"05 October 2020" Archive

Re-opening of concluded assessment not valid if no failure on the part of petitioner to disclose fully & truly all material facts

State Bank of India Vs. Vineet Agrawal, ACIT (Bombay High Court)

State Bank of India Vs. Vineet Agrawal (Bombay High Court) we are of the considered opinion that no reasonable view can be taken that there was failure on the part of the petitioner to disclose fully and truly all material facts necessary for its assessment for the assessment year 1990-91. If that be so then […]...

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8 Recommendations of the 42nd GST Council Meeting

Release ID: 1661827 (05/10/2020)

Ministry of Finance Recommendations of the 42nd GST Council Meeting Posted On: 05 OCT 2020 The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affa...

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Central Govt constitutes Monetary Policy Committee of RBI

Notification No. S.O. 3467(E) (05/10/2020)

In exercise of powers conferred by section 45ZB of the Reserve Bank of India Act, 1934, Central Government constitutes Monetary Policy Committee of RBI...

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Product Labeling in Mutual Fund schemes – Risk-o-meter

SEBI/HO/IMD/DF3/CIR/P/2020/197 (05/10/2020)

Securities and Exchange Board of India CIRCULAR SEBI/HO/IMD/DF3/CIR/P/2020/197  October 05, 2020 All Mutual Funds/ Asset Management Companies (AMCs)/ Trustee Companies/Boards of Trustees of Mutual Funds/ Association of Mutual Funds in India (AMFI) Sir/ Madam, Subject: Product Labeling in Mutual Fund schemes – Risk-o-meter 1. Please ref...

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Review of Dividend option(s) / Plan(s) in case of Mutual Fund Schemes

SEBI/HO/IMD/DF3/CIR/P/2020/194 (05/10/2020)

There is a need to clearly communicate to the investor that, under dividend option of a Mutual Fund Scheme, certain portion of his capital (Equalization Reserve) can be distributed as dividend....

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E-invoicing under GST-A walk with technology

Background E-Invoicing is not a new concept if we talk about other countries in the world, though proposed to be implemented in India for the first time. Hence, it can be said to be a new concept in context of Indian tax administration. Basic idea of introducing e-invoicing is to have a standard to ensure […]...

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Posted Under: Income Tax |

CBIC appoints common adjudicating authority- N/No. 02/2020-CE (N.T.)

Notification No. 02/2020-Central Excise (N.T.) [G.S.R. 617(E)] (05/10/2020)

Notification No. 02/2020-Central Excise (N.T.) Central Board of Indirect Taxes and Customs, appoints the officer specified in column (2) of the table below to act as a common adjudicating authority and invests him with all the powers of Central Excise Officers specified in column (3) of the said table to be exercised for such purposes as ...

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Central Government now empowered to specify classes of permissible capital account transactions in respect of Non- Debt Instruments

Amendment through the Finance Act of 2015 The Finance Act of 2015 had proposed certain amendments to the Foreign Exchange Management Act, 1999 (“FEMA”). The Central Government (CG), vide sections 138 to 144 of Finance Act 2015, brought changes to FEMA. The said changes were not notified for long time. However, after a long delay, [&he...

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Posted Under: Income Tax |

TP: Appropriateness of one or other method cannot be gone into Section 260A appeal

PCIT Vs. Gulbrandsen Chemicals Pvt. Ltd. (Gujarat High Court)

PCIT Vs. Gulbrandsen Chemicals Pvt. Ltd. (Gujarat High Court) The Tribunal has taken into consideration the voluminous documentary evidence on record for the purpose of coming to the conclusion of adoption of TNMM by the assessee as the Most Appropriate Method of arriving at ALP. The Delhi High Court in the case of Make My […]...

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Advance ruling obtained by suppression of material facts is void ab initio

In re ID Fresh Food (India) Pvt. Ltd (GST AAAR Karnataka)

In re ID Fresh Food (India) Pvt. Ltd (GST AAAR Karnataka) We find that Section 100 of the CGST Act provides for an appeal to be filed by any party who is aggrieved by the advance ruling given by the lower Authority. In this case, the Department is not aggrieved by the ruling given by […]...

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