⚫The Union Cabinet cleared a comprehensive Rs 76,000-crore package to build a semiconductor ecosystem in the country. The incentives will be extended to a range of new units -- greenfield chip fab and display fab units, apart from compound semiconductor and ATMP facilities.
⚫Steady depreciation in rupee spells trouble for stock prices. Analysts say a currency depreciation creates an inflationary overhang in the economy, depressing equity valuation.
⚫The RBI will introduce revised norms for banks for setting aside capital for operational risks from April 01, 2023, to ensure robustness in working of banking entities.
⚫The Union Cabinet have cleared a bill on electoral reforms, including the one to link electoral roll with Aadhaar on a voluntary basis to root out multiple enrolments.
⚫The I-Tax Dept has found an "unholy nexus" between four ARCs based in Mumbai and borrower groups after they were raided recently.The searches were launched on Dec 8, and a total of 60 premises in Mumbai, Ahmedabad, Delhi and few other places were covered.
.
========>
.
Judgement on Rule 86A – Blocking of Electronic Credit Ledger
ADVENT INDIA PE ADVISORS PRIVATE LIMITED Vs THE UNION OF INDIA AND ORS_ (WP)
HIGH COURT OF BOMBAY
1️⃣ Present case the GST Officer blocked the credit ledger even after elapsed of one year on the ground that the petitioner had not provided reconciliation statement between GSTR-2A and ITC availed.
2️⃣ The Court directed to unblock the credit ledger on following grounds.
3️⃣ Curiously, the instructions do not refer to sub-rule (3) of rule 86A. The respondent no. 2 appears to be oblivious of such provision. Having regard to the statutory mandate in sub-rule (3) of rule 86A, the petitioner is entitled to claim that the ITC ought to have been unblocked immediately after one year of the restriction being imposed.
4️⃣ If indeed the respondents were of the view that the petitioner had not been cooperating with the department, they ought to have proceeded against it in a manner known to law.
5️⃣ However, to say that reply is awaited and hence lifting of the restriction has not been resorted to is clearly illegal.
.
========>
.
This ruling is delivered by the Division Bench of the Delhi High Court comprising Justice Manmohan and Justice Navin Chawla
Senior Advocates S. Ganesh and Percy Pardiwalla and Advocates Kavita Jha, Sachit Jolly, Vaibhav Kulkarni, Ved Jain, Neeraj Jain, Rohit Jain, T.M. Shivakumar, Dr. Rakesh Gupta, Salil Kapoor, Aseem Chawla, Mayank Nagi, Piyush Kaushik, Kishore Kunal, Kapil Goel, Puneet Agarwal, Mani Bhadra Jain along with the battery of lawyers appeared for the Assessees.
Senior Standing Counsel Zoheb Hossain, Sunil Agarwal, Sanjay Kumar, Ruchir Bhatia, Puneet Rai and Junior Standing Counsel Shailendra Singh appeared for the Revenue.
.
========>
.
CBDT has rolled out the e-Verification Scheme, 2021 for the Collection of Information of Assessee by the AO. This Scheme will be applicable for calling for information under section 133 of the Act; collecting certain information under section 133B of the Act; calling for information by the prescribed income-tax authority under section 133C of the Act; (iv) exercise of power to inspect registers of companies under section 134 of the Act; and exercise of the power of Assessing Officer under section 135 of the Act.
Delhi High Court has quashed all Notices issued under Section 148 on or after 1.4.2021. There were 1353 writ petitions. Judgement pronounced on 15/12/2021. Big relief for all & this precedence now shall be followed by all other high courts also.
45th meeting, the GST Council unanimously decided to keep petrol & Diesel products out of the GST ambit, the government told the Kerala High Court in an affidavit. The response, filed jointly by the government and the GST Council, has come after the high court issued notice on a public interest litigation seeking inclusion of petroleum products under the GST.
World Trade Organization Director-General Ngozi Okonjo-Iweala on Tuesday said that India’s policy on foreign direct investment is ambiguous and can be strengthened. At the CII Partnership Summit, she said that companies trying to invest in India face lengthy approval processes. “There are still some policies to strengthen.
ICAI Convocation Year 2021-22 scheduled for Members who have been enrolled as a Chartered Accountant (CA) between November, 2019 and August, 2021 and For Rank Holders of CA Final Examination held in July 2021.
For ICAI Elections (North Region) Live update, The counting will start on 16th December 2021 at 9.30AM , on the first day (16th Dec) any where voting ballot boxes will be opened and will be sent to their respective regions and on the second day (17th Dec) the first count will start and is expected to complete by 20th December 2021. please visit our blog https://icaielection2021.blogspot.com/
.
========>
.
⚫Spread of digital economy, fuelled by increasing cloud enablement among tech giants, has led to a surge in demand for digital skills. Large digital transformation deals, hybrid cloud adoption, automation of front and back-end systems, and investments in tech enabled assets have underpinned business performances and manpower hiring sprees in the last leg of 2021.
