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No penalty for denying ITC benefit to Customers prior to 01.01.2020: NAA

August 14, 2020 1143 Views 0 comment Print

Sh. Varun Goel Vs Director General of Anti-Profiteering (National Anti-Profiteering Authority) Penalty for not issuing an invoice or for issuing an incorrect or false invoice in respect of any supply of goods or services or both is not covered under Section 171(1) It is apparent from the perusal of Section 122 (1) (i) that the […]

CBDT diverts/re-designate 189 IRS to newly created NeAC

August 13, 2020 2529 Views 0 comment Print

Order No. 149 of 2020 With the approval of the Finance Minister, the following existing posts in the various grades of India Revenue Service are diverted to the newly created National e-Assessment Centre (NeAC), Delhi and its Regional Centres (ReACs) with immediate effect and until further orders:

Malleable Iron Shots and Grits (Quality Control) Order, 2020

August 13, 2020 1161 Views 0 comment Print

Compulsory use of Standard Mark.- Goods or articles specified in the column (1) of the Table shall conform to the corresponding Indian Standard specified in column (2) of the said Table and shall bear the Standard Mark under a license from the Bureau as per Scheme-I of Schedule-II of Bureau of Indian Standards (Conformity Assessment) Regulations, 2018:

CBDT notifies officers who can do survey under section 133A

August 13, 2020 3951 Views 0 comment Print

CBDT directs that the officers posted in Directorates of Investigation (Investigation Wing) and Commissionerates of TDS, only and exclusively shall act as Income-tax Authority for the purposes of power of survey under section 133A of the Income-tax Act.

SEBI SOP- Handling of complaints by stock exchanges & Action for failure to redress investor complaints

August 13, 2020 1959 Views 0 comment Print

Investor grievances redressal mechanism – Handling of SCORES complaints by stock exchanges and Standard Operating Procedure for non-redressal of grievances by listed companies.

HC Quashed GST Penalty Order due to Contravention of Principles of Natural Justice 

August 12, 2020 1155 Views 0 comment Print

In the instant case, the petition is filed for seeking quashing of the penalty order in Form GST OV 09 under Section 129 (3) of the Central Goods and Services Act, 2017. HC Quashed Penalty Order due to Contravention of Principles of Natural Justice

Supply of essential commodities to Maldives during 2020-21 permitted

August 11, 2020 1008 Views 0 comment Print

Export of Eggs, Potatoes, Onions, Rice, Wheat Flour, Sugar, Dal, Stone Aggregates and River Sand has been permitted to the Republic of Maldives under bilateral trade agreement between Government of India and Government of Maldives during the period 2020-21 as per the quantities indicated in the Table at Para 1 above. The export of above […]

Reassessment not sustainable when reasons for initiation of proceedings Seized to Survive

August 11, 2020 1194 Views 0 comment Print

Aince the AO has accepted the returned income for which reasons were recorded, therefore, for making any other addition, he should have issued fresh notice

A Comprehensive analysis of Section 194N – TDS on cash withdrawals

August 11, 2020 35418 Views 3 comments Print

Section 194N was inserted into Income Tax Act, 1961 (the Act) via Finance Act (No.2) 2019 which mandated that tax must be deducted at source (TDS) at the rate of 2% if cash withdrawals exceed Rupees one crore in a previous year. This section stands amended by Finance Act, 2020 which has brought in significant changes.

Provisional anti-dumping duty on imports of Black Toner in powder form

August 10, 2020 939 Views 0 comment Print

Seeks to impose provisional anti-dumping duty on imports of Black Toner in powder form originating in or exported from China PR, Malaysia and Chinese Taipei for a period of six months. MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 22/2020-CUSTOMS (ADD) New Delhi, the 10th August, 2020 G.S.R. 498(E).—Whereas, in the matter of ‘Black Toner […]

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