GST on Joint development agreements (i.e Ratio deal) A. Taxability in the hands of landowner 1. Landowner will transfer development rights of his land to the developer for development of residential or commercial apartments. 2. In consideration for transfer of development rights, landowner can get payment, either in terms of money (i.e revenue sharing) or […]
Reserve Bank of India RBI/2021-2022/123 DOR.SOG (SPE).REC.No 67/13.03.00/2021-22 November 11, 2021 All Scheduled Commercial Banks (including Regional Rural Banks) All Small Finance Banks All Local Area Banks All Payment Banks All Primary (Urban) Co-operative Banks/ DCCBs /State Cooperative Banks Dear Sir / Madam, Foreign Currency (Non-resident) Accounts (Banks) Scheme [FCNR(B)] – Master Direction on Interest […]
The Committee, constituted by IFSCA on 24 June 2021 under the chairpersonship of Ms. Vandana Aggarwal with representatives from Government of India, Gujarat Maritime Board, industry and finance experts, and academicians, has submitted its Report titled S.A.F.A.L. (Ship Acquisition, Financing and Leasing) to IFSCA on 28 October 2021.
Two new agencies namely Council for Leather Exports (CLE) and Udaipur Chamber of Commerce & Industry (UCCI) are enlisted under Appendix 2E of FTP, 2015-2020 for issuing Certificate of Origin (Non-Preferential). Name of Marathwada Industries Association, already enlisted under Appendix 2E, has been amended as Chamber of Marathwada Industries and Agriculture (CMIA). Contact details of […]
IFSCA clarified that the Authority does not mandate any Minimum Holding Period (MHP) requirement pertaining to sale/transfer of loan assets (by any means) by/to IBUs. IBUs undertaking such transactions are advised to undertake necessary due diligence and, if felt necessary, insert necessary provisions in the agreement to protect its interest such as for retention of a part of the asset or portfolio by the seller and/or minimum period of retention of the asset or portfolio by the seller prior to transfer (i.e.MHP). The IBUs may also put in place a policy for determining the MHP requirement for such transactions.
It is settled position of law that disallowance cannot exceed the amount of dividend income earned during the relevant assessment year. Accordingly, the amount of disallowance u/s 14A of the IT Act needs to be restricted to the extent of exempted income earned during the relevant assessment year.
Zee Entertainment Enterprises Ltd. Vs Invesco Developing Markets Fund (Bombay High Court) Facts- Two institutional investors issued the requisition notice to Zee Entertainment. A suit is filed by Zee Entertainment against the demand of two institutional investors seeking extraordinary general meeting. Zee Entertainment has filed a suit arguing that the requisition notice send by the […]
CBIC was not empowered to issue circular in respect of fish meal used for making cattle / poultry / aquatic feed for clarification on GST rate as the power was to be exercised either by the Parliament by making a law as had been done in Finance Act, 2020 or by the Central Government by exercising their powers either under Section 11(1) of the CGST Act, 2017 or under Section 6(1) of the IGST Act, 2017.
DINs eligible to be de-flagged on expiry of the period of disqualification are in the process of verification. Necessary action shall be taken shortly.
Newtech Promoters and Developers Pvt. Ltd. Vs State of U.P (Supreme Court) The submission of the appellants/promoters is that under Section 40(1) of the Act only the interest or penalty imposed by the authority can be recovered as arrears of land revenue and no recovery certificate for the principal amount as determined by the authority […]
