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Archive: 12 May 2022

Posts in 12 May 2022

How to register Entity User and Business User in FIRMS Portal of RBI

May 12, 2022 33534 Views 0 comment Print

Learn how to register Entity Users and Business Users on the FIRMS Portal of RBI. Navigate through the process, requirements, and contact details for assistance. Stay informed on foreign investment reporting with RBI’s Single Master Form.

TPO/AO cannot apply wrong method in absence of audited financials of AE

May 12, 2022 591 Views 0 comment Print

TPO/AO cannot apply wrong method in the absence of material ie: audited financials of AE. More so, TPO/AO cannot even give the benefit as well to assessee for non co­operation for providing the audited financials of AE.

Analysis of PepsiCo Case against farmers for growing FC5 potato variety

May 12, 2022 10098 Views 0 comment Print

Dive into the legal battle between PepsiCo and Gujarat potato farmers over the FC5 potato variety. Explore the facts, key issues, and the revocation of PepsiCos patent. Uncover the lessons learned from this landmark case.

IBBI directs IRP to maintain independence in decision making

May 12, 2022 930 Views 0 comment Print

Though the deficiencies as noticed and conceded by Ms Kalpana G appear to be minor in nature, however, in the context of messaging with regard to the independent role of Insolvency Professional as envisaged under the Code and Regulations framed thereunder, such acts of omission have larger ramifications.

IRDAI rationalizes compliance requirements of Foreign Reinsurance Branches

May 12, 2022 390 Views 0 comment Print

IRDAI has received representations on the rationalization of compliance requirements of Foreign Reinsurance Branches (FRBs) as they are not directly dealing with the retail customers. Further, representations have also been received from the non-life industry to dispense with the Form NL 40 on disclosure of Underwriting performance on their respective websites.

Discontinuation of filing of monthly Solvency Returns by Insurers

May 12, 2022 327 Views 0 comment Print

It has been decided to discontinue the filing of monthly solvency returns by the Insurers with immediate effect. However, the insurers whose solvency margin is less than 1.55 as at the end of any quarter, shall continue to report the monthly solvency position until the solvency position is restored to 1.55, by e-mail at finance-nonlife@irdai.gov.in.

Haryana State COVID Small Trader Support Scheme, 2022 – reg

May 12, 2022 255 Views 0 comment Print

Haryana Government decided to notify Haryana State COVID Small Trader Support Scheme, 2022 to ease pandemic induced financial hardships

Prathima Multiplex guilty of not passing tax reduction benefit to Customers: NAA

May 12, 2022 870 Views 0 comment Print

Kalyan Chakravarthy Vs Prathima Multiplex Pvt. Ltd. (NAA) inds that the Respondent has resorted to profiteering by way of either increasing the base prices of the service while maintaining the same selling prices or by way of not reducing the selling prices of the service commensurately, despite a reduction in GST rate, on “Services by […]

NAA directs ‘Total Environment Habitat’ to refund profiteered amount to Home buyers

May 12, 2022 3162 Views 0 comment Print

Yogesh Sharma Vs Total Environment Habitat Pvt. Ltd. (NAA) The Authority finds that, the ITC, as a percentage of the turnover, that was available to the Respondent during the pre-GST period (April-2016 to June-2017) was 1.02%, whereas, during the post-GST period (July-2017 to April, 2020), it was 1.84%. This confirms that in the post-GST period, […]

NAA directs ‘Savaliya Procon’ to refund profiteered amount to home buyers with interest

May 12, 2022 453 Views 0 comment Print

Sh. Jayesh V Rathod Vs Savaliya Procon (NAA) Respondent has profiteered by an amount of Rs. 85,77,419/- during the period of investigation i.e. 01.07.2017 to 30.06.2020. The Authority determined amount of Rs. 85,77,419/- (including 12% GST) under section 133(1) that has been profiteered by the Respondent from his home buyers (as per the list mentioned […]

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