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Archive: 04 July 2022

Posts in 04 July 2022

AO had no power to review but having power to re-assess

July 4, 2022 1428 Views 0 comment Print

Reassessment was not justified as AO can exercise power to re-open, provided there was tangible material to come to the conclusion that there was escapement of income from assessment.

In case of Search Assessment order cannot be passed under Section 143(3)

July 4, 2022 5232 Views 0 comment Print

ITAT Delhi quashes assessment order against Ankit Gupta, ruling it void ab initio. Challenge to jurisdiction sustained. Key issue on Section 153C.

Do Oral observations by Courts have sanctity in law

July 4, 2022 6252 Views 0 comment Print

Uncover the controversy surrounding oral observations by courts. Should they hold the same weight as written judgments? Explore the debate.

Hotels or restaurants cannot add service charge automatically in Food Bill

July 4, 2022 10506 Views 0 comment Print

No hotels or restaurants can add service charge automatically or by default in the food bill: Consumer Affairs Ministry. Central Consumer Protection Authority (CCPA) issues guidelines for preventing unfair trade practices and violation of consumer rights with regard to levying of service charge in hotels and restaurants. Consumer may lodge a complaint on the National […]

Import of Potatoes without Import License allowed from Bhutan

July 4, 2022 990 Views 0 comment Print

Import of Potatoes under ITC(HS) Code 0701 90 00, is allowed from Bhutan without Import License up to 30th June 2023 vide Notification No. 17/2015-2020-DGFT.

Advisory under Regulation 46 & 62 of SEBI (LODR) Regulation, 2015

July 4, 2022 7674 Views 0 comment Print

Advisory under Regulation 46 and 62 of SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015

Investor Grievance Redressal Mechanism to provide online access 24×7

July 4, 2022 1158 Views 0 comment Print

Investor Grievance Redressal Mechanism should be web enabled and provide online access 24 x 7 with following salient features: 1. Complaints/GRC/Arbitration/Appellate Arbitration and reminders thereon are lodged online at anytime from anywhere;

Prior approval in case of takeover / acquisition of control of non-bank PSOs

July 4, 2022 1017 Views 0 comment Print

Requirement for obtaining prior approval in case of takeover / acquisition of control of non-bank PSOs and sale / transfer of payment system activity of non-bank PSO

Applicability of Certain provisions of Insurance Act to IFSC & SEZ

July 4, 2022 2214 Views 0 comment Print

Certain provisions of Insurance Act not to apply in Special Economic Zone and International Financial Services Centre

Educational Material on Ind AS 34, Interim Financial Reporting

July 4, 2022 1098 Views 0 comment Print

Ind AS 34 does not specify which entities must publish an interim financial report. This is generally a matter for relevant law and government regulations.

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