"04 August 2023" Archive

Time limit for overseas investments by AIFs/VCFs reduced to four months

Circular No. SEBI/HO/AFD/PoD/CIR/P/2023/137 04/08/2023

Under the new guidelines, AIFs and VCFs now have a reduced time limit of four months to utilize the allocated investment limits effectively. If the approved funds remain unutilized within the stipulated period, SEBI can reallocate these limits to other applicant AIFs/VCFs....

Universal Joints Parts for Transmission Shaft falls under Heading 84836090

Kafila Forge Ltd Vs Principal Commissioner of Customs (CESTAT Delhi)

CESTAT Delhi held that Universal Joints Parts to be used in transmission shaft, are more specifically covered under sub heading 8483 60 90 and not under heading 8708....

Deductions u/s 80IA eligible on FDR Interest, Scrap Sales, EDI Charges & ICD Operations

DCIT Vs JWC Logistics Park P. Ltd. (ITAT Mumbai)

ITAT Mumbai held that deduction u/s 80IA of the Income Tax Act duly available towards FDR interest, scrap sales and EDI charges and on account profit earned from the operation of Inland container Depot (ICD)....

Duty Admittance Before Settlement Commission not Justify Denial of Warehouse License Renewal

Flemingo DFS Pvt. Ltd. Vs Commissioner of Customs (CESTAT Chennai)

CESTAT Chennai held that non-renewal of Private Bonded Warehouse license alleging settlement of disputes and admission of duty liability before Settlement Commission is unjustified. As post settlement, immunity is granted to the assessee from fine, penalty and prosecution under Customs Act and any other Central Act....

Notice u/s 153C beyond six Assessment Year from date of recording of satisfaction note is without jurisdiction

ACIT Vs Opal Buildwell P. Ltd. (ITAT Delhi)

ITAT Delhi held that issuance of notice u/s 153C of the Income Tax beyond six Assessment Year immediately preceding the Assessment year from the date of recording of satisfaction note/ handling over of relevant material is not in accordance with law....

DGFT Extends Implementation of Drug Trace System up to 01.02.2024

Notification No. 26/2023-DGFT [F. No. 01/91/180/648/AM-09/EC/E-21052] 04/08/2023

DGFT extends the deadline for the Track and Trace system for exported drug formulations to February 1, 2024, for both SSI and non-SSI drugs....

DGFT Permits Export of Wheat Flour Mixed with Millets

Public Notice No. 25/2023-DGFT [F. No. 01/85/171/00014/DES.VI] 04/08/2023

Directorate General of Foreign Trade (DGFT) amends SION E-136 to allow exports of Wheat Flour (Atta) mixed with Millets. Know key conditions....

Penalty u/s 270A leviable for Unexplained Income Misreporting

Sanjeev Kumar Manchand Vs ITO (ITAT Pune)

ITAT Pune held that penalty under section 270A of the Income Tax Act duly leviable in absence of any plausible legal explanation with regard to misreporting of taxable income and increasing deductions....

Posted Under: SEBI | | ,

DGFT amends name of authorized laboratories for certification/grading of diamonds

Public Notice No. 24/2023-DGFT [F. No. 01/94/180/258/AM21/PC-4] 04/08/2023

Unveiling the Indian Government's amendment in the Handbook of Procedures 2023; a key alteration in the certification/grading of diamonds. ...

No Penalty u/s 271B for Delay Due to director-cum-accountant’s Death

Revanta Hometex India Pvt. Ltd Vs CIT (ITAT Mumbai)

ITAT Mumbai held that penalty under section 271B of the Income Tax Act for delay in furnishing of audit report not leviable on account of reasonable cause shown that delay was due to the death of director who was also an accountant of the company....

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