Time upto 30.04.2019 has been allowed to Directorate of Revenue Intelligence (DRI) and the State Governments of Maharashtra and Tamil Nadu to finalize the modalities and complete the process of export of respective allocated quantities of Red Sanders wood.
It has been decided, in consultation with the Government of India, to liberalise ECB Policy and permit public sector Oil Marketing Companies (OMCs) to raise ECB for working capital purposes with minimum average maturity period of 3/5 years from all recognized lenders under the automatic route.
An article has been reported in news media regarding write-off of loans by Public Sector Banks (PSBs). Technical write-offs are resorted by banks as per Reserve Bank of India (RBI) guidelines. However, this does not lead to any loan waiver. Recovery of loans continues rigorously by Banks. In fact the defaulting management of most Insolvent companies has been removed under the IBC.
ACIT Vs Smt. Biji Suresh (ITAT Cochin) The provisions contained in section 194G of the Act provides for deduction of TDS by any person who is responsible for paying to any person, who is stocking, distributing, purchasing or selling lottery tickets, any income by way of commission, remuneration or prize on such tickets, at the […]
PCIT Vs International Biotech Park Ltd (Bombay High Court) Revenue has been selective in its approach. It picks either the assessee or the assessment years pertaining to that assessee for challenging the orders in relation to them, before the higher forums. This results in revenue leakage or perpetuation of wrongs affecting adversely the collection of revenue. The public at large […]
Sahara Global Vision Pvt. Ltd Vs ACIT (ITAT Delhi) Assessee entered into joint venture by way of participating in a company in USA for distribution of petroleum and chemical products after obtaining approval from RBI. There is also no dispute that the joint venture company in USA was liquidated. The facts on record show that […]
Smt. Kamlesh Goel Vs The I.T.O (ITAT Delhi) The bone of contention is as to whether the Assessing Officer has rightly framed the impugned order within 16 days of disposing of the objections of the assessee. The answer is given by the coordinate bench in the case of Metaplast Engineering P. Ltd in ITA No. […]
In pursuance of its objective of ensuring that Legislation is in sync with the needs of strong economic fundamentals, the Government has constituted a Competition Law Review Committee to review the Competition Act.
In exercise of the powers conferred under Rule 126 of the Central Goods & Services Tax Rules, 2017, the National Anti-Profiteering Authority under the Goods & Services Tax hereby notifies the following Methodology and Procedure for determination as to whether the reduction in the rate of tax on the supply of goods or services or […]
Firm and Decisive Government Action taken to preserve value and assets of IL& FS Government stands fully committed to ensure much needed liquidity arranged for the IL& FS from the financial system so that no more defaults take place and the infrastructure projects implemented smoothly IL&FS, incorporated in 1987, is a large Systemically Important Non-Deposit […]
