"16 August 2019" Archive

FDI in Construction Development sector in India

The Construction/ Real Estate sector is one of the most critical sectors of the Indian economy due to its huge multiplier effect on the economy. Any impact on the Real Estate sector has a direct bearing on economic growth. Due to the well-acknowledged need for foreign investments into this sector because of the sheer demand, […]...

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Posted Under: Fema / RBI | ,

Commercial Papers not comes within the purview of deposits

RBI/2019-20/44 A.P. (DIR Series) Circular No. 06 (16/08/2019)

We advise that Sub-regulation (3) of Regulation 6 of the above Regulations, in terms of which a Company may accept deposits through issue of Commercial Paper (CP), has been reviewed vis-à-vis other Statutes/Regulations – notably Section 45 U(b) of RBI Act, 1934 describing CP as one of the Money Market Instruments and Section 2(c) of Co...

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Non receipt of consideration is no ground for lifting pre-deposit requirement

Smt. Kalpana Ashwin Shah Vs ACIT and Ors. (Bombay High Court)

Smt. Kalpana Ashwin Shah Vs ACIT and Ors. (Bombay High Court) 1. The Petitioner has challenged the orders passed by the Assessing Officer as well as the Commissioner of Income Tax, requiring the Petitioner to deposit 20% of the disputed tax pending Appeal against the order of the assessment subject to which the remaining recovery [&hellip...

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DGGI (HQs) arrests two in cases of fraudulent IGST refund claims

Two Arrests have been made by the Directorate General of GST Intelligence (HQs) in cases of fraudulent IGST refund claims here, today. As per the statement of the DGGI (HQs), the action was taken on receipt of an input from Allahabad Bank, Paschim Vihar, New Delhi that suspicious transactions were noticed in the accounts of […]...

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Posted Under: Fema / RBI |

Penalty cannot be levied for mere filing of Form No. 3CB instead of Form 3CA

M/s. PMC Rubber Chemicals India Pvt. Ltd. Vs ACIT (ITAT Kolkata)

M/s. PMC Rubber Chemicals India Pvt. Ltd. Vs ACIT (ITAT Kolkata) We note that the assessee has filed form no. 3CD and 3CB and the same has not been disputed therefore the tax audit report was on record and hence the penalty should not be levied. However the Assessing Officer disputed that instead of form […]...

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HC allowed dept to conduct Service Tax Audit post GST implementation

Ess Infraproject Private Limited Vs Union of India (Bombay High Court)

Ess Infraproject Private Limited Vs Union of India (Bombay High Court) The issue of the saving of Rule 5A(2) of Service Tax Rules, 1992 on introduction of CGST Act, 2017 is an issue that requires detailed consideration. This would be appropriately done at the final hearing. Thus, granting of interim relief at this stage would […]...

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Govt constitutes sub-committee of Insolvency Law Committee (ILC)

Order No. 30/04/2017-Insolvency Section (16/08/2019)

Sub-Committee of the Insolvency Law Committee (ILC) Government, vide order dated 16th August 2019, constituted a subcommittee of the Insolvency Law Committee (ILC) for the purpose of notifying Financial Services Providers (FSPs) under section 227 of the Insolvency and Bankruptcy Code, 2016 (Code), under the Chairmanship of Dr. M. S. Sahoo...

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HC expains when an individual or a HUF can be treated as ‘not ordinarily resident’ in India

Pr. CIT Vs Binod Kumar Singh (Bombay High Court)

Whether on the facts and in the circumstances of the case and in law, the Tribunal was correct in holding that the assessee was not an ordinary resident without appreciating that the amendment brought in Section 6(6) by the Finance Act, 2003 w.e.f. 1.4.2004 was clarificatory in nature and had to be given retrospective effect as communicat...

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Parking of Funds in Short Term Deposits of Scheduled Commercial Banks by Mutual Funds

SEBI/HO/IMD/DF4/CIR/P/2019/093 (16/08/2019)

Trustees/Asset Management Companies (AMCs) shall ensure that no funds of a scheme is parked in STD of a bank which has invested in that scheme. Trustees/AMCs shall also ensure that the bank in which a scheme has STD do not invest in the said scheme until the scheme has STD with such bank....

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IBC (Amendment) Act, 2019 applicable from 16, August, 2019

Notification No. S.O. 2953(E) (16/08/2019)

MCA notifies that  Insolvency and Bankruptcy Code (Amendment) Act, 2019 comes into force from 16, August, 2019. GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS New Delhi, the 16, August, 2019. NOTIFICATION S.O. 2953(E).- In exercise of the powers conferred by sub-section (2) of section 1 of the Insolvency and Bankruptcy Code (Amendment...

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