Corporate Updates – 20-11-2014


MCA has given great relief to all the companies registered in the State of Jammu and Kashmir by giving Extension of time for holding Annual General Meeting (AGM) under section 96(1) of the Companies Act, 2ol3. On the basis of the representation received from Kashmir Chamber of Commerce and Industry and others on account of natural calamities. Accordingly, Registrar of Companies Jammu and Kashmir is advised to exercise powers conferred on him under the third proviso to section 96(1) of the Companies Act, 2013 to grant extension of time upto 31/12/2014 to those companies registered in the State of Jammu and Kashmir who could not hold their AGM’s (other than first AGM) for the financial year 2013-14 within the stipulated time.


CBDT has issued clarification on Chapter XIX-A of the Income-Tax Act, 1961 contains provisions relating to settlement of cases by the Income-tax Settlement Commission (ITSC). It is clarified that (a) since intimation under section 143(1) is not an assessment order, there will be no bar in filing an application for settlement subsequent to receipt of an intimation under section 143(1). It is not material whether time-limit for issue of notice under section 143(2) has expired or not; (b) the assessment shall be deemed to have been completed only on the date of service of assessment order to the applicant.

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