"29 March 2021" Archive

Clarifications on legislative changes in Section 46 of Customs Act, 1962

Circular No. 08/2021-Customs 29/03/2021

Reference is invited to the amendments in Section 46 of the Customs Act, 1962 introduced through the Finance Act, 2021.These changes facilitate pre-arrival processing and assessment of Bills of Entry (BE) by mandating their advance filing thus leading to significant decrease in the Customs clearance time. The amended Section 46 requires a...

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Section 7 IBC- Action can be taken against Corporate Guarantor for Loan to Non-Corporate principal borrower: SC

Laxmi Pat Surana Vs Union Bank of India (Supreme Court of India)

Laxmi Pat Surana Vs Union Bank of India (Supreme Court) The fact that the principal borrower had availed of credit/loan and committed default and that the (corporate) guarantor/corporate debtor had offered guarantee in respect of the loan account is not disputed. What is urged by the appellant is that the acknowledgment of liability to pa...

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Karnataka Karasamadhana scheme 2021

Order No. FD 49 CSI 2021 29/03/2021

Karnataka Karasamadhana scheme 2021 has been notified towards waiver of penalty and interest of arrears under all pre GST State Acts. Online application will be available shortly on website http://gst.kar.nic.in. PROCEEDINGS OF THE GOVERNMENT OF KARNATAKA FINANCE SECRETARIAT Sub: Karasamadhana Scheme, 2021- reg. READ: Para No. 344of the B...

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CBIC notifies amendment for self approval | Section 149 | Customs Act, 1962

Notification No. 36/2021-Customs (N.T.) [S.O. 1402(E).] 29/03/2021

CBIC hereby specifies the following amendments in the bill of entry presented under the second proviso to the sub-section (3) of section 46 of the said Act, which may be done by the importer on the common portal:-...

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Bill of Entry (Forms) Amendment Regulations, 2021

Notification No. 35/2021-Customs (N.T.) [G.S.R. 219(E)] 29/03/2021

(1) These regulations may be called the Bill of Entry (Forms) Amendment Regulations, 2021.(2) They shall come into force on the date of their publication in the Official Gazette....

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Bill of Entry (Electronic Integrated Declaration and Paperless Processing) Amendment Regulations, 2021

Notification No. 34/2021-Customs (N.T.) [G.S.R. 218(E)] 29/03/2021

(1) These regulations may be called the Bill of Entry (Electronic Integrated Declaration and Paperless Processing) Amendment Regulations, 2021. (2) They shall come into force on the date of their publication in the Official Gazette....

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CBIC notifies Common Customs Electronic Portal

Notification No. 33/2021-Customs (N.T.) [G.S.R. 217(E)] 29/03/2021

CBIC hereby notifies the common portal accessible through uniform resource locator (URL) https://www.icegate.gov.in as the Common Customs Electronic Portal for facilitating registration, filing of bills of entry, shipping bills, other documents and forms prescribed under the said Act or under any other law for the time being in force...

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Filing of Advance Bill of Entry under Section 46 of Customs Act, 1962

Public Notice No. 30/2021-JNCH 29/03/2021

Reference is also invited to legislative changes in Section 46 of the Customs Act, 1962 introduced through the Finance Act, 2021 and the Board Circular No. 08/2021-Customs dated 29.03.2021 conveyed vide Public Notice No. 29/2021 dated 29.03.2021 and Board Instruction No. 05/2021-Cutoms dated 24.03.2021 conveyed vide Public Notice No. 25/2...

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Few changes in Customs & GST to come into effect shortly: CBIC Chairman

Notification No. D.O.No.60/CH(IC)/2020 29/03/2021

A few changes on the Customs and GST side are to come into effect shortly on the dates indicated in the Finance Act 2021 (no 13 of 2021) and in some others are independently slated to begin from lst of April, 2021. They have been publicized through our social media handles. However, field formations and DGTS should sensitize and hand hold...

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No reassessment on basis of wrong, incorrect & non-existing reasons

Karan Khurana Vs ITO (ITAT Delhi)

AO had recorded wrong, incorrect and non-existing reasons for reopening of the assessment. It made clear that there was a total non-application of mind on the part of AO while recording the reasons for reopening of the assessment.  The reasons failed to demonstrate the live link between the alleged tangible material and the formation of ...

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