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Auto-Renewal of AEO-T1 validity for continuous certification based on continuous compliance monitoring

August 4, 2021 2325 Views 0 comment Print

The Board has reviewed the AEO programme on the background of reported difficulties being faced by the AEO-T1 entities in renewal of their certification especially during the on-going pandemic.

AAR allows ‘Rotary Club of Bombay Pier’ to withdraw application

August 4, 2021 903 Views 0 comment Print

In re Rotary Club of Bombay Pier (GST AAR Maharashtra) The Application in GST ARA Form No. 01 of M/s. Rotary Club of Bombay Pier, vide reference ARA No. 29 dated 12.09.2020 is disposed of, as being withdrawn voluntarily and unconditionally. FULL TEXT OF THE ORDER OF AUTHORITY OF ADVANCE RULING, MAHARASHTRA The present application […]

CBDT designates Special Court for Gujarat under Black Money Act

August 4, 2021 798 Views 0 comment Print

Notification No. 87/2021-Income Tax | Dated 04.08.2021 – Chief Justice of the High Court of Gujarat, hereby designates the following Court mentioned in column (2) of the Table below as the Special Court for the area specified in the column (3) of the said Table, for the purposes of section 84 of the Black Money […]

HC quashes Assessment order passed for not granting personal hearing despite request

August 3, 2021 1815 Views 0 comment Print

RKKR Foundation Vs National Faceless Assessment Centre Delhi (Delhi High Court) According to us, what has emerged clearly is that, a request for accommodation was made by the petitioner on 27.04.2021, wherein a reference was made to the CBDT circular dated 24.04.2021, whereby, the limitation for passing the assessment order had been extended till 30.06.2021. […]

HC set aside assessment order passed without issuing show cause notice-cum-draft assessment order

August 3, 2021 5880 Views 0 comment Print

YCD Industries Vs National Faceless Assessment Centre (Delhi High Court) The statute [i.e. Section 144B(1)(xiv), (xv), (xvi)b and (xxii)] provides for issuance of a show cause notice-cum-draft assessment order, and an opportunity to the petitioner/assessee to respond to the same where income of the assessee is varied by the respondent/revenue. Admittedly, the petitioner’s income was […]

Section 144B(7) get triggers if petitioner’s income got varied

August 3, 2021 2217 Views 0 comment Print

Satia Industries Limited Vs National Faceless Assessment Centre (Delhi High Court) In the case of Satia Industries Limited Vs. National Faceless Assessment Centre, Delhi in W.P.(C ) 5587/2021 & CM APPL. 17382/2021 (Delhi High Court), it has been considered that since an adverse view was taken, and petitioner’s income got varied, provisions of section 144B(7) […]

Framework for Outsourcing of Payment and Settlement-related Activities by Payment System Operators

August 3, 2021 1932 Views 0 comment Print

The Payment System Operators (PSOs), by virtue of services they provide and the construct of models on which they operate, largely outsource their payment and settlement-related activities to various other entities.

CBDT notifies pension fund ‘Ontario Inc.’ U/s. 10(23FE)

August 3, 2021 1863 Views 0 comment Print

Central Government hereby specifies ‘ Ontario Inc.’, as the specified person for the purposes of sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of Income-tax Act, 1961 in respect of the eligible investment made by it in India on or after 3rd August, 2021 but on or before […]

SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2021

August 3, 2021 8970 Views 0 comment Print

These regulations may be called the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2021. They shall come into force on the date of their publication in the Official Gazette.

SEBI (Regulatory Sandbox) (Amendment) Regulations, 2021

August 3, 2021 2490 Views 0 comment Print

These regulations may be called the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021. They shall come into force from 3rd August, 2021.

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