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RBI extends guidelines on LEI to Primary UCBs & NBFCs

April 21, 2022 2067 Views 0 comment Print

On a review, it has been decided that the guidelines on LEI stand extended to Primary (Urban) Co-operative Banks (UCBs) and Non-Banking Financial Companies (NBFCs).

Process flow for opening APY account through online & Offline Aadhaar

April 21, 2022 1827 Views 0 comment Print

Pension Fund Regulatory and Development Authority (PFRDA) CIRCULAR No. CIR No.: PFRDA/2022/08/SUP-CRA/02 | Dated: 21 April 2022 To, Prospective APY Subscribers, APY-SPs & other stake holders for information Subject: eAPY – Ease of onboarding through Aadhaar The Government of India introduced Atal Pension Yojana (APY) for a pension inclusive society wherein every Indian Citizen who […]

RTO taxes & Insurance premium will form Part of Sale Value under MVAT Act, 2002

April 20, 2022 10674 Views 0 comment Print

In re Star motors & Other 27 Applicants (MVAT AAR Maharashtra) Q.1 Whether the One time ‘RTO Tax (Road Tax),’ required to be paid to Maharashtra Government for use of Motor Vehicle collect and paid by the dealer for the purchaser of Motor Vehicle and Insurance premium’ after registration of Motor Vehicle on the name of purchaser […]

HC Quashes Vague order cancelling GST Registration

April 20, 2022 3234 Views 0 comment Print

HC observed that show cause notices, referred to above, and the impugned order are as vague as anything. The issue is now covered by the decision of this Court in the case of Aggarwal Dyeing and Printing Works vs. State of Gujarat & 2 Ors., Special Civil Application No.18860 of 2021, decided on 24.02.2022.

Guidelines for Members of CMA Institute on Responding to any Tender

April 19, 2022 924 Views 0 comment Print

A member of the Institute of Cost Accountants of India in practice shall not respond to any tender issued by an organization or user of professional services in areas of services such as audit and attestation services which are exclusively reserved for Cost Accountants by a statute.

CBDT designates Special Court in Kerala under Black Money Act

April 19, 2022 741 Views 0 comment Print

Vide Notification No. 34/2022-Income Tax, Dated: 19.04.2022 CBDT designates Court in the State of Kerala as the Special Court for the purposes of section 280A(1) of  Income-tax Act, 1961 and section 84 of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF […]

Erroneous grant of refund and return of such refund amount- HC directs dept to re-credit/restore ITC in in electronic tax ledger

April 18, 2022 3339 Views 0 comment Print

I-Tech Plast India Pvt. Ltd. Vs State Of Gujarat (Gujarat High Court) In so far as the erroneous grant of refund and return of such refund amount together with interest by the writ-applicant is concerned, the same is undisputed. That being the case, the first part of the transaction is nullified inasmuch as the amount […]

Vehicle carrying goods ought not to be stopped/seized by authorities for expiry of E-way bill

April 18, 2022 37851 Views 2 comments Print

Podder & Podder Industries Private Limited Vs State of Tripura and others (Tripura High Court) HC held that balance has to be brought between transportation of goods as well as the taxing event i.e. the sale or purchase of goods of service. In a case where there is no doubt that a transaction is made […]

Proviso (v) To Section 14(1) SARFAESI Act is Valid Constitutionally

April 17, 2022 2937 Views 0 comment Print

Kumaresh K Vs Union Of India and Other (Karnataka High Court) It is evident that Section 14(1)(v) of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) provides that an application which may be submitted by the secured creditor shall be accompanied by an affidavit duly affirmed by authorized […]

Court can take cognizance of complaint for ‘cheque bounce’ on Notice Pursuant To ‘Re-Presentation’ of Cheque

April 17, 2022 6798 Views 0 comment Print

Sri Gadadhar Barik Vs Sri Pradeep Kumar Jena and another (Orissa High Court) Supreme Court in M/s. Sicagen India Ltd. Vrs. Mahindra Vadideni and Others (Criminal Appeal Nos.26-27 of 2019) decided on 8th January, 2019, wherein, held that even a second statutory notice after re-representation of cheque is maintainable in law. In fact, the issue […]

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