Home Highlights January 2018 Year 2018 This

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1. Fiscal Penalty on nominee directors - failure to fulfill the export obligation under DEPB licenses - HC

2. Company to have Board of Directors - easier requirements with respect to appointment of resident director. It also seeks to specify limits with respect to pecuniary...

3. Mis-declaration of quantity and value of goods in SEZ unit - penalty u/ss 112(a) and 114A of Customs Act 1962. Option for reduced 25% penalty u/s 114A to be extended if...

4. Benefit of Amnesty Scheme - Penalty levied u/s 271D and 271E - When a specified sum is so provided as the penalty, such specified sum is the minimum penalty payable....

5. Penalty U/s 271B - Failure to get accounts audited - Penalty confirmed - AT

6. Offence u/s 276­CC r.w.s 278­E - Prosecution proceedings against the company and its directors - Failure to file to ITR - Section 276­CC of the Act prescribes rigorous...

7. The case pertains to the levy of service tax under the reverse charge mechanism (RCM) on rental payments made by a company to its directors for renting immovable...

8. Levy of penalty u/s 158BFA(2) - penalty has been levied on the amount of undisclosed income without providing any working of maximum and minimum penalty leviable - No penalty - AT

9. Delay in deposit of TDS led to a complaint against the company and its directors for an offense u/ss 276B and 278B. However, the TDS was deposited with interest u/s...

10. Vicarious liability of Additional Director - Non-executive Independent Directors or not - Officer in default - non repayment of deposits by the Company to the depositors...

11. Professional Misconduct - Failure to report non-consolidation of subsidiary - Failure to prepare audit documentation - Failure to report issues related to disclosure of...

12. Clarification in respect of levy of GST on Director’s remuneration - Reg. - CGST - Circular

13. Explanation versus bona finde explanation versus proper disclosure - Penalty under section 271(1)(c) - AT

14. Oppression and mismanagement - removal of MD/Director - in the notice there was an agenda for removal of 1st respondent as Managing Director and not director -...

15. Defaulting director of a ‘Vanishing Company’ - Restrictions / Penalties imposed by the SEBI - Non-executive director, not holding any share - there is material to...