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Bus Body Building on chassis supplied by customer on job work basis- is it supply of goods or Services?

July 30, 2021 5211 Views 0 comment Print

In re Tvl Anamallais Engineering (p) Ltd. (GST AAR Tamilnadu) 1. Whether the activity of Bus Body Building on the chassis supplied by the customer on job work basis is a supply of service or supply of goods? The activity of bus body building undertaken on the chassis supplied by the customers to the applicant […]

AAR Maharashtra allowed ‘J.M Livestock Private Limited’ to withdraw application

July 30, 2021 363 Views 0 comment Print

The applicant J.M Livestock Private Limited has submitted a letter dated 27.07.2021 and requested that they may be allowed to voluntarily withdraw their subject application filed on 13.03.2020.

Accounting Standard to be followed by IFSC Banking Units (IBUs)

July 30, 2021 1071 Views 0 comment Print

It is advised that IBUs shall follow the IFRS accounting standards issued by the IASB, including any new amendments thereto, for preparing and maintaining its financial statements on standalone basis and for the purpose of reporting and compliance under the relevant IFSCA regulations, rules, directions, circulars and guidelines applicable for IBUs.

Ayush Ministry strongly denies baseless claim by NICE on COVID-19 treatment protocol

July 29, 2021 279 Views 0 comment Print

Some misleading claims have been made by a naturopathy related network NICE (Network of Influenza Care Experts)and have been published by some media platforms without journalistic verification. The main claim is regarding developing a protocol of treatment of COVID-19 that has been approved by the Ministry of Ayush. The claimant has unethically and misleadingly attributed […]

Startups and Small Companies Shutdown during Covid

July 29, 2021 288 Views 0 comment Print

The COVID-19 epidemic has temporarily affected various sectors including Micro, Small and Medium Enterprises in the country. Economic activity contracted due to the strict lockdown measures imposed by the Government. This contraction has also had impact on the MSME sector. Studies have been conducted by National Small Industries Corporation (NSIC) and Khadi and Village Industries […]

No section 56(2)(vi) addition for Gift received from brother-in-law

July 29, 2021 1383 Views 0 comment Print

Y. C. Kallinatha Vs ACIT (ITAT Bangalore) The assessee had received a gift of Rs.22.50 lakh from Shri T.C.Shivakumar, who is brother-in- law of the assessee. The assessee had considered the transaction not coming within the purview of section 56(2)(vi) of the I.T.Act since gift was received from a relative covered under the definition of […]

Monetary Penalties to be imposed by an Insolvency Professional Agency

July 28, 2021 636 Views 0 comment Print

The Disciplinary Committee of an Insolvency Professional Agency (IPA) may impose monetary penalty on its professional members under Clause 24(2)(d) of the Schedule to the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016.

Additional charge arrangement in the grade of PCIT/PDIT

July 28, 2021 1476 Views 0 comment Print

Office Order No. 186 of 2021 The following additional charge arrangements in the grade of PCIT/PDIT are ordered with immediate effect as mentioned against their names and until further orders:

MahaRERA: Builders to submit Report from CERSAI

July 28, 2021 24102 Views 0 comment Print

MAHARASHTRA REAL ESTATE REGULATORY AUTHORITY Date :28/07/2021 Order No: – 19 /2021 No. MahaRERA / Secy / File No.27 / 149 /2021 Subject: Report from CERSAI Whereas Ministry of Finance notified the establishment of the Central Registry Securitisation Asset Reconstruction and Security Interest of India (CERSAI), a Government Company, incorporated for the purpose of operating […]

MahaRERA to implement Financial Quarter Based Project Progress Reporting System

July 28, 2021 5475 Views 0 comment Print

MahaRERA shall implement Financial Quarter Based Project Progress Reporting System for all MahaRERA registered real estate projects. Promoters shall file Quarterly Progress Reports (QPR) as per Financial Quarters within 7 days of the Quarter End ( Due Dates will be every 7th day of July, October, January and April respectively).

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