Articles - ShineWing India

by shinewingindia

December 14, 2019

ISSUE OF INVOICES UNDER GOODS AND SERVICES TAX LAW

Through notification, Govt. has made fol...

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December 11, 2019

EXTENSION OF LAST DATE OF FILING FORM PAS-6

The Ministry of Corporate Affairs (MCA) ...

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December 11, 2019

Last few days to avail the benefit of Scheme “Sabka Vishwas” 2019

Recently government has issued a notific...

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December 11, 2019

Withdrawal of Circular on Information Technology Enabled Services, ab initio

Circular No. 107/26/2019-GST dt.18.07.20...

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December 9, 2019

NBFC’S UNDER THE PREVIEW OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016

Due to increasing pressure on the Indian...

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December 7, 2019

Whether Provision for Loss and Provision for Gratuity to be Considered in MAT Calculation?

Fact of the Case: Assessee was oper...

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November 28, 2019

CONTRACT OR ARRANGEMENT BY A COMPANY WITH ITS RELATED PARTY

AMENDMENT IN RULES UNDER COMPANIES ACT, ...

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November 27, 2019

Key highlights of “The Taxation Laws (Amendment) Bill, 2019″

The President of India has implemented t...

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November 26, 2019

The Amalgamated Co. can utilize the MAT credit of its Amalgamating Co.

Fact of the Case: The assessee was ...

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November 25, 2019

SEBI Update: Disclosure to Stock Exchange

IN CASE OF DEFAULT IN PAYMENT OF INTERES...

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November 21, 2019

Forex Loss Arising on Loan Taken for Acquiring Assets

Facts of the case: 1. Assessee had clai...

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November 21, 2019

Blocking / unblocking of E-way Bill System facility with effect from 21 November 2019

Rule 138 of CGST Rules provides that for...

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November 19, 2019

COMPENSATION RECEIVED BY LESSOR ON ACCOUNT OF TERMINATION OF LEASE DUE TO SALE OF PROPERTY IS CAPITAL RECEIPT

Facts of the case: The assessee own...

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by shinewingindia

November 19, 2019

Simplification of Form GSTR-9 and GSTR-9C

SIMPLIFICATION OF FORM GSTR-9 and GSTR-9...

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November 18, 2019

Beholding principal of Natural Justice before declaring ITR as invalid: ITAT (Pune)

Facts of the case: The assessee fil...

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by shinewingindia

November 18, 2019

Notification: Insertion of Rule 11UAC in the Income Tax Rules, 1962

New Rule 11UAC has been inserted vide No...

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November 18, 2019

Examination for appointment of independent directors

AMENDMENT IN RULES UNDER COMPANIES ACT, ...

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November 18, 2019

Non-Taxability of Transfer of Shares in real estate business by a Non-Resident Indian if he doesn’t hold substantial interest in the company

Fact of the Case: The taxpayer wa...

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November 18, 2019

Claim of CENVAT/ITC shall not be denied on account of non-filing or incorrect filing of Tran-1 by 27.12.2017

Facts of the case: The Petitioners ...

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November 14, 2019

Delivery of Notice by Assessing Officer at the Right Address

Facts of the case: Petitioner was a...

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November 13, 2019

Whether payment made by Indian company to a foreign company for supplying drawings is Royalty or not

Facts of the case: The Indian com...

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November 13, 2019

ITC of GST Paid in Haryana is not available in Rajasthan

Facts of the case: The applicant is...

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November 11, 2019

Bequest received in foreign bank account cannot be treated as Income of Assessee for that AY, if its transfer request to India is pending.

Facts of the Case: The assessee w...

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by shinewingindia

November 11, 2019

Elephant Bonds- Proposed scheme to bring back Black Money

With a view to make India a USD 5 trilli...

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November 2, 2019

“Can the Supply of Goods and Services separately identifiable under a contract be a Composite Supply?”-AAR

Facts submitted by applicant: Appli...

