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Archive: 23 July 2021

Posts in 23 July 2021

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

July 23, 2021 2565 Views 0 comment Print

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.

Pre-Show Cause Notice consultation mandatory before issuance of SCN

July 23, 2021 10446 Views 0 comment Print

Further, stated that illusionary pre-show cause consultation notice is not only arbitrary, but is in utter disregard and in contravention of the very object and purpose of the above Master Circular.

26 Issues in New Income Tax Portal

July 23, 2021 76152 Views 112 comments Print

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 SS/MTPA/IT representation 21-22/0721 Dated: 14th July 2021 To, Shri. Narendraji Modi, Prime […]

Refund cannot be denied on account of procedural lapse

July 23, 2021 5841 Views 0 comment Print

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.

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

July 23, 2021 1992 Views 0 comment Print

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 […]

Timelines related to processing of scheme related applications filed by AMCs

July 23, 2021 423 Views 0 comment Print

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:

Holding of AGM by top 100 listed entities by market capitalization

July 23, 2021 9558 Views 0 comment Print

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.

Nomination for Eligible Trading and Demat Accounts

July 23, 2021 2205 Views 0 comment Print

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;

Customs Brokers Licensing (Amendment) Regulations, 2021

July 23, 2021 3498 Views 0 comment Print

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 Commissioner of Customs or Commissioner of Customs who has issued the license, as the case may be.

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

July 23, 2021 879 Views 0 comment Print

(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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