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Archive: 08 December 2022

Posts in 08 December 2022

Public Procurement Policy for Micro and Small Enterprises (MSEs) Amendment Order, 2022

December 8, 2022 957 Views 0 comment Print

Consider the requests of the Central Ministries/ Departments/ PSUs for exemption, on a case to case basis, from procuring certain items from the reserved list for MSEs through open tendering

DGFT enlisted Western U.P. Chamber of Commerce & Industry to issue CoO (Non-Preferential)

December 8, 2022 693 Views 0 comment Print

Western U.P. Chamber of Commerce & Industry, Meerut is enlisted under Appendix 2E of FTP, 2015-20 for issuing Certificate of Origin (Non Preferential).

Amendment in Para 2.61 of Hand Book of Procedure (HBP) 2015-20

December 8, 2022 747 Views 0 comment Print

Para 2.61 of the Hand Book of Procedure (HBP) 2015-20 has been amended with respect to DGFT Public Notice No. 40/2015-20 dated 08.12.2022. Subsequent to de-notifying 4 Central Public Sector Enterprises (CPSEs) i.e., MMTC, The State Trading Corporation of India Ltd. (STC), PEC Limited and STCL Limited as STE under FTP -2015-20, the aforementioned entities are not eligible for allocation of quota.

DGFT amends Appendix -2J – List of State Trading Enterprises for FTP purpose

December 8, 2022 1710 Views 0 comment Print

Revised / updated Appendix — 2J – List of State Trading Enterprises (STEs) for FTP purpose and eligible STEs for allocation of quota for import under the Tariff Rate Quota (TRQ), is notified. Through this Public Notice, some of the existing entities have been de­listed as STE and some new entities have been included as STE for FTP purpose.

Overseas Consultancy Income is not business income taxable u/s 44DA

December 8, 2022 6843 Views 0 comment Print

DCIT Vs Aecom Asia Co. Ltd. (ITAT Delhi) ITAT Delhi held that the assessee has rightly offered the Overseas Consultancy Income as fees for technical services under the provisions of section 115A of the Act and the addition made under section 44DA of the Act is liable to be deleted. Facts- The Appellant is a […]

Liaison office in India doesn’t constitute PE in India

December 8, 2022 2196 Views 0 comment Print

ITAT Mumbai held that liaison office in India doesnt constitute permanent establishment (PE) of the assessee in India under the provisions of DTAA.

Date of allotment letter will be considered as date of acquisition of property

December 8, 2022 22854 Views 0 comment Print

ITAT Mumbai held that the date of acquisition of the property under consideration was to be reckoned from the date of the allotment letter and capital gain will be calculated accordingly.

Proportionate disallowance u/s. 14A unwarranted for investments made in tax free bonds

December 8, 2022 1230 Views 0 comment Print

ITAT Delhi held that proportionate disallowance of interest is not warranted, under Section 14A of Income Tax Act for investments made in tax free bonds or securities which yield tax free dividend and interest.

Insurance cover for new-borns/infants under Health insurance policies

December 8, 2022 792 Views 0 comment Print

Provision15(c) of guidelines on Standard Individual Health Insurance Product bearing ref: IRDAI/HLT/REG/CIR/001/1/2020 dated 1.1.2020 stands modified wherein 15(c) A.20 Internal Congenital Anomalies stands deleted from the list of diseases under specific waiting period

GST on services provided to parent company relating to test benches in the name of MRO services

December 8, 2022 1221 Views 0 comment Print

In re Testmesures Spherea Solutions Private Limited (GST AAR Karnataka) The Karnataka Authority of Advance Ruling (“the KAAR”) in Re: M/s Testmesures Spherea Solutions Private Limited [KAR ADRG 46/2022 dated December 2, 2022] denied to grant Goods and Service Tax (“GST”) concession as the service of supply of test bunch equipment does not amounts to […]

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