"09 January 2023" Archive

Implementation of RoDTEP Committee report in relation to Anomalies etc

Notification No. 53/2015-2020-DGFT [S.O. 133(E).] 09/01/2023

The revised Appendix 4R, after incorporating changes recommended by the RoDTEP Committee in relation to apparent errors and anomalies in 432 HS Codes in the earlier notified RoDTEP rates/caps, is being notified and will be applicable for exports made from 16.01.2023 to 30.09.2023....

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SARFAESI Act cannot be applied only on the reason that secured property has been shown as agricultural land in Revenue Records: SC

K. Sreedhar Vs Raus Constructions Pvt. Ltd. &

The Hon’ble Supreme Court after considering the object and purpose of Section 31(i) of the SARFAESI Act that merely because in the revenue records the secured properties are shown as agricultural land is not sufficient to attract the said provision....

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Deduction u/s. 80P available to entities registered under Karnataka Souharda Sahakari Act, 1997

Nagalambika Pattina Souharda Sahakari Niyamita Vs ITO (ITAT Bangalore)

ITAT Bangalore held that deduction under section 80P of the Income Tax Act is duly available to the entities registered under Karnataka Souharda Sahakari Act, 1997....

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Penalty u/s 271(1)(c) leviable as incomes not offered to tax with intention to evade tax

Sabara Impex Ltd Vs ITO (ITAT Mumbai)

ITAT Mumbai held that penalty under section 271(1)(c) of the Income Tax Act is leviable as incomes were not offered to taxation with a dishonest intention to conceal the income and evade tax....

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Payment for consultancy service provided by university is exempt u/s. 10(23C)

Institute of Chemical Technology Vs National Faceless Assessment Centre(NFAC) (ITAT Mumbai)

ITAT Mumbai held that exemption under Section 10(23C) of the Income Tax Act is available to the payments received for consultancy services provided by university....

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Reasons should be recorded when Central Government opines non-imposition of anti-dumping duty and designated authority recommends imposition

Indian Steel Association Vs Union of India (CESTAT Delhi)

The main grievance of the appellant, which is an Association of Indian Steel producer in India, is that despite the recommendation made by the designated authority in the final finding pursuant to the sunset review investigation that was initiated for imposition of anti-dumping duty on imports of colour coated/pre-painted flat products of...

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Mode of settlement for trades executed on Request for Quote (RFQ) platform

Circular No. SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/9 09/01/2023

It is clarified that, in addition to the existing payment mechanisms, payment mechanisms provided by banks/ payment aggregators authorised by Reserve Bank of India, from time to time, may be used for settlement of trades executed on the RFQ platform....

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SOP for handling of Stock Exchange Outage and extension of trading hours thereof

Circulars No. SEBI/HO/MRD-TPD-1/CIR/P/2023/7 09/01/2023

Trading hours of stock exchanges are pre-defined and known to all market participants including the other Market Infrastructure Institutions (MIIs) to enable them to carry out activities related to continuous trading in securities....

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General extension of due date for 45 e-forms under transition from V2 to V3 Portal

General Circular No. 01/2023 09/01/2023

Keeping in view the transition of Company forms from V2 to V3 Portal and its non availability for filing during the period starting from 07.01.2023 to 22.01.2023, the MCA has allowed additional time of 15 days, without levying additional fees, in cases where the due date for filing of the 45 e forms (excluding PAS-3) […]...

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Whether a registered person can claim ITC paid on CGST & SGST of other states where he is not registered?

Whether a registered person can claim ITC paid on CGST & SGST of other states where he is not registered? Storm Communications Private Limited (GST AAR West Bengal) GST (Goods and Services Tax) is a destination-based tax which means that the tax levied shall be collected by the state in which such goods or services […]...

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January 2023