Blogs

F.No. 401/03/2023-Cus-IIIGovernment of IndiaMinistry of Finance,Department of Revenue(Central Board of Indirect Taxes & Customs Instruction No. 14/2024, Dated 17th May, 2024 ToAll Principal Chief Commissioners/ Chief Commissioners (Customs/Customs (Preventive) / Customs & Central Tax)All Principal Commissioners / Commissioners (Customs / Customs (Preventive)All Pr. Director Generals /Director Generals under CBIC Madam/Sir, Subject E-Waste (Management) Rules, 2022 […]

Indian Currency (Updated as on May 17, 2024) A) Basics of Indian Currency/Currency Management 1. What is the Indian currency called and what is its symbol? The Indian currency is called the Indian Rupee (INR). One Rupee consists of 100 Paise. The symbol of the Indian Rupee is ₹. The design resembles both the Devanagari […]

Customs Instruction 13/2024 issued by the Government of India outlines the obligations for producers, including importers, of base oil or lubrication oil regarding the clearance of consignments. This instruction, dated 17th May 2024, is crucial for compliance with Hazardous Waste Rules. F.No.401/65/2024-Cus.lllGovernment of IndiaMinistry of Finance,Department of Revenue(Central Board of Indirect Taxes & Customs) Instruction […]

Upesi Ventures Ltd. Vs ACIT (Bombay High Court) The case of Upesi Ventures Ltd. vs. ACIT before the Bombay High Court revolves around the challenge to a notice issued under Section 148 of the Income Tax Act, 1961, proposing to reopen the assessment for the Assessment Year (AY) 2015-2016. The petitioner, Upesi Ventures Ltd., a […]

For a ethical CA Practice, following factors play a very important role:- FAITH As faith is a belief, trust is an action, Even a deaf can conclude this from ones motion, There is no fees to learn this, use your own intuition, As we all believe on our knees that they keep us standing without […]

In re Haritaki FZC (CAAR Delhi) M/s HARITAKI FZC (hereinafter referred to as “the Applicant”), is a Free Zone Corporation incorporated in Ajman, United Arab Emirates (UAE) with its registered address there itself. The Applicant is engaged in manufacturing and packaging of various spices, spreads, seasonings and condiments. (`applicant’, in short) has filed an application […]

Shell Information Technology International BV Vs DCIT (ITAT Mumbai) Amount paid for IT Support Services should not be considered as FTS under Article 12 of India – Netherlands DTAA Conclusion: Payments for IT support services were not considered fees for technical services under the provisions of Article 12 of the India-Netherlands Double Taxation Avoidance Agreement […]

Securities and Exchange Board of India (SEBI) issued amendments to the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, on May 17, 2024. These amendments, effective upon publication in the Official Gazette, include modifications to various regulations within the framework. The key changes involve expanding the scope of entities […]

On May 17, 2024, the Securities and Exchange Board of India (SEBI) issued amendments to the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. These amendments, effective upon publication in the Official Gazette, introduce changes related to the exclusion of the effect on the price of equity shares of […]

Securities and Exchange Board of India (SEBI) issued amendments to the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, on May 17, 2024. These amendments, effective upon publication in the Official Gazette, introduce changes primarily related to the exclusion of the effect on the price of equity shares of a company due […]

On May 17, 2024, the Securities and Exchange Board of India (SEBI) issued amendments to the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015. These amendments, effective upon publication in the Official Gazette, refine the definition of insider trading. Specifically, they clarify that insider trading shall not include unverified events or […]

Allahabad High Court Cracks Down Seriously On Alleged Misconduct In The Lucknow District Courts And Issues Important Directions It is certainly most significant to note that as recently as on May 6, 2024, a Division Bench of the Allahabad High Court at Lucknow comprising of Hon’ble Mr Justice Ranjan Roy and so also Hon’ble Mr […]

DCIT Vs  J. K. Techno soft Ltd (ITAT Delhi) Conclusion: Forward mark contracts on foreign currency was incurred during the normal course of business and the losses incurred were the part and parcel of the business activity of assessee, which were allowable as business expenditure and not speculative in nature, thus any expenditure incurred for […]

