Blogs

Consequences of Delay in Annual Filings Under Companies Act, 2013 & Remedies

Consequences of Delay in Annual Filings and Their Remedies Under Companies Act, 2013 Introduction: Pursuant to the provisions of Sections 137 and 92 of the Companies Act, 2013, every company is required to file the annual filing forms AOC-4/AOC-4 CFS/AOC-4 XBRL (filing of Financial Statements) and Form MGT-7/MGT-7A (Annual Return) within 30/60 days from the […]

‘Artistic Justice’ bleeds at >40° Celsius – Is consumer really a King?

New Delhi dated 29 May, 2024: A new term ‘Artistic Justice’ needs an entry into our law dictionary, basing its strength on the intrigue line of Mr. Daniel Pink that, “Artists give people something they didn’t know they were missing”. The recent order dated 21 May, 2024 Tuesday), as found to have been uploaded on […]

Principle of “he who heard must decide/he who decides must hear” in GST Proceedings

KPB Chits Limited Vs Joint Commissioner Tax Payers Services (Kerala High Court) In a latest GST judgment by the High Court of Kerala, the court addressed a case involving M/S.KPB Chits Limited. The petitioner challenged the assessment order passed by the Assistant State Tax Officer, alleging a violation of the principle ‘he who decides must […]

GST Issues and the Need for Reforms Meaningful GST Amnesty: Highly Necessary

Introduction: Having studied GST extensively and engaged directly with taxpayer issues, it’s evident that GST implementation has brought about numerous challenges. This article delves into these issues comprehensively, advocating for necessary reforms to streamline the tax system. I have been studying GST for many years, and I have had direct involvement with taxpayers’ issues. At […]

GSTR-1 JSON to Excel Utility

GSTR-1 JSON to Excel Utility This Excel utility simplifies the extraction and organization of B2B (Business-to-Business) invoice details from GSTR-1 JSON files. Ideal for businesses and professionals, it efficiently converts JSON data into a structured Excel format, including essential invoice details such as GSTINs, invoice numbers, dates, values, place of supply, reverse charge indication, and […]

Join Practical Course on Filing of GST Refunds Completely Based on FAQs

Join CA. Sachin Jain for an all-encompassing Live Course on Practical Filing of Refunds under GST. This specialized course is tailored for professionals seeking to deepen their understanding of GST Refund Filing and streamline their GST refund processes. This course is completely based on Practical Approach which will be milestone for your day to day GST […]

Section 80P(2)(d) deduction not eligible on Interest Income from KDCC Bank

Laxminarayana Suvarna Credit Co-operative Society Ltd. Vs ITO (ITAT Bangalore) n the matter of Laxminarayana Suvarna Credit Co-operative Society Ltd. vs. Income Tax Officer (ITAT Bangalore), the appeals were filed by the assessee against the orders of the CIT(Appeals), National Faceless Appeal Centre, Delhi, for the assessment years 2018-19 and 2020-21. The core issue revolved […]

ITAT Deletes Section 271(1)(b) Penalty

Sumit Maheshwari Vs ITO (ITAT Delhi) In the case of Sumit Maheshwari vs. Income Tax Officer (ITAT Delhi), the appeal arose from a penalty imposed under section 271(1)(b) of the Income Tax Act, 1961 for non-compliance with a notice issued under section 142(1) of the Act. The core issue was whether the penalty was justified […]

RPM is most appropriate method When No Value Addition Before Resale

D Light Energy P. Ltd. Vs Assessing Officer (ITAT Delhi) The case of D Light Energy P. Ltd. vs. Assessing Officer (ITAT Delhi) revolves around transfer pricing issues concerning the purchase and resale of solar goods by the assessee, D Light Energy P. Ltd., for the assessment year 2017-18. The primary contention in this appeal […]

ITAT Kolkata Grants section 80G(5)(iii) registration to Income Tax Bar Association

Income Tax Bar Association Calcutta Vs CIT (ITAT Kolkata) In the case of Income Tax Bar Association Calcutta vs. CIT (ITAT Kolkata), the issue revolved around the rejection of the association’s application for regular registration under section 80G(5)(iii) of the Income Tax Act, 1961 by the Commissioner of Income Tax (Exemption). The Income Tax Appellate […]

