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Provision for actual delays & defaults is ‘ascertained liability’ & allowable

February 24, 2021 1728 Views 0 comment Print

Huawei Telecommunications (India) Pvt. Ltd.Vs. DCIT (ITAT Delhi)  The taxpayer challenged disallowance/confirmation of Rs.1,010,856,249/- & Rs.128,611,894/- for Assessment Years 2012-13 & 2013-14 respectively on account of provision for customer claim on the ground that the amount provided by the taxpayer pertaining to actual delays/defaults occurred as per the terms of the contract entered between the […]

Physical hearing by NCLT Benches w.e.f. 01.03.2021

February 23, 2021 1284 Views 0 comment Print

All NCLT Benches shall start regular Physical hearing w.e.f. 1.03.2021. In case any counsel/ representative of party expresses difficulty in physical hearing, he/ she may be permitted for virtual hearing.

Pre-Expiry Margin on commodities under Alternate Risk Management Framework

February 23, 2021 753 Views 0 comment Print

The matter of negative crude oil price event was deliberated upon in the Risk Management Review Committee (RMRC) of SEBI. In this regard, one of the suggestions of RMRC was that Indian Exchanges should consider introducing some mechanism to encourage significant reduction of Open Interest as the contract approaches the expiry date.

Applicability of Dynamic QR Code on B2C invoices & compliance

February 23, 2021 17439 Views 0 comment Print

Clarification in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices and compliance of notification 14/2020- Central Tax dated 21st March, 2020 – Reg.

Notification No. 20/2021-Customs (N.T./CAA/DRI), Dated: 23.02.2021

February 23, 2021 708 Views 0 comment Print

Notification No. 20/2021-Customs (N.T./CAA/DRI), Dated: 23.02.2021 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) (Directorate of Revenue Intelligence) NOTIFICATION New Delhi, the 23rd February 2021 Notification  No. 20/2021-Customs (N.T./CAA/DRI) S.O. 887(E).—In pursuance of notification No. 60/2015-Customs (N.T.), published vide number G.S.R. 453(E), dated 4thJune 2015 in Gazette of India, Extraordinary, […]

Cancellation of exemption of June 2019 Session of CS Foundation Exam

February 22, 2021 492 Views 0 comment Print

ATTENTION FOUNDATION STUDENTS!! Cancellation of exemption granted on the basis of 60% or more marks in June 2019 Session of Foundation Examination Students of foundation stage who have been granted exemptions based on attaining 60% or more marks in June 2019 are hereby informed that the said exemptions stands cancelled with immediate effect as the […]

HC directs refund of excessive stamp duty & 12% interest in case of delay

February 22, 2021 4341 Views 1 comment Print

Macrotech Developers Ltd. Vs State of Maharashtra (Bombay High Court) a. It is declared that the Petitioners are entitled to the benefits of Order bearing No. Mudrank-2020/ C.R.No.136/ M-1(Policy) dated 29.08.2020 issued by the State of Maharashtra under the Maharashtra Stamp Act and subsequent orders granting concession in payment of stamp duty on the instrument […]

SOP for Vehicle Location Tracking, registration & activation in VAHAN

February 22, 2021 6321 Views 0 comment Print

The undersigned is directed to state that the Ministry of Road Transport and Highways, GOI has earlier issued the Guidelines for the Scheme, namely “Deployment and Management of State wise Vehicle Tracking Platform for Safety a Enforcement as per AIS 140 Specifications in States Et Union Territories under Nirbhaya Framework” dated 15th January, 2020.

HC removes matter from Board for Non-Wearing of mask by Lawyer

February 22, 2021 1305 Views 0 comment Print

Kondiba Shankar Nikam Vs Balasaheb Kisan Bhosale (Bombay High Court) In this case Learned counsel for the appellant has removed the mask despite guidelines. Standard Operating Procedure (SOP) for resumption of physical hearing at the Principal Seat, High Court of Bombay w.e.f. 11th January, 2021 contemplates Wearing of mask at all times, even during arguments […]

Minutes of Monetary Policy Committee Meeting February 3-5, 2021

February 22, 2021 1410 Views 0 comment Print

Reserve Bank of India Date : Feb 22, 2021 Minutes of the Monetary Policy Committee Meeting February 3-5, 2021 [Under Section 45ZL of the Reserve Bank of India Act, 1934] The twenty seventh meeting of the Monetary Policy Committee (MPC), constituted under section 45ZB of the Reserve Bank of India Act, 1934, was held from […]

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