"03 December 2020" Archive - Page 2

RBI Committee Recommends Conversion of Large NBFCs into Banks & Entry of Corporates

In a series of recommended proposals, an internal working group (IWG) of the Indian Central Bank (Reserve bank of India) has suggested increasing the existing cap on stake owned by corporate houses in the bank. This will facilitate the guarded entry of corporates into the banking system. The committee also suggested conversion of giant NB...

Read More
Posted Under: Fema / RBI |

Supreme Court upholds validity of Tribunal Rules 2020 with modifications

The Hon’ble Supreme Court of India, in Madras Bar Association v. Union of India & Anr. [Writ Petition (C) No.804 of 2020, (dated November 27, 2020)] upheld the validity of Tribunal, Appellate Tribunal and other Authorities (Qualifications, Experience and other Conditions of Service of Members) Rules, 2020, (Tribunal 2020 Rules) with...

Read More
Posted Under: Fema / RBI |

Addition by AO not based on any incriminating material, cannot be sustained in orders passed u/s 153A/143(3)

ACIT Vs Moon Beverages Ltd. (ITAT Delhi)

ACIT Vs Moon Beverages Ltd. (ITAT Delhi) Since the additions in the other appeals also are not based on any incriminating material found during the course of search and since we have already held that statements recorded u/s 132(4) are not incriminating in nature, therefore, the addition made by the AO being not based on […]...

Read More

Dismissal of special leave petition is of no consequence on question of law: SC

Inderjit Singh Sodhi And Others Vs The Chairman Punjab State Electricity Board And Another (Supreme Court of India)

Inderjit Singh Sodhi And Others Vs The Chairman Punjab State Electricity Board And Another (Supreme Court of India) We find that the appellants were promoted within 9 or 16 years from their initial appointment, therefore, they are not entitled to time bound promotional scale. Kirpal Singh Mangat and Raj Kumar Garg were appointed by direct...

Read More

Petition filed Challenging vires of CGST Rule 86A

Surat Mercantile Association Vs Union of India (Gujarat High Court)

Surat Mercantile Association Vs Union of India (Gujarat High Court) Rule 86A of the GST Rules has given unbridled power to a GST officer to block input tax credit in electronic credit ledger maintained on GSTN portal without giving any notice or intimation to the tax payer if the concerned GST officer has reason to […]...

Read More

A Brief About Compound Financial Instrument

Before understanding what is compound financial instruments we have to understand what is the Financial Instruments. Under the earlier GAAP there were no guidance on Financial Instruments except for Accounting Standard 13 ‘Accounting for Investments’ and Accounting Standard 11 ‘The Effects of Changes in Foreign Exchange ...

Read More
Posted Under: Fema / RBI |

Top 5 key reasons for getting legal compliance management

The concept of legal compliance management service must have appeared to be part of your businesses in Recent Years. The whole idea has startled to fulfill their requirements of the business like regulatory management for the sake of the companies. Based on that, in recent years there have been several legal service providers springing u...

Read More
Posted Under: Fema / RBI |

How to claim Section 80IAC Exemption under Income Tax Act, 1961

Startup India is a flagship initiative of the Government of India, intended to build a strong eco-system for nurturing innovation and Startups in the country that will drive sustainable economic growth and generate large scale employment opportunities. The Government through this initiative aims to empower Startups to grow through innovat...

Read More
Posted Under: Fema / RBI |

Challenge to Section 16(2)(c) of CGST Act 2017- Notice issued by Gujarat HC

Surat Mercantile Association Vs Union of India (Gujarat High Court)

Surat Mercantile Association Vs Union of India (Gujarat High Court) Hon’ble Gujarat High Court has issued notice to Centre and State Government on 03.12.2020 in the matter of Surat Mercantile Association. Vs UOI & others, SCA. No. R/SCA/15329/2020, wherein the petitioner has challenged the constitutional validity of Section 16(2)(c)...

Read More

SC directs Investigation Agencies to install CCTV camera in interrogation room & record the same

Paramvir Singh Saini Vs Baljit Singh & Others (Supreme court of India)

The larger bench of the Hon'ble Supreme court orders all Investigation Agencies, including DRI/ NCB/ED/NIA/CIA, having the power to interrogate and arrest, to install CCTV camera and recording equipment and record the same when interrogation takes place....

Read More

Search Posts by Date

September 2021
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
27282930