MoU between Competition Commission of India (CCI) and Administrative Council for Economic Defense of Brazil (CADE)

MoU between Competition Commission of India (CCI) and Administrative Council for Economic Defense of Brazil (CADE)

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi today has approved the Memorandum of Understanding (MOU) between Competition Commission of India (CCI) and Administrative Council for Economic Defense of Brazil (CADE).

Section 18 of the Competition Act, 2002 permits CCI to enter into any Memorandum or arrangement with any agency of any foreign country for the purpose of discharging its duties or performing its functions under the Act.

Accordingly, CCI has entered into the following six MoUs:

1. Federal Trade Commission (FTC) and Department of Justice (DOJ), USA
2. Director General Competition, European Union
3. Federal Antimonopoly Service, Russia
4. Australian Competition and Consumer Commission and
5. Competition Bureau, Canada and
6. BRICS Competition Authorities.

The present proposal relates to signing of a similar MOU between CCI and CADE.

• No addition u/s 68 when there is no fresh receipt of unsecured loans during the year
• Taxes on sales comprising in turnover to be excluded for estimating net profit
• Capital contribution deposited in assessee’s bank not partnership firm – Addition 69A upheld
• Bail granted to a CA accused in a GST evasion of more than 40 crores
• Every provision invoked casts a different onus, quoting wrong section prejudice the assessee