An important criterion for judging the soundness of a banking institution is the size and character, not only of its assets portfolio but also, of its contingent liability commitments such as guarantees, letters of credit, etc. As a part of business, banks issue guarantees on behalf of their customers for various purposes.
In no case, the Counterfeit Notes shall be returned to the tenderer or destroyed by the bank branches. Failure of the banks to impound Counterfeit Notes detected at their end will be construed as wilful involvement of the bank concerned in circulating Counterfeit Notes and penalty will be imposed.
ICAI Council decided that the applicability of provisions related to 1. Responding to Non-Compliance with Laws and Regulations (NOCLAR) 2. Fees – Relative Size and 3. Tax Services to Audit Clients of Volume-I of Code of Ethics, 2019 be further deferred for a period of six months (i.e. till 30th September, 2022) to ensure effective adoption and […]
Shivalic Academy Society Vs CIT (E) (ITAT Delhi) Settled position of law is that for the purpose of exercising jurisdiction u./s. 263 of the Act, the conclusion that the order of the AO is erroneous and prejudicial to the interest of the revenue has to be preceded by some minimal enquiry. If the Revisional authority […]
The reasons recorded in the instant case are vague and based on un-substantive reasoning, uncorroborated material and lack of evidence and hence as per decisions of the jurisdictional High Court referred above, the reasons referred above tantamount to be based on borrowed satisfaction and according to our considered view, does not sound valid reasons in the eyes of law, for reopening of the case.
Ld. FAA was correct in following the ratio laid by Hon’ble Calcutta High Court in Jatia Investment Co. Ltd. V. CIT(1994) 206 ITR 718 (Cal), that fictitious entry not backed up by funds may not be taxable as Cash Credit.
This writ petition has been filed seeking a writ of mandamus declaring the making, releasing and telecasting certain objectionable scenes in the film The Kashmir Movie i.e. The Kashmir Files showing mass murders of Kashmiri Pandits by Muslims and exodus of some Kashmiri Pandits during the Kashmir Insurgency causing hurt to the religious sentiments of several Muslims around the world as illegal and arbitrary.
CA. Manisha Mehta Vs The Board of Directors of Represented by its Managing Director of ICICI Bank and ors. (Bombay High Court) The main prayer of the petitioners is for a declaration that natural justice should be read into section 14 of the SARFAESI Act. The SARFAESI Act is intended to facilitate quick recovery of […]
NPS/APY Functionalities released by CRAs during Quarter III (FY 2021-22) includes New Subscriber Registration Form(SRF) – Changes in PoP Online Module, New SRF -Changes in API, Information on contact details of ASPs in CRA’ s Annuity Calculator, Changes in subscriber login LTI/UX and Option to reset password/ regenerate password for Nodal Office users. PENSION FUND REGULATORY […]
The law assists those who are vigilant, not those who sleep over their rights. This principle is embodied in the dictum : vigilantibus non dormientibus jura subveniunt. The delay cannot be condoned simply because the assessee’s case is hard and calls for sympathy or merely out of benevolence to the party seeking relief in granting the indulgence and to the party seeking relief.
