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Home e-Newsletters Index Year 2018 January Day 11 - Thursday

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TMI Tax Updates - e-Newsletter
January 11, 2018

Case Laws in this Newsletter:

Income Tax Customs Corporate Laws Insolvency & Bankruptcy Service Tax Central Excise CST, VAT & Sales Tax Indian Laws



TMI SMS


Highlights / Catch Notes

  • Income Tax:

    Time limit for issuance of notice u/s 143(2) for scrutiny assessment u/s 143(3) - furnishing of ITR-V forms in case of electronic filing of return - Period to be computed from expiry of 30 days from the date of filing of ITR or from the extended date - question of law framed in this case answered in favour of the assessee - HC

  • Income Tax:

    Disallowance of depreciation u/s 32 - intangible assets - amount paid for non compete fees - non compete fee is not an eligible intangible asset as the words “similar business or commercial rights” have to necessary result in an intangible asset against the entire word which can be asserted as such to qualify for depreciation u/s 32(1)(ii) of the Act which non compete fees lacks. - AT

  • Income Tax:

    Disallowance of carry forward of losses on the ground that return of income was not filed within the due date as required u/s 139(1) - Mere delay in submitting the ITR-V does not make the return invalid for denying the benefit of carry forward of losses in future years. - AT

  • Customs:

    Fraudulent drawback - fake bank realization statements (BRCs) - While the appellant surely deserves a rap on the knuckles, revocation of the license for acts and commissions committed by their employee without their knowledge or intent is surely an overkill - AT

  • FEMA:

    FDI Policy Clarification on After-Sale/Repair Services - any standalone sale of spare parts/accessories etc. shall be construed as retail trading for the purposes of FDI policy

  • Corporate Law:

    Prohibition on insider trading of securities - Section 195 of the Companies Act, 2013 omitted.

  • Corporate Law:

    Prohibition on forward dealings in securities of company by director or key managerial personnel - Section 194 of the Companies Act, 2013 omitted.

  • Corporate Law:

    Related party transactions - non-ratification of transaction shall be voidable at the option of the Board or shareholders, as the case may be - Section 188(3) of the Companies Act, 2013

  • Corporate Law:

    Related party transactions - restriction on vote - second proviso to section 188 (1) shall not apply to a company in which ninety per cent. or more members in numbers are relatives of promoters or related parties. - Section 188(1) of the Companies Act, 2013

  • Corporate Law:

    Loan and investment by company - provide for aggregation of loan and investments so far made and guarantees so far provided, for the purpose of calculating the limits of loans and investments. - many other amendments - Section 186 of the Companies Act, 2013

  • Corporate Law:

    Loan and investment by company - the restrictions on layers of investment companies deleted - Section 186 of the Companies Act, 2013

  • Corporate Law:

    Loans to directors, etc - allows a company to give loan or guarantee or provide security to any person in whom any of the director is interested subject to passing of special resolution by the company and utilisation of loans by the borrowing company for its principal business activities - Section 185 of the Companies Act, 2013

  • Corporate Law:

    Loans to directors, etc - to limit the prohibition on loans, advances, etc., to directors of the company or its holding company or any partner of such director or any firm in which such director or relative is a partner. - Section 185 of the Companies Act, 2013

  • Corporate Law:

    Disclosure of interest by director - Relief from the rigor of this section - body corporates under the ambit of sub-section (5) in certain cases - Section 184(5) of the Companies Act, 2013

  • Corporate Law:

    Disclosure of interest by director - the cap of minimum penalty removed with respect to failure by directors to disclose interest. - Section 184(4) of the Companies Act, 2013

  • Corporate Law:

    Restrictions on powers of Board - securities premium is also included along with paid-up share capital and free reserves for calculation of upper limits on borrowing powers of the Board - Section 180(1) of the Companies Act, 2013

  • Corporate Law:

    Nomination and Remuneration Committee - company shall place the remuneration policy on its website and will disclose salient features of such policy with web address in the Board's report, etc. - Section 178(4) of the Companies Act, 2013

  • Corporate Law:

    Nomination and Remuneration Committee - committee will specify methodology for effective evaluation of performance of Board and committees and individual directors either by the Board, nomination and remuneration committee or an independent external agency and for its review - Section 178(2) of the Companies Act, 2013

  • Corporate Law:

    Audit Committee - to provide for ratification by audit committee of transactions involving amount not exceeding one crore rupees within 3 months of transaction, consequences of non-ratification, exemption from approval of audit committee to related party transactions between holding company and its wholly owned subsidiary, other than those covered under Section 188, etc. - Section 177(4) of the Companies Act, 2013

  • Corporate Law:

    Meetings of Board - participation of directors allowed on certain items at Board meetings through video conferencing or other audio visual means if there is quorum through physical presence of directors - Section 173 of the Companies Act, 2013

  • Corporate Law:

    Resignation of director - the requirement for forwarding of copy of resignation by director to the Registrar shall be optional - Section 168(1) of the Companies Act, 2013

  • Corporate Law:

    Vacation of office of director - where he incurs disqualification under sub-section (2) of section 164, the office of the director shall become vacant in all the companies, other than the company which is in default under that sub-section - Section 167(1) of the Companies Act, 2013

  • Corporate Law:

    Number of directorships - For reckoning the limit of directorships of twenty companies, the directorship in a dormant company shall not be included - Section 165 of the Companies Act, 2013

  • Corporate Law:

    Disqualifications for appointment of director - certain disqualifications to continue to apply even if appeal or petition is filed - Section 164(3) of the Companies Act, 2013

