"10 March 2021" Archive - Page 3

Officer who did assessment, can only undertake re-assessment -Section 28(4) – Customs Act, 1962

Canon India Private Limited Vs Commissioner of Customs (Supreme Court of India)

M/S Canon India Private Limited Vs Commissioner of Customs (Supreme Court of India) The main issue is whether after clearance of the cameras on the basis that they were exempted from levy of basic Customs duty under Notification No. 15/2012, the proceedings initiated by the Directorate of Revenue Intelligence for recovery of duty not paid...

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ITAT deletes Section 14A disallowance made without recording Satisfaction

Asian Paints Ltd Vs Add. CIT (ITAT Mumbai)

Asian Paints Ltd Vs ACIT (ITAT Mumbai) We have considered rival submissions in the light of decisions relied upon and perused material on record. Undisputedly, the assessee in its computation of income has computed disallowance under section 14A of the Act at Rs.23,98,769 by applying certain principles of apportionment. Therefore, it is n...

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Value of IPL Ecosystem Decreased by 3.6% in 2020

Value of IPL Ecosystem Decreased by 3.6% in 2020, Reveals IPL Brand Valuation Report from Duff & Phelps, A Kroll Business Key report findings include: ♣ The IPL ecosystem value has decreased by 3.6% to INR 45,800 crore in 2020 from INR 47,500 crore in 2019. ♣ Mumbai Indians retained the top spot in the […]...

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Posted Under: Custom Duty |

Testing of imported food products at FSSAI notified laboratories

Instruction No. 03/2021-Customs 10/03/2021

Attention is invited to Instruction No. 01/2020 dated 12.02.2020 on the above-mentioned subject. Vide this Instruction, it was stated that vide notification dated 09.10.2019, FSSAI had notified Authorised officers at 150 food import Points of Entries (PoEs) under Section 25 read with Section 47 (5) of FSS Act and Regulation 13(1) of FSS (...

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Consultation Paper on Proposed IFSC Authority (Issuance & Listing of Securities) Regulations, 2021

Consultation Paper on Proposed International Financial Services Centres Authority (Issuance and Listing of Securities) Regulations, 2021...

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Posted Under: Custom Duty |

The Major Disadvantages of Bad Credit

Ideally, all the decisions we make in life involve considering both the pros and cons of possible outcomes. Check out the article written by Ali Sami Farooq to know more. Most things in life have both positive and negative sides, and our actions should be – though not always – based on the fact that […]...

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Posted Under: Custom Duty |

Buy Back of Shares/Securities under Companies Act & SEBI Regulations

Buy Back of Shares/Securities As Per Companies Act And SEBI Regulations (Buy Back of Securities) 2018  Statutory Provisions of Buy-Back of Shares as Per Companies Act 2013 and SEBI Act SEBI Regulations (Buy Back of Securities) 2018 Criteria Tender Offer Stock Market Book-Building Meaning Buy-back by a Letter of Offer to shareholders @ Fi...

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Posted Under: Custom Duty |

SC: Exclude Period from 15.03.2020 to 14.03.2021 in computing Limitation Period

[Suo motu Writ Petition (Civil) No. 3 of 2020, In Re: Cognizance for Extension of Limitation] The Supreme Court on 08th March, 2021 decided to end the extended limitation period granted to litigants for filing appeals. A Bench led by Chief Justice of India (CJI) S.A. Bobde, on March 23 last year, invoked its extraordinary […]...

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Posted Under: Custom Duty |

IAMAI Urge Government against ban on Cryptocurrency & to build consensus 

IAMAI today appealed to the Government of India not to ban cryptocurrency, proposing to develop robust mechanisms to regulate the ecosystem. Cryptocurrency has been generating jobs across a variety of functions — legal, compliance, tech, marketing, business development, finance, etc. — in India and abroad. Given the scale and diversit...

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Posted Under: Custom Duty |

GST applicable on Sinking Fund collecting by Residential Society from Members

In re Olety Landmark Apartment Owner's Association (GST AAR Karnataka)

In re Olety Landmark Apartment Owner’s Association (GST AAR Karnataka) Whether the Applicant is liable to pay GST on amounts which it collects from its members for setting up the ‘Sinking Fund’/Corpus Fund? The amounts collected by the applicant towards Sinking Fund amount to advances meant for future supply of services ...

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