"13 September 2019" Archive

Some Facts Related To Fugitive Economic Offenders Act, 2018

Since last 15 years we have witnesses various scams and frauds by various political and businessmen have done. The fugitives, whether they are politicians or businessmen has run away with hard earn money of general public. Even we have saw for then the rules and regulations of our country has been amended or interpreted such […]...

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Posted Under: Fema / RBI |

SAT Order – PWC Satyam Case

It is ripe time for ICAI to take initiative and show leadership in conveying and educating the investors, regulators and other stakeholders about the need to constructively assess the performance/review conducted by the auditor and then come to conclusion whether the auditors have failed to take reasonable procedures to identify the fraud...

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Posted Under: Fema / RBI |

Infringement of Trademark

Trademark infringement in India is defined under Section 29 of the Trademarks Act, 1999. To put it in a similar way it is a situation when an unauthorized person uses a trademark that is ‘identical’ or ‘deceptively similar’ to a registered trademark, it is known as infringement. There are two kinds of Trademark Inf...

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Posted Under: Fema / RBI |

CBI arrests CGST Superintendent for accepting bribe of Rs. 3 Lakh

Central Bureau of Investigation has arrested a Superintendent, working in the office of Central Goods and Services Tax, Meerut (Uttar Pradesh) for demanding and accepting a bribe of Rs. three lakh from the complainant....

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Posted Under: Fema / RBI |

Reimbursement of SGST applicable on tickets of Mission Mangal movie

Trade Circular No. 48T of 2019 (13/09/2019)

You are aware that Mission Mangal movie which is based on the Mangalyan mission of Indian Space Research Organisation (ISRO) is released throughout India. Our scientists, mainly women scientists, have given their valuable contribution to the success of this mission....

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Deduction under section 80C of Income Tax Act

Deduction under chapter VIA covers all the allowable deduction to be made while computing the total income. When we talk about the permissible deduction under chapter VIA, the first and the most popular section that comes to the mind is deduction under section 80C, which is taken up and explained thoroughly in the current article. Catego...

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Posted Under: Fema / RBI |

Revised Norms for Execution of Bank Guarantee under Advance Authorisation, DFIA and EPCG Schemes

Circular No. 31/2019-Customs (13/09/2019)

Clarification as to what should be the basis for waiver of Bank Guarantee to be executed with Customs in the Goods and Services Tax (GST) regime under AA, DFIA and EPCG schemes in respect of manufacturer exporters/service providers....

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Unexplained cash credit U/s. 68 cannot be treated as business income & not eligible for Section 80P Deduction

ITO Vs M/s. Mundela Service Co-operative Bank Ltd. (ITAT Cochin)

ITO Vs M/s. Mundela Service Co-operative Bank Ltd. (ITAT Cochin) With regard to non granting of deduction u/s. 80P(2) of the Act, treating the unexplained credits as ‘income from other sources’, this issue was considered by the Jurisdictional High Court in the case of Kerala Sponge Iron Ltd., 79 taxmann.com/379 ITR 330 wherein ‘...

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HC to ITAT: Mention citation and no general observations in order

Pr. CIT Vs M/s. M. J. Exports Pvt. Ltd. (Bombay High Court)

Pr. CIT Vs M/s. M. J. Exports Pvt. Ltd. (Bombay High Court) HC held that impugned order of the Tribunal after recording that the issue stands covered by various decisions of the Supreme Court and the various High Courts cases observes ‘admittedly, there are contrary decisions where it is held that interest paid on delayed […]...

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PM launches National Pension Scheme for Traders and Self Employed Persons

National Pension Scheme for Traders and Self Employed Persons Yojana is a government scheme meant for old age protection and social security of Small Scale Traders and Retailers....

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Posted Under: Fema / RBI |