"07 December 2020" Archive

Providing documents sought by investigating agencies like CBI, ED, DRI, etc.

ECA Circular No. 36/2015-20 07/12/2020

Attention is drawn to ECA Circular No. 3/1999-2000 dated 10th January, 2000 and OM No.11/2004 dated 26th July, 2004 whereby it has been stated that the RAs would hand over the cases to the investigating agencies with the prior approval of Headquarters....

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Fictitious transactions racket of Rs. 290.70 Crore busted by DGGI, Nagpur

Release ID: 1678844 07/12/2020

Fictitious transactions racket of Rs. 290.70 Crore busted by DGGI, Nagpur Arrest of Director of M/s M & M Advisors & Consultants Private Limited at Mumbai Recovery of Input Tax Credit of Rs. 25.22 Crore in Cash...

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No reopening if no failure of assessee to disclose fully & truly all material facts necessary for assessment

Navodaya Grama Vikas Charitable Trust Vs ACIT (ITAT Bangalore)

Reopening of assessment  under section 147 was not justified when there was no evidence to show that there was escapement of income due to failure on the part of assessee to disclose fully and truly all material facts necessary for assessment....

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Invoking of extended period of limitation in case of willful suppression & mis-statement

Ford India Private Limited Vs Commissioner of Customs (CESTAT Chennai)

Ford India Private Limited Vs Commissioner of Customs (CESTAT Chennai) At paragraph 41 of the Show Cause Notice, it is inter alia recorded that M/s. Ford India Pvt. Ltd. have been constantly mis-declaring the description; that they have not only mis-declared but also misled the Customs; that the invoice descriptions themselves do not corr...

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ADD on imports of Float Glass extended upto & inclusive of 06.02.2021

Notification No. 46/2020 -Customs (ADD) [G.S.R. 753(E).] 07/12/2020

Seeks to further amend notification No. 47/2015-Customs (ADD), dated 8th September 2015 to extend the levy of ADD on imports of Float Glass originating in or exported from China PR, for a period of two months, upto and inclusive of 6th February 2021 GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 46/2020 [...

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Avoid Late Fees by filling tax Returns before 31st December 2020

Arjun (Fictional Character): Krishna, What are the compliances regarding GST to be done before 31st Dec 2020? Krishna (Fictional Character): Arjuna, In GST Five important compliances, are done before 31st December 2020 which are as follows: 1. GSTR 9 –  GST Annual Return for 2018-19 Mandatory if Turnover more than 2 Crore. 2. GSTR ...

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Posted Under: DGFT | ,

Producer Company: Incorporation

The concept of Producer Company dates back to the year 2000 when committee under the chairmanship of the eminent economist Dr Y.K. Alagh proposed the new type of organization that having the features of both co-operative society and company and to be called as producer company....

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Posted Under: DGFT |

GST returns will reflect in your Income Tax Passbook (Form 26AS)

What is Form 26AS? ♦ Every individual or company that has deducted taxes must credit that amount to the government via banks. ♦ Form 26AS is an annual consolidated tax statement generated by the Income Tax Department. ♦ It can easily be accessed from the income-tax website by all taxpayers using their Permanent Account Number (PAN)...

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Posted Under: DGFT |

List of Sr./Jr. Standing Counsels, CGST for different High Courts

F. No. 278A/07/2019-Legal 07/12/2020

The President of India is please to appoint a fresh panel of Sr./Jr. Standing Counsels of CBIC to handle litigation of Indirect Taxes before various High Courts (other than Delhi High Court) and other fora, in terms of Instruction F. No. 278A/43/2007-Legal dated 05.12.2007, as per following details....

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Draft Joint Venture Agreements

JOINT VENTURE AGREEMENTS. A joint venture is generally understood as technical and financial collaboration either in the form of projects, take-overs or alliances with existing companies.  Indian joint ventures usually comprise two or more individuals/companies, one of whom may be non-resident, who come together to form an Indian private...

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Posted Under: DGFT |

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June 2021