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Virvati Devi Vs CIT (ITAT Delhi) The Ld. CIT(A) correctly noted that possession of the property in question was not transferred at the time of Agreement to Sale. After the Agreement to Sale the SDM vide order dated 26.02.2009 changed the land use and declared the land as non- agricultural. The sale deed dated 24.03.2009 was […]
Loesche India Pvt. Ltd. Vs Add. CIT (ITAT Delhi) The record reveals that the assessee had paid the insurance premiums of the employees’ family members in terms of employment Rules framed by the assessee-company there for. Therefore, it can hardly be said that the impugned expenditure were not incurred wholly and exclusively for the purpose […]
Deepak Fertilisers and Petrochemicals Corporation Ltd. Vs The State of Maharashtra (Bombay High Court) The only question that we have to consider is whether this concessional rate of duty could be availed of by the petitioner from 24.08.2017 to 13.10.2017. The intervening period where the taxable person under MGST Act does not continue to be […]
South Gujarat textile traders association is the leading trade organization of south Gujarat. It is representing more than 40000 traders of surat and entire south Gujarat. The association has played vital role in disseminating awareness about GST and has held hundreds of meetings to clarify the doubts of the trade and industry.
The Central Board of Indirect Taxes and Customs, vide notification no. 49/2018 – Central Tax dated 13th September, 2018, has provided the format of FORM GSTR – 9C. As per section 35 (5) of the Central Goods and Service Tax Act, 2017, read with rule 80 (3) of the Central Goods and Service Tax Rules, 2017, […]
The Input Tax Credit (ITC) claimed by the dealers is cross verified from matching of electronic Sales (Annex J 1) and Purchases (Annex J 2) annexures filed with the Audit Reports in Form 704 and the electronic returns is considered for allowance of ITC.
KYC Review means steps taken to ensure that documents, data or information collected under the due-diligence process are kept up-to-date and relevant by undertaking reviews of existing records on a periodical basis. FPIs shall be subject to KYC review as and when there is any change in material information / disclosure.
SEBI Board in its meeting held on September 18, 2018, has after considering the interim recommendations of SEBI Working Group under the chairmanship of Shri H. R. Khan (hereinafter referred as HR Khan group) in relation to the circular No CIR/IMD/FPIC/CIR/P/2018/64 dated April 10, 2018 on Know Your Client (KYC) requirements for Foreign Portfolio Investors (FPIs) and comments
The bank can claim priority sector status in respect of its share of credit while engaging in the co-origination arrangement. However, the priority sector assets on the bank’s books should at all times be without recourse to the NBFC. Further, the loans extended by foreign banks under the co-origination framework shall be restricted only to loans qualifying as priority sector assets.
Assessee has failed to disclose the identity of the recipient of gifts either during the assessment proceedings or during the appellate proceedings. The ld. CIT(A) has also examined the records and found that the assessee also failed to establish the business exigencies of the appellant vis-a-vis the aforesaid gifts.
