"28 February 2022" Archive

Increasing the quantified OTS amount, without justifying the same, is against the doctrine of Legitimate Expectation

Mohanlal Patidar Vs Bank of Maharashtra (Madhya Pradesh High Court, Jabalpur)

The Court held that the Bank could not have unilaterally changed the quantified OTS amount to Rs.50,50,000/- after correctly quantifying the OTS amount to be Rs.36,50,000/-. The same would be against the principles of natural justice, and also runs contrary to the doctrine of Legitimate Expectation....

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Welcome Internal Circular of MH state on GST mismatch issues

Arjuna (Fictional Character): Krishna the internal circular has been issued by Maharashtra State GST department on 25/02/2022. What this circular about? Krishna (Fictional Character): Arjuna the circular has been issued to give guidelines with respect to legal issues pertaining to return scrutiny for tax periods 2017-18 and 18-19. In this...

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Posted Under: Fema / RBI |

Confiscated goods should be returned in case of delayed issuance of notice

Amit Harishkumar Doctor Vs Union Of India (Gujarat High Court)

In the instant case, admittedly there has been no provisional release of the seized goods. Further extension of six months with the reasoned order by the Principal Commissioner of Customs or Commissioner of Customs also is completely missing. The period of six months from the date of signature expired on 03.10.2019....

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DGFT relaxes conditions for import of Moong (HS Code 07133190)

Trade Notice No. 37/2021-22 28/02/2022

Representations have been received from various entities indicating that certain firms have entered into purchase contract prior to 11.02.2022 for import of Moong (ITC(HS) Code 0713 31 90) with either (i) advance payment, or (ii) partial advance payment and remaining amount payable against Documents (CAD)....

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Weekly newsletter from Chairman, CBIC dated 28.02.2022

DO No. 13/CH(IC)/2021 28/02/2022

On the Anti-Evasion front, the Sea Patrolling Team of Mumbai Customs Preventive Commissionerate intercepted a fishing boat which was found to be carrying over 35,000 litres of smuggled diesel in the high seas off the coast of Mumbai, last week. Cases such as these, which involve both assiduous intelligence collection as well as constant p...

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Additional charge arrangement in the grade of Pr.CCsIT/CCsIT

Office Order No. 46 of 2022 28/02/2022

OFFICE ORDER NO. 46 OF 2022 The following officers in the grade of Pr. CCsIT / CCsIT are, hereby, ordered to hold the charge(s) as indicated against their names, in addition to their substantive charge/additional charge(s), if any, being held by them, with effect from 01.03.2022 and until further orders: -...

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Role of DTAA and GAAR In Treaty Shopping

Role of Double Taxation Avoidance Agreement (DTAA) and General Anti-Avoidance Rules (GAAR.) In Treaty Shopping To understand treaty shopping we need to understand what a DTAA is, A double tax avoidance agreement is a tax treaty agreed by two states to ensure that a tax payer is not taxed twice for the same income, this […]...

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Posted Under: Fema / RBI |

Are Tax Holidays Beneficial In The Newer Tax Regime?

Tax Holiday is an initiative by the government that gives away a tax reduction or even exemption in certain cases. In India like developing countries it is used to attract foreign investment. When the government wishes to boost certain production of goods or a sector of industries it grants a scheme of tax holidays. However, […]...

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Posted Under: Fema / RBI |

Contrast between Securities & Commodities Transaction Tax

Commodities Transaction Tax (C.T.T.), is a tax payable to the central government on trades made on commodities. CTT was first proposed in 2008 and received violent opposition as commodity trading was at a beginning stage in India, and levying such tax could lead to a dip in commodity trades. CTT was brought before parliament again [&helli...

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Posted Under: Fema / RBI |

Subsidy income derived from business of industrial undertaking eligible for section 80IB deduction

Tata Chemicals Limited Vs DCIT (ITA Mumbai)

ITAT Held that the assessee is eligible for deduction u/s 80 IB of the Income Tax Act on fertilizer subsidy received by it. Accordingly, we hold that the fertilizer subsidy income received by the assessee is income derived from the business of the industrial undertaking and is eligible for deduction u/s 80 IB of the income tax act....

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