"27 March 2019" Archive

What is a Letter of credit? How it is useful in trade?

Article explains What is a Letter of credit, Parties involved in letter of credit, Step by Step procedure for issuance of a letter of credit, What are the different types of letter of credit, Difference between Letter of Understanding(LOU) and LOC, What was PNB scam? Why LOU was banned by the RBI and How a […]...

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Posted Under: Finance |

Transfer of shares in physical form to be stopped from April 1, 2019

All the investors who are holding shares etc. in physical form, should consider opening a demat account at the earliest and submit request for dematerialization of their shares in order to protect the liquidity of the shares. Utilise this mandate to demat them so you and your family can actually make use of the wealth locked in them....

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Posted Under: Finance |

Refund of tax under unconstitutional provision of statute will be outside the scope and purview of such enactment

Casa Grande Co-Operative Housing Vs Commissioner of CGST (CESTAT Mumbai)

Casa Grande Co-Operative Housing Vs Commissioner of CGST (CESTAT Mumbai) When any provision in the statute has been held to be unconstitutional, refund of tax under such statute will be outside the scope and purview of such enactment and under such circumstances, refund can be claimed by way of a suit or by way of a […]...

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List of companies involved under issuance of bogus invoice for claiming ITC

Alert Notice No -01/2018-19 27/03/2019

DIRECTORATE GENERAL OF GST INTELLIGENCE VISAKHAPATNAM ZONAL UNIT DOOR NO.28-14-17, SURYA BAGH, BESIDES MELODY THEATRE VISAKHAPATNAM-530020 Tel: 0891-2535250/2733847  Fax:0891-2528677  Email: [email protected] F. No. DGGI/VZU/INV/GST/13/2019/1130: 11614 11671: 1187 Dated: 27.03.19 ALERT NOTICE NO – 01/2018-19 Sub.: Alert Notice regar...

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Wholly Owned Subsidiary of Foreign Company

I. Meaning: Wholly owned subsidiary is an incorporated entity formed and registered under the Companies Act, 2013. It is a distinct legal entity, apart from its shareholders. II. Constitution: 1. Company form of organization 2. Separate legal entity III. Requirement of Prior Approval of RBI: Not required In case of FDI in sectors permitte...

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Posted Under: Finance |

Note on Shares And Convertible Note

1. INTRODUCTION: A Private Limited Company in India can raise the funds through various sources using different types of instruments. The widely used instruments in fund raising are Equity Shares and Preference Shares. Convertible notes are emerging concept in India but the same is allowed only to Startups recognized by Govt of India and ...

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Posted Under: Finance |

Penalty u/s. 271E cannot be levied in case of bonafide belief

Ms. Orison Transport Vs DCIT (ITAT Cuttak)

Penalty u/s.271E was not leviable as the belief of assessee that return of advance from customers was not prohibited by section 269T was a bonafide belief....

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HC grants conditional anticipatory bail in fake invoice Case

Sri Avinash Aradhya Vs Commissioner of Central Tax (Karnataka Higth Court)

High Court in the case of assessee had held that by taking into consideration the gravity of the offence and punishment which was liable to be involved where assessee was indulged in issuing fake invoices without actual supply of goods with an intention to fraudulently avail the input tax credit, accused assessee's were given anticipatory...

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Disclosing Reason to Believe

‘Reason to believe’ is a mysterious term. Nobody knows what is reason to believe, or how to judicially determine the issue. As a matter of practice, it is generally not disclosed by the revenue. This article is an effort to understand the provisions related to “reason to believe” and legal lacuna therein. Examination of th...

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Posted Under: Finance |

An Analysis of Beneficial Ownership Rules

This paper analyses the 2018 amendment which introduces 'beneficial ownership rules' and introduces 'significant' beneficial ownership in India. However, since it is recent, there is a lot of scope to determine how it should be interpreted, in a manner that should fall within the object of the 2017 amendment, which is to curb money launde...

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Posted Under: Finance |

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