The Reserve Bank of India (RBI) has asked banks to maintain an incremental Cash Reserve Ratio (ICRR) of 10 per cent on the increase in their deposits between May 19 and July 28 to suck out excess liquidity in the banking system. Bank does not earn interest on CRR maintained with RBI and neither can it use […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), has held that the claim of capital gain exemption under Section 54 of the Income Tax Act, 1961 on construction of residential house completed within 3 years is allowed and removed the penalty levied under Section 271(1)(c) of the Income Tax Act. To claim exemption […]
Provisions of SARFAESI Act speaks about recovery procedure in its Sec 13 deals with enforcement of security interest. Sec 14 empowers the Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession. Sec 17 deals with application against measures to recover secured debts. Before the amendment in 2016 in light of Enforcement […]
