2 Archive - 07 February 2020

"07 February 2020" Archive

CBIC Introduces Machine based automated clearance of imported goods

Keeping with the Government’s objective of furthering ease of doing business, particularly in trading across borders, the Central Board of Indirect Taxes and Customs has introduced Machine based automated clearance of imported goods....

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Posted Under: Custom Duty |

Procedure of PAN allotment through Common Application Form

Notification 11/2020- Income Tax (DGIT Systems) 07/02/2020

Procedure of PAN allotment through Common Application Form (CAF) along with registration of Foreign Portfolio Investors (FPIs) with SEBI under Department of Economic Affairs and KYC for opening Bank and Demat Account....

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HC: No interim relief to directors who were disqualified u/s 164(2)

Satish Kumar Gupta Vs Union of India (Bombay High Court)

Where a director was disqualified under section 164(2) of the Companies Act 2013 for not filing Financial Statements and Annual Returns continuously for a period of three years, then, the disqualification was incurred and no interim relief  was to be granted for the same as these were ministerial or administrative act of filing which was...

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Electronic sealing-Deposit in and removal of goods from Customs Bonded Warehouses-reg

Circular No. 10/2020-Customs 07/02/2020

The regulations require that goods arriving at the warehouse from a customs station shall be affixed with a one-time-lock with its serial number endorsed upon the bill of entry for warehousing and the transport document....

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Section 138 Prosecution not hit by bar created by Section 69(2) of Partnership Act

Narendra Vs Balbirsingh (Bombay High Court)

The prosecution of an accused under Section 138 of the Negotiable Instruments Act, 1888, is not hit by the bar created by sub-section (2) of Section 69 of the Indian Partnership Act, 1932....

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Registration cannot be denied to trust maintaining ‘Gaushalas’ merely for Sale of Milk

Rajasthan Gau Seva Sangh Vs CIT Exemptions (ITAT Jaipur)

Rajasthan Gau Seva Sangh Vs CIT (ITAT Jaipur) It is pertinent to note that when the assessee is maintaining various Gaushalas then production of milk is bound to happen and dealing in purchase and sale of milk & milk products as well as cattle feed is nothing but the activity in furtherance of the objects […]...

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Extension of time limit for submitting declaration in Form GST TRAN-1

Order No. 01/2020-GST 07/02/2020

Order-01/2020-GST dated 07th February, 2020– Commissioner hereby extends the period for submitting the declaration in FORM GST TRAN-1 till 31st March, 2020, for the class of registered persons who could not submit the said declaration by the due date on account of technical difficulties on the common portal and whose cases have been...

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An Analysis of The Direct Tax Vivad Se Vishwas Act, 2020

Article explains Salient Features Of The Direct Tax Vivad Se Vishwas Act, 2020 (‘Scheme’), Steps Involved In Payment Of Tax Arrears, Important Definitions Under Direct Tax Vivad Se Vishwas Scheme, Amount Payable By Declarant, Filing Of Declaration under Direct Tax Vivad Se Vishwas Scheme, Immunity From Initiation Of Proceedings and No...

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Posted Under: Custom Duty |

Exemption in respect of certain income of ISPRL

Budget 2020- Exemption in respect of certain income of Indian Strategic Petroleum Reserves Limited (ISPRL) Section 10 of the Act provides for exemption in respect of certain incomes and activities under specific circumstances. Clause (48A) thereof, inserted by the Finance Act, 2016, provides that any income accruing or arising to a foreig...

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Posted Under: Custom Duty |

Period & Turnover for eligibility of section 80-IAC deduction for start-ups

Increasing the time period and Turnover for eligibility of section 80-IAC for start-ups Rationalization of provisions of start-ups. The existing provisions of section 80-IAC of the Act provide for a deduction of an amount equal to one hundred per cent of the profits and gains derived from an eligible business by an eligible start-up for [...

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Posted Under: Custom Duty |

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