"01 October 2020" Archive - Page 4

Investment Planning: Why Alternative Thinking Required?

After experiencing the worst global financial crisis of 2008 and passing 12 year anniversaries of the crisis, there has been a good opportunity to reflect and learn what had actually happened and can it happen again....

Posted Under: Finance |

Issue examined under original assessment proceeding cannot be reexamined

DCIT Vs Manav Realty (ITAT Pune)

DCIT Vs Manav Realty (ITAT Pune) It is evident from the reasons recorded by the AO that the initiation of reassessment proceedings was premised on the fact that the commencement took place at a date in variance with the one stated by the assessee in the original assessment proceedings. The ld. CIT(A) has aptly recorded […]...

Section 54 deduction allowed on Advance paid for Purchase of Property Prior to Sale of Old Capital Asset

Moturi Lakshmi Vs. ITO (Madras High Court)

The issue under consideration is whether the advance to the seller of flat prior to the date of sale of old capital asset will be eligible for claiming deduction u/s 54 under capital gains?...

CBIC notifies Rate of Exchange of Foreign Currencies wef 2.10.2020

Notification No. 95/2020-Customs (N.T.) 01/10/2020

CBIC notifies Rate of Exchange of Foreign Currencies against India Rupees wef 2nd October, 2020 vide Notification No. 95/2020-Customs (N.T.), Dated: 1st October, 2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 95/2020-Customs (N.T.) New Delhi, date...

Steel manufacturers allowed to claim Duty Drawback

Notification No. 35/2015-2020-DGFT/S.O. 3453(E) 01/10/2020

 Steel manufacturers can also claim Duty Drawback on steel supplied through their Service Centers/ Distributors/ Dealers/ Stock yards. Notification No. 35/2015-2020-DGFT dated 1st October, 2020 Government of India Ministry of Commerce and Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhavan, New Delhi *******...

Without AFA, an IP is not eligible to undertake assignments: IBBI

Order No. IBBI/DC/31/2020 01/10/2020

one of the essential conditions for undertaking any assignment by an IP is that he should have a valid AFA which is issued by the IPA with which he is enrolled. In other words, without AFA, an IP is not eligible to undertake assignments or conduct various processes thereof after 31st December, 2019. Regulation 7A was […]...

SEBI relaxes timelines for compliance with regulatory requirements

Circulars No. SEBI/HO/MIRSD/DOP/CIR/P/2020/191 01/10/2020

In view of the prevailing situation due to Covid-19 pandemic and representation received from the Stock Exchanges, it has been decided to further extend the timelines for compliance with the regulatory requirements by the trading members / clearing members, mentioned in the SEBI circulars, as under:...

SEBI Framework for monitoring of foreign holding in Depository Receipts

Circulars No. SEBI/HO/MRD/DCAP/CIR/P/2020/190 01/10/2020

Listed Company shall appoint one of the Indian Depository as the Designated Depository for the purpose of monitoring of limits in respect of Depository Receipts. The Designated Depository in co-ordination with Domestic Custodian, other Depository and Foreign Depository (if required) shall compute, monitor and disseminate the Depository Re...

AMP expenditure is not an international transaction

ACIT Vs Mattel Toys (India) Pvt. Ltd. (ITAT Mumbai)

ACIT Vs Mattel Toys (India) Pvt. Ltd. (ITAT Mumbai) Tribunal in assessee’s own case for the A.Yrs.2008-09 and 2009-10  vide order dated 08/07/2016 already held that AMP expenditure is not an international transaction and hence, no ALP adjustment could be made thereon. Respectfully following the aforesaid decision of this Tribunal in as...

Govt notifies Import Quota of 1.5 Lakh MT of Urad till 31.03.2021

Notification No. S.O. 3446(E) 01/10/2020

Vide notification No. S.O. 3446(E) dated 1st October, 2020 Government notifies Quota of 1.5 Lakh MT of Urad, to be imported till 31st March, 2021. MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) NOTIFICATION New Delhi, the 1st October, 2020 S.O. 3446(E).—In exercise of powers conferred by section 3 of the Foreign Trade (Devel...

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