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October 24, 2019

RESIGNATION OF STATUTORY AUDITORS FROM LISTED ENTITIES AND THEIR MATERIAL SUBSIDIARIES

SEBI circular dated 18th October 2019 fo...

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October 22, 2019

Classification of Consumer Deposits by Oil Marketing Companies

OPINION OF EXPERT ADVISORY COMMITTEE (EA...

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October 19, 2019

Supply of services by way of conduct of online examination, to an educational institution is EXEMPT: AAR MAHARASHTRA

Facts of the case: Applicant is engaged...

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October 16, 2019

INPUT TAX CREDIT – MAXIMUM DEVIATION BETWEEN WHAT IS CLAIMED vs FORM GSTR-2A

Government has amended CGST Rules, 2017 ...

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October 3, 2019

Circular: Clarification in respect of Option Exercised under Section 115BAA of The Income Tax Act, 1961

The following clarifications have been i...

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September 30, 2019

Disallowance under section 14A

Foreign Exchange Loss Does Not Attract D...

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September 27, 2019

Taxability in case of Forfeiture of Application Money on Issue of Debentures

Section 56(2)(ix) of the Income-Tax Act ...

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September 25, 2019

Amendment in Depreciation Rate as per Income Tax

Retrospective increase in depreciation r...

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September 23, 2019

Supreme Court Dismisses Review Petition Challenging PF Ruling

Background The SC had examined vari...

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September 23, 2019

37th GST Council Meeting || Press Release

Recommendations Regarding Law and Proced...

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September 21, 2019

37th GST Council Meeting-Key Recommendations on GST Rate on Services

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September 20, 2019

CBDT GIFT TO CORPORATE TAXPAYERS – SLASHING OF TAX RATE TO 22% / 15%

With an objective to promote growth &amp...

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September 20, 2019

Recognition Exemption for Short Term Leases

Recognition exemption for short term lea...

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September 20, 2019

Major relief in case of individual assessee/ expatriates where assessment re-opened without serving notice.

Facts of the Case: Assessee was a...

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September 20, 2019

PRESS RELEASE – CBDT NOTIFIES E-ASSESSMENT SCHEME, 2019

Steps for faceless limited scrutiny asse...

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September 16, 2019

Finance Minister’s Efforts to Boost Economic Growth of India

The Finance Minister, on Saturday 14.09....

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by shinewingindia

September 16, 2019

CAPITAL GAINS TAX UPON CONVERSION OF COMPANY INTO LLP

Conversion of Company into LLP amounts t...

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by shinewingindia

September 13, 2019

Insurance claim received by foreign parent for erosion of financial interest in Indian subsidiary not taxable in India

Facts of the case The taxpayer, an ...

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by shinewingindia

September 11, 2019

IMPORTANT GST Update || Last date to avail Input tax credit of F.Y. 2018-19 || || Last Date to amend invoices of F.Y. 2018-19 ||

Section 16(4) of the Central Goods and S...

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September 7, 2019

Relaxation in provisions for creation of Debenture Redemption Reserve

Government exempts NBFCs, HFCs and Liste...

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September 6, 2019

RELIEF BY CBDT ON COMPLIANCES BY START-UPS

In order to give effect to the announcem...

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September 4, 2019

Important GST Update

The Government has waived requirement to...

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September 4, 2019

Waiver of late fee on filing of Form GSTR-1 and GSTR-6 in Certain Cases

The central government, on recommendatio...

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September 2, 2019

Tools Supplied by OEM to Component Manufacturer for free shall not be added to Value of Component

Facts of the case: Assessee is in...

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by shinewingindia

August 30, 2019

Top 5 changes in Income Tax laws that come into effect from September 1, 2019

Recalling the Union Budget of 2019, vari...

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by shinewingindia

August 30, 2019

Relaxed FDI norms now allow 100% FDI in Contract Manufacturing

Introduction To boost domestic manufact...

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August 29, 2019

Coal sector gets nod for 100% FDI: This move to fully open up coal mining to foreign players to help get latest technologies

Introduction According to Piyush Goya...

