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The regulation was notified on 15.01.2015 and came into effect on the 120th day after being notified i.e 15.05.2015 In general terms Insider trading is defined as, ‘the illegal practice of trading on the stock exchange to one’s own advantage through having access to unpublished price sensitive information.’ Section 195 of Companies Act, 2013 (omitted […]
Where the books of accounts maintained by contractors were not accepted by the Department, the estimation of profit made on the basis of history of Gross Profit rate and Net Profit rate of assessee in the previous years or comparable cases of contractors could be made. Once such profit rates were compared, the additions on account of non confirmation or non production of the sub contractors, etc. was totally irrelevant and could not be made.
CBIC amends notification No. 50/2017-Customs dated 30th June, 2017 so as to exempt goods for Kudankulam Nuclear Power Project (KKNPP) Units- 5 and 6 (1000 MW x 2) vide Notification No. 32/2020–Customs dated 7th August, 2020 MINISTRY OF FINANCE (Department of Revenue) Notification No. 32/2020–Customs New Delhi, the 7th August, 2020 G.S.R. 494(E).— In exercise […]
Tariff Notification No. 70/2020-Customs (N.T.), Dated: 07.08.2020 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No. 70/2000-CUSTOMS (N.T.) New Delhi, the 7th August, 2020 S.O. 2649(E).—In exercise of the powers […]
In Bond Manufacturing offers deferred import duty on both capital goods as well as raw material or inputs used in bonded manufacturing. The import duty gets remitted if the finished goods are exported. However, if the finished goods are cleared in the domestic market, the import duty on raw material used becomes payable, but without any burden of interest.
Namaskar Enterprise Vs Commissioner of Goods & Service Tax (Gujarat High Court) A perusal of the aforesaid Sub-Section-2 of Section 83 makes it abundantly clear that the provisional attachment would cease to have effect after the expiry of a period of one year from the date of the order made under Sub-Section-1. Although no specific […]
The Madras High Court issued the notice to the Commissioner and Assistant Commissioner of GST for various issues related to Input Tax Credit, its transitional provisions and concern time limit.
Notification No. 34/2020-Customs (N.T./CAA/DRI), Dated: 07.08.2020 vide which Director General, Revenue Intelligence, appoints the Additional Director General (Adjudication), Directorate of Revenue Intelligence, Mumbai as the Common Adjudicating Authority in respect of noticee mentioned in column (3) bin table below MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) (DIRECTORATE OF REVENUE […]
Any Indian recognized stock exchange or clearing corporation, or, any recognized stock exchange or clearing corporation of a foreign jurisdiction shall form a subsidiary to provide the services of clearing corporation in IFSC wherein at least fifty one per cent. of paid up equity share capital is held by such stock exchange or clearing corporation.
India has a large network of Double Taxation Avoidance Agreements (‘DTAAs’ or ‘Tax Treaties’, hereinafter) with various countries. The DTAAs, inter-alia, provide rules and mechanisms for allocation of taxing rights amongst the treaty partners; avoidance of economic and juridical double taxation; and resolution of taxation not in accordance with the treaty through the Mutual Agreement Procedure (‘MAP’, hereinafter).
