[Opinion] The Verdict Under Scrutiny | The Saga of Madras High Court Decision for GST on Hostels
CA Yash Shah – [2024] 162 taxmann.com 113 (Article) The Madras High Court’s recent ruling exempting hostels from Goods and Services Tax (GST) in the case of Thai Mookambikaa ladies hostel has stirred controversy, prompting scrutiny and debate amongst the industry members. The decision, hailed by some as a win for affordable lodging, has left […]
HC Quashed Order Since AO Didn’t Ask Petitioner to Furnish Further Documents if Reply Was Found Unsatisfactory
Case Details: Biba Fashion Ltd. v. Government of NCT of Delhi – [2024] 161 taxmann.com 399 (Delhi) Judiciary and Counsel Details Sanjeev Sachdeva & Ravinder Dudeja, JJ. Dhananjai Shekhawat, Archit Jain, Rishab Singhla & Sandeep Goyal, Advs. for the Petitioner. Varun Vats, SPC for the Respondent. Facts of the Case The petitioner was engaged in the business of retail trading […]
SEBI Mandates Person or Entity Involved in Distribution of Portfolio Management Services to Get Registered With APMI
Circular No. SEBI/HO/IMD/IMD-PoD-1/P/CIR/2024/32; Dated: 02.05.2024 SEBI, in order to facilitate collective oversight of PMS distributors at the industry level, has decided that any person or entity involved in the distribution of portfolio management services must obtain registration with the Association of Portfolio Managers in India (APMI). This move aims to promote ease of doing business […]
[Opinion] Failure to File Return of Allotment in E-Form PAS-3 Results in Severe Penalties for the Company and Its Directors
Prof R Balakrishnan – [2024] 162 taxmann.com 62 (Article) 1. A brief about this case This is a case involving non-filing of the return of allotment with the Registrar of Companies in the prescribed e-form PAS- 3 which is required to be filed within 30 days from the date of allotment of shares pursuant to […]
Rectification Order Disallowing Carry Forward of Loss Without Granting Hearing Opportunity to Assessee is Invalid | HC
Case Details: Apollo Speciality Hospitals (P.) Ltd. v. DCIT – [2024] 162 taxmann.com 2 (Telangana) Judiciary and Counsel Details P. Sam Koshy & N. Tukaramji, JJ. Facts of the Case The petitioner filed a writ petition before the High Court challenging the order passed under section 154. The brief facts of the case are that […]
HC Dismissed Writ Challenging Notification Which Denied Appeal in Respect of Demand Not Involving Tax
Case Details: Bharat Aluminium Co. Ltd. v. Union of India – [2024] 161 taxmann.com 653 (Chhattisgarh) Judiciary and Counsel Details Ramesh Sinha, CJ. & Mrs Rajani Dubey, J. Bharat Raichandani, Omkar Sharma & K. Rohan, Advs. for the Petitioner. Ramakant Mishra, Dy. Solicitor General, R.S. Marhas, Additional Adv. General & Maneesh Sharma, Adv. for the Respondent. Facts of the […]
SEBI Allows Recognised Stock Exchanges to Carry Out Administration and Supervision Over Specified Intermediaries
Notification No. SEBI/LAD-NRO/GN/2024/171; Dated: 26.04.2024 SEBI has notified the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2024. A new regulation 38A has been inserted to the existing regulations. This regulation states that the activities of administration and supervision over specified intermediaries may be carried out by a recognised stock exchange with the […]
HC Dismissed Writ Against Best Judgment Assessment Order Since There Was No Violation of Principles of Natural Justice
Case Details: Ashok Varandani v. Central Board of Indirect Taxes and Customs, Jaipur – [2024] 160 taxmann.com 616 (Rajasthan) Judiciary and Counsel Details Manindra Mohan Shrivastava, CJ. & Bhuwan Goyal, J. Anurag Kalavatiya for the Petitioner. Kinshuk Jain, Jai Upadhyay & Sourabh Jain for the Respondent. Facts of the Case The petitioner was engaged in the business of trading of […]
SEBI Amends Alternative Investment Funds Regulations, 2012 | Introduces a New Regulation w.r.t ‘dissolution Period’
Notification No. SEBI/LAD-NRO/GN/2024/168; Dated: 25.04.2024 SEBI has notified the SEBI (Alternative Investment Funds) (Second Amendment) Regulations, 2024. As per the amended norms, a new regulation 29B relating to the dissolution period has been inserted. It states that a scheme of an Alternative Investment Fund may enter into a dissolution period in the manner and subject […]
Rs 10L Recovery Limit for DRT Filings Now Also Applies to Applications Between 26.09.2018 and 30.06.2019 | Finance Ministry
Notification No. S.O. 1796(E)., Dated 25.04.2024 Earlier, Finance Ministry vide notification dated 11.07.2019, stated that the pecuniary limit of Rs. 10 Lakhs for filing application for recovery of debts in the Debts Recovery Tribunals by such banks and financial institutions shall continue to apply for applications filed prior to 06.09.2018. Now, Ministry has stated that […]