⚫Industry bodies advised FM and top Budget makers that the Govt continue its thrust on public investment in infrastructure and capital expenditure to enable sustained economic recovery.
⚫Infosys sets up dedicated war room as deadline for ITR filings nears.
⚫Govt rolls back proposals in draft power Bill, drops subsidy abolition.
⚫Work at banks across India is likely to suffer on Friday as lakhs of PSB employees continue their two day strike protesting privatisation of state owned lenders.
.
========>
.
CBDT asks AO to upload information on the portal of assessee by 31.12.2021 for AY 2015-16 & 2018-19 for reopening of Assessment.
CBDT has issued refunds of over Rs 1,36,779 crore to more than 1.27 crore taxpayers from April 1 to December 13.
The Chief Justice of the International Court of Justice has been elected from the Indian community .Justice Dalveer Bhandari has been elected as The Chief Justice of the International Court of Justice.
RBI has sounded out some of the financial institutions to sense the possible demand for 'inflation indexed bonds'. An inflation-linked government security, which serves as a hedge when real returns from fixed deposits and bonds have declined sharply, has the potential to draw large institutional investors like life insurance companies as well as retail savers.
For ICAI Elections (North Region) Live update, The counting has been started on 16th December 2021, on the first day anywhere voting ballot boxes, postal boxes were opened and sent to their respective regions after Booth wise reconciliation was started and expected to complete today (17th Dec) afternoon. After that the first count will start and is expected to complete by late evening. please visit our blog more https://icaielection2021.blogspot.com/
Supreme Court held that the National Company Law Tribunal and the National Company Law Appellate Tribunal cannot act as “courts of equity” and compel parties to settle their disputes during the insolvency resolution process.A Bench led by Justice DY Chandrachud said that the NCLT is empowered only to verify whether a default has occurred or not. Based upon its decision, the NCLT “must then either admit or reject an application respectively.
.
========>
.
Chartered Accountant Amendment Bill 2021 summary:
1. Council term will be 4 year
2. Cooling will be at every two term.
3. Co-ordination committee will be constitute, every institute president, Vice President and secretary will be the part of this. Meeting of committee will be chaired by secretary of MCA.
4. Accounts of the Institute will be the audit by C&AG No council members firm will involved in this audit.
5. Complaints file with the disciplinary directorate shall not be withdrawn in any circumstances
6. Disciplinary committee constituted under this act will be appointed by CG and council but more officer will be appointed by CG
7. Penalties will be between 1L to 5L and 2L to 10L under different schedule.
8. Timeline fix to dispose off disciplinary complaints.
.
========>
.
⚫Net direct tax collection in FY22 as of Dec 16 rose 60.8% to Rs 9.5 trillion, signalling that the Govt may end up this fiscal year with a comfortable revenue position.
⚫The Ministry of Road Transport and Highways of India has planned investment worth Rs 7 trillion for infrastructure projects to be spent over the next 2-3 years.
⚫Pawan Hans privatisation: Govt gets financial bids in fourth attempt.
⚫The UK recorded its highest daily cases of Covid19 crossing the 78,000 mark, prompting Govts across the world to take notice.
⚫India's Omicron COVID count crossed the 100 mark on Friday after recording the highest single day rise of 24 fresh cases of the new variant, even as the Centre advised people to avoid non-essential travel and mass gatherings.
.
========>
.
CBDT, vide Order dated 16.12.2021 modifies its earlier order, directs transfer of all the cases, except the cases of International Taxation, to the Central Charges where assessment proceedings are pending/initiated pursuant to survey under section 133A or where survey is conducted in the course of the assessment proceedings; The cases are directed to be transferred irrespective of presence/ absence of impounded material and completed by Central Charges only.
CBDT, vide another Order dated 16.12.2021, modifies its earlier order to exclude these cases from the purview of Section 144B; Both the orders come into effect, immediately.
Advance tax collections in the third quarter of the fiscal year almost doubled from the year-earlier period, underscoring hopes of a sustained economic recovery amid the threat from the Omicron Covid-19 variant. The advance tax mopup in the December quarter was 94,107 crore, up 90% from 49,536 crore in the same period last year.
Revenue Secretary meet Infosys team on the preparedness of the e-filing website during the peak filing period; So far 3.59 Cr ITRs have been filed on the new e-filing portal with number of ITRs filed per day crossing 6 lakh increasing everyday with the extended due date of December 31, 2021 approaching.
Union Of India & Ors. Vs. AAP And Company (Supreme Court) Hon’ble Supreme Court has reversed the Judgment of High Court of Gujarat in which high court has held that GSTR-3B is not a return under GST Act.
Finance Minister has introduced the Chartered Accountants, the Cost And Works, Accountants and the Company Secretaries (Amendment) Bill, 2021 in Lok Sabha. The Bill aims to reform the three professions' disciplinary mechanisms and streamline the institutions' functioning, namely the Institute of Chartered Accountants of India, the Institute of Company Secretaries of India, and the Institute of Cost Accountants of India.
.
==============>
.
📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝
Thanks for reading
