"01 September 2021" Archive

HC Quashes Appointment by SEBI of Grant Thornton As Forensic Auditor of A Company

Animish Pradip Raje Vs SEBI (Telangana High Court)

Animish Pradip Raje Vs SEBI (Telangana High Court) The present petition has been filed challenging the order dated 20.10.2020, passed by SEBI, appointing Grant Thornton Bharat LLP (GTB) as a Forensic Auditor in respect of the financial statements of the Prabhat Dairy Limited for the Financial Years 2018-19 and 2019-20 on the ground of con...

IRDAI penalises Saferisk Insurance Brokers for Solicitation by other than BQP

Ref. No: IRDA/ENF/ORD/ONS/238/08/2021 01/09/2021

The Broker started his business during FY 2015-16 and the premium business is more than 10 crores during the FYs 2015-16, 2016-17 and 2018-19 and as per IRDAI (Insurance Brokers) Regulations, 2013 it is mandatory for an insurance broker to have a designated compliance officer if their business in a financial year is more than Rs 10 crores...

Customs Interest cannot be waived unless such provision provided in Customs Act

Pomsy Food Products (P) Ltd Vs Union of India (Kerala High Court)

Pomsy Food Products (P) Ltd Vs Union of India (Kerala High Court) High Court held that Interest under the Customs Act is statutory. There can be no waiver of such interest unless such waiver is provided for in the provisions of the Customs Act itself. FULL TEXT OF THE JUDGMENT/ORDER OF KERALA HIGH COURT The petitioner […]...

RoDTEP Scheme- Exporters In India to Note

Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme This is one such reform, based on the globally accepted principle that taxes and duties should not be exported, and taxes and levies borne on the exported products should be either exempted or remitted to exporters. The government had decided to discontinue MEIS–its ...

Posted Under: CA, CS, CMA |

Revised guidelines for Liquidity Enhancement Scheme in Equity Cash & Derivatives Segments

Circular No. SEBI/HO/MRD/DSA/CIR/P/2021/623  01/09/2021

Stock exchanges are directed to: 4.1. take necessary steps and put in place necessary systems for implementation of the above.4.2. make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision. 4.3. bring the provisions of this circular to the notice of the stock brokers/ trading me...

RTI reveals CPC not maintains Statistical data of refunds, Grievances & ITR Processing

Smt. Julie has made an RTI to CPC of Income Tax Department and requested details of The number of pending refunds exceeding 90 lakhs, How much ITR not yet processed, How much time it will take to process the ITRs and issue the refunds and How much Grievances in relation to pending refunds which are […]...

Posted Under: CA, CS, CMA |

Tax Compliance & Statutory due dates for the month of September, 2021

It is crucial for every business, irrespective of the business structure to adhere to the statutory compliance and complete all the necessary filings before the due dates. It is important to stay compliant with enormous compliance falling in the year for businesses and entrepreneurs. The Government and concerned Government Departments suc...

Posted Under: CA, CS, CMA |

Bluetooth module classifiable under CTH 8517 62 90

Minda D-Ten Private Limited Vs Commissioner of Customs (Import) (CESTAT Delhi)

Minda D-Ten Private Limited Vs Commissioner of Customs (Import) (CESTAT Delhi) The Bluetooth module receives radio frequency analog signals from other devices (like mobile phone), converts the radio frequency analog signals into digital signals and thereafter transmits the signals back to the Bluetooth module of mobile phone (in radio fre...

No cenvat reversal for loss of inputs/packing material in fire

Cipy Polyurethanes Pvt. Ltd. Vs Commissioner of Central Excise (CESTAT Mumbai)

Cipy Polyurethanes Pvt. Ltd. Vs Commissioner of Central Excise (CESTAT Mumbai) The decision of Hon’ble Apex Court in the case of BPL Display Devices Ltd [2004 (174) ELT 5 (SC)] clearly lays down that once the goods are procured for an intended use, then the benefit available and availed by them should not be denied […]...

Cenvat credit Eligible on in-warranty maintenance services even after 1.4.2011

Case New Holland Construction Equipment (I) Pvt. Ltd. Vs Commissioner of Central Excise (CESTAT Delhi)

Case New Holland Construction Equipment (I) Pvt. Ltd. Vs Commissioner of Central Excise (CESTAT Delhi) ‘Input service’ either prior to 01.04.2011 or w.e.f. 01.04.2011 means any service used by the manufacturer, whether directly or indirectly, or in relation to the manufacture of final products. The appellant is under an obligation to ...

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