Interest from SBI Investments Ineligible for Section 80P(2)(a)(i) Deduction

Farmers Agriculture Credit Co-operative Society Ltd Vs ITO (ITAT Bangalore) The case of Farmers Agriculture Credit Co-operative Society Ltd. vs ITO revolves around the interpretation and application of Section 80P(2)(a)(i) of the Income Tax Act, 1961, concerning the eligibility of co-operative societies for tax deductions on their income. The society in question, registered under the […]

NCLT directs repayment of preferential payment made to certain creditors

Ankur Kumar Vs Jitendra Kikavat & others (NCLT Mumbai) In the case of Ankur Kumar vs. Jitendra Kikavat & others (NCLT Mumbai), the National Company Law Tribunal (NCLT) dealt with multiple applications filed by the Resolution Professional (RP), Mr. Ankur Kumar, of Mahavir Roads and Infrastructure Private Limited (Corporate Debtor). These applications were filed under […]

HC Directs Non-Enforcement of Order

Dhanaraju. M. K. Vs Commissioner of Commercial Taxes (Karnataka High Court) In the case of Dhanaraju. M. K. vs Commissioner of Commercial Taxes, Karnataka High Court addressed a series of writ petitions challenging orders of suspension issued against several officers of the Commercial Tax Department. These suspensions were triggered by allegations aired in a news […]

Appellate Authority shall consider request for waiver of pre-deposit under AGST Act, 1993: Gauhati HC

Putul Gogoi Vs State Of Assam (Gauhati High Court) In a recent legal development, the Gauhati High Court has issued a directive to the Appellate Authority to review and decide on the waiver request for the 25% pre-deposit required under Section 33(6) of the Assam General Sales Tax Act, 1993 (AGST Act). This decision stems […]

Fresh SCN should be issued in case department want to modify tax proposal

Fresh SCN should be issued in case department want to modify tax proposal in the light of assesse’s reply. In the matter of Vela Agencies vs. Assistant Commissioner ST FAC in Writ Petition No. 11030/2024, dated 26th April, 2024, the Hon’ble Madras High Court held that if the respondent intended to modify the tax proposal […]

Madras HC set-aside GST Order for Ignoring Petitioner’s GSTR 1, GSTR 9 & Reply

Perfect Assayers Private Limited Vs State Tax Officer (ST) (Madras High Court)  The Madras High Court recently reviewed and set aside a GST order that failed to consider critical submissions by Perfect Assayers Private Limited. The order, dated September 28, 2023, was contested by the petitioner on the grounds that their reply to the show […]

Incorrect GST calculation- Taxpayer not responded SCN: HC directs re-adjudication 

Jinvar Trading Company Vs Commercial Tax Officer-2 (Madras High Court) Introduction: In a recent judgment, the Madras High Court addressed the case of Jinvar Trading Company vs. Commercial Tax Officer-2, where a significant issue arose due to discrepancies between the GSTR 3B returns and the GSTR 1 statements. The petitioner, Jinvar Trading Company, contended that […]

MP HC Dismisses IT Dept’s Appeal on Bogus LTCG  on penny stock script

Income Tax Department Vs Gopal Tayal (Madhya Pradesh High Court) In a significant ruling, the Madhya Pradesh High Court dismissed the appeal filed by the Income Tax Department against Gopal Tayal. The case revolved around the alleged bogus Long Term Capital Gains (LTCG) claim linked to a penny stock company, M/s Life Line Drugs & […]

Attachment Without Notice Under CGST Section 74 is Inappropriate: P&H HC

Nova Publications & Printers Pvt. Ltd. Vs Union of India and others (Panjab And High Court) In the case of Nova Publications & Printers Pvt. Ltd. vs Union of India, the Punjab and Haryana High Court addressed the legality of attachment proceedings initiated under Section 83 of the Central Goods and Services Tax (CGST) Act, […]

ITAT Delhi allows provision for warranty expenses despite lack of past experience & scientific basis

Grey Orange India Pvt. Ltd. Vs ACIT (ITAT Delhi) Introduction: The Income Tax Appellate Tribunal (ITAT) Delhi has recently passed a noteworthy judgment in the case of Grey Orange India Pvt. Ltd. vs. Assistant Commissioner of Income Tax (ACIT). The case revolved around the allowability of deductions for expenses incurred on warranty claims. The ITAT’s […]