The case involves disciplinary action taken by the Institute of Chartered Accountants of India (ICAI) against CA. Sachin Rajnikant Parekh for professional misconduct related to failure to verify the maintenance of cost records during an audit assignment. Here’s a detailed summary of the proceedings and the decision made by the Disciplinary Committee: Background and Allegations: […]

This case involves disciplinary action taken by the Institute of Chartered Accountants of India (ICAI) against CA. Sushil Suresh Bajaj for professional misconduct related to his certification of e-Forms. Here’s a detailed summary of the proceedings and the decision made by the Disciplinary Committee: Background and Allegations: The complaint was filed against CA. Sushil Suresh […]

This case involves disciplinary action taken by the Institute of Chartered Accountants of India (ICAI) against CA. Keshav Vishwanath Chaubey for professional misconduct related to his audit of a company. Here’s a detailed summary of the proceedings and the decision made by the Disciplinary Committee: Background and Allegations: The complaint was filed against CA. Keshav […]

Embio Limited Vs Director General of Foreign Trade & Ors. (Supreme Court of India) In the case of Emmio Limited vs. Director General of Foreign Trade & Ors., the Supreme Court of India addressed the imposition of a penalty under Section 11(2) of the Foreign Trade (Development and Regulation) Act, 1992 (FT Act) on the […]

Golden Weaving Mills Pvt Ltd Vs ITO (ITAT Chennai) The case of Golden Weaving Mills Pvt Ltd Vs. ITO (ITAT Chennai) revolves around the dispute concerning the computation of book profit under Section 115JB of the Income Tax Act, 1961 for the assessment year 2012-13. The appeal was filed by the assessee against the order […]

Is the imposition of penalties under section 129(3) of the CGST Act by the Mobile Squad Officer without jurisdiction? In this article, I have analyzed whether the mobile squad officer has the authority to issue temporary Registration (ID) in their state for imposing penalty under section 129(3) where the supplier, buyer, or transporter is not […]

As the Income Tax Return filing for FY 2023-24 began, it was very crucial to know whether you should file your Income Tax Return or not. Here is all you need to know – Section 139 of the Income Tax describes persons who are mandatorily required to file Income Tax Returns (“ITR’) – 1. Every […]

On May 06, 2024, Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman administered the oath to Justice (Retd.) Sanjay Kumar Mishra, Former Chief Justice Jharkhand High Court, as the President of the GST Appellate Tribunal. The appointment of the Hon’ble President marks the beginning of a significant event in GST Dispute Resolution as […]

Vishal Dhiren Shah Vs Union of India (Delhi High Court) The Delhi High Court recently adjudicated on a case involving the National Financial Reporting Authority’s (NFRA) penalties against CA Parimal Kumar Jha, CA Vishal D Shah, and the audit firm M/s Pathak HD & Associates (PHD) regarding the audit of Reliance Capital Limited (RCL) for […]

The Order issued by the Government of India under Section 132(4) of the Companies Act 2013 pertains to an investigation into the conduct of M/s Shridhar & Associates and CA Ajay Vastani concerning their statutory audit of Reliance Commercial Finance Limited (RCFL) for the Financial Year (FY) 2018-19. Here’s a detailed summary of the key […]

Introduction Tax Deduction at Source or TDS refers to deducting tax from the income at the point of payment to other party. Individuals or organisations which deduct the tax at source, are required to file TDS returns on quarterly basis. TDS or Tax Deducted at Source is a method where income tax is deducted automatically […]

Discover illustrious journey of Kapil Sibal, a distinguished lawyer born in Jalandhar, who has excelled in India’s legal landscape and recently secured a decisive victory in Supreme Court Bar Association elections. The post Kapil Sibal: Jalandhar’s Proud Son and Legal Luminary appeared first on TaxGuru. Source link

ACIT Vs Dish Infra Services Pvt. Ltd. (ITAT Delhi) The case of ACIT vs. Dish Infra Services Pvt. Ltd. revolves around several key issues raised by the Revenue against the order of the ld. CIT(A)-3, New Delhi dated 10.08.2020. The Revenue’s appeal addresses various aspects including unexplained cash credit, debenture issue expenditure, and disallowance of […]

