i. Pooling of funds and/ or units by stock brokers / clearing members in any form or manner shall be discontinued for mutual fund transactions. ii. Similar to mechanisms for transactions in mutual fund units by MFDs and IAs, stock exchanges shall put necessary mechanisms in place for stock brokers / clearing members also, to ensure that funds pay-in is directly received by the clearing corporation from the investor account and funds pay-out is directly made to the investor account.
An amount equivalent to forty per cent of the Fund corpus shall be placed at the disposal of the Secretary, Ministry of Finance, Department of Expenditure for the purpose of meeting unforeseen expenditure, and beyond this limit, all further Contingency Fund releases shall be made with the approval of Secretary to the Government of India, Department of Economic Affairs, after the approval of Secretary to the Government of India Department of Expenditure.
TPA did not fulfill the Minimum Business Requirements during 2019-20 in any of the parameters as specified under regulation 14 of TPA Regulations, 2016 read with the Minimum Business norms as stipulated under Annexure-11 of Circular Ref: IRDAI/TPA/REG/CIR/130/06/2020 dated 03rd June 2020. It is also observed that on an average basis for the years under […]
Om Sweets Pvt. Ltd. Vs DCIT (ITAT Delhi) if the purpose of assessee’s participation in the chit is for the purpose of raising funds, and if the assessee utilized the said funds for the purpose of business, then the difference in the subscription paid by the assessee and the prize amount received shall be treated […]
Seeks to extend anti dumping duty on ‘ceramic tableware and glassware’ originating in or exported from Malaysia, to prevent the circumvention of anti dumping duty levied on subject goods originating in or exported from China PR vide Notification No. 4/2018-Customs (ADD) dated 21st February, 2018. MINISTRY OF FINANCE (Department of Revenue) Notification No. 59/2021-Customs (ADD) […]
We are compelled to hold that the benefit received by the assessee in the form of bigger size of flat and amount received as hardship allowance from the developer is a capital receipt, which cannot be treated as revenue receipt for taxing as income.
JMW India Pvt. Ltd. Vs DCIT (ITAT Delhi) If receipt was not in the nature of income it could not be included in the book profits for the purpose of computation u/s 115JB. Therefore, the interest and the power subsidies received by the assessee under the Government schemes would have to be excluded while computing […]
Dhanyata Enterprises Vs DCIT (ITAT Delhi) A.O. in the instant case disallowed expenses of Rs. 9,94,872/- on the ground that assessee has not carried-out any business activity and no business income has been declared and the assessee failed to produce the complete books of account, bills and vouchers etc. I find the Ld. CIT(A) upheld […]
Vikas Bansal Vs UOI (Gauhati High Court) It is found that in his statement, recorded under Section 70 of the CGST Act, the petitioner has subscribed to the statement of aforesaid Amit Kumar made before the Senior Intelligence Officer of the CGST. It has also come out from his statement that whatever coal he had […]
ACIT Vs National Accreditation Board for Testing and Calibration (ITAT Delhi) Expression ‘charitable purpose’, as defined in section 2(15) cannot be construed literally and in absolute terms. It has to take colour and be considered in the context of section 10(23C)(iv) of the said Act. It is also clear that if the literal interpretation is […]
