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Archive: 27 May 2021

Posts in 27 May 2021

DGFT notifies Fees of Rs. 200 for CoO (Non Preferential) | Appendix–2 E

May 27, 2021 2313 Views 0 comment Print

Fees under Para 2.108 (c) (iv) of Handbook of Procedure, 2015-20 is revised from existing Fee not exceeding Rs.200/- per certificate as may be prescribed by concerned agency to Fee of Rs.200/-  per certificate.

Formation of new district in State of Karnataka – Assignment of Lead Bank Responsibility

May 27, 2021 675 Views 0 comment Print

The Government of Karnataka vide Gazette Notification No.RD/04/LRD/2019 dated February 08, 2021 had notified the formation of a new district in the State of Karnataka. It has been decided to assign the lead bank responsibility of the new district as under:

RBI Guidelines on Statutory Central Auditors for banking

May 27, 2021 2985 Views 0 comment Print

If you have not read the latest and hotly discussed RBI guidelines on appointment of Statutory Central Auditors (SCAS)/Statutory Auditors of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs) dated April 27, 2021, let me reproduce the same below for ready reference from RBI website. Let us discuss the above guidelines in the light of […]

Draft Chartered Accountants (Amendment) Regulations, 2021

May 27, 2021 4569 Views 0 comment Print

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

Anti-Dumping Investigation concerning imports of “Soda Ash”

May 27, 2021 1644 Views 0 comment Print

Case No. (OI – 05/2021) Initiation of Anti-Dumping Original Investigation concerning imports of Soda Ash from United Arab Emirates (UAE) and Russia.

Limitation period for filing a suit for malicious prosecution against customs authorities

May 27, 2021 7122 Views 0 comment Print

The suit for malicious prosecution having been filed on 11th April 2008 which was within the period of one year, was therefore well within the limitation prescribed under The Limitation Act, 1963. Hence, the suit was well within limitation, as the period of limitation under Section 3 and Section 12 of the Limitation Act, 1962, r/w Entry 74 of the Schedule of the Limitation Act, would have ended only on 12th April 2008, which was one day after the date when the suit for malicious prosecution was presented by the Plaintiff/Respondent.

IGST refund stuck due to clerical errors in GST Return- HC issues Notice

May 27, 2021 2664 Views 0 comment Print

Syschem India Limited Vs Union of India & Ors (Delhi High Court) 1. Hon’ble Delhi High Court issued notice in a writ petition seeking direction to revenue for processing of IGST refund on account of export of goods alongside seeking direction to revenue for payment of due interest from the date of shipping bill. 2. […]

HC grants Interim Bail to Person accused of wrongful ITC availment

May 27, 2021 684 Views 0 comment Print

Seema Jain Vs Joint Commissioner Central Goods And Service Tax Ludhiana (Punjab & Haryana High Court) FULL TEXT OF THE JUDGMENT/ORDER OF PUNJAB AND HARYANA HIGH COURT Prayer in this petition is for grant of anticipatory bail to the petitioner for offences under Section 132 (1) (b) & (c) punishable under Section 132 (1) (i) […]

No disallowance without depicting how salary to specified persons was excessive

May 27, 2021 3192 Views 0 comment Print

Manav Mangal Society Vs DCIT (ITAT Chandigarh) Conclusion: Since the specified persons possessed the requisite qualifications and rendered the services, therefore, it cannot be held that payment of salary to the specified persons was unreasonable particularly when no comparable case was cited by AO. Therefore, the exemption could not be denied under section 13(1)(c). Held:  […]

No penalty could be levied u/s 271(1)(c) without specifying the limb of provision

May 27, 2021 10002 Views 0 comment Print

Notice issued by AO was bad in law since it did not specify under which limb of section 271(1)(c), the penalty proceedings had been initiated i.e. whether for concealment of income or for furnishing of inaccurate particular of income and merely because AO had treated the business loss claimed by assessee as speculation loss, the same could not tantamount to concealment of income warranting levy of penalty u/s 271(1)(c).

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