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Archive: December, 2020

Posts in December, 2020

HC direct banks to maintain Classification of Accounts of RCOM & its subsidiary

December 28, 2020 849 Views 0 comment Print

Punit Garg & Anr Vs Union Bank Of India & Ors. (Delhi High Court) 1. Issue notice. Mr. O. P. Gaggar, Advocate accepts notice for R-1 and Mr. Shantanu Tyagi, Advocate accepts notice for R-4 and R-5. On steps being taken, notice be issued to the respondent No.3/RBI through all permissible modes including Dasti Service. […]

Export of all varieties of Onions, made ‘Free’ with effect from 01.01.2021

December 28, 2020 912 Views 0 comment Print

The Export of all varieties of Onions, as described above, has been made ‘Free’ with effect from 01.01.2021 vide Notification No. 50/2015-2020. Accordingly, the Notification No. 39/2015-20 dated 09.10.2020 related to export of Bangalore Rose and Krishnapuram Onions also stands withdrawn with effect from 01.01.2021. MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL […]

Corrigendum to Notification No. 94/2020-Central Tax, dated 22.12.2020

December 28, 2020 4599 Views 0 comment Print

CBIC issues Corrigendum to  Notification No. 94/2020-Central Tax, dated 22nd December,2020 and corrected two of its mistake in the notification. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) CORRIGENDUM New Delhi, the 28th December, 2020 G.S.R. 801(E).—In the notification of the Government of India, Ministry of Finance, Department of Revenue, […]

Section 292B covers Mere wrong Mention of PAN in section 148 notice

December 28, 2020 6948 Views 0 comment Print

Narendra Kumar Gill Vs ITO (ITAT Delhi) Moot issue to be decided is whether mentioning the PAN of another entity mistakenly instead of the PAN of the assessee makes the notice issued u/s 148 invalid or not when the notice is addressed to Shri Narendra Kumar Gill and the body of the notice clearly reflects […]

All About Provision of Section 56(2)(X) of Income Tax Act, 1961

December 28, 2020 117723 Views 2 comments Print

Background of the provision: Over the period of time, the Government of India has time to time amend these provisions. Before 2017 Gift was taxable in hands of Individual, HUF, Firm and Closely held Company at tax is levied at the rates prescribed by Finance Act. The scope of chargeability under the said section can […]

RTI Application cannot be rejected for mere non-annexing of Citizenship Proof: CIC

December 28, 2020 3978 Views 0 comment Print

R K Malik Vs Central Public Information Officer (Central Information Commission) Section 3 of the Act reads, ‘Subject to the provisions of this Act, all citizens shall have the right to information’. Nowhere does it say, nor imply, that a person would be required to prove his citizenship every time that he was asking for […]

Appointment of director aged 70 years or above!!

December 28, 2020 46386 Views 0 comment Print

Is it possible for a company to appoint or continue with a director aging 70 years or above? Answer to it is affirmative that too without any restriction. However a Managing Director, Whole-time Director or Manager cannot be appointed or continued if aged 70 years or above, but their appointment is also possible subject to […]

HC directs IT dept to Refund Seized Cash with 12% interest

December 28, 2020 3681 Views 0 comment Print

Telangana High Court held that the action of the respondents in conducting panchanama dt.28.08.2019 and seizing cash of Rs.5.00 crores from Vipul Kumar Patel, employee of the petitioner in W.P.No.23023 of 2019, and retaining it till date, is illegal and ultra vires the provisions of the Income Tax Act, 1961 and also violative of Art.14

Disclosure of benefit/premium illustration for Health insurance policies issued on floater basis

December 28, 2020 1059 Views 0 comment Print

Reference is drawn to clause 5 of Chapter-II of Consolidated Guidelines on Product filing in Health Insurance Business stipulating mandatory disclosures in the prospectus of health insurance products and to clause 6 specifying Customer Information Sheet.

Anti-dumping investigations on imports of Polyethylene Terephthalate

December 28, 2020 1350 Views 0 comment Print

(OI CASE No: 17/2019) Anti-dumping investigations on the imports of Polyethylene Terephthalate (PET Resin) originating in or exported from China PR.

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