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CBIC rationalise AIDC on Crude Palm Oil and Lentils (Mosur)

February 12, 2022 2949 Views 0 comment Print

Seeks to amend notification No. 48/2021-Customs and No. 49/2021 – Customs, both dated 13.10.2021, in order to rationalise the Agriculture Infrastructure and Development Cess [AIDC] on Crude Palm Oil and Lentils (Mosur), and extend the validity of the said notifications up to and inclusive of the 30th September, 2022. MINISTRY OF FINANCE (Department of Revenue) […]

Delegation of power to arrest u/s 69 of MGST Act, 2017 – JCST-BCP

February 11, 2022 1725 Views 0 comment Print

Delegation of power to arrest u/s 69 of MGST Act.2017-Joint Commissioner of State Tax (Border Check Post) [JCST-BCP], Maharashtra state,Mumbai COMMISSSIONER OF STATE TAX, MAHARASHTRA STATE GST Bhavan, Mazgaon, Mumbai 400 010, dated 11th February 2022. Order MAHARASHTRA GOODS AND SERVICES TAX ACT, 2017 No. D.C.(A&R)-2/GST/PWR/Sections/2017-18/ADM-8.—In exercise of the powers conferred by sub-sections (1) and […]

GST: AAR Punjab allows Sukhbir Agro Energy Limited to withdraw Application

February 11, 2022 534 Views 0 comment Print

In re Sukhbir Agro Energy Limited (GST AAR Punjab) 1. M/s Sukhbir Agro Energy Limited, Guru Harsahai, Punjab, hereinafter referred to as ‘applicant’, had submitted an application for advance ruling in form GST ARA-01 vide his letter dated 06.08.2018 seeking to know “whether the items purchased/to be purchased and used/to be used for producing/generating electricity […]

IBBI cancels registration of Valuer for concealment of information of criminal proceedings

February 11, 2022 1500 Views 0 comment Print

IBBI observes that the offences alleged in the criminal proceedings are in relation to the professional conduct of a valuer- section 120B of the IPC relating to criminal conspiracy, section 420 of the IPC relating to cheating and dishonestly inducing delivery of property, section 467 of the IPC relating to forgery of valuable security, will, […]

TDS not deductible on payment for time charter of ships to non-resident

February 11, 2022 5748 Views 0 comment Print

ITO Vs Terapanth Foods Limited (ITAT Rajkot) It is pertinent to note that the CIT(A) has categorically mentioned that Section 195 of the Act would apply only if payment is made which is chargeable under Income Tax Act 1961. The Assessing Officer has not given any reason as to why the chargeability of tax under […]

Section 54F exemption eligible on two flats to be used as a single dwelling unit

February 11, 2022 7164 Views 0 comment Print

Appeal by Anita Oberai against CIT(A) denial of exemption u/s.54F for two adjacent flats purchased. ITAT Pune sets aside the order in favor of the assessee.

HC Stays Implementation of Haryana State Employment of Local Candidates Act, 2020

February 10, 2022 1032 Views 0 comment Print

The Haryana State Employment of Local Candidates Act, 2020, was passed in November last year. It had come into effect on January 15, 2022.The High Court observed that the core issue for consideration was whether any State can restrict employment even in the private Sector on the basis of Domicile.

Transactions in Credit Default Swap by FPIs – Operational Instructions

February 10, 2022 807 Views 0 comment Print

Foreign Portfolio Investors (FPIs) are eligible to be categorised as non-retail users and have been allowed to buy and sell CDS protection under the Credit Derivatives Directions. Necessary Directions to Authorised Persons that are eligible to deal with FPIs for transacting in Credit Derivatives in terms of the Credit Derivatives Directions are being issued hereunder.

Budget 2022- Stretches its TDS tentacles to widen tax base

February 10, 2022 10341 Views 7 comments Print

TDS, as a concept, was introduced under Income-tax Act by the government to collect income at its very source itself rather than waiting for the taxpayers to pay tax. This enables ease of tax collection, tracking, and gathering of information during the year in which transaction is carried instead of waiting for the assessment to be conducted.

Genuineness of E-way Bill related to Coal- HC grants interim bail

February 10, 2022 2052 Views 0 comment Print

The learned senior counsel for the petitioner has submitted that the E-way Bills allegedly transmitted by the petitioner in connection with the coal involved in this case are genuine and not fake. The petitioner has also produced a copy of the E-way Bill, as Annexure at page 16 which is a GSTR-1 format. He has also furnished, at page 21 to 29, the formant of GSTR-3B.

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