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Circulars cannot alter or prevail over statutory provision

November 9, 2019 11955 Views 0 comment Print

M/s. Precot Meridian Limited Vs Commissioner of Customs (Madras High Court) It is held that circulars cannot prevail over the statute. Circulars are issued only to clarify the statutory provision and it cannot alter or prevail over the statutory provision. In that circumstance, it is clear that the explanation of provisions of drawback has nothing […]

No transfer on Family settlement amongst family members in context of ‘preexisting right’

November 8, 2019 2595 Views 0 comment Print

In so far as the second substantial question of law is concerned, it is necessary to note that the Assessing Officer, Commissioner of Income-tax (Appeals) and the ITAT have concurrently held that notwithstanding the nomenclature of the settlement, or the fact that the settlement is incorporated in the Consent Decree, the same is not a family settlement as such, the principle in Sachin Ambulkar (supra) is inapplicable.

TRQ & Procedure for import of Crude Soya Oil under India-Mercosur Trade Agreement

November 8, 2019 741 Views 0 comment Print

TRQ for import of 30,000 MT of Crude Soya Oil from Paraguay under India-Mercosur Preferential Trade Agreement and Procedure for import of Crude Soya Oil (HS Code: 15071000) under India-Mercosur Trade Agreement are laid down vide Public Notice No. 42/2015-2020 Dated the 8th November, 2019 Government of India Ministry of Commerce & Industry Department of […]

FAQs on Special Window for Funding Stalled Housing Project

November 7, 2019 1263 Views 0 comment Print

FAQs on Special Window for Funding Stalled Affordable and Middle-Income Housing Project as Approved by Union Cabinet on November 6, 2019 The Union Cabinet chaired by Prime Minister Shri Narendra Modi  yesterday approved the establishment of a ‘Special Window’ fund to provide priority debt financing for the completion of stalled housing projects that are in […]

CBI Searches At 187 Places in bank fraud cases of Rs. 7200 Crore

November 7, 2019 921 Views 0 comment Print

CBI has registered around 42 cases of bank frauds involving Rs. 7200 crore (approx.). The banks involved (including consortium members) are Andhra Bank, Oriental Bank of Commerce, Indian Overseas Bank, SBI, Allahabad Bank, Canara Bank, Dena Bank, Punjab & Sind Bank, Punjab National Bank, Central Bank of India, Union Bank of India, IDBI Bank, Bank of Baroda, Bank of Maharashtra and Bank of India. .

Scheme for Non-competitive Bidding Facility in Auction of State Development Loans

November 7, 2019 501 Views 0 comment Print

As part of the overall strategy of diversifying the investor base for SDLs, Reserve Bank of India has been taking various measures to encourage participation of retail investors in SDL market including introduction of non-competitive bidding in primary auctions.

Exposure Draft on Guidelines on Wellness and Preventive Features/Benefits

November 7, 2019 906 Views 0 comment Print

In order to enhance the scope of services offered under wellness and preventive features/benefits of health insurance products, it is proposed to issue comprehensive guidelines on wellness and preventive features/benefits.

HC takes note of Huge Pendency at CESTAT Chandigarh due to non availability of Member Technical

November 7, 2019 885 Views 0 comment Print

We request the learned President of CESTAT, Principal Bench, New Delhi to initiate some remedial measures by deputing a Member Technical for atleast two weeks during a month to hold Court at Chandigarh Bench so that the Divisional Bench, CESTAT, Chandigarh Bench can function for reducing the pendency.

ICAI clarifies on Effective Date of Validity of Peer Review Certificate

November 7, 2019 6180 Views 0 comment Print

The Peer Review Certificate will henceforth be effective from the date of submission of final clean report irrespective of date of Peer Review Board meeting in which it is approved.

Guideline for GST Practitioners eligible to appear in examination

November 7, 2019 7311 Views 4 comments Print

A. Guidelines for filling up application form: 1. All GST Practitioners who are eligible to appear in the examination are required to submit online application on the Examination registration portal. Link of the portal shall be provided on official websites of NACIN and CBIC.

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