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TNMM is most appropriate method if transactions are relatable & inter­related

September 22, 2021 4356 Views 0 comment Print

Wieland Metals India Private Ltd. Vs ITO (ITAT bangalore) Issue before us is with regard to TP adjustment by applying TNMM by the TPO instead of CUP method adopted by the assessee as most appropriate method in respect of determining of ALP of manufacturing segment. As seen from the details of international transactions, the assessee […]

SC restores Matter to CESTAT for failure to consider appeal on merits

September 21, 2021 759 Views 0 comment Print

Commissioner of Customs, Pune Vs Ballarpur Industries Ltd. (Supreme Court of India) None of the above findings have been displaced in the order of the Tribunal. The Tribunal has not looked into the merits of the appeals at all on the facetious ground that the show cause notice did not contain any basis to doubt […]

Government to start 24 hours Helpline for assistance to exporters

September 21, 2021 378 Views 0 comment Print

Government is going to Institutionalise a 24 hours Helpline for assistance to exporters and resolution of issues said Shri Piyush Goyal today at the launch of nation wide celebrations of iconic week for Amrit Mahotsav for Commerce & Industry Ministry .

IRDA imposes penalty on Surveyors for Undertaking survey not in commensurate with resources

September 20, 2021 4227 Views 0 comment Print

Charge: Undertaking survey not in commensurate with their resources. Provision: Regulation 4(15) (4) and 12(1) of IRDAI (Insurance Surveyors & Loss Assessors) Regulations, 2015

De-Activation of IECs not updated on the DGFT

September 20, 2021 4728 Views 0 comment Print

All IECs which have not been updated after 01.01.2005 shall be de-activated with effect from 06.10.2021. The list of such IECs may be seen at the given link ( https://www.dgft.gov.in/CP/?opt=dgft-ra )

Special Drive for Risky Exporter Refund verification

September 17, 2021 3834 Views 0 comment Print

As explained in the Circular, CBIC has taken measures to apply stringent risk parameters-based checks driven by rigorous data analytics and Artificial Intelligence tools and based on the same, certain exporters were taken up for further verification.

No Section 54B deduction denial merely for registration of new agricultural land in name of co-parcener

September 17, 2021 2370 Views 0 comment Print

HUF is owner of the said agricultural land though it is registered in the name of the Coparcener, as the HUF is enjoying all the fruits of the said agricultural land. Thus, the HUF is entitled to claim exemption/deduction under section 54B of the Act.

FAQs: Govt guarantee to back Security Receipts issued by NARCL for acquiring stressed loan assets

September 16, 2021 1275 Views 0 comment Print

Central Government guarantee of Rs.30,600 crore to back Security Receipts issued by National Asset Reconstruction Company Limited (NARCL) for acquiring stressed loan assets was approved by Union Cabinet yesterday.

52 companies file applications for PLI Scheme for White Goods

September 16, 2021 768 Views 0 comment Print

A total of  52 companies have filed their application with committed investment of Rs 5,866 crore under the PLI scheme to incentivize the domestic manufacturing of components of White Goods (Air conditioners and LED lights), applications for which closed on 15 September, 2021. The PLI Scheme was notified on 16.04.2021.

Deduction/Non-deduction of TDS in SCSS accounts in CBS post offices reg

September 16, 2021 12399 Views 1 comment Print

No. FS-13/7/2020-FS Government of India Ministry of Communications Department of Posts (F.S.Division) Dak Bhawan New Delhi-110001 Dated: 15.09.2021. To, All Head of Circles/Regions, Sub: – Deduction/Non-deduction of TDS in SCSS accounts in CBS post offices reg. Sir/Madam, This office is receiving various representations from the SCSS account holder(s) that CBS post offices are either not […]

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