"26 November 2020" Archive

CBDT to validate ICAI UDIN during upload of Tax Audit Reports

Release ID: 1676103 26/11/2020

The Institute of Chartered Accountants of India, in its gazette notification dated 2nd August, 2019, had made generation of UDIN from ICAI website www.icai.org mandatory for every kind of certificate/tax audit report and other attests made by their members as required by various regulators. This was introduced to curb fake certifications ...

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Service of fixed term employee for misconduct cannot be terminated without affording any opportunity of hearing

Yogeshbhai Rupabhai Vatukiya Vs State of Gujarat (Gujarat High Court)

The Gujarat High Court ruled that Termination of service of an employee for misconduct, even if on a fixed term, would require a domestic enquiry. However the Court held that on reinstatement the tenure of employment would not extend beyond the period of appointment....

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Adjudication of Show-Cause Notices after 13 years is untenable in law: Bombay HC

Parle International Limited Vs Union of India And Others (Bomabay High Court)

Bombay High Court held that, the commencement of adjudication proceedings after inordinate delay of 13 years post-issuance of Show Cause Notices is untenable in law and any consequential decision or order based on such adjudication proceeding is therefore, held to be invalid....

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Moneyfy – Time to Get Your Money in Action

While we are raised to abide by the principle that investment is good, we are not always pointed in the right direction in terms of tools of investments. This is why picking the right tool becomes particularly tricky for first-time investors considering the many financial options there are in the market. Hence, Tata Capital launched [&hel...

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Posted Under: Income Tax |

69 posts diverted to Foreign Asset Investigation Units (FAIUs)]

Order No. 230 of 2020 26/11/2020

Order No. 230 of 2020 With the approval of the Finance Minister, the following existing 69 posts in the various grades of India Revenue Service are diverted to the newly created Foreign Asset Investigation Units (FAIUs) in the Investigation Directorates, with immediate effect and until further orders:...

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Private financial institutions performing public duties cannot be treated as ‘State’

Kailashi Devi Vs Branch Manager And Another (Allahabad High Court)

Kailashi Devi Vs Branch Manager And Another (Allahabad High Court) Private financial institutions, carrying of business or commercial activity, may be performing public duties, but cannot be considered to be covered under the definition of “State” under Article 12 of the Constitution of India, the writ petition against such en...

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Banks eligible to avail CENVAT Credit on Deposit Insurance Services

ICICI Bank Limited Vs Commissioner (Bombay High Court)

The insurance service provided by the Deposit Insurance Corporation to the banks is an 'input service' and CENVAT credit of service tax paid for this service received by the banks from the Deposit Insurance Corporation can be availed by the banks for rendering ‘output services’....

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GST on Non-refundable Registration Fee (NRF)

This article intents to discuss the applicability of GST on Non-refundable Registration Fee (NRF) collected by the organiser at the time of e-auction What is E-auction? E-auctions means that requirement for procurement of goods or services will be done online. All the process related to tendering (application, payment of fees, submission ...

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Posted Under: Income Tax |

Directors and Officers liability in India

In the wake of recent corporate scams and initiation of legal proceedings against several company directors including independent director, it becomes very important for the directors to understand their duties and liabilities as a directors in Indian corporate regulatory environment. It is very important to understand that, a person is a...

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Posted Under: Income Tax |

Corporate Social Responsibility & Selection of Orgnisation For Partnership

We Indians have charity inherited in our heart, we have grown by seeing that our fathers’ and forefathers are donating in various temples, mosques, gurudwaras and churches.  We are donating or doing philanthropic works without knowing that, who is the true beneficiary of our donation or charity. The fact if also highlighted in Bain...

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Posted Under: Income Tax |

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August 2021