Passengers travelling in vehicle cannot be held responsible for contributory negligence of the driver of the vehicle and claim cannot be reduced on the same ground. Rajendra Singh and Ors (Appelant) Vs. National Insurance Company Limited and Ors (Supreme Court)
A provision for generating UDIN in bulk for Certificates has been incorporated in UDIN Portal. Using this facility now the members will be able to generate UDIN in bulk (uptil 300 UDINs) for various types of Certificates in one go. It can be done through uploading of excel file.
The Notification No. 54 dated 25.03.2020 has been amended to change the export policy of Hydroxychloroquine API and its formulations from ‘Prohibited’ to ‘Free’, with immediate effect. Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan New Delhi Notification No. 13/2015-2020 New Delhi, Dated: 18th June, […]
CBIC notifies Rate of Exchange of Foreign Currencies against India Rupees wef 19.06.2020 vide Notification No. 53/2020-Customs (N.T.), Dated: 18th June, 2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 53/2020-Customs (N.T.) New Delhi, dated the 18th June, 2020 28 Jyaishtha 1942 (SAKA) In […]
On review of the COVID-19 pandemic related situation, it has been decided that the regulatory measures introduced vide SEBI Press Release dated March 20, 2020 1 , shall continue to be in force till July 30, 2020.
TRAN-1 is the artery to infuse the eligible cenvat credit from the erstwhile tax regime to GST. Transitional provisions for this purpose have been provided in the CGST Act. Section 140 of the CGST Act, 2017 empowers the government to prescribe the procedure in this regard. Accordingly rule 117 of the CGST Rules, 2017 prescribed […]
We all have been familiar with form no. 26AS where we verify details of tax deducted by our employer. Likewise for retired and pensioners the details of tax deducted by the bank also reflect here. The form no. 26AS has the details of all the tax deducted and collected from our income. It also has […]
In view of the ongoing COVID-19 pandemic and in the interest of the well – being of students and to mitigate their hardships, as proactive measure for benefit and welfare of the students, an Important Announcement dated 15th June 2020 was issued inter alia extended an option to the examinees who have made applications for […]
Section 147 and 148 of Income Tax Act is a well designed weapon for the Income Tax Department empowering it to assess, re-assess or re-compute income, turnover etc. which has escaped assessment. Sec. 147 and Section 148 of the Act contain the per-requisite conditions to be fulfilled for invoking the jurisdiction to reopen the assessment. Powers of the Assessing Officer to re-open a completed assessment are not un-abundant or luxuriant.
Issues that need to be addressed under clause (viib) of sub-section (2) of section 56: Cut off time to examine the status of Company: The status of company at the time of receipt of consideration is relevant and not its status at the time of allotment of shares. Hence, if the company was not closely held company at the time of receipt of consideration, no taxability under clause (viib) arises.
