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Open Network for Digital Commerce (Scaled up and deployed rapidly) Ministry of Commerce & Industry Press Release dated 26 Oct 2021

Ministry of Commerce & Industry Shri Piyush Goyal reviews Open Network for Digital Commerce A non-profit entity to be established by private sector participation ONDC to be scaled up and deployed rapidlyPosted Date:- Oct 26, 2021 The Union Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Shri Piyush Goyal reviewedContinue reading “Open Network for Digital Commerce (Scaled up and deployed rapidly) Ministry of Commerce & Industry Press Release dated 26 Oct 2021”

Income Tax raid on 2 group (Cycle & Imigration & visa services business) in Punjab (Suprresing turnover about 90 cr, unaccounted income 150 cr.,Seizure of unaccounted cash rs. 2.25 cr.,unaccounted gold rs. 2 cr. ) MoF Press Release dated 26 Oct 2021

The Income Tax Department carried out search and seizure operations in the cases of two groups based in Punjab. The search action in case of the first group was initiated on 21.10.2021. This group is engaged in Cycle business. The group has been found to be involved in suppression of income by showing bogus intra-groupContinue reading “Income Tax raid on 2 group (Cycle & Imigration & visa services business) in Punjab (Suprresing turnover about 90 cr, unaccounted income 150 cr.,Seizure of unaccounted cash rs. 2.25 cr.,unaccounted gold rs. 2 cr. ) MoF Press Release dated 26 Oct 2021”

LLP Form 8 due date extended till 30.12.2021 (MCA General Circular No. 16/2021 dated 26 Oct 2021)

General Circular No. 16/2021 c-File No: Policy-01/2/2021-CI,V-MCAGovernment of IndiaMinistry of Corporate Affairs 5th Floor, ‘A’ Wing, Shastri Bhawan,Dr. R.P. Road, New Delhi – 110001.Dated: 26.10.2021 To,The DGCoA,All Regional Directors,All Registrar of Companies,All Stakeholders. Sub: – Relaxations in paying additional fees in case of delay in filing Form 8 (the Statement of Account and Solvency) byContinue reading “LLP Form 8 due date extended till 30.12.2021 (MCA General Circular No. 16/2021 dated 26 Oct 2021)”

CCI approves acquisition by HDFC Bank Limited of shareholding in HDFC ERGO General Insurance Company Limited (CCI Press Release dated 25th Oct 2021)

The Competition Commission of India (CCI) approves acquisition by HDFC Bank Limited (Acquirer) of shareholding in HDFC ERGO General Insurance Company Limited (Target) under Section 31(1) of the Competition Act, 2002. The Proposed Combination involves acquisition of 4.99% of the outstanding equity share capital of the Target by the Acquirer from Housing Development Finance CorporationContinue reading “CCI approves acquisition by HDFC Bank Limited of shareholding in HDFC ERGO General Insurance Company Limited (CCI Press Release dated 25th Oct 2021)”

CCI approves acquisition of Parexel International Corporation by Phoenix Parentco, Inc. (CCI Press Release dated 25th Oct 2021)

The Competition Commission of India (CCI) approves acquisition of Parexel International Corporation by Phoenix Parentco, Inc. The proposed combination envisages acquisition of 100% of the equity shareholding of Parexel International Corporation (Target) by Phoenix Parentco, Inc. (Acquirer). The Acquirer is jointly controlled by EQT Fund Management S.à r.l. (EQT) and the Goldman Sachs Group, Inc.Continue reading “CCI approves acquisition of Parexel International Corporation by Phoenix Parentco, Inc. (CCI Press Release dated 25th Oct 2021)”

Income Tax Department conducts searches in Nashik (Ministry of Finance Press Release dated 25th Oct 2021)

