"05 November 2019" Archive

RBI enhances withdrawal limit for depositors of PMC Bank to ₹ 50000

Press Release: 2019-2020/1110 (05/11/2019)

Reserve Bank of India, after reviewing the Punjab and Maharashtra Cooperative Bank Limited's  liquidity position and its ability to pay its depositors has decided to further enhance the limit for withdrawal to ₹ 50,000/- (Rupees Fifty Thousand only), inclusive of ₹ 40,000 allowed earlier....

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CBIC mandates quoting of DIN in all communications from 08.11.2019

Circular No. 122/41/2019-GST (05/11/2019)

CBIC directs that no search authorization, summons, arrest memo, inspection notices and letters issued in the course of any enquiry shall be issued by any officer under the Board to a taxpayer or any other person, on or after the 8th day of November, 2019...

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Late fee for delay in filing Bill of Entry not imposable if importer takes all efforts to clear goods within reasonable time

M/s. ECOM Gill Coffee Trading Pvt. Ltd. Vs Commissioner of Customs (CESTAT Chennai)

CESTAT Chennai has held that late fee imposed on the appellant for delay in filing of Bill of Entry was not proper, since the delay had occurred only because the original importer had failed to clear the goods....

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DFIA benefit available even if specific import product name not mentioned in licence

M/s Pace Ventures Pvt. Ltd Vs C.C.-Ahmedabad (CESTAT Ahmedabad)

Observing that there was no doubt that the green cardamom was used in making biscuits and pickles as flavouring agent and food additives, respectively, CESTAT Ahmedabad has rejected the department’s plea that since specific name of the product was not mentioned or ITC (HS) did not match in the DFIA licence, benefit thereunder was not av...

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Ship demurrage charges not includible in assessable value

M/s Jubilant Life Science Limited Vs Additional Director General (Adj) (CESTAT Delhi)

M/s Jubilant Life Science Limited Vs Additional Director General (Adj) (CESTAT Delhi) Following the decision of the High Court of Orissa in the case of Tata Steel v. Union of India & Ors. [W.P. (C) No. 7917 of 2009],wherein the Explanation to Rule 10(2) of the Customs Valuation (Determination of Value of Imported Goods) Rules, [&helli...

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Refund available even in absence of payment challan

Deep Exports Vs  Commissioner of Customs (CESTAT Ahmedabad)

claim of refund was denied on the ground that the duty payment challans were not been produced. CESTAT Ahmedabad however observed that the amount had been deposited, received by the department through banker’s cheque and had also been realized, and that no challan was  taken by the assessee. It was held that even in the absence of chal...

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Withdrawal of exemption from duty/tax – Principle of promissory estoppel not invokable if public interest so warrants

Union of India Vs Unicorn Industries (Supreme Court of India)

Union of India Vs Unicorn Industries (Supreme Court) 3 Judge Bench of Supreme Court has held that the inapplicability of doctrine of promissory estoppel is established when the larger public interest demands so. Observing that pan masala (with or without tobacco) was found to be one of the causes of oral cancer, the Court was […]...

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Confiscation of conveyance & goods – Hearing / passing of speaking order mandatory

Sitaram Roadways Vs State of Gujarat (Gujarat High Court)

Sitaram Roadways Vs State of Gujarat (Gujarat High Court) Observing that principles of natural justice were violated by the adjudicating authority, the Gujarat High Court has set aside the order of confiscation of conveyance and goods, earlier found to be not in possession of mandatory documents. The Court noted that petitioner was not af...

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HC allows transitional credit of EC / SHEC / KKC under GST

Sutherland Global Services Private Limited Vs Assistant Commissioner CGST and Central Excise (Madras High Court)

Revenue has not made out any bar for the transitioning of EC, SHEC and KKC into the GST regime and the petitioner satisfies all conditions both under sub-section (1) and (8) of section 140. The embargo placed by Rule 3(7)(b) is long gone with the introduction of GST. Certainly the powers-that-be are conscious of these factors in drafting ...

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HC allows revision of claim of Transitional Credit (Form TRAN-1)

Adfert Technologies Pvt. Ltd. Vs Union of India & Ors. (Punjab & Haryana High Court)

GST dept to permit the Assessee to file or revise where already filed incorrect TRAN-1 either electronically or manually statutory Form(s) TRAN-1 on or before 30th November 2019. The Respondents are at liberty to verify genuineness of claim of Petitioners but nobody shall be denied to carry forward legitimate claim of CENVAT/ITC on the gr...

