The Income Tax Department carried out search & seizure operations on 24.02.2021 on a major Pharmaceutical group based out of Hyderabad. This Pharmaceutical group is engaged in the business of manufacturing of intermediates, Active Pharmaceutical Ingredients (APIs) and formulations.
I am happy to note that the anti-evasion teams of Jaipur and Alwar CGST Commissionerates have used data analytics to unearth a large case of fraudulent ITC availment, involving fake invoices with a face value of Rs. 3308 crore by several non-existent firms registered in Jaipur. These firms had fraudulently availed ITC of about Rs. 83.37 crore and also passed on ITC of Rs 85.26 crore. So far, eight persons have been arrested and further investigations are in progress. Congratulations to the officers of both the Commissionerates.
India Switch Company Pvt. Ltd. Vs Deputy Commercial Tax Officer (Madras High Court) It is stated that the ATM’s facilities are outsourced by the banks and that the petitioner was providing a technology solution to Bank of India and United Bank of India and the terms of the agreement clearly bring the transaction within the […]
While the policy document is forwarded with relevant information, in order to continue the relationship with policyholders and to ensure information flow, it is considered. important to periodically notify the policyholders. pertain relevant and key details relating to health insurance coverage available to the policyholders.
Next IT World Vs Assistant Commissioner (CT) (Madras High Court) The respondent in all the three impugned orders had stated that the Inspecting Officers had verified the relevant records and that they had correctly proved along with recorded evidence and that it was accepted by one Thiru.S.Kathir Rajan, who was the Managing Director of the […]
SEBI has over the years, strengthened the institution of independent directors (IDs) through the recommendations of various committees as also through stakeholder consultations. However, concerns around the efficacy of independent directors as a part of corporate governance framework continue.
Central Government notifies Wildlife Crime Control Bureau In exercise of the powers conferred by clause (ii) of sub-section (1) of section 66 of the Prevention of Money-laundering Act, 2002.
n online module for Adjudication, Appeal, Review proceedings under Foreign Trade (Development & Regulation) Act, 1992, (‘the Act’) as amended and Foreign Trade (Regulation) Rules, 1993, (“the Rules’ ) as amended has been implemented with effect from 27th February 2021.
Kiran Kumar Vs ACIT (ITAT Chennai) The AO disallowed the exemption claimed u/s.10(38) solely based on the investigation report by SEBI pertaining to certain cases based from Kolkatta wherein share prices rigged substantially over a period of time. Merely on suspicion and surmises, this disallowance was made without any corroborative evidence. The AO failed to […]
SEBI Consultation Paper on Review of Regulatory Provisions related to Independent Directors – To solicit public comments / views on the proposals on review of regulatory provisions related to Independent Directors (IDs) on the boards of listed entities.
