Penal Provisions of Unpaid Dividend & Valuation by Registered valuers starts from 24.03.2021

Penal Provisions related to Unpaid Dividend and Valuation by Registered valuers under Companies Amendment Act 2020 to commence from  24.03.2021

Government of  India
Ministry of Corporate Affairs

Notification

New Delhi, the 24th March, 2021

S.O.           (E).– In exercise of the powers conferred by sub-section (2) of section 1 of the Companies (Amendment) Act, 2020 (29 of 2020), the Central Government hereby  appoints the 24th March, 2021 as the date on which  the provisions of section 23 and section 45 of the said Act shall come into force.

File No. 1/3/2020-CL.I

KVR Murty
Joint Secretary to the Government of India

• Assessment itself is not a process to penalise assessee for earning undisclosed income – High Court
• Actual use of asset is not the sole test for allowability of depreciation – ITAT
• Object of assessment proceedings is not to find empirically correct solution on every fact issue – HC
• Penalty u/s 270A deleted as assessee filed revised computation during scrutiny
• Penalty u/s 271B for unfilled column 40 in Tax Audit Report Form 3CD deleted by ITAT