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S. 56(2)(viib): AO cannot discard assessee’s method of Share Valuation

Narang Access Pvt. Ltd. Vs DCIT (ITAT Mumbai)

Narang Access Pvt. Ltd. Vs DCIT (ITAT Mumbai)  In the present case the valuation done by the assessee for valuing its shares is on the basis of DCF method and the AO could not have substituted it by NAV method rather he should have arrived at another value, if any, by applying DCF method only. […]...

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Return Formats (Sahaj Return–FORM GST RET-2) (Quarterly) (including amendment)

To improve and simply, GST Council approved concept of new simplified format of GST returns in its 28th GST Council meeting held on 21st JULY, 2018.Revised Formats are proposed to implement with effect from 1st April,2019 on trial basis and if it operates well then such formats will become mandatory with effect from 1st July,2019, [&helli...

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Posted Under: Fema / RBI |

Aisle towards Boom

Hardika: Hey Swami… Why can’t you focus on your studies and career now? Swami: Yaar!!! I am trying hard to get focused but I am unable to do it. Hardika: why, what’s bothering you?? Swami: Frankly speaking, I don’t know where I am going… I want to be like you but I am not getting […]...

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Posted Under: Fema / RBI |

Everything you need to know about the stock market franchise

When you are talking about a stock market franchise, then it is a scope of a business which is levied with the help of a stockbroker who opens their franchise. It is any person who is willing to execute their operation in the stockbroker market while they adhere to the laws regulated along to the […]...

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Posted Under: Fema / RBI |

NCLT dismisses 9 IBC plea for payment of interest due to dispute on existence of debt

Steel India Vs M/s. Theme Developers Pvt Ltd (NCLT Mumbai)

Steel India Vs M/s. Theme Developers Pvt Ltd (NCLT Mumbai) We have carefully gone through the pleadings on record and pursued the submissions made by the counsels for both the sides. On careful perusal of the documents it is noticed that the Corporate Debtor has already paid the entire Principal amount to the Petitioner, which […]...

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Posted Under: Fema / RBI | |

Section 143(2) notice on very same day of filing return shows Non-application of mind by AO

Shri Ajay Sharma Vs DCIT (ITAT Delhi)

Issuance of notice under section 143(2) on the very same day when return was filed showed non-application of mind on AO’s part in issuing section 143(2) notice and thereafter in framing assessment and therefore, all proceedings were nullity....

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Notification No. 94/2019-Income Tax, Dated: 05.11.2019

Notification No. 94/2019-Income Tax [S.O. 4004(E)] (05/11/2019)

Notification No. 94/2019-Income Tax, Dated: 05.11.2019 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 94/2019 New Delhi, the 5th November, 2019 (INCOME-TAX) S.O. 4004(E).—In exercise of the powers conferred by sub-sections (1) and (2) of section 120 read with section 295 of the Income-tax Ac...

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Notification No. 93/2019-Income Tax, Dated: 05.11.2019

Notification No. 93/2019-Income Tax [S.O. 4003(E)] (05/11/2019)

Notification No. 93/2019-Income Tax, Dated: 05.11.2019 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 93/2019 New Delhi, the 5th November, 2019 (INCOME-TAX) S.O. 4003(E).—In exercise of the powers conferred by sub-sections (1) and (2) of section 120 read with section 295 of the Income-tax Ac...

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Notification No. 92/2019-Income Tax, Dated: 05.11.2019

Notification No. 92/2019-Income Tax [S.O. 4002(E)] (05/11/2019)

Notification No. 92/2019-Income Tax, Dated: 05.11.2019 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 92/2019 New Delhi, the 5th November, 2019 (INCOME-TAX) S.O. 4002(E).—In exercise of the powers conferred by sub-sections (1) and (2) of section 120 read with section 295 of the Income-tax Ac...

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Notification No. 91/2019-Income Tax, Dated: 05.11.2019

Notification No. 91/2019-Income Tax [S.O. 4001(E)] (05/11/2019)

Notification No. 91/2019-Income Tax, Dated: 05.11.2019 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 91/2019 New Delhi, the 5th November, 2019 (INCOME-TAX)  S.O. 4001(E).—In exercise of the powers conferred by sub-sections (1) and (2) of section 120 read with section 295 of the Income-tax ...

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Notification No. 90/2019-Income Tax Dated: 05.11.2019

Notification No. 90/2019-Income Tax [S.O. 4000(E)] (05/11/2019)

Notification No. 90/2019-Income Tax Dated: 05.11.2019 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 90/2019 New Delhi, the 5th November, 2019 (INCOME-TAX) S.O. 4000(E).—In exercise of the powers conferred by sub-sections (1) and (2) of section 120 read with section 295 of the Income-tax Act...

