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Archive: 05 January 2022

Posts in 05 January 2022

DGFT includes Customs/GST/ Bank Authorities in Grievance Committee

January 5, 2022 1035 Views 0 comment Print

Para 9.08 of HBP 2015-20 has been amended to revise the composition of Standing Grievance Committee by including other relevant Central/State Government agencies such as Customs/ GST Authorities, Banks, GM DICs etc. to address the grievances /complaints of the industry members at one platform. Government of India Ministry of Commerce & Industry Department of Commerce […]

DGFT permits Gold Import by qualified jewellers notified by IFSCA

January 5, 2022 7692 Views 0 comment Print

In addition to nominated agencies as notified by RBI (in case of banks) and nominated agencies notified by DGFT, qualified jewellers as notified by International Financial Services Centres Authority (IFSCA) will be permitted to import gold under specific ITC(HS) Codes through India International Bullion Exchange IFSC Ltd. (IIBX). However, Import of gold/silver under Advance Authorisation […]

Cash credit account cannot be provisionally attached- HC issues contempt notice to Principal Commissioner

January 5, 2022 4152 Views 0 comment Print

Manish Scrap Traders Vs Principal Commissioner (Gujarat High Court) Way back in the year 2016, in the case of Kaneria Granito Ltd. vs. Assistant Commissioner of Income Tax, Special Civil Application No.14497 of 2014 decided on 27.06.2016, a Co-ordinate Bench of this Court took the view that a cash credit account cannot be provisionally attached. […]

File Revised Income Tax Return For AY 2021-22

January 5, 2022 208428 Views 34 comments Print

1. Filing Income Tax Returns at the last minute can lead to unwanted errors being made. If you are the one, who missed something or made a wrong statement in it and discovered the mistake after filing the income tax return, not to worry. 1.1 Income-tax Act, 1961 allows you to rectify the mistakes by […]

Bail granted to person accused of misappropriation of Rs.1800 cr

January 5, 2022 3726 Views 0 comment Print

Bail was allowed to accused person of committing fraud, misappropriation of money to the tune of Rs.1800 crores as investigation had not been completed despite the filing of the complaint on 30.10.2021.

Expenses towards provision for pension fund allowable as expenses

January 5, 2022 1179 Views 0 comment Print

ACIT Vs Punjab & Sind Bank (ITAT Delhi) The issue in the present ground is with respect to the disallowance of contribution to Punjab & Sind Bank Employees Pension Fund Trust under Section 36(1)(iv) of the Act r.w. Rule 87 & 88 of the Income Tax Rule, 1962. We find that identical issue arose before […]

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