Simplifying your business ideas, structures, functionalities, relations & operations
Guidelines issued u/s 10(10D) of Income Tax Act 1961 Circular No. 2 of 2022 dated 19th Jan 2022
Income Tax exemption on sum assured on Life insurance Policy including any sum allocated by way of bonus on such policy subject to certain Exclusion.
Download Guidelines from link :
Gujarat ROC penalty order for non certification of MGT- 7 by Practising Company Secretary in the matter of Mr. Parag Sheth, Liquidator of M/s Maxroth Impex Pvt. Ltd. (Order dated 17th Jan 2022)
As per Section 92 (1) Every company shall prepare a return (hereinafter referred to as the annual return) in the prescribed form containing the particulars as they stood on the close of the financial year regarding—………signed by a director and the company secretary, or where there is no company secretary, by a company secretary in practice.
Section 450. Punishment where no specific penalty or punishment is provided
If a company or any officer of a company or any other person contravenes any of the provisions of this Act or the rules made thereunder, or any condition, limitation or restriction subject to which any approval, sanction, consent, confirmation, recognition, direction or exemption in relation to any matter has been accorded, given or granted, and for which no penalty or punishment is provided elsewhere in this Act, the company and every officer of the company who is in default or such other person shall be liable to a penalty of ten thousand rupees, and in case of continuing contravention, with a further penalty of one thousand rupees for each day after the first during which the contravention continues, subject to a maximum of two lakh rupees in case of a company and fifty thousand rupees in case of an officer who is in default or any other person.
CCI directs probe against Google for Abusing its Dominant Position against Publishers
In re Digital News Publishers Association (CCI) dated 07/01/2022
NCLT/NCLAT should not pass ad hoc orders regarding fee and expenses payable to Resolution Professionals
Devarajan Raman Vs Bank of India Limited (Supreme Court of India) dated 05/01/2022
NCLAT Stays Order Initiating CIRP as parties entered Settlement Agreement
Vinayak K Deshpande Vs Nexo Industries P Ltd (NCLAT Chennai) dated 04/01/2022
SC Restores Limitation Extension & excludes Period From 15.03.2020 to 28.02.2022 From Limitation
In Re Cognizance For Extension of Limitation (Supreme Court of India) dated 10/01/2022
Section 45 PMLA Act Gets Triggered while Considering Anticipatory Bail Plea
Asst. Director Enforcement Directorate Vs Dr. V.C. Mohan (Supreme Court of India) dated 04/01/2022
Builder obliged to provide occupancy certificate to flat owners & Failure amount to deficiency in service
Samruddhi Co-operative Housing Society Ltd. Vs Mumbai Mahalaxmi Construction Pvt. Ltd. (Supreme Court of India) -11/01/2022
Comments made during Mediation or Settlement Proceedings cannot be relied by Courts
Arjab Jena@ Arjab Kumar Jena Vs. Utsa Jena @ Pattnaik (Supreme Court of India) dated 05/01/2022
Nobody has a fundamental right to a public holiday
Kishnabhai Nathubhai Ghutia Vs Administrator Union Territory (Bombay High Court) dated 05/01/2022
God cannot be summoned by Court for inspection or verification
S.P. Eswaramurthy Vs Government of Tamil nadu (Madras High Court) dated 06/01/2022
Employees refusing regular promotion offer disentitled to financial upgradation benefits
Union of India Vs Manju Arora (Supreme Court of India) dated 03/01/2022
Legal updates
https://youtube.com/c/EducationSoSimple
https://chat.whatsapp.com/H8gz8dr8bNGIHmtV2MfhIY
Regards,
Bipul Kumar
Enforcement Directorate has attached flats worth Rs. 330 Crore approximately in Tower C of sale building namely Omkar 1973, Worli of M/s Omkar Group and an open land situated at Viram, Pune worth Rs. 80 Crore approximately of a company belonging to Sachin Joshi under Prevention of Money Laundering Act (PMLA), 2002.
ED initiated money laundering investigation on the basis of FIR No. 109 of 2020 filed by City Chowk Police Station, Aurangabad.
ED had conducted a search last year on 25.01.2021 to 27.01.2021 and arrested Babulal Varma, Managing Director of M/s ORDPL, Kamal kishore, Chairman of M/s ORDPL and later on Sachin Joshi. The ED had earlier filed Prosecution Complaint on 26.03.2021 before the Session Court, Bombay.
ED during investigation found that loan amount Rs. 410 Crore was fraudulently acquired by M/s Surana Developers Wadala, LLP, a sister concern of M/s ORDPL through falsely increased slum dwellers numbers and FSI. Out of Rs. 410 Crore, an amount of Rs. 330 Crore was laundered into the sale building of Omkar Group and an amount of Rs. 80 Crore approximately was laundered through Sachin Joshi and his Viiking Group of companies under the guise of services and investment.
