"26 November 2020" Archive - Page 3

CBIC prescribes BCD rate of 27.5% on Crude Palm Oil

Notification No. 43/2020-Customs [G.S.R.(E).] 26/11/2020

Notification No. 43/2020-Customs- Seeks to further amend notification No. 50/2017-Customs dated 30th June, 2017 so as to prescribe BCD rate of 27.5% on Crude Palm Oil. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 43/2020-Customs New Delhi, the 26th November, 2020 Seeks to further amend notification No. ...

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Section 12AA registration cannot be denied without recording dissatisfaction about objects of trust

Balika Vidyalaya Educational & Cultural Trust Vs CIT (Exemptions) (ITAT Cuttack)

Balika Vidyalaya Educational & Cultural Trust Vs CIT (Exemptions) (ITAT Cuttack) We find that as per the provisions of section 11 & 12 of the Act, the income derived from property held for charitable or religious purposes and income of Trusts or Institutions from contributions are exempt from tax provided such Trusts or Institutio...

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NAA finds Electronic Mart India guilty of Profiteering on Monitors & TVs

M. Srinivas Vs Electronics Mart India Ltd. (NAA)

M. Srinivas Vs Electronics Mart India Ltd. (NAA) The brief facts of the case are that an application dated 29.03.2019 was filed by the Applicant No. 1, under Rule 128 (1) of the CGST Rules, 2017 before the Standing Committee on Anti-Profiteering alleging profiteering by the Respondent in respect of supply of Monitors and TVs […]...

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Consider afresh declaration under SVLDRS 2019 & grant consequential relief: HC directs Designated Committee

G. R. Palle Electricals Vs Union of India & Ors. (Bombay High Court)

G. R. Palle Electricals Vs Union of India & Ors. (Bombay High Court) As has been held by us in Thought Blurb Vs. Union of India, decided on 27.10.2020, the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 is a beneficial one with the prime object of unloading the baggage of pending litigations centering around service […]...

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Metal Nuts with & without metrical threading falls under HSN 87089900

In re Deputy Commissioner Division - IV (Chakan) Vs. Raymond Fasteners India Pvt. Ltd (GST AAAR Maharashtra)

In re A Raymond Fasteners India Pvt. Ltd (GST AAAR Maharashtra) The Maharasthra Appellate Authority for Advance Ruling set aside the Advance Ruling No. GST-ARA-47/2019-20/B-33, dated 17.03.2020, pronounced by the MAAR. Further hold that the impugned goods, i.e., Metal Nuts with metrical threading, Metal Nuts without metrical threading, an...

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CCI (Procedure in regard to transaction of business relating to combinations) Amendment Regulations, 2020

Notification No. F.No. CCI/CD/Amend/Comb. Regl./2020 26/11/2020

These regulations may be called the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Amendment Regulations, 2020....

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IBBI Discussion Paper on Voluntary Liquidation Process

Section 59 under Chapter V of Part II of Insolvency and Bankruptcy Code, 2016 (Code) read with the IBBI (Voluntary Liquidation Process) Regulations, 2017 (Voluntary Liquidation Regulations) provides that a Corporate Person (CP) may initiate voluntary liquidation proceedings if two conditions are met: (a) the CP has no debt or is in a posi...

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Posted Under: Custom Duty |

ADD on imports of Fully Drawn or Fully Oriented Yarn/Spin Drawn Yarn/Flat Yarn of Polyester extended till 31.12.2020

Notification No. 39/2020-Customs (ADD) [G.S.R. 738(E).] 26/11/2020

Notification No. 39/2020-Customs (ADD)-  Seeks to amend notification No. 51/2015-Customs (ADD), dated 21st October, 2015 to extend the levy of ADD on imports of Fully Drawn or Fully Oriented Yarn/Spin Drawn Yarn/Flat Yarn of Polyester originating in or exported from China PR & Thailand , for a further period upto and inclusive of 31s...

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Cabinet approves Amalgamation Scheme of Lakshmi Vilas Bank with DBS Bank

Union Cabinet has given its approval to the Scheme of Amalgamation of Lakshmi Vilas Bank Limited (LVB) with DBS Bank India Limited (DBIL). On 17.11.2020, to protect depositors' interest and in the interest of financial and banking stability, on RBI's application under section 45 of the Banking Regulation Act, 1949, LVB had been under mora...

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Posted Under: Custom Duty |

Nidhi Company Compliance

“Nidhi” means a company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and savings amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit, and which complies with such rules as are prescribed by the Central Government for regulation of such [&...

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Posted Under: Custom Duty |

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