DCIT Vs Shri Subhash Gandhi (ITAT Amritsar) An order passed u/s 127 of the Act is not appealable before the Ld. CIT(A). Since the first appellate authority has no jurisdiction to decide the validity or otherwise of an order passed u/s 127, transferring the jurisdiction from one Assessing Officer (AO) to another, it is, but, […]
RBI has issued circular No. RBI/2017-18/131 DBR.No.BP.BC.101/21.04.048/2017-18 dated February 12, 2018 on resolution of stressed assets. I have summarized key points of the Circular for ready reference of readers- 1. SMA reporting now need to be done on weekly basis for borrowers entities having aggregate exposure of Rs. 5 crore and above 2. RBI withdraws […]
It is alleged by petitioner that despite the Petitioner having filed the TRAN-1 form on 24.11.2017 and the status after filing being FILED on GSTN Portal, the status of the form online was tampered on the GST portal from FILED to SUBMITTED at the end of GSTN which is an unauthorized, illegal, malafide and criminal act by a Private Limited Company GSTN which is online custodian of GST returns/records of the Union of India and State of Maharashtra having jurisdiction over the Petitioner in matter of assessment of GST.
Central Board of Directors of RBI, to look into the reasons for high divergence observed in asset classification and provisioning by banks vis-à-vis the RBI’s supervisory assessment, and the steps needed to prevent it; factors leading to an increasing incidence of frauds in banks and the measures (including IT interventions) needed to curb and prevent it; and the role and effectiveness of various types of audits conducted in banks in mitigating the incidence of such divergence and frauds.
Eligible collateral: Clearing corporations in IFSC shall be permitted to accept cash and cash equivalents (which shall include major foreign currencies as may be decided by the clearing corporation from time to time, term deposit receipts and bank guarantees issued by bank branches located in IFSC), Indian securities held with foreign depositories, foreign securities including units of liquid mutual funds and gold, as eligible collateral for trades in all product categories. However, cash and cash equivalents shall form at least 50% of the total liquid assets at all times.
PNB looking to monetize assets.- Bank has enough assets to meet any liability which is decided as per law. However, realization of any specific asset would be decided at the time of need with the approval of Board.
With reference to the media reports regarding Govt. asks fraud-hit Punjab National Bank to conduct forensic audits. We submit as under: Since our bank has not received any instruction from any investigating/Govt. authority, we at present cannot comment on media reports.
In a major policy initiative to protect the savings of the investors, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to introduce the following bills in the Parliament:-
V. Venkata Siva Kumar Vs Institute of Cost Accountants of India (Madras High Court) The petitioner seeks for a mandamus directing the first respondent to strictly comply with Sec 2(2) of Cost and Works Accountants Act 1959 as amended and desist from encroaching into the domains earmarked for the third respondent (Chartered Accountants) and further […]
M/s Global Agency Vs General Manger & Ors (Karnataka High Court) Unless a cause of action arises to the petitioner-assessee by an impugned action notice or order by the Respondents-Department, the academic questions raised by the petitioner-assessee cannot be determined under Article 226 of the Constitution of India. The writ petition found to be premature […]
