The Enforcement Directorate (ED) has started the legal process for auctioning the properties of fugitive diamantaire Nirav Modi. Under this, the process of auctioning three flats worth 110 crores in his Worli-based Samudra Mahal, a flat in Breach Candy, Nirav Modi’s Alibaug bungalow, a wind mill and a solar power project has been started. Let […]
Posted inBUSINESS & ECONOMY
RBI Repo Rate: Loan EMI May Become Expensive
An important meeting of the Reserve Bank of India is to be held next week amid the impact of inflation in the country. Many important issues are to be discussed and decided in the meeting of the Monetary Policy Committee. People knowledgeable in the matter say that in the meeting, the RBI can decide to […]
Posted inBUSINESS & ECONOMY
PM Shares Highlights Of ‘8 Years Of Sushasan’
The Prime Minister, Shri Narendra Modi has shared articles and tweet thread from his website (narendramodi.in) and MyGov regarding various initiatives and reforms undertaken in the governance of the country during the last 8 years. These articles and tweet thread deal with the aspects of Aatmnirbhar Bharat, people-centric and humanitarian approach of governance, defence sector […]
Posted inINDIA
Centre Writes To States To Phase Out Single Use Plastic
Come 5th June 2022 – World Environment Day – States/ UTs and Urban Local Bodies across the country will swing into campaign mode, in a bid to make the country free of single use plastic (SUP), as well as contribute to improving the environment, under the overarching mandate of “Clean and Green”. This comes on […]
Posted inINCOME TAX
How To Verify Service Request On Income Tax E-filing Portal
Verify Pending Service Request Initiated By ERI On Your Behalf First, Please Click Here Please enter Transaction ID and PAN Number in the respective fields and click on “Validate”. Then click on “Continue” What is Transaction ID? Transaction ID is a 15 digit unique number generated on submission of request by ERI on your behalf. […]
Posted inJUDGEMENT
A Trust is Eligible For Section 54F Deduction: ITAT Mumbai
In the case of Balgopal Trust vs. ACIT, ITAT Mumbai has held that: The issue is as to whether the assessee trust, which is for the sole benefit of an individual, will be entitled to deduction u/s. 54F or not, when its status is that of A.O.P. As per Section 54F the benefits of this […]
Posted inGST
Another Useful Tab Added in GST Portal
GSTN has enabled the option to add additional trade name(s) at the time of registration for the businesses that would be operating in multiple domains under a single registration. Screen-shot attached:
Posted inBUSINESS & ECONOMY
CBI Arrests 3 Accused in Another Bribery Case
The Central Bureau of Investigation has today arrested a Dy.CMM(C&W), Lucknow Division, Northern Railway, Lucknow and two private persons in a bribery of Rs. 80,000/- A case was registered against Dy. CMM, Northern Railway, Lucknow; two private persons and unknown Public Servants & Private Persons. It was alleged that the said public servant was demanding […]
Posted inBUSINESS & ECONOMY
CBI Arrests 3 Accused in A Bribery Case
The Central Bureau of Investigation has arrested a General Manager (Project); Senior Deputy General Manager(Project), both of Rail India Technical & Economic Service Limited(RITES) and an employee of private company based at Deoghar (Jharkhand) in a bribery case of Rs.2.72 Lakh. A case was registered on 02.06.2022 against a General Manager (Project) & a Senior […]
Posted inBUSINESS & ECONOMY
CBI Arrests Seven Accused And Conducts Searches At Six Locations
The Central Bureau of Investigation has arrested seven accused including two Scrap Dealers of Hyderabad based private company; an AGM of Mishra Dhatu Nigam Ltd (MIDHANI); an Assistant Commandant & one Constable, both of Telangana State Special Protection Force (SSPF), Hyderabad and two casual employees of MIDHANI. A case was registered against two Scrap Merchants […]
Posted inJUDGEMENT
Penalty For Delay in Filing TDS Returns Cannot Be Levied If Delay Was Due To Requirement To Collect PAN Of Payees: ITAT Jaipur