Share Allotment at Concessional Price is Oppressive to Existing Members: NCLT

Ajay Tajpuriya & Anr. Vs Goel Ganga Infrastructure & Real Estate Pvt. Ltd. & Ors. (NCLT Mumbai) The case, TCP 08 of 2014, involves petitioners Ajay R. Tajpuriya and Manoj R. Tajpuriya against Goel Ganga Infrastructure and Real Estate Pvt. Ltd. and other respondents. The petitioners seek relief under various sections of the Companies Act, […]

Service Tax on GTA Invalid Without Consignment Note: CESTAT Delhi

Vaishnav Marbles Vs Commissioner of Central Excise and Central Goods and Service Tax (CESTAT Delhi) Introduction: In a significant ruling, the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) Delhi has determined that service tax under the category of Goods Transport Agency (GTA) cannot be imposed in the absence of a consignment note. This verdict, delivered […]

HC set-aside order & directs reconsideration

Amici Design Private Limited Vs State Tax Officer (Madras High Court) In the case of Amici Design Private Limited vs. State Tax Officer before the Madras High Court, the petitioner, Amici Design Private Limited, contested an order dated July 19, 2023. The primary grievances were that payments made by the petitioner towards tax and interest […]

Taxation of Surplus from Zero-Coupon NCDs: Interest or Capital Gains?

Taxation of Surplus from Zero-Coupon Non-Convertible Debentures (NCDs): Classified as Interest, Not Capital Gains Background- Issuing debentures has been a common mode through which a company raises debt capital. The taxability of the surplus received on the redemption of zero coupon non-convertible debentures (NCDs) is a contentious issue. As per section 2(30) of the Companies […]

HC set-aside SCN & Form GST REG 31 for lacking details of officer issuing SCN

Delhi High court in Rajkumar Singhal v. Goods and Services Tax Network held that SCN and Form GST REG 31 liable to be set aside when SCN lacks officer details issuing SCN and supporting documents and is not in compliance with Rule 21A of the CGST Rules. The Hon’ble Delhi High Court in the case […]

No service Tax under GTA category if appellant was not issuing consignment notes

Manak Chand Agarwal Vs Commissioner of Central Goods and Service Tax (CESTAT Delhi) In a significant ruling, the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) Delhi addressed the issue of service tax exemption on services related to providing vehicles on hire to Goods Transport Agencies (GTA). The case, Manak Chand Agarwal vs. Commissioner of […]

Assessing Officer’s Power to challenge Valuations [wrt Section 56(2)(viiib)]

Introduction Businesses, and their consultants, have a natural desire to make use of the most favourable set of legitimate accounting tools available to them, but the Income Tax Act frustrates this desire (in the context of issuance of shares by an unlisted company to resident investors) by restricting their options to two – the Net […]

Provision for outstanding expenses for ascertained liability allowable

Culver Max Entertainment Private Limited Vs ACIT (ITAT Mumbai) In the case of Culver Max, the dispute centered around the treatment of a provision for outstanding expenses amounting to Rs. 156.38 crores in its profit and loss account. The Assessing Officer (AO) had partially disallowed these provisions, arguing that they did not qualify as allowable […]

Madras HC quashes GST Assessment Order for Lack of Natural Justice

Crystal Granites Vs Assistant Commissioner (ST) (Madras High Court) Crystal Granites filed a writ petition before the Madras High Court challenging an order dated 05.01.2024 issued by the Assistant Commissioner (ST) under Section 74 of the Goods and Services Tax (GST) enactments. The crux of the challenge was the alleged violation of principles of natural […]

Checklist for Issuing ESOP under Companies Act, 2013

Applicable Provision Section 62(1)(b) of the Companies Act, 2013 and Rule 12 of Companies (Share Capital and Debentures) Rules, 2014 (“Rules”), Section 2(37) of the Companies Act, 2013 Rule 12 of the Companies (Share Capital and Debentures) Rules, 2014 Eligibility Issuance eligibility of Employee Stock Option Plan According to Rule 12(1) of the Companies (Share […]

Escorts Limited Prevails Over Customs Duty Penalty in CESTAT Delhi

Escorts Limited Vs Commissioner of Customs (Preventive) (CESTAT Delhi) The case of Escorts Limited vs Commissioner of Customs (Preventive) dealt with the customs duty and associated penalties on the import of a Helicopter Bell 407 by Escorts Limited. The core issue revolved around whether the helicopter was used in accordance with the conditions stipulated in […]

What S&P 500 Hides for U.S Economy?

