Accounting Standards Board (ASB) decided to issue the Exposure Draft of Amendments to Ind AS 117, Insurance Contracts, corresponding to amendments in IFRS 17 for public comments. It may be noted that in May 2017, the IASB issued new standard on insurance Contracts, IFRS 17, Insurance Contracts, replacing IFRS 4 which was in the nature of an interim standard pending the completion of the project on insurance contracts by the IASB. IFRS 17, first comprehensive international standard, sets out the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the Standard.
CTM Technical Textiles Ltd Vs Union of India (Gujarat High Court) Both the goods in question are being manufactured by the writ-applicants by weaving; it being warp knitting in case of the Agro Shade Net and weaving by warp and weft in case of the Geo Grid fabrics. Both these commodities are in the nature […]
The Reserve Bank of India (RBI) has, vide order dated December 24, 2020 cancelled the banking licence issued to Subhadra Local Area Bank Ltd., Kolhapur, Maharashtra under Section 22 (4) of the Banking Regulation Act, 1949 to carry on banking business in India. The order is made effective from close of business on December 24, 2020.
It is hereby informed that the Competent Authority has decided that Automatic Case Number Generation should be mandatorily started from In January 2021 in all NCLT benches across the Country.
Case No. SSR-10/2020 Final Findings in Second Sunset Review (SSR) Anti-dumping investigation concerning imports of ‘Front Axle Beam’ and ‘Steering Knuckles’ meant for heavy and medium commercial vehicles originating in or exported from China PR.
Naresh Mittal Vs. DGGST (Patiala High Court) It appears from the facts that applicant alongwith Chhedi Lal Mittal created fake firms and availed fake ITC to the tune of Rs. 25 crore. Further it is brought to the fore that applicants firm could not have any business transactions with the firms he was transacting with […]
Because the Commissioner is conferred with the power of provisional attachment under section 83 it would not ipso-facto mean that he can straight away proceed to provisionally attach any property including bank accounts of a taxable person merely on the ground of pendency of proceedings under section 67.
Chapter 84 and 85 of ITC (HS) 2017- Schedule-1 Import Policy is amended to incorporate changes as made in the Finance Act, 2020 dated 27th March, 2020.
Bon Cargos Private Limited Vs Assistant State Tax Officer (Kerala High Court) Explanation 2 to Section 138 defines the consignment value of goods to be that declared in an invoice, a bill of supply or a delivery chalan including the goods and services tax payable with any Cess charged. Sub-Rule (1) read with Explanation 2 […]
SEBI notified the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2020, (SECC Amendment Regulations, 2020) on October 08, 2020, to permit setting up of a Limited Purpose Clearing Corporation for clearing and settlement of repo transactions in debt securities.