The Income Tax Department carried out a search and seizure operation on 21.10.2021 in the case of a person engaged in the real estate business, primarily operating as a land aggregator in Nashik. During the search and seizure operation, many incriminating documents including land agreements, notarized documents and other papers evidencing large scale cash transactionsContinue reading “Income Tax Department conducts searches in Nashik (Ministry of Finance Press Release dated 25th Oct 2021)”

Judiciary updates (GST & Income Tax )-23rd Oct 2021

GST HC issues notice on Plea challenging Constitutional Validity of CGST Rule 90(3) Neogen Chemicals Ltd. Vs Union of India (Gujarat High Court) dated 20/10/2021 HC makes scathing remarks against dept for not allowing filing of Form Trans-1 Siddharth Enterprises Vs The Nodal Officer (Gujarat High Court) dated 14/10/2021 Proceedings under Section 74 of GSTContinue reading “Judiciary updates (GST & Income Tax )-23rd Oct 2021”

Issuance of calendar for Sovereign Gold Bond Scheme 2021-22 (Ministry of Finance Press Release dated 21st Oct 2021)

The Government of India, in consultation withthe Reserve Bank of India, has decided to issue Sovereign Gold Bonds. The Sovereign Gold Bonds will be issuedin fourtranches fromOctober 2021 to March 2022 as per the calendar specified below: Tranche :2021-22 Series VII Date of Subscription: October 25 – 29, 2021 Date of Issuance: November 02, 2021Continue reading “Issuance of calendar for Sovereign Gold Bond Scheme 2021-22 (Ministry of Finance Press Release dated 21st Oct 2021)”

Judiciary updates (Income Tax)- 20th Oct 2021

HC took strong view against Carelessness by AO in Assessment ( Mantra Industries Limited Vs National Faceless Assessment Centre (NFAC or NeAC) & Ors. (Bombay High Court) dated 11/10/2021) Amendment in section 36(1)(va) & 43B applicable from 01.04.2021 Gopalakrishna Aswini Kumar Vs Assistant Director of Income Tax (ITAT Banglore) dated 13/10/2021 Reasons recorded on incorrectContinue reading Judiciary updates (Income Tax)- 20th Oct 2021

Advisory for taxpayers on Form GSTR-2B (GST Portal update 18th Oct 2021)

18/10/2021 1. Form GSTR-2B is an auto-drafted ITC statement which is generated for every normal taxpayer on the basis of the information furnished by their suppliers in their respective GSTR-1/IFF, GSTR-5 (non-resident taxable person) and GSTR-6 (input service distributor). This statement indicates availability and non-availability of input tax credit to the taxpayer against each documentContinue reading “Advisory for taxpayers on Form GSTR-2B (GST Portal update 18th Oct 2021)”

CCI approves acquisition of Global Content Alpha Partners Holdco Pte. Ltd. by Starnmeer B.V.

The Competition Commission of India (CCI) approves the acquisition of Global Content Alpha Partners Holdco Pte. Ltd. (GCAPH) by Starnmeer B.V. (Starnmeer) under Section 31(1) of the Competition Act, 2002. Starnmeer, a recently incorporated entity, is ultimately owned and controlled by funds comprising the Baring Asia Private Equity Fund VII, a fund affiliated with BaringContinue reading “CCI approves acquisition of Global Content Alpha Partners Holdco Pte. Ltd. by Starnmeer B.V.”

CCI approves Acquisition of worldwide healthcare BPO services of Hinduja Global Solutions Limited, by Betaine B.V.

(Ministry of Finance Press Release dated 18th Oct 2021) The Competition Commission of India (CCI) approves Acquisition of the worldwide healthcare BPO services of Hinduja Global Solutions Limited, by Betaine B.V. The proposed combination pertains to the proposed acquisition of worldwide healthcare business process outsourcing (BPO) services of Hinduja Global Solutions Limited (HGS), along withContinue reading “CCI approves Acquisition of worldwide healthcare BPO services of Hinduja Global Solutions Limited, by Betaine B.V.”

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