In the case of Argus Golden Trades India Ltd vs. JCIT, ITAT Jaipur has held that: The assessee has submitted that since there were large number of deductees scattered throughout the country, a fact not disputed by the Revenue, it took them some time to collect the PANs of these deductees and thereafter, it was […]
Posted inBUSINESS & ECONOMY
ED Conducts Searches Under PMLA 2002
Directorate of Enforcement (ED) has conducted searches at the residential and official premises of Subhra Jyoti Bharali, the then Managing Director of Industrial Cooperative Bank Limited (ICBL), under the Prevention of Money Laundering Act (PMLA), 2002. ED initiated money laundering investigation against Subhra Jyoti Bharali and others, on the basis of FIR registered by the […]
Posted inBUSINESS & ECONOMY
ED Provisionally Attaches Assets Under PMLA 2002
Directorate of Enforcement has provisionally attached assets worth Rs.1.91 Crore of Sanjeev Kumar, Puja Shrivastav and others, under the Prevention of Money Laundering Act (PMLA), 2002 in a fake degree certificate case of “Techno Global University, Shillong”. The attached assets are in the form of balance in Bank Accounts, Fixed Deposits, Mutual Funds and Immovable […]
Posted inBUSINESS & ECONOMY
CBI: Three To Five Years Rigorous Imprisonment in Bank Fraud Case
The Additional Chief Judicial Magistrate (ACMM), Egmore, Chennai has sentenced Tamil Nadu based Shri V.M.S. Jafarullah, Shri V.M.S. Hajee Mohammed, R. Rathinakumar, R. Vijayakumar, all four to undergo five years Rigorous Imprisonment with fine of Rs. 25,000/- each and Shri S.Thillaiselvan to undergo three years Rigorous Imprisonment with fine of Rs. 25,000/- in a bank […]
Posted inINCOME TAX
Breaking: Link Aadhaar- PAN Option Enabled At Income Tax E-filing Portal
Link Aadhaar- PAN option has been enabled at income tax e-filing portal and the same can be accessed by Clicking Here Information about Aadhaar- PAN linking option as mentioned at income tax e-filing portal: As per CBDT circular F.No. 370142/14/22-TPL dated on 30th March 2022, every person who has been allotted a PAN as on […]
Posted inBUSINESS & ECONOMY
India’s Textiles Exports Highest Ever in FY 2021-22
India scaled its highest ever exports tally at US $44.4 Bn in Textiles and Apparel (T&A) including Handicrafts in FY 2021-22, indicating a substantial increase of 41% and 26% over corresponding figures in FY 2020-21 and FY 2019-20, respectively. USA was the top export destination accounting for 27% share, followed by EU (18%), Bangladesh (12%) […]
Posted inBUSINESS & ECONOMY
Government Orders Physical Verification For Wheat Export
The Directorate General of Foreign Trade has directed Regional Authorities to physically verify all documents of applicants for export of wheat before issuing Registration Certificates (RCs). The order has been issued to ensure that the exporters are not issued RCs based on improper documents. In order to plug the loophole, it has been decided that […]
Posted inBUSINESS & ECONOMY
ED Attaches Bank Accounts Of PFI in Money Laundering Case
The Enforcement Directorate (ED) on Wednesday said that it has attached Rs 68.62 lakh of money laundering charges belonging to Islamic outfit PFI and its forward organization Rihab India Foundation. The investigating agency has attached 33 bank accounts of these two organisations. ED gave this information by issuing a statement. The amount in these accounts is more […]
Posted inBUSINESS & ECONOMY
Yes Bank Probe: CBI Brought Builder Bhosle To Delhi For Questioning
CBI has brought ABIL Group Chairman Avinash Bhosale to Delhi for questioning. Bhosale was arrested from Mumbai in a corruption case related to Yes Bank co-founder Rana Kapoor and DHFL’s Kapil Wadhawan. Officials said that Bhosale, who has been questioned in Mumbai, was brought to the national capital on Tuesday night. The agency is probing whether […]
Posted inBUSINESS & ECONOMY
Vistara Airlines Fined Rs 10 Lakh For Violating Rules
The Directorate of Aviation has taken action against Vistara Airlines for violating the rules. According to the report on Thursday, the DGCA has strictly imposed a fine of Rs 10 lakh on the officers for violating the takeoff and landing clearance given to the officers without any training. A senior DGCA official said that this entire […]
