RBI notifies that average Cash Reserve Ratio (CRR) required to be maintained by every bank shall be 4.50 per cent of its net demand and time liabilities effective from the reporting fortnight beginning May 21, 2022.
New financial year begins with record exports of USD 38.19 billion in April April exports jump 24.22%, continuing the record-breaking 2021-22 performance, resulting in highest ever exports in April Non-petroleum exports rise 12.3% in April, non-petroleum imports up only 9.8% Petroleum products, Electronic goods and chemicals record major increase in exports INDIA’S MERCHANDISE TRADE: Preliminary […]
SLV Housing Development Corporation Vs ACIT (ITAT Bangalore) Under Section 271(1)(c), two faults or omissions exposes the assessee to concealment penalty i.e. concealment of particulars of income and furnishing inaccurate particulars of such income. The assessee has admitted before the AO that the new auditor appointed, had pointed out certain mistakes in the expenses claimed […]
Huawei Telecommunications (India) Company Pvt. Ltd. Vs DDIT (Delhi High Court) Mr. Datar states that the Respondents have been granted complete access to the Company’s Accounting Enterprise Planning (ERP) system. He states that ERP system is a primary source of transaction undertaken by the Petitioner and comprises of data pertaining to ledger accounts, expenditure, remittances, […]
Atma Ram Saria Vs ACIT (Delhi High Court) The Supreme Court in GKN Driveshafts (India) Ltd. vs. Income Tax Officer and Ors., (2003) 1 SCC 72 has held that when a notice under Section 148 of the Act is issued, the proper course of action for the noticee is to file a return and if […]
Reliance Industries Ltd. Vs C.C.E. & S.T. (CESTAT Ahmedabad) In the present case the appellant’s cenvat credit was denied in respect of input services viz. ECIS. The credit on ECIS was denied on the ground that this service is falling under the exclusion clause in the definition of input service under Rule 2 (l) of […]
Pooja Vs ACIT (ITAT Delhi) This appeal is filed by the Assessee against the order of the Ld. Commissioner of Income Tax (Appeals)-38, New Delhi dated 18.03.2019 for the AY 2010-11. When the matter posted for hearing on 09.03.2022 none appeared on behalf of the assessee. The Notice sent through speed post with acknowledgement due […]
Late Fee imposable in terms of Bill of Entry (forms) amendment Regulations, 2017 vide Notification No. 27/2017-Customs (N.T.) dated 31.03.2017 will be waived off in respect of Bills of Entry filed belatedly, which pertains to IGM’s filed on 01.05.2022 & 02.05.2022 on production of negative acknowledgement.
Regulations Review Authority (RRA 2.0) – Interim Recommendations – Third tranche Regulations Review Authority (RRA 2.0) has recommended withdrawal of additional 225 circulars in the third tranche of recommendations. RRA 2.0 was set-up by the Reserve Bank of India to review the regulatory instructions, remove redundant and duplicate instructions and reduce the compliance burden on […]
Relaxation of import provisions under Notification No. 20/2015-20 dated 24.08.2021 to allow import of remaining quantity of 5.50 Lakh MT of crushed & de-oiled GM soya cake upto 30.9.2022 or until further orders, whichever is earlier. Bill of lading of such import consignments to be on or before 30.9.2022 and “Out of Charge” of such […]
