"15 January 2020" Archive

PACL Investors| Facility to view status of/deficiency in claim applications

Press Releases No. 2/2020 15/01/2020

The Committee had vide press release dated December 03, 2019 informed that an opportunity will be provided to all PACL investors/applicants with claims upto Rs. 5,000/-, whose claim applications were found deficient, to make good deficiencies as may be applicable to their claims, so as to enable their claims to be processed....

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IBBI (Voluntary Liquidation Process) (Amendment) Regulations, 2020

Notification No. IBBI/2019-20/GN/REG054. 15/01/2020

1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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E-Anudaan – A Way to Receive Government Grants

Dear Readers, in the era of Digitalization, now the government is releasing government grants to NGO’s through Electronic Approval mode so that the government can release funds for the Social welfare to the deserving NGO’s in rapid and corruption-free mode. Please note that eligible NGO have to apply online for getting E-Anudaan from ...

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Posted Under: SEBI |

Classification of LCD panels & parts of LCD panels

Competition Team Technology (India) Pvt. Ltd. Vs Commissioner of Customs (CESTAT Chennai)

LCD panels are classifiable under CTH 9013 8010 and parts of LCD panels are classifiable under CTH 9013 9010. Denial of exemption benefit to the appellant as per amendment Notification No. 92/2017-Cus. dated 14.12.2017 was without any factual or legal basis....

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Lesson to learn on Corporate Governance Indian Corporates perspective

Corporate governance is a set of procedures, rules, policies and practices followed by the Corporates considering the interest of various stakeholders so that the affairs are managed in fair and transparent manner. Over the years, it has been seen that Corporates with better Corporate Governance has excelled and created distinct Brand Equ...

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Posted Under: SEBI |

Furnishing Aadhaar details of persons mentioned in GST registration

This is to apprise you of recent notification no. no. 01/2020 – Central Tax, dated 01 January, 2020 issued by CBIC regarding furnishing of proof of possession of Aadhaar number of below mentioned persons: Vide section 95 of the Finance (No. 2) Act, 2019 issued on 01 August 2019, sub-section 6A, 6B, 6C and 6D […]...

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Posted Under: SEBI |

GST on Penalties & Liquidated Damages Levied by Govt. or Local Authorities

Whether GST Payable on Penalties and Liquidated Damages Levied by Govt. or Local Authorities? Further to my Article ‘Whether GST Applicable on Liquidated Damages?‘ Published in Taxguru on 9th Jan’2020,  many readers inquired, ‘Whether GST Payable on Penalties & Liquidated Damages Levied by Govt. or Local Authoriti...

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Posted Under: SEBI |

GST – Glance of game changers in the year 2019

Goods and Service Tax is the best step in India’s indirect tax reforms. GST is a path breaking indirect tax regime which creates a national common market. GST was implemented not only to get rid of fallacies of the then indirect tax models but also to improve tax compliances and check black market operations. The […]...

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Posted Under: SEBI |

Co-noticees also liable for section 112B penalty with main noticee for custom duty evasion

A. V. Agro Products Ltd. Vs Commissioner of Customs (CESTAT Delhi)

Since there was a clear nexus between the appellant -company and all the co-noticees for the alleged violation of the impugned notification which extended the concessional rate of customs duty of 20% ad valorem provided the imported CPO was meant for use in manufacture of soap, therefore, penalty was leviable under section 112B on the mai...

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Mere Outstanding loan in books cannot be reason for reopening of assessment

Vanita Sanjeev Anad Vs ITO (Delhi High Court)

In the given case, the Petitioner who is a regular income tax assessee filed her return of income for the AY 2011-12. The Assessing Officer issued under section 133(6) of the Act, called for certain information from the assessee....

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