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GST not apply to Services rendered abroad- Refund allowable

June 14, 2022 3498 Views 0 comment Print

Jar Productions Private Limited Vs Union of India (Bombay High Court) Agreement executed between the petitioner and the ASCL shows that the approved production budget includes all costs in connection with the production services including the amount of Indian Goods and Services Tax Act. This shows that GST is included in all costs in connection […]

Additional conditions for TRQ allocation of Crude Soya bean/ Sunflower oil

June 14, 2022 1047 Views 0 comment Print

Changes are made in Public Notice 10/2015-20 dated 24.05.2022 for notifying additional provisions for allocation of Tariff Rate Quota (TRQ) for 20 Lakh MT of Crude Soya bean oil and 20 Lakh MTs of Crude Sunflower oil for FY 2022-23 and 2023-24. Government of India Ministry of Commerce and Industry Department of Commerce Directorate General […]

Solvency Margin requirement for crop insurance relaxed by IRDAI

June 13, 2022 1635 Views 0 comment Print

remium receivables related to State / Central Government sponsored schemes for all quarters of the FY 2022-23 and onward to the extent that they are not realized within a period of 365 days shall be placed with value zero.

Advisory on Advertisements of Online Betting Platforms

June 13, 2022 978 Views 0 comment Print

No. DM/15/2022-DM Government of India Ministry of Information & Broadcasting A Wing, Shastri Bhawan New Delhi-110001 Dated 13th June, 2022 ADVISORY To i. Newspapers registered under Press and Registration of Books Act, 1867 ii. Private Satellite Television Channels iii. Publishers of news and current affairs content on digital media Subject: Advisory on Advertisements of Online […]

Issuance of Post Dated Cheques is not Unqualified Admission of Debt: NCLT

June 13, 2022 1320 Views 0 comment Print

N.C. Goel & Maya Goel Vs Piyush Infrastructure India Private Limited (NCLT Allahabad) In this case Copies of the post-dated cheques issued by the Corporate Debtor for repayment of principal amount have been enclosed. However, these cannot be taken to be unqualified admission of debt because the presumptions drawn under section 118 and section 139 […]

GP margin cannot be enhanced without finding any sales/purchases not recorded in books

June 11, 2022 1578 Views 0 comment Print

PCIT Vs Smart Value Products And Services Ltd. (Himachal Pradesh High Court) In the present case, Appellate Authority as well as the Tribunal have carefully gone through the record of the case and have found that the Assessing Officer had computed monthwise and quarter wise trading account for enhancing the gross profit. The Assessing Officer […]

Section 40A(3) not applicable to cash payment for purchase of stock-in-trade

June 11, 2022 4500 Views 0 comment Print

Vikrant Happy Homes Pvt. Ltd. Vs DCIT (ITAT Pune) Coming to the facts on hands in the present case the fact remains admitted that the sellers from whom the assessee purchased lands were identified the transaction and also acknowledged the cash payments, thereby, it shows the transaction is genuine, as discussed in the foregoing paragraphs […]

Order deleting section 68 additions after elaborate factual exercise is valid

June 11, 2022 720 Views 0 comment Print

PCIT Vs Anmol Stainless Pvt. Ltd. (Calcutta High Court) We find from the order passed by the tribunal that the assessing officer has complied with the direction issued by the CIT(A) and has given effect to the order and no adverse finding has been recorded by the assessing officer and accordingly the addition was deleted. […]

Use & file (U&F) procedure for life insurance products & riders

June 10, 2022 3627 Views 0 comment Print

In its continuous endeavor towards the reform agenda taken up towards having a fully insured India, Insurance Regulatory and Development Authority of India (IRDAI) has extended the ‘Use and File’ procedure for most of the Life Insurance products. This means now the life insurance companies can also launch these products without prior approval of IRDAI. […]

PMC bank merger with Unity Small Finance Bank – Provisioning on interbank exposure & valuation of PNCPS & Equity Warrants

June 10, 2022 2280 Views 0 comment Print

Punjab and Maharashtra Co-operative Bank Limited (Amalgamation with Unity Small Finance Bank Limited) Scheme, 2022 – Provisioning on interbank exposure and valuation of Perpetual Non-Cumulative Preference Shares (PNCPS) and Equity Warrants

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