Corporate LawBeat: Your Daily 'Corp Law' Newsletter
CORPORATE LAW CASES:
Supreme Court held that a Promoter is not eligible to file application for Compromise and Arrangement while he is ineligible u/s 29A of IBC to submit a Resolution Plan. Further, the Apex Court held that Regulation 2B of Liquidation Process Regulations is not ultra vires the IBC, 2016, CA 2013 and Constitution of India.
Competition Commission of India held that when Informant fails to establish dominance of a party in the relevant market, CCI is not required to further investigate abuse of dominance by accused party under Competition Act, 2002.
Nevertheless, CCI held that from the product market proposed by Informant and number of competitors mentioned, the market structure and construct did not appear to indicate any significant market power possessed by any of the players including OP.
NEWS BULLETIN:
CBDT in exercise of powers conferred u/s 10 of Direct Tax Vivad se Vishwas Act, 2020 clarifies that where the DA has passed orders under sub section (1) & (2) of Section 5 of Vivad se Vishwas, the AO shall pass consequential orders under the Act.
CBDT in exercise of the powers conferred by section 285BA read with section 295 of the Income tax Act, 1961, amends Rule 114E and provides Class of persons (reporting persons) for purpose of furnishing information relating to capital gains on transfer of listed securities or units of Mutual Funds, dividend income, and interest income, in such form, at such frequency, and in such manner, as may be specified by the Principal Director General of Income Tax (Systems) or the Director General of Income Tax (Systems), as the case may be, with the approval of the Board.
CBDT in exercise of the powers conferred by sub-sections (1) and (2) of Section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendment in the notification of the Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes no. 70 / 2014 dated the 13th November, 2014, published in Gazette of India, Extraordinary, Part II, Section 3, Subsection (ii) vide number S.O. 2915(E) dated 13th November, 2014.
The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, issued Office Order No.8 of 2020 in F.No. A-11011/3/2019-Ad.VI dated 3rd January, 2020 for the purposes of diversion of existing post in the light of functional requirement. This amendment notification is being given retrospective from 3rd day of January, 2020 in order to give effect to the said Office Order.