KEC International Ltd. Vs Union of India (Bombay High Court) Jurisdictional Assessing office other than AO Lehandas Arjun Janbandhu to pass fresh orders, after furnishing report received from DGGI to the petitioner. The petitioner is a trader. It purchases goods from one M/s EMI transmission and exported the same. Some of the goods were supplied […]

Savio Jewellery Vs Commissioner, Central Goods And Service Tax (Rajasthan High Court) The civil writ petition filed by Savio Jewellery against the Commissioner, Central Goods and Service Tax, sought relief from the tax imposed on exhibition services received from a person located in a non-taxable territory on a reverse charge mechanism (RCM) basis. The petitioner […]

The Order issued by the Disciplinary Committee of the Institute of Chartered Accountants of India (ICAI) pertains to a case involving CA. Sachin Madhukar Pachkhede, who has been found guilty of professional misconduct. The case revolves around non-compliances in the General Purpose Financial Statements of M/s SICOM Investments and Finance Limited for the financial year […]

Shri. J.Milton Jeba Manickam Vs The Assistant Commissioner of Central GST and Central Excise (Madras High Court) In a recent judgment, the Madras High Court addressed a crucial issue regarding an alleged erroneous 100% penalty imposed under the CGST Act for a period falling under the VAT regime. The case of Shri. J. Milton Jeba […]

Commissioner of Customs (Preventive) Vs Sai Max Jewelers (CESTAT Allahabad) The case of “Commissioner of Customs (Preventive) Vs Sai Max Jewelers” (CESTAT Allahabad) centers on the seizure of six gold bars weighing approximately 5999.820 grams, valued at Rs. 1,83,59,448, which were intercepted by the Government Railway Police (GRP) and subsequently handed over to Customs authorities. […]

Introduction In today’s globalised and rapidly evolving economic landscape, the issue of corporate dominance and its impact on fair competition has become increasingly prominent. As such, the enforcement of antitrust laws has taken centre stage in efforts to curb monopolistic practices and foster vibrant, competitive markets. This article delves into the contemporary landscape of antitrust […]

As per the provision of Section 139(9) of the income tax act, Where the assessing Officer considers that the return of income furnished by the assessee is defective, he may intimate the defect to the assessee and give him an opportunity to rectify the defect within a period of fifteen days from the date of […]

Neospark Drugs and Chemicals Private Limited Vs Additional Commissioner of Central Tax (Andhra Pradesh High Court) In the case of Neospark Drugs and Chemicals Private Limited vs. Additional Commissioner of Central Tax, the petitioner challenged the rejection of their appeal against an assessment order by the Additional Commissioner of Central Tax (GST-Appeals). The rejection was […]

The Securities and Exchange Board of India (SEBI) has released a Master Circular for Credit Rating Agencies (CRAs), consolidating guidelines, obligations, and procedural aspects under the CRA Regulations of 1999. This comprehensive document aims to provide clarity and accessibility to stakeholders in the securities market. Securities and Exchange Board of India Master Circular No. SEBI/HO/DDHS/DDHS-POD3/P/CIR/2024/47 Dated: May […]

The Securities and Exchange Board of India (SEBI) plays a pivotal role in regulating financial markets. Among its many regulations, the guidelines for Debenture Trustees are crucial for ensuring transparency and investor protection in the corporate bond market. T The Master Circular for Debenture Trustees consolidates various circulars and regulations pertinent to their functioning. It […]

The Securities and Exchange Board of India (SEBI) has issued a Master Circular for ESG (Environmental, Social, and Governance) Rating Providers, consolidating guidelines and obligations under the CRA Regulations of 1999. This comprehensive document aims to provide clarity and streamline regulatory compliance for ESG Rating Providers (ERPs), listed entities, and market intermediaries. Securities and Exchange […]

Introduction: The government has issued Notification No. 04/2024, directing Pan Masal and Tobacco taxpayers to provide specific information. This notification introduces two forms, GST SRM-I and GST SRM-II, for registration and reporting purposes. Taxpayers in this sector are mandated to comply with these requirements. Detailed Analysis: 1. Notification Details: Notification No. 04/2024 – Central Tax, […]

