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SEBI Revises Formats for filing Financial information for issuers of non-convertible securities

October 5, 2021 25989 Views 0 comment Print

SEBI revises Formats for Standalone financial results on a quarterly basis and Standalone and consolidated financial results on an annual basis (to be submitted to Stock Exchanges and placed on listed entity’s website – regulations 52(1) and (2) of the Listing Regulations):

Disclosure of Complaints against Stock Exchanges & Clearing Corporations

October 4, 2021 477 Views 0 comment Print

Securities and Exchange Board of India CIRCULAR SEBI/HO/CDMRD/DoC/P/CIR/2021/636  October 04, 2021 To, The Managing Directors / Chief Executive Officers All Recognized Stock Exchanges and Clearing Corporations having Commodity Derivatives Segment Dear Sir / Madam, Sub: Disclosure of Complaints against the Stock Exchange (s) and the Clearing Corporation (s) 1. In order to bring about transparency […]

Discontinuation of usage of pool accounts for transactions in MF units

October 4, 2021 1248 Views 0 comment Print

3.1. AMCs shall ensure that the transactions (financial/ non-financial) can be executed only if there is a service agreement between the AMC and the service provider / platform.

IRDA penalises Safeway Insurance Brokers for violation of Regulations

October 4, 2021 1704 Views 0 comment Print

The charge pertains to non-submission of requisite information by the Broker to the inspection team such as solicitation related documents, mandate letters, comparison chart, quotes, proposal form, policy documents, complaints related documentation etc.

Amendment in Export Policy of Syringes

October 4, 2021 963 Views 0 comment Print

The export of Syringes with or without Needles falling under HS code specified above or falling under any other HS code has been put under ‘Restricted’ category with immediate effect. The procedure for submission and approval of application for export of syringes will be notified separately.

No Penalty for difference of views subsequently settled by any court of law

October 4, 2021 1575 Views 0 comment Print

Gujarat Alkalies And Chemicals Ltd Vs C.C.E. & S.T. (CESTAT Ahmedabad) There was an interpretation that whether the portion of contribution recovered from the employee, the Cenvat credit there on can be allowed or not and the said issue has been settled by Hon’ble Bombay High Court. It is a settled law that when there […]

Claim not made in Return can be made during Assessment Proceeding

October 3, 2021 5163 Views 0 comment Print

ITO Vs Sanjay Gurudasmal Chawla (ITAT Mumbai) Assessing Officer rejected the claim of the assessee for deduction u/s. 24(b) of the Act for the reason that the assessee claimed such deduction only by way of revised computation in the course of the assessment proceedings. However, this claim of the assessee was entertained by the Ld.CIT(A). […]

Gauhati HC Directs GST Commissioner to accept application for fixation of a special rate submitted after 30th September

October 3, 2021 381 Views 0 comment Print

Ahinsha Chemicals Ltd Vs Union of India (Gauhati High Court) In the instant case, it is the case of the petitioner that the requirement of requesting for fixation of a special rate in respect of the value addition to the manufactured goods had arisen only after the final judgment of the Supreme Court on 22.04.2020, […]

Cenvat Credit eligible on Litigation Expenses paid to Association

October 3, 2021 363 Views 0 comment Print

Sunrise Containers Limited Vs C.C.E. & S.T. (CESTAT Ahmedabad) There is no dispute that the legal case was filed by the Distiller’s Association of Maharashtra which consists of many member manufacturers. Therefore, the beneficiary of the outcome is not only the appellant but all the members which means that the service was availed by all […]

No section 40(a)(ia) disallowance for professional charges not claimed in profit and loss account

October 2, 2021 2649 Views 0 comment Print

ACIT Vs Conwood Medipharma Pvt. Ltd. (ITAT Delhi) CIT(A) noted that the assessee had not claimed the said professional expenses in its profit & loss account and had capitalized the same under work in progress i.e. ‘Building under Construction’ in fixed assets schedule. The CIT(A) thus deleted the addition. We find merit in the order […]

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