The S&P 500 is touching new Highs but it hides the pain of the U.S economy through the Mag7 stocks and mostly through the Nvidia. Inflation might never come down in straight line rather it will remain as a challenge until U.S takes the whole world into a plunge. Highly unbelievable but the burden of […]

Delhi HC Went Overboard in deciding Tata Bhushan Steel vs. Venus Recruiters

The recent judgement by the Delhi High Court in the case of Tata Steel BSL Ltd. v. Venus Recruiter Pvt. Ltd.[1] sparked fire by overturning the long-established position rekindled in Venus Recruiters v. Union of India[2]. In the latest judgement, the court held that avoidance proceeding can survive beyond the conclusion of Corporate Insolvency Resolution […]

No GST on Imported Goods Sold & Moved from FTWZ to Bonded Warehouse under MOOWR

Imported Goods stored in 3P FTWZ being sold and moved to Bonded Warehouse on ‘as is where is’ basis under MOOWR scheme are not liable to GST The Tamil Nadu AAR, in the matter of M/s. Sunwoda Electronic India Private Limited [Advance Ruling No. 06/ARA/2024 dated April 30, 2024], has held that sale of goods […]

Understanding AS 10: Property Plant and Equipment

SCOPE OF AS 10 Accounting Standard 10 (AS 10) pertains to “Accounting for Fixed Assets.” Its scope encompasses the recognition, measurement, valuation, depreciation, and disclosure requirements for fixed assets in financial statements. It provides guidelines for determining the initial cost of fixed assets, subsequent measurement, and accounting treatment for depreciation, impairment, and disposal of fixed […]

OFS Shares to Employees – Updated Framework

The Securities and Exchange Board of India (SEBI) recently issued a significant circular, SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/82, on June 14, 2024. This circular introduces modifications to the framework governing Offer for Sale (OFS) of shares to employees through the stock exchange mechanism. SEBI’s circular builds upon previous guidelines outlined in Master Circular No. SEBI/HO/MRD2/PoD-2/CIR/P/2023/171 and Circular No. SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/6. […]

IRDAI Master Circular on Submission of Returns

The press release issued by the Insurance Regulatory and Development Authority of India (IRDAI) on June 14, 2024, highlights significant reforms aimed at simplifying regulatory processes and reducing compliance burdens in the insurance sector. To enhance ease of doing business, IRDAI has consolidated 37 regulations into 7, with 2 additional new regulations effective from April […]

Amendment to Current Account Interest Rules

International Financial Services Centres Authority issued Circular No. IFSCA-FMPP0BR/1/2021-Banking-Part (1)/1 on June 14, 2024, amending Module No. 11 of the COB Directions v6.0 in the IFSCA Banking Handbook. This amendment redefines a “Current Account” as a type of demand deposit that may or may not earn interest, allows unlimited withdrawals, and includes accounts that are […]

CBIC extends levy of Provisional Anti-Dumping Duty on PVC Paste Resin

Ministry of Finance, through Notification No. 09/2024-Customs (ADD) dated 13 June 2024, has imposed a provisional anti-dumping duty on ‘Poly Vinyl Chloride Paste Resin’ imported from China PR, Korea RP, Malaysia, Norway, Taiwan, and Thailand. This decision follows the preliminary findings by the designated authority, which indicated that these imports were being dumped in the […]

Calcutta HC Stays Section 148 IT Notice Due to Limitation and Pending Appeal

SCI India Limited Vs ITO (Calcutta High Court) Hon’ble Calcutta High Court stays Notice under Section 148 of Income Tax Act, 1961 on the grounds of limitation and as well on the ground that an order emanating from an earlier notice under section 148 is pending before the CIT (Appeals). Issue: The petitioner challenged a […]

How to optimize Order-To-Cash process in SAP S4 HANA?

In the modern business environment, all companies strive for efficiency, accuracy, and agility in their business operations. In this race, the Order to Cash (O2C) process plays a vital role in the business cycle, which involves all activities from receiving an order from a customer to payment collection and subsequent accounting entries. This critical process […]

Bombay HC Strikes Down & Upholds Portions of IBBI Circular on Liquidation Assignments

Amit Gupta Vs Insolvency and Bankruptcy Board of India (Bombay High Court) [*****]a) Paragraph 2.1 and Paragraph 2.5 of the Impugned IBBI Circular dated 28th September, 2023 are hereby struck down as being ultra vires the LP Regulations and the IBC. They introduce substantive amendments to statutory legislation even while purporting to be mere clarifications. […]