Introduction: In today’s world, the cross-border trades have eased up and even the country is encouraging exports. India is exporting various goods and services  and is also procuring goods/services from foreign countries. Some of the services which are procured from foreign countries are consultancy, exhibition services, commission agency services, accommodation services outside India, etc. For […]

Saf Yesat Company Pvt. Ltd. Vs Commissioner of Central Excise (CESTAT Mumbai) The case between Saf Yesat Company Pvt. Ltd. and the Commissioner of Central Excise, adjudicated by CESTAT Mumbai, centers on the issuance of a second show-cause notice (SCN) for excise demand without adjudicating the first, rendering it jurisdictionally void. Analysis: The dispute revolves […]

Raj Sheela Growth Fund (P) Ltd Vs ITO (Delhi High Court) The case of Raj Sheela Growth Fund (P) Ltd vs. ITO (Delhi High Court) revolves around the crucial question of jurisdiction in income tax assessment proceedings. The crux of the matter lies in whether the absence of a transfer order under Section 127 of […]

Muthu Traders Vs Deputy Commercial Tax Officer (Madras High Court) The case of Muthu Traders vs. Deputy Commercial Tax Officer before the Madras High Court involves a challenge to an order dated 10.07.2023, alleging that the petitioner was not given a fair opportunity to contest a tax demand related to GST discrepancies. The petitioner, engaged […]

Roop Telesonic Ultrasonix Limited Vs Commissioner of Customs (CESTAT Ahmedabad) Service Tax refund to SEZ unit cannot be denied for registering under service Tax after filing refund claim Roop Telesonic Ultrasonix Limited filed an appeal against the rejection of their service tax refund claim under Notification No. 12/2013-ST dated 01.07.2013 by the Commissioner of Customs. […]

Agrawal Namkeen Vs Goods And Service Tax Council (Rajasthan High Court) The case of Agrawal Namkeen vs Goods And Service Tax Council in the Rajasthan High Court revolves around the jurisdiction of the Joint Commissioner (Investigation) Enforcement Wing, Rajasthan–I, Jaipur, to adjudicate under Section 73 of the Rajasthan Goods and Services Tax Act, 2017. The […]

Black Stone Corporation Private Limited Vs State Of Gujarat & Ors (Gujarat High Court) The case of Black Stone Corporation Private Limited versus the State of Gujarat & Others before the Gujarat High Court revolves around the adequacy of the opportunity of hearing granted to the petitioner in a dispute under the GST Act. The […]

Tvl. Gayatri Granites Vs Assistant Commissioner (ST) (Madras High Court) In the case of Tvl. Gayatri Granites Vs Assistant Commissioner (ST) before the Madras High Court, the petitioner challenged an order dated 16.08.2023, along with the consequential demand notice dated 17.08.2023, citing a breach of the principles of natural justice. The petitioner, engaged in the […]

V.P. Constructions Lko. And Another Vs State of U.P. And 3 Others (Allahabad High Court) The case of V.P. Constructions Lko. And Another Vs State of U.P. And 3 Others was brought before the Allahabad High Court, challenging the validity of an order passed by the Assistant Commissioner, Sector 12, Lucknow, canceling the registration of […]

ICAI penalises CA for not physically visiting registered office of Company before filing its SPICe Form The Institute of Chartered Accountants of India (ICAI) took disciplinary action against CA. Radhakrishnan AR for his professional misconduct related to the certification of documents for the incorporation of M/s Tencent Fintech Private Limited. The complaint against Radhakrishnan AR […]

Bar of Indian Lawyers Vs D. K. Gandhi PS National Institute of Communicable Diseases and Anr. (Supreme Court) The case of Bar of Indian Lawyers Vs. D. K. Gandhi PS National Institute of Communicable Diseases and Anr. presented before the Supreme Court of India revolves around whether legal services provided by lawyers fall within the […]

Introduction: The Ministry of Corporate Affairs (MCA) mandates strict adherence to the timelines for the Cost Audit of the 2023-24 fiscal year. Any deviations from these prescribed schedules must be reported without delay. Recent notifications from MCA, coupled with advisories from the Institute of Cost Accountants of India (ICMAI), emphasize the importance of precise data, […]

