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Archive: 08 December 2021

Posts in 08 December 2021

CESTAT grants 12% interest on amount refundable pursuant to order of Appellate Court

December 8, 2021 1383 Views 0 comment Print

Jovex International Vs Commissioner, Central Tax (CESTAT Delhi) In this case applicable section for grant of interest is Section 35FF, which provides for grant of interest on the amount refundable pursuant to order of the Appellate Court. It is further provided in this section that interest should be granted from the date of deposit till […]

Payment of GST compensation to States in times of COVID-19 pandemic

December 8, 2021 858 Views 0 comment Print

As per the provisions of the GST (Compensation to States) Act, 2017, GST compensation for financial years 2017-18, 2018-19 and 2019-20 has already been paid to the States. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today. The Minister further […]

Impleadment of Few Affected Employees is Sufficient Compliance of Principle of Joinder of Parties: SC

December 8, 2021 2910 Views 0 comment Print

Ajay Kumar Shukla Vs Arvind Rai (Supreme Court of India) The present case is a case of preparation of seniority list and that too in a situation where the appellants (original writ petitioners) did not even know the marks obtained by them or their proficiency in the examination conducted by the Commission. The challenge was […]

930 India linked entities in Panama and Paradise Paper Leaks

December 8, 2021 1275 Views 0 comment Print

Undisclosed credits of Rs. 20,353 crore detected with respect to 930 India linked entities in Panama and Paradise Paper Leaks As on 01.10.2021, total undisclosed credits amounting to Rs. 20,353 crore have been detected with respect to 930 India linked entities in the Panama and Paradise Paper Leaks. This was stated by Union Minister of […]

eForm NDH-2 – Application to Regional Director for extension of time

December 8, 2021 8535 Views 0 comment Print

Part I – Law(s) Governing the eForm NDH-2 Rule Number(s) eForm NDH-2 is required to be filed pursuant to to sub-rule (3) of rule 5 of Nidhi Rules, 2014 which are reproduced for your reference. Rule 5: (3) If a Nidhi is not complying with clauses (a) or (d) of sub-rule (1) above, it shall […]

Measures taken by Government to keep inflation under control

December 8, 2021 912 Views 0 comment Print

 To check the petrol and diesel prices, Central Government has reduced Central Excise Duty on Petrol & Diesel by Rs. 5 and Rs. 10 respectively with effect from 04.11.2021. In response many states governments have also reduced Value Added Tax on petrol and diesel. Retail prices of petrol and diesel have sobered down across the country.

Income Tax Department conducts search operations in Gujarat

December 8, 2021 723 Views 0 comment Print

The Income Tax Department initiated search and seizure operations on a prominent business group, engaged primarily in the manufacturing of stainless steel and metal pipes, in Ahmedabad on 23.11. 2021. The search operation covered more than 30 premises in Ahmedabad and Mumbai. During the course of the search operation, a large number of incriminating documents, loose sheets, […]

Income Tax Department conducts search operations in Tamil Nadu

December 8, 2021 690 Views 0 comment Print

The Income Tax Department has carried out search and seizure operations on 01.12.2021 in respect of 2 groups engaged in the Retail Sales of Jewellery, Textiles and Home Appliances through their popular chain of Stores in Chennai, Coimbatore, Madurai and Tirunelveli. A total of 37 premises were covered in this action.

RBI relaxes norms for infusion of capital in overseas branches by Indian Banks

December 8, 2021 576 Views 0 comment Print

In order to provide greater operational flexibility, it has been decided that prior RBI approval for above capital infusion/ transfers (including retention/ repatriation of profits), shall not be required by banks which meet the regulatory capital requirements (including capital buffers1). Instead, the banks shall seek approval of their boards for the same.

Annual Information Statement – Rent on plant and machinery

December 8, 2021 12333 Views 1 comment Print

Recently, the Income Tax Department has rolled out the new Annual Information Statement (AIS) along with Taxpayer Information Summary (TIS) on the compliance portal. It is important to note here that Form 26AS on the TRACES portal will simultaneously be made available till the time the new AIS is validated and gets completely operational. In […]

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