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Revocation of Cancellation of GST Registration – HC found argument of erroneous exercise of jurisdiction untenable

September 7, 2020 6705 Views 0 comment Print

M.S. Retail Private Limited Vs Union Of India (Karnataka High Court) It is not in dispute that the show cause notices, the order of cancellation and the order rejecting the application for revocation of cancellation are passed by proper officer. The show cause notice dated 18.03.2020 and the order of cancellation of registration dated 06.06.2020 […]

CBIC exempts BCD on paper based taggants, including M-Feature

September 7, 2020 756 Views 0 comment Print

CBIC vide Notification No. 33/2020–Customs dated 7th September, 2020 exempts BCD on paper based taggants, including M-Feature. MINISTRY OF FINANCE (Department of Revenue) Notification No. 33/2020–Customs New Delhi, the 7th September, 2020 G.S.R. 547(E).—In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section […]

Cut-off date for re-lodgement of share transfer deeds extended

September 7, 2020 1401 Views 0 comment Print

It has been decided to fix March 31, 2021 as the cut-off date for re-lodgement of transfer deeds. Further, the shares that are re-lodged for transfer (including those request that are pending with the listed company / RTA, as on date) shall henceforth be issued only in demat mode.

Companies registered in Maharashtra to Register under Profession Tax

September 7, 2020 3354 Views 0 comment Print

Maharashtra State Tax on Professions, Trades, Callings and Employments (Amendment) Act, 2020 as effective from 22nd July 2020 amends Section 5 and 6 of PT Act. A company, which has been incorporated under the provisions of the Companies Act, 2013, after the date of commencement of the Maharashtra State Tax on Professions, Trades, Callings and […]

Capping of Rs 2 Crore for MEIS will not affect 98% of exporters

September 5, 2020 885 Views 0 comment Print

On the issue of recent changes in the Merchandise Export from India Scheme (MEIS), the Minister said that the capping of Rs 2 Crore will not affect 98% of the exporters who claim benefit under the scheme.

No TP adjustment for interest on receivables from AE’s if delay is less than industry average

September 4, 2020 1110 Views 0 comment Print

TPO has not given any finding on the No. of days delay in receivables. As submitted by the learned AR, the delay was less than 90 days and the industry acceptable period of average is 90 days. The Coordinate Bench of the ITAT in assessee’s own case for the A.Y 2013-14 has taken view that no adjustment is required if the delay is between 90 to 120 days.

IRDAI Guidelines on Wellness and Preventive Features

September 4, 2020 867 Views 0 comment Print

a.  Any wellness and preventive feature shall be designed only with the objective of maintaining and improving good health, thereby enabling affordable health insurance. b. As part of promoting wellness and preventive regime, insurers may offer reward points to those policyholders who comply with or meet the set criteria of wellness and preventive features.

Anti-Dumping Investigation concerning imports of ‘Vitamin C’

September 4, 2020 1242 Views 0 comment Print

Case No. ADD-OI-27/2020 Initiation of Anti-Dumping Investigation concerning imports of “Vitamin C” from China PR. The Applicant has alleged that material injury to the Domestic Industry is being caused due to dumped imports of subject goods from China PR, and has requested for imposition of anti- dumping duty on the imports of the subject goods from China PR.

CBI Arrests Bank Manager for allegedly demanding 8% of Loan Amount

September 4, 2020 1413 Views 1 comment Print

It was alleged that the Branch Manager had demanded bribe of Rs.56,000/- (8% of the loan amount sanctioned) from the complainant for sanction & disbursement of Agriculture Loan of Rs.7.10 lakh to the complainant.

Land cannot be held as an agricultural land in absence of agricultural operations

September 4, 2020 16503 Views 0 comment Print

Jairam G Kimmane Vs DCIT (ITAT Bangalore) In the present case, the claim of the Assessee that agricultural operations were carried out over the property and the property was actually used for agricultural purpose was sought to be established by relying on the classification of the property in revenue records. The Revenue contends that there […]

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