Delhi HC Sets Aside Order for Failure to Consider Petitioner’s Detailed Reply

Oriental Trimex Export Pvt Ltd Vs Commissioner of Delhi Goods And Services Tax & Anr. (Delhi High Court) In the case of Oriental Trimex Export Pvt Ltd vs Commissioner of Delhi Goods And Services Tax & Anr., the Delhi High Court addressed the legality of an order passed under Section 73 of the Central Goods […]

High Court Affirms Section 263 Order

PCIT Vs Bina Gupta (Calcutta High Court) The appeal under Section 260A of the Income Tax Act, 1961 was filed by the Revenue against the order dated 22nd August 2023 of the Income Tax Appellate Tribunal (ITAT) “C” Bench, Kolkata. The ITAT had ruled on ITA No. 235/Kol/2019 for the assessment year 2014-15. The crux […]

GST order unsustainable if not provide reasons for its findings: Madras HC

Elite Natural Private Limited Vs State Tax Officer (Madras High Court) The case of Elite Natural Private Limited Vs State Tax Officer in the Madras High Court concerns three writ petitions against original assessment orders for the fiscal years 2019-2020, 2020-2021, and 2021-2022. These orders were challenged following the issuance of show cause notices on […]

MCA Penalizes Samsung Display Noida P. Limited for Section 90(4A) Violation

The Ministry of Corporate Affairs (MCA) issued an order adjudicating penalties under Section 454 of the Companies Act, 2013, against Samsung Display Noida Private Limited (SDNPL) and its directors for violating Section 90 of the Act. The hearings took place on April 25, 2024, and May 10, 2024. Represented by Advocate Mohit Maheswari, SDNPL failed […]

DGFT Clarification on re-import of unsold jewellery exported for exhibition abroad

Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce & Industry, Government of India, issued Policy Circular No. 05/2024-25-DGFT on 13th June 2024, addressing concerns raised by trade and industry regarding the import restrictions imposed on jewellery under specific ITC (HS) codes. Notably, these items were reclassified from “Free” to “Restricted” category by […]

Schedule of fee applicable to students of CS course (w.e.f. 01.06.2024)

Effective from June 1, 2024, the schedule of fees for the CS (Company Secretary) course has been updated. The CS Executive Entrance Test (CSEET) registration fee is Rs. 2000 per student, with optional advance fees for CSEET classes at Rs. 1000. Concessions on CSEET registration fees are available for various categories: 50% for SC/ST students, […]

Senior Citizens Welfare Fund Deposit Interest Rate: 01.04.23 – 31.03.24

The Ministry of Finance, Department of Economic Affairs, has issued a significant notification regarding the interest rate applicable to deposits under the Senior Citizens Welfare Fund. Dated 10th June, 2024, this notification impacts all stakeholders involved in senior citizen welfare planning and financial management. According to the latest notification (F. No. 13/20/2014-NS), deposits under the […]

Empanelment with J&K Grameen Bank For Concurrent Audit Assignment

J&K Grameen Bank has issued a notice inviting applications from retired bank officers and practicing Chartered/Cost Accountant firms to apply for empanelment as Concurrent Auditors for the Financial Year 2024-2025. The bank requires applicants to submit their biodata and supporting documents by June 24, 2024, adhering strictly to the prescribed formats. For retired bank officers, […]

Empanelment -Indian Overseas Bank for Concurrent Audit 2024-25

Indian Overseas Bank (IOB), through its Inspection Department at Central Office, has outlined specific terms and conditions for the empanelment of audit firms to conduct concurrent audits for the financial year 2024-25. Eligible audit firms must fulfill several key criteria to qualify for consideration. Firstly, firms must be selected from the RBI panel of auditors […]

No Service Tax on Revenue Sharing Between Exhibitor & Distributor: SC

Commissioner Of Central Excise And Service Tax Ludhiana Vs AB Motions Pvt. Ltd. The Hon’ble Supreme Court in Commissioner of Central Excise and Service Tax Ludhiana v. AB Motions Pvt. Ltd. [Civil Appeal Diary No(s). 12044/2020 dated May 17, 2024] has disposed the appeal filed by Revenue challenging earlier order passed in favour of the […]

Issues to be considered before transacting in Residential Property

Introduction Immovable property refers to those assets that lack the ability to move from one location to another and are generally fixed at one place. The transfer of immovable property triggers complicated tax considerations. A thorough understanding of the tax laws comes in handy to make informed decisions, manage tax obligations, and ensure adherence to […]