Cosmos Cooperative Bank Ltd. Vs Edelweiss Asset Reconstruction Company Ltd. & Ors. (NCLAT Delhi) The case of Cosmos Cooperative Bank Ltd. vs. Edelweiss Asset Reconstruction Company Ltd. & Ors. before the National Company Law Tribunal (NCLT) revolves around the resolution process of S.K. Wheels Private Limited under the Insolvency and Bankruptcy Code, 2016 (IBC). The […]

ACIT Vs Snapdeal Ltd. (ITAT Delhi) This case involves a dispute between the Indian Revenue Department and Snapdeal Ltd., an online marketplace company, regarding the tax treatment of specific expenses incurred by the company during the Assessment Year 2017-18. The key issue revolves around whether certain business promotion, advertisement, and publicity expenses can be considered […]

A freelancer is a self-employed individual who values independence in choosing their own jobs, side projects, and business partnerships. On the money they make from their projects or freelance labour, freelancers need to pay income tax. Any money received by a person who uses their physical or mental potential for freelancing is classified as “profit […]

Dreaming of starting your own business as a sole individual? Wondering how to get it registered or recognized? Before diving in, it’s crucial to understand the various forms of business structures and their implications. Let’s delve into the process of establishing a sole proprietorship in India.  How to register a sole proprietorship? Ever wondered for […]

The Food Safety and Standards Authority of India (FSSAI), a statutory authority established under the Food Safety and Standards Act of 2006, has issued a revised Standard Operating Procedure (SOP) for applying for the +F Endorsement certificate for fortified food products. This update, detailed in the circular dated May 31, 2022 (File No — 15(31)2020/FoSCoS/RCD/FSSAlpt8), […]

Rs Industrial Solutions Vs Additional Commissioner Grade 2 And Another (Allahabad High Court) In a recent judgment, the Allahabad High Court addressed the issue of imposing penalties for the non-filing of Part-B of the E-Way Bill without proof of intention to evade tax. The case, Rs Industrial Solutions vs Additional Commissioner Grade 2, sheds light […]

TKM Global Logistics Limited Vs Commissioner of Service Tax (CESTAT Kolkata) Service tax demand on service received from abroad before 18.4.2006 not sustainable and it is essential for the Show Cause Notice issuing authority to clearly indicate the sub-clause under which the service tax in question would fall. TKM Global Logistics Limited filed an appeal […]

Laxmi Fine Chem Vs Assistant Commissioner (Telangana High Court) In the case of Laxmi Fine Chem vs. Assistant Commissioner, Telangana High Court, the petitioner contested the action taken by the respondents in blocking input tax credit amounting to Rs. 50,06,000 without issuing a show cause notice. The petitioner argued that this action violated Rule 86(A) […]

The weekly newsletter from the Chairman of the Central Board of Indirect Taxes & Customs (CBIC) dated 13th May 2024 provides insights into recent activities, enforcement actions, capacity building initiatives, and interactions with stakeholders. The newsletter begins with the Chairman’s visit to Mumbai, where he engaged with senior officers, gaining valuable feedback on tax policies […]

The Institute of Chartered Accountants of India (ICAI) continues its commitment to student success with the announcement of Mock Test Papers Series II & III for CA Foundation June 2024 Examinations. The Board of Studies (BoS) of ICAI has scheduled Mock Test Papers Series II & III starting from May 22 and June 5, 2024, […]

Shri. Hebbalappa S/O. Venkappa Devannavar Vs State of Karnataka (Karnataka High Court) In the case of Shri. Hebbalappa S/O. Venkappa Devannavar vs. State of Karnataka, the Karnataka High Court granted bail to the petitioners who were accused of involvement in circulating fake currency. The charges against them were under Section 420 of the Indian Penal […]

PCIT Vs Divine Developwell Pvt Ltd (Delhi High Court) In the case of PCIT vs. Divine Developwell Pvt. Ltd. Hon’ble Delhi High Court held that the documents which were seized during the course of search does was unsigned Agreement to sell (ATS) which does not contain name of assessee, the said material cannot be said […]

