Now, we examine three situations. All arising out of manipulative interpretation but then there is God, as you will see it. The first is a case, where the exporter effected exports under the erstwhile Central Ex. regime under the rebate & discharged duty liability on the CIF value of exports as the contract with the foreign buyer states v...
In a very important communication to Shri Piyush Goyal today Confederation of All India Traders (CAIT) has urged the Govt to take immediate cognisance of the sensational news regarding Amazon’s admission of bribery to Govt officials. CAIT demanded a thorough CBI probe & suspension of Amazon’s portal. Confederation of All India ...
Notification No. 114/2021-Income Tax [S.O. 3881(E)] -
20/09/2021
CBDT notifies pension fund, namely, ‘BCI IRR India Holdings Inc.’ under sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 in respect of the eligible investment made by it in India on or after 20th September, 2021 but on or before the 31st day […]...
Case No. AD (OI)–35/2020 -
20/09/2021
Case No. AD (OI)–35/2020 Anti-dumping investigation concerning imports of ―Untreated Fumed Silica originating in and exported from China PR and Korea RP....
Notification No. 115/2021-Income Tax [S.O. 3882(E)] -
20/09/2021
Vide Notification No. 1115/2021-Income Tax | Dated: 20th September, 2021 CBDT notifies Tax Exemption to ‘Gujarat Electricity Regulatory Commission’. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 115/2021-Income Tax | Dated: 20th September, 2021 S.O. 3882(E).—In exercise of the...
SOTC Travels Services Pvt. Ltd. Vs Principal Commissioner of Central Excise, Delhi-I (CESTAT Delhi) -
Assessee was able to correlate the invoices with the undertakings and satisfied the substantial conditions set out in the Exemption Notifications. The extended period of limitation could not be invoked in absence of suppression or collusion with an intent to evade payment of duty. Accordingly, the order was set-aside by which the dema...
DCIT Vs C. Gangadhara Murthy (ITAT Bangalore) -
Penalty proceedings under section 271D or 271E were independent proceedings and had nothing to do with assessment proceedings or its outcome. Therefore, CIT(A) was not justified in cancelling the orders imposing penalty on the ground that the assessment proceedings, during the course of which, penalty u/s.271D and 271E were initiated had ...
Tax Bar Association Vs Union of India (Gauhati High Court) -
The writ petition filed by the tax Bar Association before the Gauhati High Court seeking a direction from the respondent authorities to restore the old income tax portal immediately due to non functioning to the new income tax portal system (Income Tax Portal 2.0) inasmuch as the genuine tax payer who are interested in paying due taxes an...
Circular No. 286/IFSCA/CMD-DMIIT/PM-MII/2021/1 -
20/09/2021
Application for recognition of a stock exchange under regulation 5/ Application for renewal of recognition of a stock exchange under regulation 12 of the International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021....
Incorporation of Foreign Subsidiary in India Whenever a person wants to incorporate a foreign subsidiary or wholly owned subsidiary in India, there would be few questions that would come in our mind. In this article, I would like to clear such doubts in best possible manner. Step by step involved in Foreign Subsidiary Company Incorporatio...