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August 27, 2019

DUE DATE EXTENDED

The due date to file Annual Return and G...

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August 24, 2019

No penal proceedings in case of wrongly reflected transitional credit: Patna High Court (HC)

Facts of the case The Petitioner ...

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by shinewingindia

August 23, 2019

Tax Return Filing Exemption for Foreign Investors

CBDT notifies tax return filing exemptio...

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August 23, 2019

New Income Tax Bill – Key Recommendations of Task Force Report

The Government had constituted a task fo...

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August 23, 2019

Clarification under section 232(6) of the Companies Act, 2013

The Ministry of Corporate Affairs (MCA) ...

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August 22, 2019

Appellate Authority of Advance Ruling upheld decision of AAR – ‘Power Banks’ are Accumulators falling under Chapter Heading 8507 and are not static convertors!

Facts of the case: Applicant is engaged...

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August 20, 2019

High Court (HC) directs payment of interest on delay in granting refund of IGST

Facts of the case The Petitioner ...

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August 17, 2019

Mere non-disclosure of exempt income doesn’t construe income escaped from assessment

Swastic Safe Deposit and Investments Ltd...

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August 16, 2019

Amendment to Sec 12 of Insolvency & Bankruptcy Code,2016 (IBC)

Extension of time for completion of Inso...

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August 12, 2019

Payment made by Mahindra to dealers towards free car services on its behalf shall be liable to deduction of tax at source

Facts of the case: Assessee was e...

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August 10, 2019

Authority for Advance Ruling- Whether importer for goods imported on CIF basis, is also required to pay IGST on deemed ocean freight expense?

Facts of case: Applicant is engaged i...

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by shinewingindia

August 10, 2019

Circular- Clarification in respect of goods sent/taken out of India for exhibition or on consignment basis for export promotion

In view of difficulties being faced by t...

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by shinewingindia

August 9, 2019

Section 10A to Companies Act – Declaration of Commencement of business

Section 10(A). (1) As per this section, ...

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by shinewingindia

August 7, 2019

Issuance of jurisdictional notice and assessment order against a non-existing company is fundamentally void and not a mere procedural mistake

Facts of the case: Suzuki Powertr...

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by shinewingindia

August 7, 2019

AAR- ITC on goods and services shall not be available if consideration for such supply is netted off against receivable.

Facts of the case: The applicant, SML...

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August 7, 2019

Order u/s 197(1) is quasi-judicial in nature and should be based on prescribed procedure, objective criteria and relevant material

Facts of the case: Petiti...

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by shinewingindia

August 7, 2019

Non-deduction of Tax at source (TDS) on the provision made for royalty payments under tax treaties would not give rise to disallowance under Section 40

Facts of the Case: Assessee was e...

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by shinewingindia

July 31, 2019

Press Release: External Commercial Borrowings (ECB) Policy – Rationalization of end-use Provisions

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June 5, 2019

Credit of GST paid on inputs used for construction of shopping mall is allowed, where assessee is required to pay GST on rental income from such shopping mall : High Court of Orissa

Facts of the case: The petitioner car...

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by shinewingindia

April 13, 2019

Where High Court upheld Tribunal’s order allowing Assessee’s claim for expenditure incurred on allotment of shares under Employee Stock option Plan (ESOP), SLP filed by Revenue against order of High Court was to be granted.

Facts of the case: Assessee, a Priv...

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by shinewingindia

April 11, 2019

No TP adjustments on share purchase at high premium as it doesn’t amount to revenue receipt

Bombay High Court in the case of Princip...

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April 8, 2019

Composition Scheme for Service Providers (Notification 2/2019 – Central Tax Rate)

Government has come up with composition ...

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by shinewingindia

April 8, 2019

Collection of Utility Charges shall attract GST taxed as Composite Supply

Facts: Applicant is engaged in bus...

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by shinewingindia

April 4, 2019

Order of Utilization of ITC (Notification 16/2019 – Central Tax)

An important amendment to CGST Rules hav...

