IFSCA (Preparation & Presentation of Financial Statements of IIOs) Regulations, 2022, inter-alia provide for Accounting Principles and Disclosures forming part of Financial Statements of IIOs registered with IFSCA. International Financial Services Centres Authority Dated: 21/11/2022 CONSULTATION PAPER ON PROPOSED IFSCA (PREPARATION & PRESENTATION OF FINANCIAL STATEMENTS OF IIOS) REGULATIONS, 2022 Objective: The objective of this consultation paper is […]
The proposed draft IFSCA (Investment by International Financial Service Centre Insurance Office) Regulations, 2022 inter-alia provides for manners and processes of investment of IIO s by the IIOs, in various global jurisdiction including in India. The proposed regulations also provide for various matrix, guidance, limitations on investments.
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Bombay High Court held that the time limit of 120 days prescribed in Section 130(A)(4) of the Customs Act, in our view, should be construed as being directory only and not imperative.
CESTAT Ahmedabad ordered provisional release of perishable goods i.e. dry dates holding that in case of perishable goods provisional release of the goods should be allowed expeditiously.
ITAT Bangalore held that rule 10B(2)(d) of the Income Tax Rules provide that the company is in the wholesale trading and retail trading have to be considered separately for the purpose of comparison.
Andhra Pradesh High Court held that the assessment order was passed without furnishing the important documents which are the base of the order to the petitioner enabling the petitioner to make a representation or produce any material contra to the same. Such order is against the principles of natural justice.
ITAT Mumbai held that loan lying in the proprietorship concern books of the assessee is converted as gift during the year under consideration hence there was no fresh receipt of money. Accordingly, addition under section 68 of the Income Tax Act is unsustainable.
ITAT Ahmedabad held that exemption under section 10 of the Income Tax Act not available as the said land was non-agricultural land as it failed to fulfil twin conditions for qualifying as agricultural land.
CESTAT Mumbai held that settled classification may be unsettled only by the argument of inapplicability owing to the distinguishable nature of the product. Accordingly, benefit of exemption from additional duties of customs allowed to hard disk drives.
