"05 August 2022" Archive

Cr.P.C. Proceedings initiated without recording statements is unsustainable in law

J. Ananad Vs Assistant Commissioner of Customs (Madras High Court)

It can be held that even before the issue of process or examining the sworn statement of the complainant, there could be cognizance in a particular case....

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Import of gold is not prohibited but the same is restricted to prescribed quantity

R.Kannathasan Vs Commissioner of Customs (Madras High Court)

Held that import of gold is not prohibited, but restricted subject to prescribed quantity on payment of duty....

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Regulatory updates for the Month of July 2022

Company Law: 1. MCA Introduces V3 for certain Company E-Forms. To be launched on 31st Aug 2022 at 12:00 AM Forms for Charge, Deposits & Directors KYC Forms will be rolled out in phase 1. 2. Order of ROC for violation u / s 161 of companies Act 2013 3. Spending of CSR Funds for […]...

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Posted Under: Custom Duty |

Block electronic credit ledger only to the extent of demand – HC directs dept

Jyoti Commotrade Private Limited Vs State of West Bengal (Calcutta High Court)

Jyoti Commotrade Private Limited Vs State of West Bengal (Calcutta High Court) Admittedly, the allegations relate to transactions pertaining to financial year 2017-2018 and accordingly by a notice dated October 22, 2021 the alleged claim of input tax credit to the tune of Rs.71,23,836.66 paisa each under CGST/SGST head had been disallowed...

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Antecedents of an importers cannot be evidence for undervaluation of goods

Commissioner of Customs-Nhava Sheva-III Vs Granite India (CESTAT Mumbai)

Held that antecedents cannot be an evidence for the alleged undervaluation of the goods. At best antecedents may be a reason for creating a suspicion and be a reason for causing an enquiry or Investigation....

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Arbitration application filed beyond 3 years is barred by limitation

Garg Construction Company & Ors. Vs State of Haryana (Punjab & Haryana High Court)

Held that an application u/s. 11(6) of Arbitration and Conciliation Act, 1996 seeking appointment of an arbitrator, filed beyond three years, is barred by limitation....

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Stamp duty payable on market value of properties being situated in the State

Himachal Futuristic Communications Limited Vs State of Rajasthan (Rajasthan High Court)

Held that as per the scheme of arrangement and amalgamation, the assets situated in the state of Rajasthan and required to be assessed by the statutory scheme of the Stamp Act of 1998....

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SOP for Qualified Jewellers importing gold through IIBX

Circulars No. 329/IFSCA/DPM/TS/QJ/2022-23/2 05/08/2022

Standard Operating Procedure for Qualified Jewellers importing gold through India International Bullion Exchange...

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CBDT notifies Qatar Holding LLC as sovereign wealth fund U/s. 10(23FE)

Notification No. 93/2022-Income Tax [S.O. 3707(E).] 05/08/2022

CBDT notifies sovereign wealth fund, namely, Qatar Holding LLC  vide Notification No. 93/2022-Income Tax | Dated: 5th August, 2022. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 93/2022-Income Tax | Dated: 5th August, 2022 S.O. 3707(E).—In exercise of powers conferred by sub-cla...

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CBDT notifies conditions for exemption to money received from employer or other person in Covid cases by family of deceased

Notification No. 92/2022-Income Tax, [S.O. 3705(E).] 05/08/2022

CBDT specifies conditions for exemption to money received from employer or other person in Covid cases by family of deceased ide Notification No. 92/2022-Income Tax | Dated: 5th August, 2022. Clause (XIII) of the first proviso to clause (x) of sub-section (2) of section 56 of the Income-tax Act, 1961  provides that where any sum [&hellip...

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