Ramesh Kumar Shokeen Vs PCIT (Delhi High Court) The case of Ramesh Kumar Shokeen vs PCIT, heard in the Delhi High Court, revolves around the rejection of the petitioner’s application for the condonation of delay in filing his income tax return (ITR) under Section 119(2)(b) of the Income Tax Act, 1961. The court found that […]

The quote “With great power comes great responsibility”, the said quote holds a persuasive value in the current scenario wherein on one end senior officials of a company such as Director holds power to take the important decisions for the company, on the other hand they hold the onus for their decisions taken in the […]

Organization for Eelam Refugees Rehabilitation Vs Assessment Unit (Madras High Court) In the case of Organization for Eelam Refugees Rehabilitation vs Assessment Unit, the Madras High Court addressed a writ petition challenging a computation sheet dated March 9, 2024, and the accompanying notice of demand dated March 9, 2024. The petitioner had initially filed their […]

Suresh Patel Vs PCIT (Madras High Court) The case of Suresh Patel vs PCIT presented before the Madras High Court involves a challenge to an order issued by the first respondent on March 24, 2022, under Section 263 of the Income Tax Act, 1961. Preceding this order was a show cause notice dated January 25, […]

Reliance Brands Luxury Fashion Private Ltd. Vs Principal Commissioner of Customs (CESTAT Delhi) The case of Reliance Brands Luxury Fashion Private Ltd. vs. Principal Commissioner of Customs (CESTAT Delhi) revolves around the determination of the assessable value of imported goods for customs purposes. Here’s a detailed summary of the key points discussed in the case: […]

Sasan Power Limited Vs Commissioner (CESTAT Delhi) No Service Tax on Agreement with government for supply of water on the basis of volume of water drawn as same is not a case of assignment of right to use natural resources of the government. e case of Sasan Power Limited vs. Commissioner (CESTAT Delhi) revolves around […]

Mid Town Associates Vs Additional Commissioner Grade-2 (Appeal) (Allahabad High Court) In case of Mid Town Associates Versus Additional Commissioner Grade-2 (Appeal) (WRIT TAX No. – 433 OF 2020), Allahabad High Court, held that, Just because of Non production of E-way bill for verification, does not automates penalty proceeding, if the same is generated and […]

Arrest Is A Serious Matter And Cannot Be Made Routine Manner On Mere Allegation of CGST Act violations: Bombay HC in Mahesh Gala vs Union of India & Ors in Criminal Writ Petition No. 938 of 2024 While leaving no scope of any ambiguity of any kind whatsoever, the Bombay High Court in a most […]

In a landmark decision, the Gujarat High Court, presiding over the case of Vimal Agro Products Pvt. Ltd. v. Union of India [R/Special Civil Application 21700/2022 dated April 24, 2024], affirmed that the tax on Mango Pulp is appropriately levied at a rate of 12 percent from the inception of the GST regime. This ruling […]

E-Invoicing Under GST GST has been implemented in India from 1st July 2017, with a view to remove all the difficulties in existing  indirect tax system. Since then GST has made various revolutionary changes for providing ease of business and lessening the chance of tax evasion. One of such changes is introduction of E-Invoices Rule […]

Acceptance or rejection of books can greatly affect the determination of income for a tax payer in taxation. This decision is made based on factors such as the method of accounting used and the completeness and accuracy of records the revenue department has asked for. We shall therefore examine case law and precedents to find […]

Introduction: The Doctrine of Merger, a principle often invoked in legal proceedings, was recently deliberated upon by the Jharkhand High Court in the case of Sri Gopikrishna Infrastructure Pvt. Ltd. & Ors. vs. The State of Jharkhand. This article provides an overview of the case and its key takeaways. In the aforementioned case, the petitioner, […]

Navigating cash transactions in real estate deals requires careful consideration of tax compliance regulations under the Income-tax Act. Understanding permissible modes of payment and the consequences of cash transactions is crucial for stakeholders in the real estate sector. Permissible modes of payment The Income-tax Act includes several rules that discourage the use of cash and […]

ABSTRACT This delves into the intricate relationship between corporate governance and corporate social responsibility (CSR), examining definitions, theoretical frameworks, practical implications, and future trends. Corporate governance is the set of policies, procedures, and guidelines that govern how businesses are run in order to maintain ethics, accountability, and transparency. Conversely, corporate social responsibility refers to voluntary […]

