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HC Remanded Matter Back Since Adverse Decision Can’t be Passed Merely Because GST Authority Wasn’t Aware of Binding Circular
Case Details: Vivo Mobile India (P.) Ltd. v. Joint Commissioner, CGST - [2024] 160 taxmann.com 226 (Allahabad) Judiciary and Counsel Details Saumitra Dayal Singh & Surendra Singh-I, JJ. Nishant Mishra & Vedika Nath for the Petitioner. Gaurav Mahajan & Parv Agarwal, A.S.G.I. for the Respondent. Facts of the Case The petitioner was engaged in manufacturing of mobile phones. […]
SEBI Puts in Place Safeguards to Address Concerns of Investors Transferring Securities in a Dematerialised Mode
Circular No. SEBI/HO/MRD/MRD-PoD-2/P/CIR/2024/18; Dated: 20.03.2024 SEBI has issued safeguards to address the investors’ concerns arising from the transfer of securities from the Beneficial Owner (BO) account. These safeguards aim to harmonize the classification of inactive/dormant accounts across stock exchanges and depositories and to strengthen the measures to prevent fraud and misappropriation of inoperative demat accounts. […]
SEBI Proposes to Introduce an Audio-Visual Representation of Disclosures Made in Offer Documents for Public Issue
Circular No. SEBI/HO/CFD/TPD/CIR/P/2024/XXX; Dated: 19.03.2024 SEBI has proposed that the disclosures made in Draft Red Herring Prospectus (DRHP) and Red Herring Prospectus (RHP) of public issues shall also be made available in Audiovisual (AV) format by the issuer companies desiring to list on the main board. The AV on the public issues will be in […]
Treatment of Cost of Building Purchased for Housing Workers Engaged in Construction of Plant
A company has decided to construct a manufacturing plant for its business. Due to unavailability of housing resources in the backward area, the company has decided to purchase a residential building which is to be used for housing the workers engaged in the construction of the plant. Further, the company has raised a loan from […]
[Opinion] Storage Tank in Not Building or Land
Meenakshi Subramaniam – [2024] 160 taxmann.com 420 (Article) One income tax officer and a taxpayer were stranded on an island. Nothing was there, except a storage tank. The income tax officer pointed to it, ” That is a building.” The taxpayer said: “No, sir.” The income tax officer said: ” That’s land, alright.” The taxpayer […]
ICAI Granted Grace Period for the Peer Review Mandate Under Phase II and III
The Institute of Chartered Accountants of India (ICAI) on 16.03.2024 has decided to defer the applicability of the Peer Review Mandate for the Practice Units covered under Phase II and III. Multiple requests have been received from practice units to extend the deadline. Considering the above requests the ICAI has decided to defer the applicability […]
IEPF Authority Invites Comments from Stakeholders to Simplify, Expedite and Streamline Claims Settlement Process
Press Release; Dated: 15.03.2024 The IEPF Authority is reaching out to stakeholders for their valuable insights to simplify, expedite and streamline the claims settlement process. In line with its commitment to enhancing the investor experience, IEPFA is soliciting comments from various stakeholders to reimagine the refund process under the Companies Act, 2013. The aim is […]
Govt. Amends FEM (NDI) Rules | Clarifies on Definition of the Term ‘Unit’ Under Rule 2(aq)
Notification No. S.O. 1361(E); Dated: 14.03.2024 Govt. has notified the Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2024. An amendment has been made to rule 2(aq), which defines the term ‘unit’ as the beneficial interest of an investor in an investment vehicle. As per the amended norms, an explanation has been inserted to the […]
Govt. Amends SEZ Rules | Units Undertaking ‘Aircraft or Ship Leasing Activity’ Not Required to Maintain Separate Offices
Notification No. G.S.R 194(E); Dated: 14.03.2024 The Govt. has notified the Special Economic Zones (Second Amendment) Rules, 2024. An amendment has been made to Rule 21B of the existing rules. As per the amended norms, the term ‘aircraft leasing’ has been replaced with ‘aircraft or ship leasing’. Accordingly, units set up in IFSC authorized to […]
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