No Section 54F Exemption for Shed on Agricultural Land, Not Considered Residential House

[***]ACIT Vs Himanshu Garg (ITAT Delhi) In the case of ACIT vs. Himanshu Garg, adjudicated by the ITAT Delhi, the central issue revolved around the eligibility of exemption under Section 54F of the Income Tax Act, 1961. This provision allows individuals or Hindu Undivided Families (HUFs) to claim exemption from long-term capital gains tax if […]

Existence of Assessment Required for Reassessment under Section 40, Assam VAT Act, 2003

Assam Gas Company Ltd. Vs State Of Assam And 2 Ors. (Gauhati High Court) ‘Existence of assessment’ is a condition precedent for making a reassessment under Section 40 of Assam VAT Act, 2003 The case of Assam Gas Company Ltd. vs. State of Assam and Others, heard in the Gauhati High Court, revolves around the […]

Representation against Proposed Amendment In Section 43B of Income Tax

Chartered Accountants Association, based in Jalandhar and led by CA. C K Koul as Chairman and CA. Ashwini Jindal as General Secretary, has addressed a letter to the Honorable Minister for Finance, Government of India, expressing concerns over the proposed amendment to Section 43B of the Income Tax Act, 1961. The association acknowledges the government’s […]

DGFT Public Notice No. 11/2024-25: New Agencies Added

Stay updated with Public Notice No. 11/2024-25 from DGFT, Ministry of Commerce & Industry, adding agencies to Appendix 2G of Foreign Trade Policy. The post DGFT Public Notice No. 11/2024-25: New Agencies Added appeared first on TaxGuru. Source link

New ISD Mechanism under Finance Act, 2024

The Government has notified the Finance Act, 2024 on February 15, 2024, to implement the financial proposals of the Central Government for the fiscal year 2024-2025. This Act introduces significant amendments to the GST Law in India, particularly concerning the Input Service Distributor (ISD) mechanism. These changes align with the recommendations of the GST Council […]

Inverter Assembly’ classifiable under CTH 8504: CAAR Delhi

In re Denso Haryana Private Limited (CAAR Delhi) (a) Question 1: Whether the import of Inverter Assembly is correctly classifiable under Customs Tariff Heading 8504 40 10 of the First Schedule of the Customs Tariff Act, 1975?? Answer: The subject goods i.e. ‘Inverter Assembly’ is rightly classifiable under Customs Tariff Heading (CTH’) 8504 and (more […]

CAAR Delhi ruling on classification of Inverter Assembly used in motor vehicles

In re Denso Haryana Private Limited (CAAR Delhi) The classification of the Inverter Assembly used in motor vehicles, imported by the applicant, centers on determining the appropriate Customs Tariff Heading (CTH) and assessing eligibility for concessional duty benefits. The applicant contends that the Inverter Assembly should be classified under CTH 8504, specifically sub-heading 8504 40 […]

Telematics Control Unit classifiable under CTH 8517: CAAR Delhi

In Re Denso Haryana Private Limited (CAAR Delhi) (a) Question 1: Whether the import of `Telematics Control Unit (TCU)’ is correctly classifiable under Customs Tariff Heading 85176290 of the First Schedule of the Customs Tariff Act, 1975? Answer: The subject goods i.e. `Telematics Control Unit (TCU)’ is rightly classifiable under Customs Tariff Heading (CTH’) 8517 […]

Nirmala Sitharaman Takes Office as Finance and Corporate Affairs Minister

Nirmala Sitharaman has assumed her role as the Union Minister of Finance & Corporate Affairs in New Delhi, expressing gratitude to Prime Minister Narendra Modi. She emphasized the government’s commitment to ensuring ‘Ease of Living’ for citizens and continuing transformative reforms initiated since 2014. Sitharaman urged departments to prioritize the NDA government’s development agenda and […]

Section 10(46) exemption to Kerala Co-operative Deposit Guarantee Fund Board

The Ministry of Finance, under the Central Board of Direct Taxes, has issued Notification No. 51/2024-Income Tax on June 12, 2024, under section 10(46) of the Income Tax Act, 1961. This notification pertains to the Kerala Cooperative Deposit Guarantee Fund Board (PAN: AANFK3180E), a board constituted by the Government of Kerala. The notification specifies the […]

