Moving on, last week saw the culmination of a well co-ordinated operation which saw Guwahati Customs Division seize over 300,000 sticks of foreign origin Cigarettes being smuggled in multiple consignments through the Courier mode. Kudos to the officers for an excellent detection.
UCBs which currently do not meet the minimum net worth requirement, as above, shall achieve the minimum net worth of ₹2 crore or ₹5 crore (as applicable) in a phased manner. Such UCBs shall achieve at least 50 per cent of the applicable minimum net worth on or before March 31, 2026 and the entire stipulated minimum net worth on or before March 31, 2028.
It has been decided to revise the criteria for UCBs to be classified as FSWM. The revised criteria in view of Revised Regulatory Framework for Urban Co-operative Banks (UCBs) released by RBI on July 19, 2022 based on the recommendation of the Expert Committee on Primary (Urban) Co-operative Banks are given in the Annex.
Rajasthan Global Securities Pvt Ltd Vs ACIT (Delhi High Court) 1. Present writ petition has been filed challenging the notice dated 17th April, 2021 issued under Section 148 of the Income Tax Act, 1961 (‘the Act’), notice dated 28th May, 2022 issued under Section 148A(b) of the Act as well as the order dated 27th […]
Pooja Agarwal Vs CIT (Rajasthan High Court) When there is a direction issued by the High Court, the Tribunal is expected to follow the same in pith and substance. The direction of the High Court in remanding the matter to the Tribunal was to verify the distance of the land from the outskirts of the […]
Jagdalpur Motors Vs Union of India (Chhattisgarh High Court) HC held that undoubtedly the petition became entitled for submitting of his Form Tran-1 and Tran-2 in terms of the order of the Supreme Court in case of Union of India Vs. Filco Trade Centre (Supra). It is also an admitted factual position that the period […]
Desmet Reagent Pvt. Ltd Vs Commissioner of Central Goods (CESTAT Delhi) Appellant urges that there is no disability provided under Rule 3 of CCR that Cenvat Credit shall not be available, if the duty is paid in the case of import through utilization of DEPB scrips. Rather Rule 9 of CCR specifically provides that one […]
Sai Charan Tours & Travels Vs Commissioner of Customs (CESTAT Mumbai) The only issue before us is the mandate to produce the certificate insisted upon as condition for provisional release from among the prescriptions in the licencing notes pertaining to imported vehicles. The Tribunal, in Excellent Betelnut Products Pvt Ltd v. Principal Commissioner of Customs, […]
Hanuman Prasad & Sons Vs DCIT/ACIT/ITO (ITAT Allahabad) In this case assessee has not only replied the notice but also replied to the letter issued by AO. After considering the reply of the assessee, the Assessing Officer framed the assessment under section 143(3) on 28th December, 2019. Once the assessee has made the compliance though […]
Admittedly, the AO deployed Inspector to verify whether there is any construction/residential house constructed by the assessee. The Inspector submitted report on 19-12-2016 stating that no construction or residential house is existing at House No. 4, Ward No. 12, Ichalkaranji which clearly establishes the assessee could not construct a house within three years from the date of sale of its assets on 17-03-2011 till 19-12-2016. Therefore, the assessee made construction within three years and in my opinion, the AO rightly denied deduction u/s. 54F of the Act.