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Notification No. 89/2019-Income Tax, Dated: 05.11.2019

Notification No. 89/2019-Income Tax [S.O. 3999(E)] (05/11/2019)

Notification No. 89/2019-Income Tax, Dated: 05.11.2019 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 89/2019 New Delhi, the 5th November, 2019 (INCOME-TAX) S.O. 3999(E).—In exercise of the powers conferred by sub-sections (1) and (2) of section 120 read with section 295 of the Income-tax Ac...

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Notification No. 88/2019-Income Tax, Dated: 05.11.2019

Notification No. 88/2019-Income Tax [S.O. 3998(E)] (05/11/2019)

Notification No. 88/2019-Income Tax, Dated: 05.11.2019 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 88/2019 New Delhi, the 5th November, 2019 (INCOME-TAX) S.O. 3998(E).—In exercise of the powers conferred by sub-sections (1) and (2) of section 120 read with section 295 of the Income-tax Ac...

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Special Court for trial of section 280A Income-tax offences notified

Notification No. 87/2019-Income Tax [S.O. 3986(E)] (05/11/2019)

CBDT notifies Special Court for trial of offences under section section 280A of Income-tax Act, 1961 vide Notification No. 87/2019-Income Tax dated 5th November, 2019....

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Buyer of goods for business purpose is consumer if He uses It Himself for Earning His Livelihood

Sunil Kohli & Anr. Vs M/s. Purearth Infrastructure Ltd. (Supreme Court)

If the commercial use is by the purchaser himself for the purpose of earning his livelihood by means of self-employment, such purchaser of goods is yet a ‘consumer’...

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Build brand India for services sector: Piyush Goyal

Union Minister of Commerce and Industry & Railways, Piyush Goyal, said that brand India will be developed in order to promote the 12 champion services sectors....

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Posted Under: Fema / RBI |

e-KYC Authentication facility under PMLA by Entities in securities market

SEBI/HO/MIRSD/DOP/CIR/P/2019/123 (05/11/2019)

Entities in the securities market shall be allowed to undertake Aadhaar Authentication under section 11A of PMLA. SEBI Registered intermediaries for reasons such as online on-boarding of clients, customer convenience, increased efficiency and reduced time for client on-boarding would prefer to use Aadhaar based e-KYC facility to complete ...

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Listed cos. to submit data of members holding physical shares by 31.12.2019

SEBI/HO/MIRSD/RTAMB/CIR/P/2019/122 (05/11/2019)

All Listed companies or their RTAs shall provide data of their members holding shares in physical mode, viz the name of shareholders, folio numbers, certificate numbers, distinctive numbers and PAN etc. (hereinafter, static database) as on March 31, 2019, to the Depositories, latest by December 31, 2019....

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Imports of Pulses for the fiscal year 2019-20

Trade Notice No. 38/2019-2020-DGFT (05/11/2019)

Importers who have got the quota but do not import the same by the same deadline (31st October for Urad and Moong and 15th November for Toor), proceedings will be initiated against them under FTDR Act....

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Notaries (Third Amendment) Rules, 2019

Notification No. G.S.R. 821(E) (05/11/2019)

A person may make an application for appointment as a notary online in Form I or Form II as applicable, addressed to such officer or authority of the appropriate Government as that Government may, by notification in the Official Gazette, designate in this behalf...

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Delhi HC takes suo motu cognizance of firing /lathicharge by police upon Advocates (Read Order)

Court On Its Own Motion Vs Union Of India & Ors.(Delhi High Court)

This Court has taken suo motu cognizance of incident of police firing as well as lathicharge by the police upon Advocates at Tis Hazari Courts Complex, New Delhi....

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Hindu Succession Act not applies to private property of ruler by virtue of Section 5(ii)

Smt. Krishana Kumari Devi & Ors. Vs Harihar Chandra Bhanjdeo & 505 Others (Chhattisgarh High Court)

Smt. Krishana Kumari Devi Vs Harihar Chandra Bhanjdeo (Chhattisgarh High Court) It is, indisputably and fairly well settled that private was to remain with him under the covenant/agreement executed with the GOI and the said property has to pass on from one Ruler to another in terms of Article 5 of the agreement. It would […]...

