The Delhi High Court quashed the Show Cause Notice passed by Assistant DGFT against Nautilus Metal Craft in respect of Denied Entity List (DEL). The petitioner that it deals mainly with readymade garments and made ups and for the same it procures orders from countries such as the USA, different companies of South America, Europe, […]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench said that the CIT(A) rightly treated the fixed deposit interest income under the “Income from Business & Profession” instead of “Income from Other Sources”. The assessee, M/s. National Film Development Corporation Ltd. is engaged in the business of distribution of films, film production, film finance, media campaign, […]
The Delhi High Court while quashing the summons and notices issued by the Adjudicating Authority held that the Provisional Attachment Order ceases to have effect after 180 Days if no order under Section 8(3) of the Prevention of Money Laundering Act, 2002 has been passed. The petition raised an interesting question of the effect of […]
The Income Tax Department started a search and survey action on 18/11/2020 in the case of a leading cattle feed producer in Northern India. The search and survey actions are being carried out at 16 locations in Kanpur, Gorakhpur, Noida, Delhi, and Ludhiana. The main allegations against the group are that it has taken accommodation […]
The Calcutta High Court has issued notice to the Centre and State Government on the plea challenging the constitutional validity and vires of Section 16(4) of the CGST Act, 2017 and of West Bengal Goods and Service Tax Act, 2017. The validity is challenged to the extent that it seeks to deny Input Tax Credit […]
The Institute of Chartered Accountants of India ( ICAI ) has allowed the Observations of the candidates on the question papers of CA examinations– November 2020. The ICAI said that, the candidates can bring to the notice of the Examination Department, their observations, if any, on the question papers relating to CA Examinations being held […]
The Karnataka High Court held that the assessee, Vijaya Bank is a ‘Financial Company’ and is entitled to avail the benefit of deduction under Section 36(1)(viii) of the Income Tax Act. The assessee, M/s Vijaya Bank is a Banking Company. The Assessing Officer disallowed the deduction claimed under Section 36(1)(viii) of the Act in respect […]
The Institute of Chartered Accountants of India (ICAI) has made changes in the venue or minor correction of 5 exam centers for the CA November exam 2020. An official notice regarding this decision has been uploaded on the institute’s official website. The Bord notified the changes in 5 cities namely Delhi, Ahmedabad, Mumbai, Chennai and […]
The Institute of Chartered Accountants of India (ICAI) issued the Advisory to the candidates who are appearing for CA Examination in November 2020. The Institute has come across postings on Social Media by some students stating that despite being tested COVID-19 positive, they intend to appear for the CA Examinations in November 2020. The ICAI […]
The Kerala High Court restrained the Revenue from recovering the amounts refunded since as of now the levy of service tax on the payment in lieu of foreign agency commission will not be leviable as ‘Business Auxiliary Service‘ prior to April 18, 2006. The appellant, M/s Uniroyal Marine Exports Ltd. is a processor and exporter […]
The Institute of Chartered Accountants of India (ICAI) has notified 21 January 2021 as a scheduled date for January or February CA Exams. “In continuation of Announcement dated 7th November 2020, it is informed that January/February 2021 examination will commence from 21 January 2021 in all cities where exams are currently scheduled for November 2020 […]
The Gujarat High Court refused to grant anticipatory bail to CGST Inspector alleged of corruption. The applicant, Gaurav Kumar Sudhashankarnkumar Arora is appointed as the Inspector in the office of the Central G.S.T. at Surendranagar and is serving in the said Department since the year of 2016. A FIR was lodged by the complainant, Mr. […]
The officials of DGGI, Nashik Regional Unit of DGGI, Nagpur Zonal Unit arrested a prominent builder of Nashik in an ongoing investigation regarding availment of fraudulent Input Tax Credit on fake invoices. Information had been received by DGGI that the Builder was availing fraudulent Input Tax Credit on fake invoices issued by non-existent entities and […]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that the amount paid to partner upon retirement towards his share in assets not liable to capital gain. The assessee, Dr. Vithal V. Kamat, became a partner in the partnership firm called M/s. Sports Field Construction vide deed of partnership. The details of other partners who […]
The Allahabad High Court while ordering the release of the goods and vehicles held that the power of seizure of goods can be resorted to only when the officer has ‘reasons to believe’ that the goods are liable to confiscation. The petitioners, Jaymatajee Enterprise (Seller) And Another received an order from one M/s Jagdamba Enterprises […]
The Reserve Bank of India (RBI) relaxed certain requirements for Housing Finance Institutions. The RBI has issued this notice in supersession of the earlier notification dated 19th November, 2019. “The provisions of Sections 45-IA, 45-IB and 45-IC of the Reserve Bank of India Act, 1934 shall not apply to a non-banking financial company which is […]
The Patiala House Court refused to grant bail to the accused for passing ITC without any actual payment of GST. The Senior Counsel for the accused/applicant has prayed for a grant of bail on the ground of parity with the co-accused. It is alleged that the companies owned and controlled by accused Rakesh Kumar Goyal […]
Physical gambling in India is not fully legal right now, but it’s mentioned in all of its historic books. Set in almost 8000 years BC, the Indian Ramayana and Mahabharata have multiple mentions of gambling games played on boards with dice and other tools. The Mahabharata is actually said to have taken place due to […]
The Madras High court while dismissing the appeal held that the person who has borne the incidence of Excise Duty, which was not leviable in law is entitled to claim refund of the same, subject to his locus standi and the limitation prescribed in Section 11B of the Income Tax Act. The Appellant Company, M/s.Chennai […]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench deleted the addition of sales tax incentive/subsidy holding it as capital in nature. The assessee, Reliance Industries Ltd. is engaged in the business of oil and gas exploration, refining of crude oil, manufacturing of and trading in petrochemicals, polyester, fiber intermediates, textiles, generation and distribution of power, […]