Nandan Auto Tech Limited Vs Commissioner of Central Excise (Punjab and Haryana High Court) Introduction: The case of Nandan Auto Tech Limited vs Commissioner of Central Excise delves into crucial nuances regarding penalty imposition under Rule 25 of the Central Excise Act, 1944. The Punjab and Haryana High Court’s ruling sheds light on the necessity […]

 Section 50B of the Income Tax Act defines a slump sale as the sale of an undertaking without considering the individual values of its assets or liabilities. This section outlines the computation, tax rates, and reporting requirements for capital gains arising from such transactions. What do you mean by Slump Sale? A slump sale for […]

Over the past few years the conceptual and practical evolution of CIC has been at the forefront of the lending sector. RBI has sharpen its Teeth to crab loopholes in Lending Regulations especially NBFCs whether registered or un-registered. Let us try to analyse and find out the significance and basic ingredients of a CIC. RESERVE […]

Kartikey Gaur Stamp duty legislation is pre-independence legislation; the Indian Stamp Act, of 1899, stipulates stamp duty to be paid on several documents. Stamp duty plays a pivotal role in providing legal validity and sanctity to any document executed in the jurisdiction of India. If an instrument is left unstamped or the stamp duty paid […]

A Critical Analysis on Insurers and Third-Party Administrator (TPAs), Being Called as Data Fiduciaries 1. ABSTRACT Insurers and Third-party Administrators (TPAs) grapple with intricate challenges as designated data fiduciaries. Amidst increasing regulatory scrutiny and evolving consumer expectations, they confront the delicate balance between data protection and operational efficiency. This abstract delves into the complexities insurers […]

BPD Steel Syndicate Pvt. Ltd. Vs Union of India and Others (Orissa High Court) The Hon’ble Orissa High Court in the matter of M/s. BPS Steel Syndicate (P.) Ltd. v. Union of India [Writ Petition (Civil) No. 6518 of 2023] held that M/s. BPS Steel Syndicate (P.) Ltd. (“the Petitioner”) cannot be deprived of its […]

Introduction: The Ministry of Corporate Affairs (MCA) recently levied significant penalties on Pratapraisons Textiles Private Limited and its directors for non-compliance with Section 82(1) of the Companies Act, 2013. The company failed to file e-Form CHG-4 for the satisfaction of charges, leading to regulatory violations and substantial penalties. This article delves into the details of […]

Introduction: Ind AS 23, or Indian Accounting Standard 23, lays down the principles for the accounting treatment of borrowing costs. It applies to qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale. Proper application of Ind AS 23 ensures that borrowing costs […]

ACIT Vs Daya Rani (ITAT Delhi) In the case of ACIT Vs. Daya Rani, the Income Tax Appellate Tribunal (ITAT) addressed an appeal filed by the Revenue against the order issued by the Commissioner of Income Tax (Appeals)-3, Noida, regarding the assessment under sections 153A/143(3) of the Income Tax Act, 1961 for the Assessment Year […]

Tvl. Cargotec India Private Limited Vs Assistant Commissioner (ST) (Madras High Court) The case of TVL. Cargotec India Private Limited vs. Assistant Commissioner (ST) was brought before the Madras High Court through a Writ Petition seeking a direction for the recredit or refund of amounts recovered pursuant to assessment orders for the assessment years 2017-2018, […]

Jayanthi Plastics (Defunct) Vs Deputy State Tax Officer-2 (Madras High Court) The legal battle between Jayanthi Plastics and the Deputy State Tax Officer-2 has taken a significant turn with the Madras High Court’s recent ruling. In contention is the validity of a show cause notice dated 28.12.2023, which raises issues previously addressed in an order […]

Arni Agri Producers Coop Marketing Society Limited Vs PCIT (Madras High Court) The case of Arni Agri Producers Coop Marketing Society Limited Vs PCIT before the Madras High Court revolves around the imposition of a 20% remittance requirement for a stay application concerning a disputed tax demand. The judgment challenges the validity of this requirement […]

