"14 September 2020" Archive - Page 2

Streamlining of Unit Quantity Codes in DGFT’s EDI system & Customs’

Trade Notice No. 27/2020-21-DGFT (14/09/2020)

No new authorizations mentioning Non-standard units such as BoU, packs, Boxes cartons and bottles etc would be issued by RAs. For this necessary changes are being carried out in the DGFT EDI system also....

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JDA: No transfer when even permissive possession was not given

Shri A. R. Prasad Vs ITO (ITAT Bangalore)

Shri A. R. Prasad Vs ITO (ITAT Bangalore) When we compare the terms of possession in the said case as per Para 4 of the tribunal order reproduced above and the terms of JDA in the present case as reproduced above, we find that in both cases, the possession is handed over to the builder […]...

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100% of Bogus Purchase cannot be disallowed as Sales are linked with Purchases

ACIT Vs Rashmikant V. Shah (ITAT Mumbai)

The issue under consideration is whether the CIT is correct in restricting the disallowance u/s 69C against bogus purchase at rate of 12.5% of the bogus purchases?...

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Posted Under: DGFT |

Guide on issuing NCDs by Private Placement

Article covers Compliance related to issue of Non - Convertible Debentures (NCD) by Private Placement which includes procedures, Post issuance Compliances etc. under Companies Act, 2013 and SEBI (Listing Obligation and Disclosures Requirements) Regulations, 2018....

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Posted Under: DGFT |

Risk Management Committee

Risk Management Committee is the committee formed by board of directors to oversee the risk management policy and global risk management framework of the business....

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Posted Under: DGFT |

Moratorium accounts not to be declared as NPA until further notice: SC

Moratorium accounts not to be declared as NPA until further notice: Order by Apex Court on September 03, 2020 & September 10, 2020 The apex court heard petition of borrowers on September 03, 2020 seeking interest waiver on loan moratorium granted previously by Reserve Bank of India (“RBI”). In the backdrop of COVID-19, banks had [...

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Posted Under: DGFT |

“Risks” As in Internal Audit

Risk-based internal audit is an internal methodology which is primarily focused on the inherent risks involved in the activities or system and provide assurance that risk is being managed by the management within the defined risk appetite level. Risk is defined as ‘the possibility of an event occurring that will have an impact on th...

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Posted Under: DGFT |

Not to declare petitioner as NPA till Further Order: SC

Gajendra Sharma Vs Union of India (Supreme Court)

Gajendra Sharma Vs Union of India (Supreme Court ) The issue under consideration is whether the interest will be charged on loan during moratorium period which is declared by RBI due to COVID-19? As per RBI’s circular dated 27th March, 2020 the RBI has extended the moratorium period from June 01 to 31st August, 2020 […]...

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SC Sustains Imposition of Restrictions on Import of Peas & Pulses

Union of India Vs Agricas LLP and Others etc. (Supreme Court of India)

Union of India Vs Agricas LLP and Others etc. (Supreme Court) In the instant case, the Writ Petition is filed by challenging the imposition of restrictions on import of Peas and pulses. As per petitioner, the notifications issued by the DGFT had the effect of modifying or amending the EXIM policy as the specified items […]...

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Notification No. 44/2020-Customs (N.T./CAA/DRI), Dated:14.09.2020

Notification No. 44/2020-Customs (N.T./CAA/DRI) (14/09/2020)

Notification No. 44/2020-Customs (N.T./CAA/DRI), Dated:14.09.2020- Appointment of Common Adjudicating Authority MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) (DIRECTORATE OF REVENUE INTELLIGENCE) Notification No. 44/2020-Customs (N.T./CAA/DRI) New Delhi, the 14th September, 2020 S.O. 3169(E).—...

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