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April 4, 2019

HC upholds constitutional validity of Section 234E of the Income Tax Act, 1961 (“the Act”) imposing fee for delayed filing of TDS statements

Facts of the case: Assessee, an Adv...

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by shinewingindia

March 12, 2019

Additions under Section 68 cannot be deleted merely relying on Assessee’s evidence – SC

Facts of the case: Assessee had fil...

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by shinewingindia

March 8, 2019

Clarification on various promotional schemes under GST

Sr. No. Types of Discount Examples Wh...

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March 4, 2019

Special allowances to be included in “Basic wages” for deducting PF – Supreme Court

Supreme Court in the case of Regional Pr...

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by shinewingindia

February 14, 2019

SEBI released notification to increase the levels of Corporate Governance and transparency by notifying the format for Annual Secretarial Audit Report and Annual Secretarial Compliance Report for Listed Entities and their material Subsidiaries

The Securities and Exchange Board of Ind...

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by shinewingindia

February 14, 2019

Compliance to file a One time return of outstanding receipt of money or loan by a company but not considered as deposits

Notification No. 41 published on January...

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February 12, 2019

Royalty payment to Italian Co. pursuant to agreement effective from 01-04-2008 would be taxable at 10%

Facts of the case: The Assessee bei...

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by shinewingindia

February 8, 2019

Reassessment proceedings stands valid if Foreign Co. couldn’t explain revenue earned from its PE in India

Facts of the case: The Assessee was...

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by shinewingindia

February 7, 2019

Promotion and Marketing services to overseas client is an ‘Intermediary Services’

Facts of the Case: ...

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by shinewingindia

February 2, 2019

Compliance to file declaration of commencement of business in eForm INC-20A

Notification No. 907 published on Decemb...

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February 1, 2019

Interim Union Budget 2019 – Direct Tax Recommendations

Head Proposed recommendation Assessee ...

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by shinewingindia

January 30, 2019

Unutilized amount on prepaid cards to be construed as Advance by Tel-Co’s : Delhi HC

Facts of the case: Assessee was pro...

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by shinewingindia

January 29, 2019

Non-Compete Fees not taxable under GST

In a recent judgement given by Kerala Hi...

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by shinewingindia

January 23, 2019

Services Qualify as Exports even if consideration is not received in convertible foreign exchange

What if, a service provider in India, ou...

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by shinewingindia

January 17, 2019

New Framework notified by RBI on External Commercial Borrowings

Background As part of ongoing efforts...

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by shinewingindia

January 14, 2019

Treatment of ‘prepayment penalty’ incurred for foreclosure of existing loan and availing new loan/borrowings

Facts of the Case: The company avails...

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by shinewingindia

January 14, 2019

Exception from online filing of application for lower or no withholding of tax in case of NRIs and Resident applicants

Background Section 197 and 206C(9) of...

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by shinewingindia

January 14, 2019

Withdrawal of Circular No. 10/2018 dated 31.12.2018 on applicability of section 56(2)(viia) of the Income-tax Act, 1961

Background Section 56(2)(viia) of the...

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by shinewingindia

January 14, 2019

Important changes through Notifications issued on December 31, 2018

1.Compulsive Reverse Charge Mechanism (R...

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by shinewingindia

January 14, 2019

Exemption of dividend cannot be denied merely because payer Co. didn’t pay tax on distribution of dividends

Facts of the case: The Assessee was...

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January 11, 2019

Capital gain on sale of assets contributed by partners as capital contribution would be taxable in the hands of the firm only

Facts of the case: Assessee was a p...

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by shinewingindia

December 24, 2018

Bill to Ship to mode of supply may involve more than three parties

Facts of the case: A (Applicand, he mad...

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by shinewingindia

December 24, 2018

Time limit preseribed for filing Country by Country Report (CbCR) by Constituent Entity

In order to standardize the documentaion...

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by shinewingindia

December 22, 2018

Recommendations made during 31st GST Council Meeting

Extension of Due Dates Form Due ...

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