January 8, 2024

Section 53-O – The Competition Act, 2002

The Competition Act 2002 / /

Procedure and powers of Appellate Tribunal (1) The Appellate Tribunal shall not be bound by the procedure laid down in the Code of Civil Procedure, 1908 (5 of 1908), but shall be guided by the principles of natural justice and, subject to the other provisions of this Act and of any rules made by the Central Government, the Appellate Tribunal shall have power to regulate its own procedure including the places at which they shall have their sittings. (2) The Appellate Tribunal shall have, for the purposes of discharging its functions under this Act, the same powers as are vested in a civil court under the Code of Civil Procedure, 1908 (5 of 1908) while trying a suit in respect of the following matters, namely:— (a) summoning and enforcing the attendance of any person and examining him on oath; (b) requiring the discovery and production of documents; (c) receiving evidence on affidavit; (d) subject to the provisions of sections 123 and 124 of the Indian Evidence Act, 1872 (1 of 1872), requisitioning any public record or document or copy of such record or document from any office; (e) issuing commissions for the examination of witnesses or documents; (f) reviewing its decisions; (g) dismissing a representation for default or deciding it ex parte; (h) setting aside any order of dismissal of any representation for default or any order passed by it ex parte; (i) any other matter which may be prescribed. (3) Every proceedings before the Appellate Tribunal shall be deemed to be judicial proceedings within the meaning of sections 193 and 228, and for the purposes of section 196, of the Indian Penal Code (45 of 1860) and the Appellate Tribunal shall be deemed to be a civil court for the purposes of section 195 and Chapter XXVI of the Code or Criminal Procedure, 1973 (2 of 1974).   Amendment 1. 20-5-2009, vide S.O. No. 1242(E), dated 15-5-2009. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice | Psara License | FCRA Online Company Registration Services in major cities of India Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida  Complete CA Services CA in Delhi | CA in Gurgaon | CA in Noida | CA in Jaipur | CA Firm in India RERA Services RERA Rajasthan | RERA Haryana | RERA Delhi | UP RERA

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Bihar Records of Rights

Government Schemes / /

Land records consist of several types of vital information such as sale deeds that are maintained by different departments. The documents also include Records of Rights, Tenancy and Crop Inspection Register (RTC), etc., and other information such as shape, soil, size, economic information pertaining to land use irrigation and crops. Bihar Records of Rights is an extract from the land records registers held by the Revenue Department of State Government. This land record (ROR) contains all information regarding the land property and history of holders of land. This land revenue document is a crucial indicator of the legal status of a property. The Bihar ROR register is maintained in the Revenue Departments for every village separately. Bihar Government digitised all land records online. Property or landowners in Bihar can easily access Government land records through the official website. Attributes in Bihar Records of Rights Changes in ownership Nature and limits of owner’s rights and conditions Mutation numbers Type of irrigation (such as Irrigated kind or Rainfed nature) Type of soil (agricultural or non-agricultural) Survey number of the land Area of the earth – fit for cultivation Details of charges of attachment and decrees as per the order of the civil court or revenue authorities If any aspects of pending litigations The field in possession of landholder and the classification of each area are entered from the Dag Chitha Details of pending loans for buying seeds, pesticides or fertilisers Information on the type of crops planted in the last cultivating season Aspects of tax paid or unpaid Details of the loan taken by the owner Importance of Bihar Records of Rights Importance of obtaining a certified copy of Bihar records of rights is described here: Bihar land revenue record (ROR) endorses the real owner of a land This land record ROR is helpful to detect false claim on the lands Usage of a certified copy of an extract of revenue records avoids the land grabbing Bihar record of rights (revenue record) can be used in the court litigations related to land/property Bihar records of rights will help holder to avoid any legal hassles in the future Uses of Bihar Records of Rights The following are some of the essential purposes of Bihar Records of Rights (ROR): In Bihar, ROR is used to check the ownership of an ancestral land or any other land. Extracts of ROR can be used to get details of land type, and the variety of activities carried out on land. Bihar ROR(revenue record) is a vital document to obtain information regarding an agricultural aspect of the land and its surrounding areas ROR (land records) is required at Registrar’s office when sale transaction of land (mutation) is being done. Bihar record of rights is one of the mandatory documents to raise farm creditor to apply for the loan from a bank. The court may need land records proofs in case of any civil litigation. Extract of ROR can be produced for this purpose. It is crucial to check the property card of the seller and ensure ownership of the area while buying land in Bihar, Buyer has to verify the ownership of the land (ROR) on which the flat is constructed while purchasing a flat Eligibility Criteria The certified copy of Bihar records of rights will be provided, if there are no disputes regarding its ownership and the concerned land should not Bihar Government land or any assigned land belonging to the Government. Get Bihar Records of Rights – Online Procedure Procedure to obtain a Bihar Records of Rights (ROR) is described in detail below: Step 1: Applicant needs to visit the home page of the Department of Revenue and Land Reforms Government of Bihar. Step 2: In this page, you need to select the अपना खाता देखे option. The link will redirect to new page. Step 3: The digital map of Bihar can be shown. You need to select the appropriate district. Step 4: By selecting the district, digital map of zones in Bihar will be displayed. The applicant needs to select the concerned zone. Step 5: In the new page the selected District, Subdivision and Zone name will be available. You can get the records of rights details by following methods: View all accounts of Mouja by name View all reports of Mouja as per Khasara number View account number View by Khesara number View account holder name Step 6: If you want to view all accounts of Mauja by name, filter Mauja list of the letters as shown. If you want to view by account number or Khasara number or name, the same will have to be provided. Step 7: Once you select and provide details click on account search option. The revenue record with details of Name of royalty, Father’s/, Husband’s name, Account Number, Khesara number, Authority record will be displayed. Step 8: Click on view option, the Bihar records of rights of the concerned person will be displayed. Step 9: By clicking on the print option, the certified copy of Bihar records of rights can be obtained. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax

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CARO 2016 & CARO 2020

Companies Act 2013 / /

On March 29, 2016, the MCA issued the Companies (Auditor’s Report) Order, 2016 (CARO 2016). This order replaces the Companies (Auditor’s Report) Order, 2015, and applies to financial statements of companies whose fiscal year begins on or after April 1, 2015. MCA was of the objective that there are certain particular issues that are important to be reported with the financial statements for certain entities as a part of their audit reports. The auditor of such prescribed entities is required to report on the points mentioned under this order after performing procedures for verification of the same. Some important clauses of CARO 2016 include In the Audit Report, the following items must be shown : Relevant Records: Does the company have appropriate records showing full details? The details must include the quantity and condition of the asset. Practical Verification: Whether its fixed assets are guaranteed by management from time to time. These times may vary depending on the property. Were they in the same condition as stated in the bookkeeping and accounting, at the time of verification? If any material conflict was discovered, or if the same has been properly addressed, in the literature? Deeds: Are title deeds of immovable property in the name of the company? If not, provide details. The following items, relating to the company’s inventory, should be included in the Auditor’s Report. Loan Offered by the Company: That the company has provided any loans (secured or unsecured) to any related parties included under Section 189 of the Companies Act, 2013. If so, check the following: Do the terms and conditions of lending not contradict the company’s interest? What if the payments are reasonable and do not expire? Whether the overdue value of more than 90 days been reported? And the steps were taken by the company to recover the value make sense? That the benefits or loans of directors meet the set criteria? The provisions under sections 185 and 186 must be complied with, in the case of loans, investments, and guarantees. If not, are the details provided? Whether the company accepts any deposit? If so, did they follow the RBI instructions outlined below: If the Directions/Orders issued by the Reserve Bank of India are complied with?  The provisions of Sections 73 to 76 and any other provisions of the Companies Act, 2013, as applicable. Any order passed by the NCLT, the Corporate Law Board (CLB), or any other court or tribunal. If there is a non-compliance, the type of violation should be reported. If the company has failed to repay loans from banks, government, creditors, etc. the amount and duration of non-payment should be reported. If any funds collected by the company through an IPO or other public benefits (including debt) are included for the purpose for which they were collected. Also, the auditor should report any delays and errors. If there is any fraud committed by the company or its employees during the year. If so, the type and amount involved should be reported. Whether the restrictions set out in the Companies Act 2013 of management have been complied with. If not, the amount involved and the steps to be taken must be reported. Compliance with the rules set out in the Companies Act 2013 on transactions with related organizations is complied with or not. Also, whether the same is properly disclosed in the financial statements or not. Whether the company complies with the terms and conditions of the Companies Act 2013 regarding non-financial transactions with directors. Applicability of CARO 2016 CARO 2016 is applicable to all the companies except the following (which) are specifically excluded from its purview: A. Banking Companies B. Insurance Companies C. Companies registered for Charitable Purposes D. One Person Company E. Small Companies (Companies with Paid-up capital less than or equal to Rs. 2 crore and Last reported turnover less than or equal to Rs. 20 crores) F. The following Private Companies are also exempt from the requirements of CARO, 2016 Not a holding or subsidiary of a Public company Paid-up Capital plus Reserves less than or equal to Rs. 1 Crore as of the reporting date Borrowings less than or equal to Rs. 1 Crore at any time during the year Revenue less than or equal to Rs. 10 Crores in the financial year The auditors of all other class or classes of companies are required to report on the matters specified in this order. This order applies to foreign companies also and thus, the auditors for such companies are also required to report on the matters specified in CARO, 2016. Matters specified in CARO 2016 The Company Auditor’s Report Order (CARO), 2016 includes the following matters on which the auditor is required to report mandatorily: A. Fixed Assets [Clause 3(i)] B. Inventory [Clause 3(ii)] C. Loans given by Company [Clause 3(iii)] D. Loan to Directors and Investment by the Company [Clause 3(iv)] E. Deposits [Clause 3(v)] F. Cost records [Clause 3(vi)] G. Statutory Dues [Clause 3(vii)] H. Repayment of Loans [Clause 3(viii)] I. The utilisation of funds [Clause 3(ix)] J. Reporting of Fraud [Clause 3(x)] K. Approval of Managerial Remuneration [Clause 3(xi)] L. Nidhi Company [Clause 3(xii)] M. Related Party Transactions [Clause 3(xiii)] N. Private placement of Preferential Issues [Clause 3(xiv)] O. Non-Cash Transactions [Clause 3(xv)] P. Registration under RBI Act [Clause 3(xvi)] CARO 2020 A new model for statutory audits of companies has been introduced by the Ministry of Corporate Affairs (MCA). On February 25, 2020, the MCA published the Companies (Auditor’s Report) Order, 2020. (CARO 2020). The order (CARO 2020) supersedes the Companies (Auditor’s Report) Order, 2016, which was issued before. CARO 2020 is a new audit report format for statutory audits of companies conducted under the Companies Act, 2013. Following talks with the National Financial Reporting Authority, CARO 2020 now includes new reporting obligations (NFRA). The NFRA is an independent regulatory agency in India that oversees the audit and accounting professions. The goal of CARO 2020 is to improve the overall quality of business auditor reporting. The following are some of the key changes in CARO 2020 that strive to secure a

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