  • Corporate Law:

    Disqualifications for appointment of director - where a person is appointed as a director of a company which is in default of clause (a) or clause (b), he shall not incur the disqualification for a period of six months from the date of his appointment - Section 164(2) of the Companies Act, 2013

  • Corporate Law:

    Appointment of additional director, alternate director and nominee director - the filling up of causal vacancy of the director may be done by the board in case of private company as well - Section 161(4) of the Companies Act, 2013

  • Corporate Law:

    Appointment of additional director, alternate director and nominee director - a person is restricted from being appointed as an alternate director if he is holding directorship in the same company - Section 161(2) of the Companies Act, 2013

  • Corporate Law:

    Right of persons other than retiring directors to stand for directorship - the requirement of deposit of rupees one lakh with respect to nomination of directors shall not be applicable in case of appointment of independent directors or directors nominated by nomination and remuneration committee - Section 160 of the Companies Act, 2013

  • Corporate Law:

    Appointment of directors - in addition to Director Identification Number, a director may hold any other identification number prescribed by Central Government under section 153 - Section 152 of the Companies Act, 2013

  • Corporate Law:

    Company to have Board of Directors - easier requirements with respect to appointment of resident director. It also seeks to specify limits with respect to pecuniary relationship of a director with respect to eligibility of a director to be appointed as an independent director. It also seeks to specify the scope of restriction on pecuniary relationship entered into by a relative - Section 149 of the Companies Act, 2013

  • Corporate Law:

    Punishment for contravention - quantum of fine revised - It also restricts the liability of auditor for damages to the shareholders or creditors of the company instead of any other person. It also seeks that in case of criminal liability of any audit firm the concerned partners only shall be liable - Section 147 of the Companies Act, 2013

  • Corporate Law:

    Powers and duties of auditors and auditing standards - required to report whether the company has adequate internal financial controls with reference to financial statements - Section 143(3) of the Companies Act, 2013

  • Corporate Law:

    Powers and duties of auditors and auditing standards - auditors shall have access to accounts and records associate companies along with subsidiary companies - Section 143(1) of the Companies Act, 2013

  • Corporate Law:

    Eligibility for appointment of auditor of a company - scope of the term relative amended. - Section 141(3) of the Companies Act, 2013

  • Indian Laws:

    FDI policy further liberalized in key sectors - Cabinet approves amendments in FDI policy

  • IBC:

    Corporate insolvency resolution process - whether the Company Court has any jurisdiction to stay the proceedings filed by a Corporate Debtor before NCLT even though a previously instituted company petition by a creditor may have been admitted (and therefore does not get transferred to NCLT) but where a provisional liquidator has not been appointed? - there is no bar on NCLT, Ahmedabad from proceeding with IBC application. - HC

  • Service Tax:

    CENVAT credit - input services - Help desk assistant at estate has no relation to the activity of manufacture in the factory premises and thus credit of the same cannot be permitted, the same is denied. - AT

  • Service Tax:

    CENVAT credit - input services - If the said medical centre is not located in the factory or if the said medical centre is primarily used by the families of the employees and not by the personal engaged in the factory then the credit would not be admissible - AT


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2018 (1) TMI 453
  • 2018 (1) TMI 452
  • 2018 (1) TMI 451
  • 2018 (1) TMI 450
  • 2018 (1) TMI 457
  • 2018 (1) TMI 449
  • 2018 (1) TMI 448
  • 2018 (1) TMI 456
  • 2018 (1) TMI 455
  • 2018 (1) TMI 447
  • 2018 (1) TMI 446
  • 2018 (1) TMI 454
  • 2018 (1) TMI 445
  • 2018 (1) TMI 444
  • Customs

  • 2018 (1) TMI 441
  • 2018 (1) TMI 440
  • 2018 (1) TMI 439
  • 2018 (1) TMI 438
  • 2018 (1) TMI 437
  • 2018 (1) TMI 436
  • 2018 (1) TMI 435
  • 2018 (1) TMI 434
  • Corporate Laws

  • 2018 (1) TMI 432
  • 2018 (1) TMI 431
  • Insolvency & Bankruptcy

  • 2018 (1) TMI 433
  • 2018 (1) TMI 443
  • 2018 (1) TMI 442
  • Service Tax

  • 2018 (1) TMI 429
  • 2018 (1) TMI 428
  • 2018 (1) TMI 427
  • 2018 (1) TMI 426
  • 2018 (1) TMI 425
  • 2018 (1) TMI 424
  • 2018 (1) TMI 423
  • Central Excise

  • 2018 (1) TMI 422
  • 2018 (1) TMI 421
  • 2018 (1) TMI 420
  • 2018 (1) TMI 419
  • 2018 (1) TMI 418
  • 2018 (1) TMI 417
  • 2018 (1) TMI 416
  • 2018 (1) TMI 415
  • 2018 (1) TMI 414
  • 2018 (1) TMI 413
  • 2018 (1) TMI 412
  • 2018 (1) TMI 411
  • 2018 (1) TMI 410
  • 2018 (1) TMI 409
  • 2018 (1) TMI 408
  • 2018 (1) TMI 407
  • 2018 (1) TMI 406
  • 2018 (1) TMI 405
  • CST, VAT & Sales Tax

  • 2018 (1) TMI 404
  • 2018 (1) TMI 403
  • 2018 (1) TMI 402
  • Indian Laws

  • 2018 (1) TMI 430
 

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