv. for the Respondent. Facts of […]
Introduction to Auditing – Types | Features | Objectives
Auditing is the systematic examination and verification of a company's financial and operational records by a qualified professional, typically an auditor. The process aims to ensure the accuracy, completeness, and compliance of financial statements and operations with applicable standards and regulations. Auditing helps to enhance the credibility of financial reports, providing assurance to stakeholders such […]
Weekly Round-up on Tax and Corporate Laws | 8th to 13th April 2024
This weekly newsletter analytically summarises the key stories reported at taxmann.com during the previous week from April 08 to 13, 2024, namely: a) No special drive to re-open cases of mismatch in HRA claims: CBDT; b) Elections ahead, not civil war; HC denies plea to delay CA exams due to Lok Sabha elections; c) Maximum […]
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