Further investigation is in progress.
Electronic Credit Ledger automatically gets unblocked after 1 Year
Ambika Creation Vs Commissioner, Govt. of Gujarat (Gujarat High Court) dated 12/01/2022
HC cancels summon under GST as Petitioner was co-operating
FSM Education Pvt. Ltd. Vs Union of India (Bombay High Court) dated 10/01/2022
HC grants bail to CA on furnishing bail bond of Rs. 50 Lakh in Bogus ITC claim
Amit Kumar Agarwal @ Amit Agarwal Vs State of Odisha (Orrisa High Court) dated 11/01/2022
HC sets aside retrospective amendment In IPR denying GST reimbursement
Ultratech Cement Limited Vs State of Odisha (Orissa High Court) dated 04/01/2022
GST paid during Investigation shall be treated as amount paid ‘under protest’
Aditya Energy Holdings Vs Directorate General of GST Intelligence (Madras High Court) dated 10/12/2021
In absence of proper details & substantiating documentary evidences advance ruling cannot be given
Chep India Private Limited (GST AAR Tamilnadu) dated 28/12/2021
ITC of GST restricted U/s. 17(5)(d) cannot be utilised
INOX Air Products Pvt Ltd. (GST AAAR Tamilnadu) dated 02/12/2021
Advance ruling under GST cannot be given on facts related to Pre-GST period
Handloom Weavers Cooperative Society Ltd. (GST AAR Tamilnadu) dated 30/12/2021
Regards,
Bipul Kumar
The NCLAT judgment dated 07th Jan 2022 in Meru Travels Solutions Pvt. Ltd. v. CCI refused to set aside the order passed by the Competition Commission of India in 2017 and held that Ola has not abused its dominant position and that it has not entered into anti-Competitive agreements in violation of the provisions of the Competition Act, 2002.
The Appellants were informants before the CCI and contended before the Commission that Ola has abused its dominant position by predatory pricing and by entering into anti-competitive agreements with its drivers. Since the Commission prima facie found the allegation of abuse of dominant position to be true, it ordered the Director General (DG) to investigate the matter as per the terms of Section 26(1). Based on the investigation report, it was concluded that Ola did not in fact abuse its dominant position and was not in violation of Section 3 and 4 of the Act.
The Appellants are Fast Track Call Cab Pvt. Ltd. and Meru Travel Solutions Pvt. Ltd., who provided radio taxi services to customers from point-to-point movement in the geographical market of Bengaluru.
For legal updates
https://chat.whatsapp.com/H8gz8dr8bNGIHmtV2MfhIY
https://www.facebook.com/groups/1994228650711964/?ref=share
Judgement copy:
The Income Tax Department had conducted a search and seizure operations on a diversified business group engaged in the manufacturing of plywood/plyboard, MDF board, inverter and vehicle batteries, and in the refining of lead on 11.01.2022. More than 30 premises spread across the cities of Yamuna Nagar, Ambala, Karnal, and Mohali have been covered in the search operation.
During the search operation, various incriminating documents and digital evidences have been found and seized in relation to entities of plywood business. These include a parallel set of books of account recording the entries of cash transactions of purchase, sale, payment of wages, and other expenses of group entities, in addition to transactions of investment in immovable properties. These evidences have clearly revealed the modus operandi of the group that it is involved in the generation of cash by suppression of sales to the extent of about 40% of the actual sales. The preliminary analysis of incriminating evidence indicates that this group has suppressed sales to the tune of Rs.400 crore in the last three years.
In case of a battery manufacturing concern, the search team unearthed incriminating evidence regarding payment of wages and purchase of raw materials in cash aggregating to Rs.110 crore which has not been recorded in the books of account. In the case of battery manufacturing as well as lead refining concerns and its related entities, suspicious purchases exceeding Rs.40 crore from non-existent concerns have also been identified.
The correlation of this evidence has also revealed that unaccounted cash so generated is systematically invested in the acquisition of immovable properties of key persons of plywood and lead refining businesses.
The search action has resulted in seizure of unaccounted cash of more than Rs 6.60 crore and jewellary valued to the tune of Rs 2.10 crore. In total, 22 bank lockers have been kept under restraint and are yet to be operated.
Further investigations are in progress.
46 Startups announced winners of the National Startup Awards 2021 along with 1 incubator and 1 accelerator
“Startup India is about realising millions of dreams”: Shri Piyush Goyal
Startup Mission is a symbol of Self-Reliant & Self-Confident India, says Shri Goyal
Shri Goyal addresses the National Startup Awards 2021 ceremony
“Prime Minister Narendra Modi is a very firm believer in the potential of Startups to nation-building during the Amritkaal, the next 25 years to India’s centenary of Freedom”: Shri Goyal
“Startup India is about realising millions of dreams,” said Shri Piyush Goyal today. Presenting the National Startup Awards 2021, the Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, he said the Startup Mission is a symbol of Self-Reliant & Self-Confident India.
