The Reserve Bank of India has issued revised formats of Long Form Audit Report (LFAR) for banks and their branches vide its circular dated September 5, 2020 which are applicable for audits for financial year 2020-21 and onwards. Revised formats of LFAR contain several significant changes and several new reporting requirements vis-à-vis earlier formats of […]
Recon Steel & Power Private Ltd. Vs Principal Commissioner, Central Tax, Central Excise & Customs (CESTAT Delhi) Since the sole challenge to the order is its reliance upon third party evidence, it is necessary to check the evidentiary value of the third party The relevant case law in the case of Bajrangbali Ingots & Steel […]
Nipun Singhvi Son Vs State of Rajasthan (Rajasthan High Court) FULL TEXT OF THE JUDGMENT/ORDER OF RAJASTHAN HIGH COURT 1. This writ application has been filed seeking directions to respondent State alleging inaction by the respondent State in constituting and establishing the Rajasthan Real Estate Appellate Tribunal, Jaipur under Section 43 of the Real Estate […]
As part of IT Revamp of its exporter/importer related services, this Directorate now introduces a new online module for filing of electronic, paperless applications for import authorizations with effect from 22.03.2021. All applicants seeking import authorization for restricted items may apply online by navigating to the DGFT website (https://www.dgft.gov.in) > Services — > Import Management Systems — > License for Restricted imports.
Ashish Mittal Vs DCIT (ITAT Delhi) The Ld. AR submitted that the Assessing Officer has not contemplated the proper penalty notice as per the provisions of Section 271AAB. The Assessing Officer was not correct in imposing the penalty u/s 27 1AAB as the assessee has surrendered the income and also paid taxes accordingly The insertion […]
Jigar Cars Pvt. Ltd. Vs Union of India (Gujarat High Court) The respondents are directed to either open an online portal so as to enable the writ-applicants to again file a rectified Form GST TRAN-2 electronically, for the month of July 2017 as well as the Form GST TRAN-2 for the subsequent months from August […]
Rajkamal Builder Infrastructure Private Limited Vs Union of India (Gujarat High Court) Plain reading of the Rule 142(1)(a) indicates that Form GST DRC 01 can be served by the proper officer along with the notice issued under Section 52 or Section 73 or Section 74 or Section 76 or Section 122 or Section 123 or […]
There have been so many instances of large scale frauds in GST through fictitious billing, bogus registrations etc. e-Invoicing will play a major role in restricting these frauds to a great extent. e-invoicing has been initiated with effect from 1st October, 2020 (For Aggregate turnover exceeding 500 crores). Later on it was made compulsory for […]
Sonam Berlia Vs State of Odisha and others (Orissa High Court) FULL TEXT OF THE JUDGMENT/ORDER OF ORISSA HIGH COURT 1. The present petition is by the proprietor of M/s. Arshee Venture which is engaged in trading of iron and scraps and has been assigned with GSTIN number. 2. It is stated that the Petitioner’s […]
All SEBI registered entities including MIIs (which use bulk SMS for providing their services to the investors) are advised to ensure strict compliance with the Telecom Regulatory Authority of India’s (TRAI) Telecom Commercial Communications Customer Preference Regulations, 2018 (TCCCP Regulations). Non-compliance with the provisions of said regulations may result in disruption of delivery of their messages to the investors.
