"14 September 2020" Archive

Banking Regulation (Amendment) BIll, 2020 introduced in Lok Sabha

Bill No. 114 of 2020 14/09/2020

Banking Regulation (Amendment) Bill, 2020 which seeks to replace the Banking Regulation (Amendment) Ordinance, 2020 (Ord. 12 of 2020) provides for the following, namely:— (i) substitution of section 3 to provide that the Act shall not apply to— (a) a primary agricultural credit society; or (b) a co-operative society whose primary obje...

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AO cannot treat Share Premium as Bogus without proper investigation

ITO Vs. Aravali Prime Consultants Pvt. Ltd. (ITAT Jaipur)

ITO Vs. Aravali Prime Consultants Pvt. Ltd. (ITAT Jaipur) In this case, it is noted that the AO during the course of assessment proceeding made the addition of Rs. 2,63,15,000/- (138500 shares x Rs. 190 per share) on account of share premium received on issue of shares by the assessee company. Thus the AO observed […]...

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Section 271(1)(c) penalty cannot be levied on additions based on estimate

Vishnu Tambi Vs DCIT (ITAT Jaipur)

Vishnu Tambi Vs DCIT (ITAT Jaipur) Under Section 271(1)(c) of the Act, the authority has been given discretion to levy the penalty in case there is a concealment of particulars of income and also with regard to quantum of penalty. However, it is a basic need of the provisions of law that definite finding is […]...

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Say Hi to stock trading & mutual fund investment with Geojit WhatsApp Channel

While spending immeasurable time on WhatsApp everyday, people can now take care of their short-term or long-term financial needs using that popular messaging app. Geojit Financial Services Ltd., one of the leading investment services companies in India, has made it possible with the launch of their custom-made WhatsApp channel. Develope...

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Posted Under: Fema / RBI |

Section 54/54F- Purchase of under construction flat from builder- Purchase or Construction?

PCIT Vs Akshay Sobti (Delhi High Court)

The issue under consideration is whether agreement for construction of house interpreted as agreement for purchase for availing benefits of deduction u/s 54F if construction completed within three years?...

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Declared import value cannot be rejected without passing speaking order

Commissioner of Customs Vs. Artex Textile Private Limited (CESTAT Delhi)

Commissioner of Customs Vs. Artex Textile Private Limited (CESTAT Delhi) we find that assessing officer have been making enhancement in a routine manner and the respondent who are regular importers are left with no choice but to sign on the dotted line for taking delivery of their goods to carry on their business, and also […]...

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e-Submission & e-Hearing in MVAT Assessment Proceedings

Trade Circular No. 12T of 2020 14/09/2020

MGSTD has made available the facility to carry e-Submission & e-Hearing in MVAT Assessment Proceedings electronically, wherein the officers as well as dealers would be able to carry out their part of the assessment process without personal attendance. ...

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GST evasion of Rs. 96.06 crore detected in Shillong

D.O.No.32/CH(IC)/2020 14/09/2020

Based on data analytics, the CGST Commissionerate, Shillong, detected ineligible availment of ITC by some Units primarily engaged in supply of electrical energy during the period July 2017 to March 2020. The exercise led to recovery of Rs. 44.80 crore against the detection of GST evasion of Rs. 96.06 crore....

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Factoring Regulation (Amendment) Bill, 2020 introduced in Lok Sabha

Bill No. 115 of 2020 14/09/2020

Factoring Regulation (Amendment) Bill, 2020, inter alia, seeks to— (i) amend the definitions of ‘assignment’, ‘factoring business’ and ‘receivables’, so as to bring them in consonance with international definitions and also to insert a new definition of ‘Trade Receivables Discounting System̵...

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Automation of Income Recognition, Asset Classification and Provisioning processes in banks

RBI/2020-21/37 Ref. No. DoS.CO.PPG./SEC.03/11.01.005/2020-21 14/09/2020

In order to ensure the completeness and integrity of the automated Asset Classification (classification of advances/investments as NPA/NPI and their upgradation), Provisioning calculation and Income Recognition processes, banks are advised to put in place / upgrade their systems to conform to the following guidelines latest by June 30, 20...

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