"23 July 2021" Archive

HC’s judgment to prevail over CBIC Circular in case of contrary views

C.C.E. & S.T. Vs Palak Designer Diamond Jewellery (CESTAT Ahmedabad)

It is the settled law that when both board’s circular and the judgment of Court of law is prevailing and the judgment has contrary view than to the board circular in such case the Court’s judgment will prevail over the board circular....

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26 Issues in New Income Tax Portal

Maharashtra Tax Practitioners’ Association has made a representation  to Shri. Narendraji Modi, Prime Minister of India and brought to his attention issues faced by Taxpayer & Professionals on New Income Tax Portal www.incometaxindia.gov.in. Text of their representation is as follows:- Maharashtra Tax Practitioners’ Association S...

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Posted Under: Excise Duty | ,

Refund cannot be denied on account of procedural lapse

Origin Learning Solutions Pvt. Ltd. v. Commissioner of Service Tax (CESTAT Chennai)

Appellant availed credit on the Service tax paid and applied for refund under Rule 5 of the CENVAT Credit Rules, 2004 (CENVAT Credit Rules) for the period July, 2013 to September, 2013....

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Difference of opinion on Taxability of Renting of Immovable Property Services –Advance Ruling Modified

In one of the Advance Rulings for exemption in taxability of renting of immovable services, there was a difference of opinion between members. However, as per section 101 of CGST Act, 2017, the Appellate Authority modified the ruling. In this case, the applicant (NDDB) was a statutory body formed under the NDDB Act. Besides providing [&he...

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Posted Under: Excise Duty |

Timelines related to processing of scheme related applications filed by AMCs

Circulars No. SEBI/HO/IMD/IMD-II DOF3/P/CIR/2021/603 23/07/2021

The application filed by AMCs for the following matters may be deemed to be taken on record in case no modifications are suggested or no queries are raised by SEBI within 21 working days:...

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Holding of AGM by top 100 listed entities by market capitalization

Circular No. SEBI/HO/CFD/CMD1/P/CIR/2021/602 23/07/2021

After consideration, it has been decided to extend the timeline for conduct of AGM by top-100 listed entities by market capitalization. Accordingly, such entities shall hold their AGM within a period of six months from the date of closing of the financial year for 2020-21....

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Nomination for Eligible Trading and Demat Accounts

Circular No. SEBI/HO/MIRSD/RTAMB/CIR/P/2021/601 23/07/2021

Investors opening new trading and or demat account(s) on or after October 01, 2021, shall have the choice of providing nomination or opting out nomination, as follows;...

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Customs Brokers Licensing (Amendment) Regulations, 2021

Notification No. 62/2021-Customs (N.T.) 23/07/2021

8A. Surrender of License. - (1) A licensee may surrender the license granted under Customs House Agents Licensing Regulations, 1984, the Customs House Agents Licensing Regulations, 2004, the Customs Brokers Licensing Regulations, 2013 or the Customs Brokers Licensing Regulations, 2018 through a written request to the Principal Commissione...

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Sea Cargo Manifest and Transhipment (Fifth Amendment) Regulations, 2021.

Notification No. 61/2021-Customs (N.T.) 23/07/2021

(1) An authorised carrier may surrender his registration issued under regulation 3 through a written request to the Jurisdictional Commissioner of Customs. (2) On receipt of the request under sub-regulation (1), the Jurisdictional Commissioner of Customs may revoke the registration, if, -...

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CBIC relaxes Customs Brokers Licensing Regulations

Circular No. 17/2021-Customs 23/07/2021

CBIC has decided to abolish renewals of Licence/Registration in Customs Brokers Licensing Regulations, 2021 and Sea Cargo Manifest and Transhipment Regulations, 2018 incorporating the following changes: a. To provide lifetime validity of the licenses/registrations; b. To enable provision for making the licenses/registrations invalid in c...

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