“Be it a fisherman’s son from Chennai or a boatman’s daughter from Kashmir, they all want to bring prosperity to their families and to their people, and therefore are thinking bigger and bolder,” said Shri Goyal.
Shri Goyal said, realising the contribution of Startups towards nation-building, the Prime Minister Shri Narendra Modi today announced that January 16 will be celebrated as National Start-up Day, to take the Startup culture to the far flung areas of the country.
“Prime Minister Modi is a very firm believer in potential of Startups to contribute significantly to the growth of the nation during the Amritkaal, the next 25 years. He recognises Innovation to be the strongest pillar in making India ‘Aatmanirbhar’,” said Shri Goyal.
Shri Goyal said the PM has focused on three sutras (pillars) to strengthen innovation:
Shri Goyal called upon the Startups to focus mainly on five areas to make India the No. 1 Startup ecosystem in the world:
1. Develop solutions & content in Indic languages
2. Encourage products & solutions that have a larger social & economic impact
3. Promoting Startups in every district across the country, – Establish ‘Startup Access centers’ in every district
4. Creating Innovation zones at the level of Urban Local Bodies, &
5. Adopt best practices from across the globe & enhance India’s global competitiveness
Quoting PM Modi, Shri Goyal said, “Today India is rapidly moving towards hitting the century of unicorns. I believe the golden era of India’s start-ups is starting now…”
“Government is standing with our innovators and so is the entire country…Let’s Innovate for India, innovate from India!” he said.
Speaking on the occasion, DPIIT Secretary Shri Anurag Jain said the Department will handhold the Startup Award finalists across seven tracks i.e. Investor Connect, Mentorship, Government Connect, Capacity Development, Corporate Connect, Brand Showcase and Unicorn Engagement.
“Our journey together doesn’t end here with just awards, we will walk step by step with you in this journey,” he said.
During the ceremony, the Results of the National Startup Awards (NSA) 2021 were declared. A total of 46 Startups have been recognized as winners of National Startup Awards 2021 along with 1 incubator and 1 accelerator.
The second edition of the awards invited applications across 15 sectors and 49 sub-sectors. The sectors included Agriculture, Animal Husbandry, Drinking Water, Education & Skill Development, Energy, Enterprise Technology, Environment, Fintech, Food Processing, Health & Wellness, Industry 4.0, Security, Space and Transport and Travel. Six special categories were also introduced to recognize exceptional Startups contributing to the good of the society. The 2021 edition of the awards also recognized exceptional Startups innovating solutions to promote Indic languages and to compliment national efforts to combat COVID-19 pandemic.
A total of 2177 applications were received from Startups across the 49 sub-sectors along with applications from 53 incubators and 6 accelerators for the ecosystem enablers categories. These applicants included 863 Women-led, 414 innovations for combatting COVID-19 and 253 Startups working in rural areas.
All applicants were evaluated against six broad parameters namely Innovation, Scalability, Economic Impact, Social Impact, Environmental Impact, and Inclusiveness and Diversity.
After three rounds of detailed evaluation, 175 Startups were selected for presentation before the jury which made presentations before the 16 specialist jury panels, which comprised of domain experts from industry, investors and government.
The recognised entities will benefit from such recognition, not only in terms of being able to attract more business, financing, partnerships and talent, but also enable them to serve as role models for other entities, and to inspire them to be purposeful and responsible about their socio-economic impact.
53 applications were received from incubators and 6 applications were received from Accelerators. Select incubators and accelerators were selected after three rounds of evaluation for presentation before Jury Panel which gave presentations before the Jury.
The felicitation ceremony was accompanied by the release of an e-Report on National Startup Awards 2021 highlighting the year-round handholding support provided to the finalists of first edition of National Startup Awards and the journey of NSA 2021.
The ‘Blockchain-enabled verification for DPIIT tax incentive certificates’, ‘Digilocker enabled DPIIT Startup recognition certificate’ and second edition of the ‘Startup Champions’ programme on Doordarshan were also launched during the event.
The Department for Promotion of Industry and Internal Trade (DPIIT) conceived the National Startup Awards to recognize and reward outstanding Startups and ecosystem enablers that are building innovative products or solutions and scalable enterprises, with high potential of employment generation or wealth creation, demonstrating measurable social impact. The measure of success is not only the financial gains for the investors, but also the contribution to social good.
Please click here for:
*CCI approves acquisition of shares in Sutherland Global Holdings Inc. by Coral Blue Investment Pte. Ltd.*
*ED has attached assets worth Rs. 2.07 crore of Kapil Dhiman and others under PMLA, 2002 in a Disproportionate Asset case*
Business So Simple 