Empanelment of Insolvency professionals to be appointed as administrator and other incidental matter

The SEBI has issued a circular regarding empanelment of insolvency professionals to be appointed as administrators under the regulator's framework. An administrator has to be a person registered as an insolvency professional with the Insolvency and Bankruptcy Board of India (IBBI) and empaneled with the board from time to time.

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No SLP against HC's ruling deleting sec. 40A(2) disallowance if impugned payment was accepted in previous years

IT: Where High Court upheld Tribunal's order deleting disallowance made by AO under section 40A(2) holding that once remuneration paid by assessee-company to its directors in preceding year was accepted by revenue, Assessing Officer was not justified in considering and comparing renumeration paid in assessment year 2004-05, SLP filed against said decision of High Court was to be dismissed

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HC dismissed petition under Criminal Code against cognizance taken for offence committed under CCI Act

Competition Act : Where informant gave information under section 19(1)(a) to Commission alleging contravention of sections 3 and 4 by Films Distributors Association (FDA) of Kerala in which petitioner was then honorary General Secretary and on failure of petitioner to reply to notice sent by DG,

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SC directed to adjust tax paid on first instalment of IDS in case of rejection of declaration by revenue

IT: SLP dismissed against High Court ruling that where assessee disclosed undisclosed income for a year under Income Declaration Scheme, 2016 and paid first instalment of tax, while notice under section 143(2) had already been issued for scrutiny assessment and, therefore, revenue rejected assessee's application under Disclosure Scheme, revenue was to be directed to adjust amount of tax deposited by assessee

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SC quashes RBI’s Feb 12, 2018 circular holding it as ultra vires of Sec. 35AA of Banking Regulation Act

SC quashes RBI’s Feb 12, 2018 circular holding it as ultra vires of Sec. 35AA of Banking Regulation Act

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HC slams AO for invoking sec. 40A(2) for directors salaries by ignoring their work experience & qualifications

IT: Where AO disallowed a part of salaries paid to directors of assessee-company by invoking provisions of section 40A(2), in view of fact that educational qualifications and work experience of directors were ignored and, moreover, directors had earned income which was taxable at maximum rate of tax and, therefore, it was not a case where an attempt was made to evade taxes, impugned disallowance deserved to be deleted

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SEBI issues consultation paper on Self-Regulatory Organizations in security market

The market regulator, SEBI has issued the consultation paper on self –regulation organizations in securities market. The objective of the consultation paper is to seek comments from the pubic on the proposal to amend the Securities and Exchange Board of India (Self-Regulatory Organizations) Regulations, 2004 (SRO) for the purposes of defining Self-Regulatory Organization, simplifying the process of recognition and strengthening the role of Self-Regulatory Organization in the securities market.

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