Representations have been received from first time importers / exporters/ other stakeholders highlighting problems faced during verification of documents by Customs. It has been represented that number of documents are being asked from them, which adds to the transaction cost and also delays the import and export shipments.
Trade Notice No. 13 dated 11.8.2017 has provided for import [as per para 2,17 and 9.11 of the Handbook of the Procedure (2015-2020)] of Pigeon Peas/Toor Dal for which irrevocable Letters of Credit have been opened prior to 5th August, 2017 and subsequently registered with the jurisdictional RAs, as per provisions of Para 1.05 of the Foreign Trade Policy (2015-20).
If second borrowing has really been used to repay the original loan and this fact is proved to the satisfaction of AO, interest paid on the second loan would also be allowed as deduction under section 24.
Kind reference is drawn to Notification No. 26/2017-Customs (N T.) and Notification No. 27/2017-Customs (N.T.) dated 31.03.2017, amending Bill of Entry (Electronic Integrated Declaration) Regulations, 2011 and Bill of Entry (Forms) Regulations, 1976 respectively to prescribe late charges for delayed presentation of Bill of Entry.
1. SEBI vide circular SEBI/HO/MRD/CP/CIR/P/2016/38 dated March 9, 2016 laid down the detailed framework for introduction of cross-currency futures and option contracts in the EUR- USD, GBP- USD and USD- JPY currency pairs and introduction of currency option contracts in EUR- INR, GBP- INR and JPY- INR currency pairs. The said framework interalia specified product design, risk management & dynamic price bands etc for cross currency options and currency options.
In continuation of guidelines on debt securities contained in Chapter V Issue of Debt Securities of SEBI (IFSC) Guidelines, 2015 and based on the representations received from stock exchanges and market participants in IFSC, it has been decided that for issuing debt securities in IFSC, stock exchanges shall evolve a detailed framework prescribing
In order to further streamline the operations at IFSC, based on the internal discussions and consultations held with the stakeholders, it has been decided to amend provisions of the aforesaid guidelines as follows
S.0 (E).- In exercise of the powers conferred by sub-section (1) of section 435 of the Companies Act, 2013 (18 of 2013), the Central Government, with the concurrence of the Chief Justice of the High Court of Judicature at Patna, hereby designates the following Court mentioned in column (1) the Table below as Special Court for the purposes of providing speedy trial of offences punishable with imprisonment of two years or more under the said sub-section, namely:-
The Income Tax Appellate Tribunal (ITAT), Hyderabad held that exemption under section 54(2) of the Income Tax Act, 1961 cannot be denied to the assesse for the mere reason that the assesse has invested the capital gain in a normal term deposit account instead of Capital Gain Scheme account.
Definition of legal representative given in the Code of Civil Procedure, 1908 is inclusive in character and its scope is wide. It is not confined to legal heirs only. It may be a person who may or may not be the heir, competent to inherit the property of the deceased.
