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Article 370 scrapped: Constitution (Application to Jammu and Kashmir) Order, 2019

August 5, 2019 2760 Views 0 comment Print

(1) This Order may be called the Constitution (Application to Jammu and Kashmir) Order, 2019. (2) It shall come into force at once, and shall thereupon supersede the Constitution (Application to Jammu and Kashmir) Order, 1954 as amended from time to time.

Notification No. 33/2019-Customs (N.T./CAA/DRI), Dated: 05.08.2019

August 5, 2019 1371 Views 0 comment Print

Notification No. 33/2019-Customs (N.T./CAA/DRI) Government of India, Ministry of Finance, Department of Revenue, under clause (a) of section 152 of the Customs Act, 1962 (52 of 1962), the Principal Director General, Revenue Intelligence, hereby makes the following amendments in the Notification No. 28/2019-Customs (N.T./CAA/DRI) dated 09.07.2019 published vide S.O. 2451 (E) dated 10.07.2019.

Withdrawal of Instructions issued on reporting of payouts to Insurance Agents and Insurance Intermediaries

August 5, 2019 783 Views 0 comment Print

IRDA is of the view that these existing reporting formats require significant modification. Accordingly, the above mentioned Circulars for reporting of payouts to Insurance Agents and Insurance Intermediaries, stand withdrawn with immediate effect.

Position Paper on Regulation of Accountancy Profession and Oversight Mechanism in India

August 3, 2019 1152 Views 0 comment Print

The Indian accountancy profession, at the economic epicenter, is vehemently steering growth of business and industry to unprecedented levels. The profession, led by the Institute of Chartered Accountants of India, has acquired a prominent position to become vanguard of public interest and propriety in the country. The profession continues to remain catalyst of business growth, […]

Bogus Capital Gain: No adverse inference could be drawn against assessee on the basis of untested statements without allowing opportunity of cross-examination

August 2, 2019 1944 Views 0 comment Print

We note that the fact that neither the statement relied on by the authorities below were provided to the assessee nor any cross examination was allowed to prove the veracity of the statement. We note that the fact that in the statement of third party, the name of the assessee was not implicated. Even otherwise, according to Learned Counsel, no adverse inference could be drawn against the assessee on the basis of untested statements without allowing opportunity of cross-examination. 

GST AAR Punjab allows Machine Tools Corporation to withdraw application

August 2, 2019 438 Views 0 comment Print

In re M/s Machine Tools Corporation (GST AAR Punjab) What shall be the HSN/Tariff Classification & GST rate applicable on supply of bicycle frame lock to be fixed on Bicycle? Whether under Chapter Heading/ Sub-heading 8301 @ 18% or 8714@12%? M/s Machine Tools Corporation, 224-B, Industrial Estate, Link Road, Ludhiana, Punjab hereinafter referred to as […]

GST AAR Punjab allows ‘Chadha Sugar’ to withdraw application

August 2, 2019 657 Views 0 comment Print

In re M/s Chadha Sugar & Industries Pvt. Ltd. (GST AAR Punjab) Whether ITC availed on one product can be utilised for payment of duty on other product, if applicant having two separate business activities under same GST number? M/s Chadha Sugars and Industries Limited, Vill. Kiri Afgana, Tehsil Batala, Distt. Gurdaspur, Punjab hereinafter referred […]

Laminated Textiles Products classifiable under HSS Code 5911

August 2, 2019 1686 Views 0 comment Print

Technical laminated Fabrics woven out of strips below 5 mm fit fort use as Pond liner are Laminated Textiles Products and are covered under HSS Code 5911.

State actions are also governed by doctrine of promissory estoppel

August 2, 2019 1284 Views 0 comment Print

Yashdeep Singh Saini Vs Naya Raipur Development Authority (Chhattisgarh High Court) At the first instance, it will show that the petitioners’ land were acquired by the respondents. It has to be born in mind that the said acquisition was not as like of a general contract of a sale & purchase on free will of […]

MVAT Audit report in form e-704 not to be filed if tax liability not exceeds Rs. 25000

August 1, 2019 35109 Views 2 comments Print

The dealers, whose tax liability in the year does not exceed Rs. 25,000 need not file audit report in form e-704 even if the turnover of such dealer exceeds Rs. 1 crore in the said year. Dealer, who holds an Entitlement Certificate in respect of any Package Scheme of Incentives, shall not be liable to file audit report in form e-704 if his tax liability in the year does not exceed Rs. 25,000. This provision shall be applicable for the audit reports to be filed for any year, from 2019-20 onwards.

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