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Query: Whether independent directors shall be included in the total number of directors for the purpose of sub-section (6) and (7) of section 152 of the Companies Act, 2013?
Answer: Section 152(6) of the Companies Act, 2013 provides that unless the Articles of Association provide for retirement by rotation of all directors at every annual general meeting, at least two-thirds of the total number of directors of a public company shall be persons whose office is liable to retirement by rotation and subsection (7) provides that one-third of such directors shall retire by rotation at each annual general meeting of the company after the first annual general meeting. Independent directors shall not be included in the total number of directors for the purpose of sub sections (6) and (7).
Pursuant to section 149 (13), the requirement of retirement by rotation pursuant to sub-sections (6) and (7) of Section 152 is not applicable to independent directors.
Reopening of assessment – Petitioner having participated in the re-assessment proceedings in pursuant to issuance of notices u/s 143(2), the impugned orders were passed u/s 143(3) read with section 147 in accordance with law.
Liability to deduct tax at source u/s 194LA or u/s 194IA – payments of compensation for acquisition of land – income is exempted in the hands of recipients – No TDS liability.
Additional depreciation on plant and machinery – The provisions of section 32 of the Act do not provide for carry forward of the residual additional depreciation, if any.
Management, Maintenance or Repair Service – appellant had collected an amount from the prospective buyers in respect of maintenance or repairs form residential units as also the commercial units – Amount not taxable MMR service.
Refund of CENVAT Credit under Rule 5 of CENVAT Credit Rules, 2004 – Credit cannot be denied on procedural lapses and denial of credit on the ground of incomplete address and invoices is unjustified and Appellant is eligible for credit on these invoices.
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