"10 October 2022" Archive

Review of Prudential Norms – Risk Weights for Exposures to Corporates & NBFCs

Notification No. RBI/2022-23/125 DOR.STR.REC.71/21.06.201/2022-23 10/10/2022

It is observed that the Press Releases (PRs) issued by ECAIs on rating actions are often devoid of the lenders’ details. Absence of such information may result in banks applying the derived risk weights for unrated exposures, without satisfying themselves regarding adherence to prescribed conditions...

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SEBI Reviews provisions pertaining to Electronic Book Provider platform

Circular No. SEBI/HO/DDHS/ DDHS_Div1/P/CIR/2022/00139 10/10/2022

SEBI has received representations from various market participants, requesting for review of the provisions pertaining to EBP platform, in order to address the issues of ‘fastest finger first’ (viz. allotment based on time priority in bidding for issuances with fixed parameters), certain bidders not getting allocations despite having ...

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ITC Reversal on Failure to Pay Within 180 Days – Amendments & Issues

Since the onset of GST, businesses have been struggling to comply with the provisions seeking for the reversal of the ITC along with interest on the failure to pay the taxable value along with tax amount to the vendor within 180 days from the date of the issuance of the invoice....

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Posted Under: Fema / RBI | ,

Terms & Conditions of Invitation to Tender are not open to judicial scrutiny, unless arbitrary, discriminatory or mala fide: SC

Airport Authority of India Vs Centre for Aviation Policy (Supreme Court of India)

In present facts of the case, it was observed by the Honble Supreme Court of India that an NGO could not have filed writ petition before Honble High Court as it do not have any locus standi in present facts of the case as it was not an aggrieved party. Also, it was observed that the terms and conditions of the Invitation to Tender are wit...

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Issuance of Convertible Notes (CN)

As per Rule 2 sub-rule (e)of the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 issued and amended from time to time, Convertible Note means:- an instrument issued by a Startup Company acknowledging receipt of money initially as debt, repayable at the option of the holder, or which is convertible into such number of equity...

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Posted Under: Fema / RBI |

Reversal of ITC: Overview of amendment in Rule 37 of CGST Rules

As per pre amended rule 37 (3) interest was payable by the taxpayer as the provision of section 50(1) of the CGST Act whereas now only reference to section 50 has been mentioned in the post amended rule 3 (1). ...

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Posted Under: Fema / RBI |

Judgment or Decree obtained by fraud is to be treated as a nullity: SC

Ram Kumar Vs State of Uttar Pradesh and Ors. (Supreme Court of India)

In present facts of the case, while allowing the appeal it was observed by the Hon’ble Supreme Court that non-disclosure of the relevant and material documents with a view to obtain an undue advantage would amount to fraud and the judgment or decree obtained by fraud is to be treated as a nullity....

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Tariff Notification No. 88/2022-Customs (N.T.) | Dated: 10th October, 2022

Notification No. 88 /2022-Customs (N.T.) [S.O. 4814(E).] 10/10/2022

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver – Notification No. 88/2022-Customs (N.T.) |Dated: 10th October, 2022 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) New Delhi Notification No. 88/2022-Customs (N.T.) |Dated: 10th October, 2022 S.O. 4814(E).—...

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Income Tax Exemptions for registered charitable & religious Trust

What everyone should know while claiming exemptions for registered charitable and religious Trust under the Income Tax Act, 1961 The Finance Act, 2022, and the Finance Act, 2021 have made a series of significant and dynamic amendments to the conditions to be followed by registered charitable & religious trusts to avail of the exemptio...

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Posted Under: Fema / RBI |

Whether refund claim was time barred or not to be reconsidered as Limitation of 2 Years started from the insertion of Rule 89(1A)

Axis Bank Limited Vs Union of India (Andhra Pradesh High Court)

Since the impugned order of rejecting the refund claim was passed on 23.11.2020 and this Circular came to be issued on 25.09.2021 giving a clarification as to the date for claiming refund under Section 89 of the CGST Act, and Section 19 of the IGST Act, 2017, therefore, the matter was remanded back to the authority to deal with the refund...

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