"22 March 2021" Archive - Page 3

Circulars amending FTP 2015-20 provisions ultra vires FTP 2015-20

Atlantic Shipping Private Limited. Vs Union of India (Bombay High Court)

Atlantic Shipping Private Limited. Vs Union of India (Bombay High Court) High Court Held that DGFT Policy Circular Nos. 06/2018 dated 22.05.2018 and 08/2018 dated 21.06.2018 in so far as they seek to add and amend the provisions of the FTP 2015-20 by inserting additional conditions to curtail the rights / benefits claimed by the […...

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Clarification on valuation of bonds issued under Basel III framework

Circular No. SEBI/HO/IMD/DF4/CIR/P/2021/034 22/03/2021

Based on the representation of the Mutual Fund Industry to consider a glide path for implementation of the policy and request of other stakeholders, it has been decided that the deemed residual maturity for the purpose of valuation of existing as well as new bonds issued under Basel III framework shall be as below:...

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No bail to accused of GST evasion of Rs. 12.82 Cr

CGST Vs. Sanyam Mittal (Patiala House Court)

CGST Vs. Sanyam Mittal (Patiala House Court) On behalf of the department, It is submitted that accused availed fraudulent ITC of Rs. 12.82,05,579/- from various bogus firms and he accepted his fraud in his statement under section 70 of CGST Act on 06.03.2020 and also on 08.09.2020 where he confirmed that he purchased goodsless invoices [&...

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Posted Under: DGFT | |

Section 54 deduction cannot be denied for claiming under Section 54F

Satish S. Prabhu Vs ACIT (ITAT Mumbai)

If that is the case, the deduction claimed by the assessee should have been allowed under the correct provision. Merely because the assessee has claimed deduction under section 54F of the Act, by treating the flat as a commercial property, assessee’s claim of deduction under section 54 of the Act cannot be disallowed if the assessee ful...

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Staff Recruitment Expenses exclusively for the business are allowable

DCIT Vs EIH Associated Hotels Ltd. (ITAT Kolkata)

DCIT Vs EIH Associated Hotels Ltd. (ITAT Kolkata) It is noted that the staff recruitment expenses were incurred only exclusive for the purpose of business and hence allowable expenditure. We note that the expenses on account of employees’ relation expenses to the tune of Rs. 3,78,242/- was incurred for efficient functioning of the busin...

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Incomprehensible Orders do dis-service to the cause of ensuring accessible & understandable justice to citizens: SC

State Bank of India & Anr. Vs Ajay Kumar Sood (Supreme Court of India)

State Bank of India & Anr. Vs Ajay Kumar Sood (Supreme Court) The reasons set out in the judgment of the Division Bench of the High Court dated 27 November 2020 dismissing the petition filed by the petitioners under Article 226 of the Constitution, span over eighteen pages but are incomprehensible. We are constrained to […]...

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‘Cut-copy-paste’ function by a Judge should not become a substitute for substantive reasoning

Union Public Service Commission Vs Bibhu Prasad Sarangi and others (Supreme Court of India)

Union Public Service Commission Vs Bibhu Prasad Sarangi and others (Supreme Court) Cutting, copying and pasting from the judgment of the Tribunal, which is placed in issue before the High Court, may add to the volume of the judgment. The size of judicial output does not necessarily correlate to a reasoned analysis of the core […]...

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Order passed under one enactment cannot be basis for levying tax under another enactment with different Tax Levy Points

State Of Karnataka Vs Deccan Mining Syndicate Pvt. Ltd. (Karnataka High Court)

State Of Karnataka Vs Deccan Mining Syndicate Pvt. Ltd. (Karnataka High Court) The prescribed authority in order dated 31.03.2016 accepted the books of accounts in entirety, which was produced by the respondent. The prescribed authority before passing the order dated 31.03.2016 has not conducted any independent enquiry and has not noted a...

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5 Benefits of an exclusive loan for chartered accountants

Today, many lenders offer exclusive loans for chartered accountants, which consider their financial standing and unique needs. The features of a CA loan include a high sanction, a long repayment tenor, and quick disbursal. They align themselves well with business goals such as expansion, software integration, upskilling, and recruitment, ...

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Posted Under: DGFT | ,

ICAI Guidance Note on Audit of Banks (2021 Edition)

Your comments on this Exposure Draft -Guidance Note on Audit of Banks (2018 Edition) should reach us by January 13, 2018. Comments are most helpful if they indicate the specific paragraph(s) to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording. The comments should be sent to:...

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Posted Under: DGFT |

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