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Archive: 26 August 2021

Posts in 26 August 2021

Request for feedback-Minimising Regulatory Compliances in respect of Pharma Industry

August 26, 2021 459 Views 0 comment Print

Development Commissioners are requested that any laboratory or institution which have been accredited for Good Manufacturing Practice (GMP) and Good Laboratory Practice (GLP) may be accepted as recognized laboratory or institution for quality testing or research and development under Rule 50(3) and their certificate may be accepted as required in Proviso to Rule 50(3) of SEZ Rules, 2006.

Increase of Entry Age up to 70 Years under NPS

August 26, 2021 1272 Views 1 comment Print

It has been decided to increase the entry age of NPS in the interest of Subscribers and benefit them with the opportunity of creating a long term sustainable pension wealth. The existing age of entry which is 18-65 years has been revised to 18-70 years.

SEBI: Modalities for implementation of framework for Accredited Investors

August 26, 2021 789 Views 0 comment Print

Under the framework for Accredited Investors , AIs may avail flexibility in minimum investment amount (Lower ticket size) or concessions from specific regulatory requirements applicable to investment products, subject to conditions applicable for specific products/ services under the aforesaid Regulations.

ICSI denies news of declaration of results on 25th August 2021

August 26, 2021 942 Views 0 comment Print

Please avoid all fake news of declaration of results on 25th August, 2021.ICSI will announce the date of result of CS Executive & Professional Examinations, held in August, 2021. Screenshot of ICSI  tweet on 25.08.2021

Match Your Books ITC With GSTR 2B ITC (Matching Concept Explained)

August 26, 2021 21297 Views 1 comment Print

All GST Taxpayers getting difficult to match their Book ITC with GSTR 2B ITC. Because GSTR-2B contains ITC is not only Related to current month ITC. It may be related to Earlier Months ITC due to their suppliers is filed GST Returns after the due date. Here is the Simple Equation for Matching your Book ITC with GSTR 2B ITC. […]

No anticipatory bail to economic offenders with huge proceed of crime

August 26, 2021 8136 Views 0 comment Print

Anticipatory bail was denied to the sleeping Director who was accused in the National Rural Health Mission Scheme Scam as in socio-economic offences proceed of crimes were larger and further, offenders were economically sound, therefore, in releasing them on bail/anticipatory bail probability of abscondance not within country but beyond country was more probable.

Penalty justified for not fulfilling responsibility of KYC on Customs Broker

August 26, 2021 2343 Views 0 comment Print

Manoj Gadhiya Vs C.C. (CESTAT Ahmedabad) It is apparent that the appellant was fully aware about the fictitious nature of the importers as the documents were being fabricated with his knowledge. He also admitted that he had never met the importer but solely relied on the documents submitted by High Sea Seller. His defense seems […]

Reference to TPO invalid if AO not satisfied about income arising and/or being affected on determination of ALP

August 26, 2021 3267 Views 0 comment Print

Hitachi Hi Rel Power Electronics Pvt. Ltd. Vs DCIT (Gujarat High Court) A.O. could be said to have overlooked or rather ignored the jurisdictional requirement of a satisfaction in accordance with para 3.4 of the instruction No.3 of 2016 referred to above that there ought to be an income or potential of an income arising […]

Restriction on filing of GSTR-1/IFF for default in filing of GSTR-3B

August 26, 2021 15321 Views 0 comment Print

From 01/09/2021 Registered person shall not be allowed to furnish FORM GSTR-1/IFF If he has not furnished FORM GSTR-3B for preceding 2 months (Non QRMP) OR If he has not furnished FORM GSTR-3B for preceding quarter (QRMP). Implementation of Rule-59(6) on GST Portal Date : 26th August 2021 1. Rule-59(6) of CGST Rules, 2017; inserted […]

Doctrine of Impossibility – A Tool of Defense in Taxation Matters

August 26, 2021 44031 Views 6 comments Print

The doctrine of ‘Lex non Cogit Ad impossibilia’ is an age-old maxim used globally as a measure of defense in various legal matters. In our Country also various judicial forum has appreciated this maxim from time to time and provided relief. Of late, this concept has been used extensively in the taxation matters as well. […]

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