Department of Land Resources, Govt. of India is implementing Digital India Land Records Modernisation Program through State Govts. / UT Govts.
SEBI issues interim order cum – SCN restraining 135 entities from accessing market for alleged stock manipulation.
Press Release PR No. 9/2023, dated 21-6-2023.
Regulation 3 of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2009 – Where appellant company issued GDRs which were fully subscribed by ‘V’ and directors of appellant failed to disclose to Stock Exchange material information that ‘V’ took a loan from foreign banker for which appellant provided security in the form of Pledge Agreement, in view of fact that appellant on its own had not indulged into fraudulent activity but activity was imputed to it as Board of Directors and Managing Director had indulged into the same, impugned order passed by SAT affirming findings of violation relating to non-disclosures and reducing penalty to Rs. 5 Cr. was justified.
Farmax India Ltd. v. SEBI – [2023] 150 taxmann.com 401 (SC).
RBI assures accurate accounting and systems in place amid media reports on missing banknotes.
Press Release: 2023-24/428, dated 17-6-2023.
Sec. 4 of The Competition Act, 2002 – Prohibition of Abuse of Dominant Position – A State monopoly is not exempt from the purview of the Competition Act, 2002.
Coal India Ltd. v. Competition Commission of India – [2023] 151 taxmann.com 235 (SC).
Sec. 62 of The Companies Act, 2013 – Share Capital – Disproportionate allotment in a rolled up right offer is not ‘oppression’ of shareholders who did not apply for shares after getting the offer.
Hasmukhlal Madhavlal Patel v. Ambika Food Products (P.) Ltd. – [2023] 151 taxmann.com 236 (SC).
Incentive received under agreement from manufacturer for completion of targets, while goods were purchased from distributors, would not be treated as trade discount and the same would be liable to be included in taxable value.
Appellate Authority for Advance Ruling, Maharashtra MEK Peripherals India (P.) Ltd., In re – [2023] 151 taxmann.com 351 (AAR – MAHARASHTRA).
Limitation period for filing appeal u/s 107 of GST Act is not 120 days but 4 months.
Shri Ram Ply Products v. Addl. Comm. Grade 2 Appeal State tax – [2023] 151 taxmann.com 282 (Allahabad).
Sec. 98 of CGST Act – AAR – Where application for advance ruling was rejected on ground that assessee, having benefit of contract for construction of pumping stations and reservoirs etc., had filed application after expiry of the contractual period, opportunity of hearing contemplated in the statute was rendered a mere formality and application was to be restored for reconsideration.
KBL SPML JV v. Authority of Advance Ruling – [2023] 151 taxmann.com 272 (Karnataka).