Posted inGST
GST Update: Addition Of 6% Tax Rate in GSTR-1
It may be noted that 6% tax rate has been added in the item details section of all the tables of form GSTR-1, except HSN table 12. In case your outward supplies attracts 6% tax rate, you are required to upload the details against 6% tax rate in the item details section. In respect to […]
Posted inJUDGEMENT
Penalty Cannot Be Levied Unless There is “Evidence Beyond Doubt” That There Was Concealment Of Particulars Of Income Or Furnishing Inaccurate Particulars Thereof: ITAT Delhi
In the case of DDIT vs. Metapath Software International Ltd, ITAT Delhi has held that: It is an well established proposition of law that being penal in nature, the provisions of section 271(1)(c) of the Act are invoked only when there is evidence beyond doubt that there was concealment of particulars of income or furnishing […]
Posted inBUSINESS & ECONOMY
Must Read: These Six Big Changes From Today
SBI’s Home Loan Costlier The country’s largest bank State Bank of India (SBI) will increase its internal benchmark lending rate (EBLR) by 0.4 per cent to 7.05 per cent. Whereas RLLR will be more than 6.65 per cent. According to SBI’s website, the 10 bps increase in MCLR will also be applicable from June 1. […]
Posted inINCOME TAX
Breaking: Due Date For Updation Of UDIN At Income Tax Portal Further Extended
Income Tax E-filing Portal has posted an update that: The timeline to update UDIN is extended till 30th June 2022 to give more time to CAs to correctly verify and upload UDINs.
Posted inJUDGEMENT
Period Of Limitation For Rectification Application is Six Months From End Of Month in Which “Order is Passed”: ITAT Hyderabad
In the case of Srinivas Sashidhar Chaganty vs. ITO, ITAT Hyderabad has held that: Section 254(2) of the Act refers to the period of limitation reckoning from the end of the month in which the order Is passed’ and not from the ‘date of receipt of the order’. As rightly pointed out by the Ld […]
Posted inBUSINESS & ECONOMY
CBI Takes Action in New Disproportionate Assets Case
The CBI has registered a fresh case against retired railway engineer AK Kathpal for having acquired disproportionate assets worth Rs 14 crore. Kathpal was arrested last year on corruption charges. Officials said that during the last two years of his service, Kathpal was arrested in July 2021 for accepting a bribe of Rs 5.89 crore […]
Posted inBank / Bank Audit
Bank Alert: Banks Will Be Closed For 12 Days in June 2022
Bank Holiday List June 2022: These holidays include Sundays/ second and fourth Saturdays. However, let us tell you that during these holidays the online services of banks will continue, that is, you will be able to do your banking related work sitting at home. Let us inform here that bank holidays can also differ from one […]
Posted inBUSINESS & ECONOMY
ED Arrests A Person in Illegal Coal Mining Case Under PMLA 2002
Directorate of Enforcement has arrested Shri Gurupada Maji in the case related to illegal coal mining under section 19(1) of the PMLA, 2002 on 26/5/2022. He was produced before Honorable Rouse Avenue court (Delhi) today & the honorable court has granted 7 days ED custody. He is one of the partners of Shri Anup Majee […]
Posted inINCOME TAX
How To Authenticate Notice/ Order Issued By Income Tax Department
How to Authenticate Notice/ Order Issued By Income Tax Department First, Please Click Here Now, Select one option from these two: (1.) PAN, Document Type, Assessment year, Date of Issue and Mobile Number (Notice/ Letter/ Order issued for Assessment Year 2011-12 and subsequent years only) (Choose this if you do not have Document Number) (2.) […]
Posted inJUDGEMENT
Amounts Paid By Way Of Reimbursement Of Expenses Do Not Constitute Income in The Hands Of Recipient: ITAT Cochin
In the case of ACIT vs. St. Mary’s Rubbers Private Ltd, ITAT Cochin has held that: The Tribunal, while giving the above decision, had also considered the effect of CBDT Circular No.715 dated 08.08.1995 and also ruled that the said Circular was applicable only where consolidated bills were raised inclusive of contractual payments and re-imbursement […]