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Archive: 22 January 2021

Posts in 22 January 2021

Karnataka GST Audit Manual

January 22, 2021 8037 Views 0 comment Print

GOVERNMENT OF KARNATAKA (Department of Commercial Taxes) KARNATAKA GST AUDIT MANUL Office of the Commissioner of Commercial Taxes, “Vanija Therige Karyalaya” Bengaluru-560009 taxation is a sovereign power exercised by the state to realise revenue to enable it to discharge its obligations. HON’BLE SUPREME COURT OF INDIA, (Amrit Banaspati Co. Ltd. and Ors Vs State of Punjab […]

HC quashes order in Form ASMT-13 Without Opportunity of Being Heard

January 22, 2021 1317 Views 0 comment Print

Vidyarthi Construction Private Limited Vs State of Bihar (Patna High Court) We are of the view that the impugned orders dated 29.10.2018, 31.7.2019, 7.8.2019, 24.7.2019 and 20.8.2019 passed by the Respondent No.3, the Joint Commissioner of Sate Taxes, Danapur Circle, East Circle, Muzaffarpur in Form ASMT-13 need to be quashed and set aside, for the […]

RBI releases Discussion Paper on Revised Regulatory Framework for NBFCs- A Scale-Based Approach

January 22, 2021 1116 Views 0 comment Print

Reserve Bank of India has released today, the Discussion Paper on Revised Regulatory Framework for NBFCs- A Scale-Based Approach. Comments on the Discussion Paper are invited from NBFCs, market participants and other stakeholders within one month from this date.

IRDAI Guidelines on Cross Border Re-insurers

January 22, 2021 3633 Views 0 comment Print

a.  All Cross Border Reinsurers (CBR) shall necessarily comply with the eligibility criteria as stipulated in Reg. 4 (1) of the IRDAI (Re-insurance) Regulations, 2018. b. Filing of application for allotment of FRN to CBR shall be commensurate with Re-insurance programme of the insurer, as submitted with the Authority in terms of the IRDAI (Re-Insurance) Regulations, 2018;

Approach to deal with Transitional Credit issues in Hyper Technical Manner was wrong: HC

January 22, 2021 777 Views 0 comment Print

Union of India Vs A. F. Babu (Kerala High Court) By the impugned judgment, the learned Single Judge allowed the writ petition and directed the respondents in the writ petition to open an online portal to enable the first respondent to file the form GST TRAN-I electronically or to accept the same manually. Aggrieved by […]

SLP on penalty for borrowing above Rs. 20000 dismissed by SC

January 22, 2021 1716 Views 0 comment Print

SLP on penalty for borrowing above Rs. 20000 dismissed by Supreme Court in the case of Vasan Healthcare Pvt. Ltd. & Anr. Vs. Additional Commissioner Of Income Tax where unaccounted money of the financer routed by the director through accounts of Assessee. Introduction Supreme Court in Vasan Healthcare (P.) Ltd. [2021] 125 266 (SC) […]

Public Money Recovery Cannot Wait Indefinitely to Suit Convenience of A Particular Borrower

January 22, 2021 663 Views 0 comment Print

Brahm (Alloys) Ltd. & Anr. Vs West Bengal Financial Corporation & Ors. (Culcutta High Court) HC held that Counsel for the respondents is justified in arguing that recovery of public money cannot wait indefinitely to suit the convenience of a particular borrower. In the present case, even the latest offer given by the concerned ARC, […]

Definitive Anti-Dumping duty imposed on ‘Nylon Filament Yarn’- Reg.

January 22, 2021 1269 Views 0 comment Print

Case No. MTR-11/2019 Mid-Term Review to review the product scope of definitive Anti-Dumping duty imposed on ‘Nylon Filament Yarn’ originating in or exported from European Union and Vietnam.

GSTR 9/9C (Annual Return) for FY 2019-20 – Changes

January 22, 2021 113601 Views 11 comments Print

Applicability of Form GSTR-9: For FY 2019-20, those registered persons whose aggregate turnover in a financial year does not exceed Two Crore rupees and who have not furnished the annual return shall have the option to furnish the annual return. Provided that the said return shall be deemed to be furnished on the due date […]

CPIO/PIO Cannot Act as Post Offices & withhold RTI info without reasonable cause

January 22, 2021 6228 Views 0 comment Print

Rakesh Kumar Gupta Vs Central Information Commission (Delhi High Court) High Court held that i) CPIO/PIOs cannot withhold information without reasonable cause; ii) A PIO/CPIO cannot be held responsible if they have genuinely rejected the information sought on valid grounds permissible under the Act. Mere difference of opinion on the part of CIC cannot lead […]

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