Banks are, therefore, expected to have a detailed Board approved policy on methodology and periodicity for review/renewal of credit facilities within the overall regulatory guidelines, and adhere to the same strictly.
Mr. J. Sheik Parith Vs Commissioner of Customs (Madras High Court) The only aspect that remains is to determine whether it would have been ‘possible’ for the respondents to complete such determination within the time frame fixed or whether they had been prevented from doing so by reason of an impediment or bar, justifying the […]
♦ The IRP will generate a QR code containing the unique IRN (hash) along with some important parameters of invoice and digital signature so that it can be verified by an Offline App. ♦ IRP system will pass back this ‘Signed QR Code’ as part of the response to the request made by the tax […]
Director-General of Anti-Profiteering Vs Lite Bite Travel Foods Pvt. Ltd (National Anti-Profiteering Authority) The application had been filed under Rule 128 of the CGST Rules 2017, alleging profiteering in respect of restaurant service supplied by the Respondent (Franchisee of M/s. Subway Systems India Pvt Ltd.). In the application. it was alleged that despite the reduction […]
In re IZ Kartex (GST AAAR West Bengal) From the facts of the case, it is seen that the IZ-Kartex named after Korobkov, the Russian company has entered into the MARC with BCCL. They have deployed DDP-N, an Indian company as the subcontractor. DDP-N in turn, issues invoice to the Russian company. Again, the Russian […]
Next Gen Films Private Ltd. Vs ITO (Int. Tax-TDS) (ITAT Mumbai) Regarding commissioning agreement entered into by the assessee (Next Gen Films Private Ltd.) with M/s DBPL, at para 2.12, we reached a conclusion that the contract between the assessee and M/s DBPL (M/s Desi Boyz Production Ltd. ) was primarily on principal-to- principal basis. […]
CIT Vs Shardlow India Ltd. (Madras High Court) In this case The assessment was reopened on 06.8.2013 by issuing a notice under Section 148 of the Act on the ground that the assessee transferred some portion of its land at Sembium to its holding company namely M/s.Simpson & Co. Ltd., for a consideration of Rs.375 […]
CBIC amends amend notification No. 41/2015-Customs(ADD) to extend the levy of anti-dumping duty on imports of Diketopyrrolo Pyrrole Pigment Red 254 (DPP Red 254) originating in or exported from China PR for a period of three months i.e. up to and inclusive of 16th November, 2020 vide Notification No. 24/2020-CUSTOMS (ADD) dated 14th August, 2020. […]
ITO Vs Ajmer Vidhyut Vitran Nigam Ltd (ITAT Jaipur) Exception 10(e) to the aforesaid CBDT Circular relates to cases where addition is based on information received from external sources in the nature of law enforcement agencies such as CBI/ ED/ DRI/ SFIO/ Directorate General of GST Intelligence (DGGI). In the instant case, the assessee has […]
Tariff Notification No. 72/2020-Customs (N.T.) dated 14th August, 2020 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) New Delhi, the 14th August, 2020 Notification No. 72/2020-Customs (N.T.) S.O. 2770(E).—In exercise of […]