Sri Uma Plastics Vs Deputy State Tax Officer-2 (Madras High Court) The case of Sri Uma Plastics vs. Deputy State Tax Officer-2, adjudicated by the Madras High Court, revolves around the contentious issue of Input Tax Credit (ITC) availed on the purchase of a commercial vehicle. The petitioner, engaged in the plastic scrap business, challenges […]

Imperial Shipping Service Vs Assessment Unit (Madras High Court) The Madras High Court recently delivered a significant judgment regarding an Income Tax assessment order challenged on grounds of breaching principles of natural justice. The case pertains to Imperial Shipping Service versus the Assessment Unit. The petitioner filed their income tax return for the assessment year […]

Baisany Ramiah Chetty Pandurangan Vs Assistant Commissioner (ST)(FAC) (Madras High Court) In the case of Baisany Ramiah Chetty Pandurangan vs. Assistant Commissioner (ST)(FAC), the petitioner challenged an order dated 18.12.2023 primarily on the grounds of not being provided with a reasonable opportunity to contest the tax demand on merits. The petitioner, engaged in providing goods […]

Introduction: The Ministry of Corporate Affairs (MCA) recently imposed a significant penalty of ₹3 lakhs for the violation of the main object clause of the Memorandum of Association (MOA). This penalty, under Section 454 of the Companies Act, 2013, marks a pivotal moment in corporate governance. Let’s delve into the details of the case and […]

In the matter of Systematix Securities Ltd and its Whole Time Director, Rajesh Kumar Inani, the Office of the Registrar of Companies, Rajasthan, Jaipur, imposed a penalty under Section 454 of the Companies Act, 2013, for violations related to the non-appointment of an internal auditor during the financial year 2022-23. The adjudication order begins by […]

Seramudali Kabeer Hamidali Vs ACIT (Madras High Court) The case of Seramudali Kabeer Hamidali vs. ACIT before the Madras High Court revolves around the petitioner’s plea to condone a delay of 927 days in filing their Income Tax Return (ITR) for the assessment year 2020-21. The petitioner cited the prolonged illness and eventual demise of […]

The Ministry of Corporate Affairs (MCA) has imposed a significant penalty of ₹7 lakh on Blueton Paper Products Private Limited for failing to file E-Form BEN-2. This article delves into the adjudication order, examining the violation, relevant provisions, facts of the case, and the imposed penalty. 1. Appointment of Adjudicating Officer: The MCA, through Gazette […]

In recent regulatory actions, Shree Auro Iron Limited faces penalties for non-compliance with dematerialization regulations set forth by the Companies Act, 2013. The Ministry of Corporate Affairs (MCA) has imposed significant penalties on the company and its Managing Director, highlighting the seriousness of the violation. Introduction The Ministry of Corporate Affairs, through its office of […]

In case of an unfortunate event of death, the responsibility for deposit of tax, filing of Income-tax Return (“ITR”), facing assessments is shifted to the legal heir / legal representative of the taxpayer. As per section 159 of the Income-tax Act (“the Act”), where a person dies, his legal representative shall be liable to pay […]

Introduction: Delving into the complexities of voluntary liquidation procedures under Section 59 of the Insolvency and Bankruptcy Code (IBC) offers a comprehensive understanding of the regulatory framework, procedural intricacies, and recent amendments. From initiation to dissolution, this exploration sheds light on the essential steps and considerations for corporate entities navigating the voluntary winding-up process. Section […]

In re Center for International Admission and Visas (CIAV) (GST AAR Telangana) The case of M/s. Center for International Admission and Visas (CIAV) before the Authority for Advance Ruling (AAR) in Telangana revolves around the classification of its services provided to foreign universities and colleges. Here’s a detailed summary of the order: Background and Facts: CIAV […]

The Food Safety and Standards Authority of India (FSSAI) recently issued an order suspending Reliable Analytical Labs Pvt. Ltd., Mumbai, citing non-compliance with regulatory obligations. Reliable Analytical Labs Pvt. Ltd., Mumbai, held FSSAI recognition and accreditation for conducting chemical and biological testing of food samples under the Food Safety and Standards Act, 2006. However, the […]