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New Changes in Bill of Entry Filing- SIMS & Expansion of e-Sanchit- reg

Public Notice No. 100/2019-JNCH (05/11/2019)

The new dispensation is coming into effect from 01.11.2019, after which the declaration of SIMS registration number and Expiry date will become mandatory in the Bills of Entry filed for the goods as specified in the notification....

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Revised Award Guidelines for winning medals in Sports events for CBIC Dept officials

F.No.712/2891HRD/WF-1118 (05/11/2019)

Revision of Guidelines for Cash Awards for winning medals/civilian Awards in Sports and financial assistance, for participation in Sports events/ competitions) to the departmental officials...

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Justice delayed is Justice denied case of Trans-1 and MVAT revised return!!

Maharashtra state SGST department has corrected the mistake related to Trans 1 and MVAT revise return. Because of it taxpayers suffers from many problem related to it, tell us that how much it affects the taxpayers?...

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Posted Under: Fema / RBI |

Section 56(2)(vii)(b) Addition by adopting Land Value of Adjacent Area is unjustified

Damodaran Jaishankar Vs ITO (ITAT Chennai)

The issue under consideration is whether the AO is correct in adopting land value of adjacent area, just because the colony is adjacent to a road, which has a higher guideline value is justified in law and in ignoring the specific guideline value fixed by the Government in respect of specific colony or flat?...

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IGST exemption vis-à-vis pre-import condition

Prior to introduction of the GST, the exemption was available for all types of customs duties including CVD (Additional customs duty popularly known as countervailing duty) and SAD (Special Additional duty or countervailing duty for sales tax). The notification expressly permitted the duty-free imports even after fulfillment of the export...

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Posted Under: Fema / RBI | ,

Holding of annual general meeting as per Companies act, 2013

A meeting of members of the company where annual report is presented for adoption is called the Annual general meeting or AGM and it should not be mistaken with any other type of shareholder’s meeting....

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Posted Under: Fema / RBI |

Effect of GSTR-1 Returns on availment of ITC under 20% ITC rule

Revised GST Rules has placed a cap of 20% (i.e. Credit reflected in GSTR2A plus 20%) on the input credit which can be availed by a taxpayer on the input tax paid on goods purchased by him. The new rule says that the taxpayer can avail only 20% extra amount than the amount of input credit reflected in his GSTR2A return....

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Posted Under: Fema / RBI |

SEBI Operational guidelines for FPIs & DDPs and EFIs

Circular No. IMD/FPI&C/CIR/P/2019/124 (05/11/2019)

SEBI issues Operational guidelines for foreign Portfolio Investors (FPIs), Designated Depository Participants DDPs) and Eligible Foreign Investors (EFIs) to facilitate implementation of SEBI (Foreign Portfolio Investors) Regulations, 2019....

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Direct and Indirect Tax updates for October 2019

DIRECT TAXES UPDATES FOR OCTOBER 2019 Recent CBDT circulars/ notifications/ rules/ clarifications/News/Order ♦ Clarifications in respect of option exercised under section 115BAA (related to lower rate of 22%) inserted through The Taxation Laws (Amendment) Ordinance, 2019- related to allowability of brought forward loss on account of add...

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Posted Under: Fema / RBI | ,

CBIC mandates quoting of DIN on Custom Notices etc

Circular No. 37/2019-Customs (05/11/2019)

CBIC directs that no search authorization, summons, arrest memo, inspection notices and  letters issued in the course of any enquiry shall be issued by any officer under the  Board to a taxpayer or any other person, on or after the 8th day of November, 2019 without a computer-generated Document Identification Number (DIN) being duly quo...

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Corporate Social Responsibility – Is it just a Responsibility??

Section 135 of the Act is applicable on every company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more, or a net profit of rupees five crore or more, during immediately preceding financial year....

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Posted Under: Fema / RBI |

Income Tax Refund – Mystery

With the end of ITR Filing season, now the assessee has starts receiving their claimed refund from Income Tax Department. Individuals who have filed their ITR’s before 31st August, 2019 has almost received their refunds. Because, this time, to lower the interest burden on government treasury, Income Tax department has processed refund c...

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Posted Under: Fema / RBI |

New GST Returns under Scheme Normal, Sahaj and Sugam

To improve and simply, GST Council approved concept of new simplified format of GST returns in its 28th GST Council meeting held on 21st JULY,2018. Revised Formats are proposed to implement with effect from 1st April,2019 on trial basis and if it operates well then such formats will become mandatory with effect from 1st July,2019, [&helli...

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Posted Under: Fema / RBI |

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