"04 August 2022" Archive - Page 5

Summon u/s 108 is not contrary to the provisions of Cr.P.C.

Pushpalata Bai Vs Directorate of Revenue Intelligence and Another (Telangana High court)

Held that as summoning of the petitioners by the respondents would not amount to taking any coercive steps like arresting them or prosecuting them, but only to proceed forward with the investigation. Such summons not contrary to the provisions of Cr.P.C....

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Delay not condoned due to careless approach of the party

Regional Provident Fund Commissioner Vs Mr. Vasudevan Resolution Professional & Liquidator of M/s. Titanium Tantalum Products Limited (NCLAT Chennai)

Held that an unpardonable lackadaisical approach/ attitude of the `Party’ in pursuing a matter before the `Competent Authority’ / `Tribunal’ is not to be accepted. Delay not condoned in such case even if the appellant being statutory organization....

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Posted Under: Custom Duty | |

Parliament passes National Anti-Doping Bill 2022

Parliament passes the National Anti-Doping Bill 2022 to provide for the constitution of National Anti-Doping agency as a statutory body for regulating anti-doping activities in sports It is a landmark occasion when India joins the select group of countries which have their own National Anti-Doping Law: Shri Anurag Thakur The new Law will ...

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Posted Under: Custom Duty |

CCPA issues 24 notices for unfair trade practices against e-commerce companies

Central Consumer Protection Authority (CCPA) issues 24 notices for unfair trade practices against e-commerce companies CCPA issues two Safety Notices to alert and make consumers cautious against buying household goods that do not conform to the Bureau of Indian Standards The Union Minister of State for Consumer Affairs, Food and Public Di...

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Posted Under: Custom Duty |

DRI busts factory manufacturing illicit psychotropic substances

DRI busts factory manufacturing illicit psychotropic substances; seizes drugs worth Rs 245 crore Continuing its crackdown on drug syndicates involved in the manufacture, sale and distribution of drugs in the country, the Directorate of Revenue Intelligence (DRI) officers busted a clandestine factory in Yamunanagar, Haryana, that was invo...

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Posted Under: Custom Duty |

No Section 54F exemption on House purchased by Wife from her fund

Dilip B. Mundada Vs DCIT (ITAT Pune)

Dilip B. Mundada Vs DCIT (ITAT Pune) Jurisdictional High Court and other Hon’ble High Courts and ITAT Pune have held that for availing the benefit of deduction u/s 54F the new asset shall be purchased in the name of the assessee. Applying the said proposition of law to the present case, we hold that the […]...

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Books of account cannot be treated as acknowledgement of liability in respect of debt payable to a Financial Creditor: SC

Asset Reconstruction Company Vs Tulip Star Hotels Limited & Ors. (Supreme Court)

SC held that books of account of a company could not be treated as acknowledgement of liability in respect of debt payable to a Financial Creditor (FC)...

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Problem versus Solution for Investment by NRI or PIO in India

(A) Problem for Non Resident Indian (NRI) or Person of Indian Origin (PIO) 1. Problem for Not permitted as investment in prohibited business + activity: (i) Business of Chit fund (ii) Business of Nidhi (iii) Business of Real estate trading (iv) Construction of farm house (v) Trading in Transferable Development Rights (TDRs) 2. Problem for...

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Posted Under: Custom Duty |

ITC on inwards supply – Section 16(2)(aa) of CGST Act, w.e.f. 1.04.2022

Article explains claiming of Input Tax Credit on inwards supply of goods or services or both after making amendment to Section 16(2) of the CGST Act, 2017, w.e.f.01.04.2022 as per Finance Act,2022.  Section 16 of the CGST Act, 2017, states that “Every registered person shall, subject to such conditions and restrictions as may be prescr...

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Posted Under: Custom Duty |

Prestige Estates Projects guilty of not passing ITC benefit to homebuyers/customers

Sh. Deepak Naik Vs Prestige Estates Projects Ltd. (NAA)

Sh. Deepak Naik Vs Prestige Estates Projects Ltd. (NAA) Authority funds that the Respondent has gained the benefit of ITC on the supply of Construction Services after the implementation of GST w.e.f 01.07.2017 and the Respondent was required to pass on such benefit of ITC to the homebuyers/customers by way of commensurate reduction in pri...

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