"07 March 2022" Archive

Weekly newsletter from Chairman, CBIC dated 07.03.2022

DO No. 14/CH(IC)/2021 07/03/2022

On the Revenue front, the Gross GST Revenue collected for the month of February, 2022 stood in excess of Rs 1,33,000 Crore. GST collections crossed Rs 1.30 Lakh crore mark for the 5th time. My Congratulations to all the field formations for their consistent hard work. I hope that the last month of the financial year will see all of us con...

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Valid Revocable Trust can not be assessed as AOP 

ITO Vs Arcil Asset Reconstruction Fund II Trust (ITAT Mumbai)

ITO Vs Arcil Asset Reconstruction Fund II Trust (ITAT Mumbai) ITAT held that appellant was revocable Trust, the provisions of Section 61 to 63 of Income Tax Act, 1961 were applicable and the assessee could not be assessed as AOP. The income was to be taxed in the hands of the SR holders. Since the […]...

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Disallowance of labour expenses without evidences on ad hoc basis not maintainable

DCIT Vs Shalaka Infra Tech (India) Pvt Ltd (ITAT Pune)

DCIT Vs Shalaka Infra Tech (India) Pvt Ltd (ITAT Pune) Whether the CIT(A) is justified in deleting the disallowance of Rs.1,68,87,175/- as against Rs.1,88,63,786/- made by the AO on account of labour expenses in the facts and circumstances of the case. Heard both the parties and perused the material available on record. We note that [&hel...

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Women related Income tax and financial benefits

Sukanya Samriddhi Scheme which is a Government of India backed saving scheme, to encourage parents to build a fund for the future education and marriage expenses for their female child. Contribution in this scheme is eligible for deduction U/s 80C and Interest and withdrawal is also tax exempt....

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Disclosure of underwriting philosophy of offering Health Insurance Coverage to Transgender persons

Ref. No: IRDAI/HLT/CIR/MISC/046/03/2022 07/03/2022

Reference is drawn to the provisions of IRDAI (Health Insurance) Regulations, 2016 in accordance to which every insurer shall evolve a health insurance underwriting policy covering approach and aspects relating to offering health insurance coverage not only to standard lives but also to substandard lives. Attention is also drawn to provis...

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Automation of disclosure requirements under SEBI Takeover Regulations

Circular No. SEBI/HO/CFD/DCR-3/P/CIR/2022/27 07/03/2022

a. Triggering of disclosure requirement due to acquisition or disposal of the shares, as the case may be, by the acquirer together with persons acting in concert (PACs). b. Triggering of disclosure requirement in case the shares are held in physical form by the acquirer and/or PACs. c. Listed companies who have not provided PAN of promote...

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Govt amends import policy conditions of Drosophila melanogaster

Notification No. 57/2015-2020-DGFT, [S.O. 1004(E).] 07/03/2022

The Import of only ‘Drosophila melanogaster’ under ITC (HS) 01069000 is ‘Free’ subject to IBSC approval, as per the provisions of the ‘Revised Simplified Procedures/ Guidelines on Import, Export and Exchange of GE organisms and products thereof for R&D purpose’ notified by the Department of Biotechnology vide O...

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Sector-Specific Conditions on FDI- Mining and Petroleum & Natural Gas

Exploration activities of oil and natural gas fields, infrastructure related to marketing of petroleum products and natural gas, marketing of natural gas and petroleum products, petroleum product pipelines, natural gas/pipelines, LNG Regasification infrastructure, market study and formulation and Petroleum refining in the private sector...

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March 2022 Compliance Calender

March is the significant month as it is the last month of the financial year, there are various due dates relating to ROC compliance, GST, Income Tax filing in the month of March’22. Here are some of the major due date for various compliances for the month of March 2022. MARCH 2022 COMPLIANCE CALENDER FORMS […]...

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NCLT set aside termination of a contract that was terminated on account of non-payment of dues during CIRP period

Oriental Bank of Commerce Vs. M/s. Yamuna Infradevelopers Private Limited (NCLT Delhi)

Oriental Bank of Commerce Vs. M/s. Yamuna Infradevelopers Private Limited (NCLT Delhi) NCLT New Delhi Bench II set aside the termination of a contract that was terminated on account of non-payment of dues during CIRP period The Hon’ble National Company Law Tribunal, New Delhi Special Bench-II vide its judgement dated 04.03.2022 in I...

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