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Archive: December, 2022

Posts in December, 2022

Bribery Case: Punishment of dismissal from service of Commercial Tax Officer disproportionate

December 9, 2022 1593 Views 0 comment Print

Madras High Court in the case of dismissal of Commercial Tax Officer from the service due to collection of bribe as Diwali Mamool from the traders held that punishment of dismissal from service is disproportionate to the nature of charge.

Writ maintainable as no alternate efficacious remedy available

December 9, 2022 1779 Views 0 comment Print

Delhi High Court held that as appellant have exhausted their appellate remedy and there is no alternate efficacious remedy available to the appellant, the court finds the case fit for exercise of discretionary powers under Article 226.

Annual export quota for red sanders (Pterocarpus santulinus) for Andhra Pradesh notified

December 9, 2022 810 Views 0 comment Print

State Govt shall develop a digital platform with Geo referenced sites and MIS giving the no of trees, their age and diameter at breast height.

NPS Prosperity Planner (NPP) for Adequacy in Retirement Income Planning

December 9, 2022 3726 Views 0 comment Print

PFRDA takes a plethora of initiatives, enablers, empowerment kits & series of digitally enabled solutions for the large-scale adoption of NPS for the holistic retirement planning of the existing and prospective Subscribers.

Foreign investment in Alternative Investment Funds (AIFs)

December 9, 2022 2043 Views 0 comment Print

Foreign investor of the AIF is a resident of the country whose securities market regulator is a signatory to the International Organization of Securities Commission’s Multilateral Memorandum of Understanding (Appendix A Signatory) or a signatory to the bilateral Memorandum of Understanding with SEBI.

Scheme(s) of Arrangement by entities who listed their NCDs/ NCRPS (‘debt listed entities’)

December 9, 2022 894 Views 0 comment Print

In this regard, it is clarified that the provisions of the aforementioned circular shall not apply to a Scheme of Arrangement which solely provides for an arrangement between a debt listed entity and its unlisted wholly owned subsidiary.

Steps taken by centre to reduce import reliance

December 9, 2022 699 Views 0 comment Print

Government has taken several steps to reduce import reliance so as to curb the trade deficit. These include creating/enhancing of domestic capacity, incentivizing domestic manufacturing through Production Linked Incentive (PLI) schemes, phased manufacturing plans, timely use of trade remedy options, adoption of mandatory technical standards, enforcement of FTA Rules of Origin (RoO) and development of […]

Customs broker doesn’t require to obtain certificate of bonafide exporter from any officer

December 9, 2022 1017 Views 0 comment Print

CESTAT Delhi held that Customs broker is not required obtain any Recommendation or a certificate from any officer that the exporter is bonafide. Accordingly, order alleging violation of regulation 10(n) of CBLR unsustainable.

Addition unsustainable as genuineness of transaction proved

December 9, 2022 1911 Views 0 comment Print

ITAT Ahmedabad held that assessee has produced many evidences to provide genuineness of the transactions and hence addition confirmed by CIT(A) is liable to be deleted.

TDS credit available in year in which corresponding income is offered to tax

December 9, 2022 15183 Views 0 comment Print

ITAT Chennai held that TDS credit of the earlier financial years is available as income relating to said TDS has been offered to tax for the impugned assessment years on the basis of mercantile system of accounting.

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