IRDAI Master Circular on Life Insurance Products

IRDAI has taken a significant step towards reforming the life insurance sector by issuing a Master Circular aimed at simplification, transparency, and informed decision-making for policyholders. This move consolidates and streamlines provisions from existing circulars, emphasizing the regulator’s commitment to policyholder interests. The circular introduces measures such as the Customer Information Sheet (CIS) and improved […]

Income Tax Deduction Under Section 80C

Section 80C of the Income Tax Act provides taxpayers with an avenue to reduce their taxable income by investing in specified financial instruments or expenses. This section offers a maximum deduction of ₹1,50,000 per financial year. Understanding the nuances of Section 80C is crucial for individuals and Hindu Undivided Families (HUFs) to optimize their tax […]

Dynamics of Merger and Acquisition Deal: A comprehensive Analysis

Introduction: – Merger and acquisitions (M&A) are strategic decision in which companies combine forces through either merging or acquiring another entity. These transaction help companies to access the technologies of another companies, expanding market reach and driving growth. M&A deals involve complex negotiations, due diligence processes and post transaction integration efforts. Overall, M&A plays a […]

Mark the Due dates for the Company Annual Filing FY-2023-2024

Introduction At the beginning of each financial year, Indian companies must remember significant deadlines for their annual filings. This applies to all types of companies: private limited, public limited, small, and large. The dates that fall inside the new financial year for compliance-related due dates must be known by companies. To help in this process, […]

ITC alleged from Non Existence Entity/ Bail Granted in GST

Dipen Champaklal Shah Vs State of Gujarat (Gujarat High Court); R/Criminal Misc.Application (For Regular Bail – Before Chargesheet) No. 7408 of 2024; 30/04/2024 Brief of the Case: In the High Court of Gujarat at Ahmedabad, the case of R/CR.MA/7408/2024 involves Dipen Champaklal Shah, who has been charged with tax evasion by allegedly availing ineligible input […]

No Assessment Order could be Passed in name of Non-Existent Entity after an intimation was given to AO

Patil Construction and Infrastructure Limited Vs DCIT (ITAT Mumbai) Conclusion: Once an intimation had been given to the AO that amalgamating company was not in existence and had been amalgamated much prior to the commencement of the proceedings, then no order could be passed in the name of non­existent entity even if the assessee had […]

Prevention of Money Laundering Act

Recently Ministry of Finance through its notification Dated 3rd May,2023 mentioned under Section 2 (1) (sa) (vi) of the Prevention of Money Laundering Act, 2002(“PMLA”)practicing professionals in the field of Chartered Accountancy, Company Secretaries and Cost and Works Accountants are now brought under the ambit of the Prevention of Money Laundering Act (PMLA) if any […]

7 Strategies to Optimise Your Credit Card Reward Points

#AD Credit cards allow you to make big-ticket expenses and pay them off in instalments. Cashback and rewards are other important credit card benefits worth considering. Lately, reward programs have gained popularity among consumers because they basically reward you for spending more, but wisely. However, most people find these rewards too complex to understand. Smart […]

IFSCA (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024

The International Financial Services Centres Authority (IFSCA) has recently issued the BATF Regulations, 2024, which provide a comprehensive regulatory framework for offering bookkeeping, accounting, taxation, and financial crime compliance services from the International Financial Services Centres (IFSCs) in India. These regulations were notified following the recognition of these services as financial services under the IFSCA […]

DGFT amends import policy of specific gold jewelry

On June 11th, 2024, the Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce & Industry, Government of India, issued Notification No. 17/2024-25. This notification introduces significant changes to the import policy of specific ITC (HS) codes under Chapter 71 of Schedule-I (Import Policy) of ITC (HS) 2022. The amendments, effective immediately, shift […]

A fresh SCN should be issued to revise demand raised in SCN: Madras HC

In a significant ruling, the Madras High Court in the case of M/s. Vela Agencies v. Assistant Commissioner, State Tax [Writ Petition No. 11030 of 2024 dated April 26, 2023], emphasized that any order must adhere strictly to the Show Cause Notice (SCN) initially issued. The court decreed that the demand specified in the SCN […]

Appeal Filing Delay Condonable if appellant prevented by sufficient cause

The recent ruling by the Tamil Nadu Appellate Authority for Advance Ruling (TN AAAR) in the case of M/s. Faiveley Transport Rail Technologies India Limited sheds light on the vital provision of condonation of delay in filing appeals under the Central Goods and Services Tax Act, 2017 (CGST Act). Tamil Nadu AAAR, in this case held […]

