"21 May 2021" Archive

Royalty paid as per Govt/RBI approval will be treated as at arm’s length

Dow Agrosciences India Private Limited Vs ACIT (ITAT Mumbai)

Dow Agrosciences India Private Limited Vs ACIT (ITAT Mumbai) We shall now deal with the observation of the TPO/DRP that the approval provided by the RBI would not constitute a valid CUP data, since the RBI does not take into account the transfer pricing provisions to determine the appropriate rates which can be considered as […]...

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Commentary on Section 269ST of Income Tax Act, 1961

Section 269ST was introduced through Finance Act 2017. The main purpose to bring this section was to curb the unaccounted money circulating in the country. To achieve the mission of the Government to move towards a less cash economy, to reduce the generation and circulation of black money, this section came into legislation. The Section [...

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Posted Under: Income Tax |

India’s Growth projected at 10.1% in 2022

It is a widely held view that every crisis also presents an opportunity. Given the prevalence of inequality in Indian economy, the implementation of a fiscal stimulus across sectors will not only lift the economy out of the woods, but also address some of the existing distortions in income and wealth distribution. The United Nations, [&he...

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Posted Under: Income Tax |

SC Upholds IBC provisions on insolvency of Personal Guarantors

Lalit Kumar Jain Vs Union of India (Supreme Court of India)

Lalit Kumar Jain Vs Union of India (Supreme Court) 1. Supreme Court on Friday upheld provisions of the Insolvency and Bankruptcy Code (IBC) allowing lenders to pursue insolvency proceedings against promoter guarantors of companies facing Corporate Insolvency Resolution Process. 2. A bench of Justices L Nageswara Rao and Ravindra Bhat deli...

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Stop the Transmission, Crush the Covid 19 Pandemic

Stop the Transmission, Crush the Pandemic. Masks, distance, sanitation and ventilation to prevent the spread of SARS-CoV-2 virus. Understanding SARS-CoV-2 Transmission The SARS-CoV-2, is a highly pathogenic human coronavirus (HCoV), which has caused the global pandemic with alarming morbidity and mortality. The virus spreads from human to...

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Posted Under: Income Tax |

Seamless Flow of Input Tax Credit in letter and Seamless Block of Input Tax Credit in Practice

Seamless Flow of Input Tax Credit (ITC) in letter and Seamless Block of Input Tax Credit in Practice The Executive Summary (Report of Task Force on Implementation of GST dated 30th December 2009, paragraph 2.16 reads as follows: vii. The Computation of the CGST and SGST liability should be based on the invoice credit method i.e., [&helli...

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Posted Under: Income Tax |

Relaxation in timeline for compliance with various payment system requirements

RBI/2021-22/41 CO.DPSS.POLC.No.S-106/02-14-003/2021-2022 21/05/2021

Keeping in view the resurgence of the COVID-19 pandemic and the representations received from various bank and non-bank entities, it has been decided to extend the timeline prescribed for compliance in respect of a few areas detailed in the Annexure....

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GST Saga on Health Care Services- Scope of composite supply of health care services

Introduction Good health and good sense are two of life’s greatest blessings. The Indian Healthcare Industry is the largest producer for generics and now among of the major sectors with respect to revenue and to employment. The Pharma and Healthcare Industry has grown significantly and enjoys an important position in the global pharmace...

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Posted Under: Income Tax |

Plea seeking Revision in SOP for filing Appeal with NCLAT

Nitya Sharma Vs NCLAT (Delhi High Court)

Nitya Sharma Vs NCLAT (Delhi High Court) The Delhi High Court on Thursday issued notice in a plea seeking directions on the National Company Law Appellate Tribunal (NCLAT Principal Bench at Delhi) to modify its SOP dated January 3, 2021 by allowing only electronic filing in view of the prevalent situation amid second Covid wave. Also [&h...

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Customs Act, 1962 cannot be extended beyond India

Seville Products Ltd. Vs Commissioner of Customs (CESTAT Chandigarh)

Seville Products Ltd. Vs Commissioner of Customs, Ludhiana (CESTAT Chandigarh) Section 1, sub section (2) of the Customs Act, 1962 admittedly is having jurisdiction in only within whole of India and its territories and cannot be extended beyond India and the appellant is located outside of India, therefore, no penalty can be imposed on th...

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