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Archive: 22 May 2020

Posts in 22 May 2020

Non consideration of sale value approved by Charity Commissioner by Collector of Stamps in adverting value of trust property was not justified

May 22, 2020 2436 Views 0 comment Print

Collector of Stamps committed a manifest error in not at all adverting to the fact that the Charity Commissioner had determined the value of the trust property by following requisite process to ensure the best value, and determining the market value of the trust property on the sole premise that there was a vast difference in the value determined by the Deputy Director and the value at which the Charity Commissioner accorded sanction for sale.Therefore,  the court remitted back the matter to the Collector of Stamps for fresh adjudication after providing an opportunity of hearing to assessee.

Overseas Direct Investment- Basic concepts

May 22, 2020 13335 Views 3 comments Print

In this article, we have tried to focus on the basic concepts that will enlighten about achieving the technical know- how and the provisions before making such Investment.

Law And Provision of Special Audit In GST

May 22, 2020 14328 Views 0 comment Print

In the present article I am going to discuss the law and procedure of Audit to be conducted by the department and special audit as prescribed under GST law. The concept of Audit is not a new concept, the tax payers are already required to get his books of accounts audited under various law like […]

Can Set Aside Domestic Award, If Irrational And Perverse: SC

May 22, 2020 1896 Views 0 comment Print

An arbitral tribunal must decide in accordance with the terms of the contract, but if an arbitrator construes a term of the contract in a reasonable manner, it will not mean that the award can be set aside on this ground. Construction of the terms of a contract is primarily for an arbitrator to decide unless the arbitrator construes the contract in such a way that it could be said to be something that no fair minded or reasonable person could do.

Narcotic Drug Seizure by Tax Officers not amounts to Seizure under NDPS Act

May 22, 2020 1425 Views 0 comment Print

whether the act of the Income Tax Officers of collecting and keeping the Narcotic Drug found during search in safe custody constitutes a seizure?

GST on preparation of Whole Wheat parota & Malabar parota

May 22, 2020 3816 Views 0 comment Print

In re ID Fresh Food (India) Pvt. Ltd. (GST AAR Karnataka) Whether the preparation of Whole Wheat parota and Malabar parota be classified under Chapter heading 1905, attracting GST at the rate of 5%? Chapter 21, covers Miscellaneous Edible Preparations and heading 21.06 covers food preparations not elsewhere specified or included. Further Explanatory Notes to […]

Online tests scored after human intervention are outside the purview of OIDAR

May 22, 2020 2559 Views 0 comment Print

In re NCS Pearson INC (GST AAR Karnataka) he applicant is an intermediary located in non taxable territory and provides services of online exams/tests via electronic software to the non taxable online recipients in India which he has classified into three categories. For activities mentioned under Type l, the applicant is clear regarding the taxability and has […]

Is apprehension of bias a valid ground to substitute IRP

May 22, 2020 2469 Views 0 comment Print

NCLAT concluded that the apprehension of bias expressed by the ‘Corporate Debtor’ qua the appointment of Verma as proposed IRP is valid and cannot be dismissed. Further, it contended that the NCLT order was justified in seeking substitution of Verma to ensure that CIRP is conducted in a fair and impartial manner.

Regulatory measures introduced by SEBI to continue till 25.06.2020

May 22, 2020 828 Views 0 comment Print

Keeping in view the objective of ensuring orderly trading and settlement, effective risk management, price discovery and maintenance of market integrity, it has been decided that the measures implemented since March 23, 2020 will continue to be in force till June 25, 2020.

RBI extends time limits for Settlement of import payment

May 22, 2020 4824 Views 0 comment Print

In view of the disruptions due to outbreak of COVID- 19 pandemic, it has been decided to extend the time period for completion of remittances against such normal imports (except in cases where amounts are withheld towards guarantee of performance etc.) from six months to twelve months from the date of shipment for such imports made on or before July 31, 2020.

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May 2020