Foreign contribution to be received only in ‘‘FCRA Account’’ in SBI Main Branch New Delhi

Foreign contribution to be received only in ‘‘FCRA Account’’ in SBI Main Branch 11 Sansad Marg New Delhi

The Foreign Contribution (Regulation) Amendment Act, 2020 amended section 17 of The Foreign Contribution (Regulation) Act, 2010 to provide that every person who has been granted certificate or prior permission under section 12 shall receive foreign contribution only in an account designated as ‘‘FCRA Account’’ which shall be opened by him in such branch of the State Bank of India at New Delhi, as the Central Government may, by notification, specify and for other consequential matters relating thereto.

Now, the Finance Ministry has notified State Bank of India (SBI), New Delhi Main Branch, 11, Sansad Marg, New Delhi-110001 as the branch for the purposes of the said sub-section.

The notification issued is as under:

• AO took a reasonable stand that 25 kg written in WhatsApp chat was 25 lakh – ITAT
• Shareholders can’t be taxed for income from properties owned by the company – HC
• Jurisdictional error in reassessment approval can’t be shielded by the law of limitation
• ITAT ought to remanded whole matter of bogus purchases instead of profit determination
• Where proceedings u/s 153C barred by limitation, AO can’t invoke section 148 & 148A

MINISTRY OF HOME AFFAIRS

NOTIFICATION

New Delhi, the 7th October, 2020

S.O. 3479(E).—In exercise of the powers conferred by sub-section (1) of section 17 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010), the Central Government hereby specifies the State Bank of India, New Delhi Main Branch, 11, Sansad Marg, New Delhi-110001 as the branch for the purposes of the said sub-section.

[F. No. II/21022/23(35)/2019-FCRA-III]

ASHUTOSH AGNIHOTRI, Jt.Secy

Download Notification Click Here >>