The Sovereign Gold Bonds (henceforth referred to as bonds) are issued by Government of India (GOI) as Government of India Stock in accordance with Section 3 of the Government Securities Act, 2006 (GS Act 2006). The eligibility condition and other terms and condition are specified in the relevant notifications of Government of India issued from time to time.
Issuance of calendar for Sovereign Gold Bond Scheme 2021-22 The Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bonds. The Sovereign Gold Bonds will be issued in four tranches from October 2021 to March 2022 as per the calendar specified below: S.No. Tranche Date of Subscription […]
V Nagarajan Vs SKS Ispat and Power Ltd.& Ors. (Supreme Court of India) When will the clock for calculating the limitation period run for proceedings under the IBC? The Insolvency and Bankruptcy Code 2016 (‘IBC’) envisages a comprehensive dispute resolution process in Chapter VI. The NCLT is the empowered ‘Adjudicating Authority’ under Section 60 of […]
Notification No. 63/2021-Customs (ADD) – Seeks to rescind Notification No. 24/2021-Customs(ADD) dated 26th April, 2021, to remove levy of ADD on Polytetrafluoroethylene originating in or imported from Korea RP. MINISTRY OF FINANCE (Department of Revenue) New Delhi, the 22nd October, 2021 Notification No. 63/2021-Customs (ADD) G.S.R. 754(E).—In exercise of the powers conferred by sub-sections (1) […]
Notification No. 62/2021-Customs (ADD) – Seeks to rescind Notification No. 23/2016-Customs(ADD) dated 6th June, 2016, to remove levy of ADD on Polytetrafluoroethylene originating in or imported from Russia. MINISTRY OF FINANCE (Department of Revenue) New Delhi, the 22nd October, 2021 Notification No. 62/2021-Customs (ADD) G.S.R. 753(E).—In exercise of the powers conferred by sub-sections (1) and […]
Seeks to amend notification No. 96/2008- Customs dated 13.08.2008 to include Sierra Leone to allow tariff concession in import from notified Least Developed Countries. MINISTRY OF FINANCE (Department of Revenue) New Delhi, the 22nd October, 2021 Notification No. 50/2021-Customs G.S.R. 756(E).—In exercise of the powers conferred by sub-section (1) of section 25 of the Customs […]
If a person adopts the provisions of section 44AD and declares income @ 8% of the turnover, then the assessee is not required to maintain the books of account as provided for under section 44AA in respect of business covered under the presumptive taxation scheme of section 44AD.
Additional Director General (ADG), DRI is not a proper Officer within the meaning of Section 28 (4) read with Section 2 (34) of Customs Act, 1962. Further, the said decision has been followed by the Hon’ble Madras High Court in the case of Quantum Coal Energy Pvt. Ltd. (supra) and the jurisdictional Hon’ble High Court of Punjab & Haryana in the case of Steelman Industries vs. Union of India & Ors. (supra).
ITO Vs Rachna Arora (ITAT Chandigarh) Solitary issue in the present appeal pertained to claim of exemption u/s 54 of the Act of Long Term Capital Gains earned by the assessee being invested in another property. The shares of three co-owners namely the assessee, her son in law and her daughter in the purchased property […]
Spytech Buildcon Vs ACIT (ITAT Jaipur) As per sub-section (3) and (4) of section 43CA, the benefit of prior agreement is granted if the consideration is received at the time of agreement other than cash. In the case in hand, the booking is claimed to have been made prior to 01/04/2013 whereas the sale deeds […]
