"10 January 2019" Archive - Page 2

Drawback on re-exports – GR declaration when not required

International Lease Finance Corporation Vs Union of India & Ors. (Delhi High Court)

International Lease Finance Corporation Vs Union of India & Ors. (Delhi High Court) Delhi High Court has held that non-commercial re-export of duty-paid goods would be entitled to drawback under Section 74 of the Customs Act and that requirement of Guaranteed Remittance was not necessary in a case where the exporter and owner of the [...

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Demand of anti-dumping duty for imports under Advance Authorisation

Kopran Ltd. Vs Commissioner of Customs (E), (CESTAT Mumbai)

Kopran Ltd. Vs Commissioner of Customs (E) (CESTAT Mumbai) Rejecting the plea that bond/LUT executed by assessee-importer did not cover the anti-dumping duty leviable on material imported under Advance Authorisation, The Tribunal observed that the bond executed did not make any distinction between the duties leviable. Larger Bench order i...

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Return filed cannot be rejected without giving an opportunity to Assessee

Zeenath International Supplies Vs CIT (High Court Madras)

Zeenath International Supplies Vs CIT (High Court Madras) Sub-Section (9) of Section 139 of the Act is beneficial  provision to the assessee, which provides them an opportunity to rectify the defects. Since  the intention being that the assessment proceedings are an outcome of dialogue and discussion, the Assessing Officer i...

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Section 2(22)(e) not applicable on Flat Purchase by Company for its CMD

Aditya Jyot Eye Hospital Pvt. Ltd. Vs ITO (ITAT Mumbai)

Aditya Jyot Eye Hospital Pvt. Ltd. Vs ITO (ITAT Mumbai) The assessee purchased the flat bearing flat no.602, in the building namely Ornate Galaxy, located at L.T. Road, Dadar (E), Mumbai. No doubt, the assessee Dr. Natarajan is the CMD of hospital and is having 99% share of the assessee company. The flat is near to […]...

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Import quantity rationalised for different categories of exports of Flexible Intermediate Bulk Containers

Public Notice No. 69/2015-2020-DGFT 10/01/2019

Quantities of import item at SI. No.1 have been rationalised for different categories of exports of Flexible Intermediate Bulk Containers....

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SEBI rationalizes Committees at Market Infrastructure Institutions

Circular No. SEBI/HO/MRD/DOP2DSA2/CIR/P/2019/13 10/01/2019

Securities and Exchange Board of India CIRCULAR SEBI/HO/MRD/DOP2DSA2/CIR/P/2019/13 Date: January 10, 2019 To All Stock Exchanges, Clearing Corporations and Depositories. Sir/ Madam, Subject: Committees at Market Infrastructure Institutions (MIIs) 1. The erstwhile Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations...

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Guideline to implement Cyber Security & Resilience framework for MFs / AMCs

Circulra No. SEBI/HO/IMD/DF2/CIR/P/2019/12 10/01/2019

Cyber security framework includes measures, tools and processes that are intended to prevent cyber-attacks and improve cyber resilience. Cyber Resilience is an organization’s ability to prepare and respond to a cyber-attack and to continue operation during, and recover from, a cyber-attack....

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Depreciation allowable if Factory not run due to stay order by court

PCIT Vs Babul Products (P.) Ltd. (High Court Gujarat)

Where assessee could not run the factory during the year because of stay order of court, otherwise its business was continued, in such a case depreciation was to be allowed....

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Portfolio Concentration Norms for ETFs and Index Funds

SEBI/HO/IMD/DF3/CIR/P/2019/011 10/01/2019

1. In order to address the risk related to portfolio concentration in ETFs and Index Funds, it has been decided to adopt the following norms: a) The index shall have a minimum of 10 stocks as its constituents. b) For a sectoral/ thematic Index, no single stock shall have more than 35% weight in the index. For other than sectoral/ thematic...

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Reg. Removal of Pre-import condition on specified deemed export

Notification No. 01/2019-Customs 10/01/2019

Notification No. 01/2019-Customs- Seeks to remove pre-import condition and include specified deemed export supplies for exemption from integrated tax and Compensation cess for materials imported against Advance Authorizations and Advance Authorizations for Annual Requirement...

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