Reforms in General Insurance Business

The Insurance Regulatory and Development Authority of India (IRDAI) has introduced sweeping reforms in the general insurance sector following the deregulation of tariffs and policy terms vide Master Circular No. Ref: IRDAI/NL/MSTCIR/MISC/90/06/2024 dated: 06th June 2024. Through a comprehensive Master Circular, thirteen previous circulars have been repealed, marking a shift towards simplified and customer-centric insurance […]

On Economy, GST and Elections

The intersection of India’s economy, GST dynamics, and post-election governance forms a crucial narrative for the nation’s trajectory. Analyzing the latest NSO data, election outcomes, and GST revenue trends provides key insights into India’s economic landscape and policy directions. Economy According to latest NSO data released on 31st May 2024, India’s FY 2024 growth rate […]

Case of Ayodhya Rami Reddy Alla

Ayodhya Rami Reddy Alla Vs PCIT (Central) (Telangana High Court) Introduction: The case of Ayodhya Rami Reddy Alla vs PCIT (Central) before the Telangana High Court delves into the intricate dynamics between General Anti-Avoidance Rules (GAAR) and Specific Anti-Avoidance Rules (SAAR) in the Indian tax framework. This detailed analysis explores the implications of the court’s […]

Weekly Newsletter from CBIC Chairman – June 10, 2024

Introduction: Welcome to the latest edition of our weekly newsletter from the Central Board of Indirect Taxes and Customs (CBIC). This week’s updates include significant developments such as the inauguration of the new GST Bhawan in Rohtak, progress on the Central Excise Bill, 2024, and other critical regulatory updates. These advancements underscore our commitment to […]

Benefit of extended date of Section 16(4) has to be given retrospectively from July 2017: HC

Introduction: Kerala High Court has ruled in the case of : M.Trade Links Vs Union Of India that the extended date for claiming Input Tax Credit (ITC) under Section 16(4) of the GST Act should be applied retrospectively from July 2017. This landmark decision underscores the need to balance procedural compliance with the substantive rights of […]

ITAT deletes addition of interest based on principle of presumption regarding interest-free funds

Eknath Ramkrisnanrao Salve Vs ITO (ITAT Pune) The case of Eknath Ramkrisnanrao Salve Vs. Income Tax Officer (ITAT Pune) revolves around three primary issues: the taxability of subsidy received, disallowance of interest on interest-free advances, and disallowance of agricultural income on an estimated basis. Let’s delve into each of these issues. Taxability of Subsidy Received: […]

जीएसटी एक्ट में धारा 16(4) पूर्व विस्तारित दिनांक जुलाई 2017 से लागू होना चाहिए

1 जुलाई 2017 से लागू किए गए जीएसटी अधिनियम 2017 की धारा 16(4) की समय सीमा को लेकर केरल उच्च न्यायालय ने महत्वपूर्ण निर्णय दिया है। 𝘔/𝘴 𝘔. 𝘛𝘳𝘢𝘥𝘦 𝘓𝘪𝘯𝘬𝘴 𝘝/s. 𝘜𝘯𝘪𝘰𝘯 𝘰𝘧 𝘐𝘯𝘥𝘪𝘢 [𝘞𝘗(𝘊) 𝘕𝘰. 31559 𝘰𝘧 2019 केस में न्यायालय ने धारा 16(2)(c) और 16(4) की संवैधानिक वैधता पर विचार करते हुए करदाताओं […]

ITAT Mumbai set aside Section 69 addition for alleged Unexplained Cash

Hemant Samarataji Lohar Vs CIT (Appeals-54) (ITAT Mumbai) The case involves an appeal by the assessee, Hemant Samarataji Lohar, against an order issued on 20.10.2023 by the Commissioner of Income Tax (Appeals) [CIT (Appeals)-54] for the Assessment Year (A.Y.) 2019-20. The assessee had filed his income tax return on 25.08.2019, declaring a total income of […]

Jurisdictional error in Section 143(2) notice cannot be cured under section 292BB 

Mideast Integrated Steels Ltd Vs ACIT (ITAT Delhi) The case of Mideast Integrated Steels Ltd vs ACIT (ITAT Delhi) revolves around jurisdictional errors in the issuance of a notice under Section 143(2) of the Income Tax Act, 1961, and whether such errors can be cured under Section 292BB of the Act. The cross-appeals stem from […]

ITAT deletes Section 69A Addition in the hand of intermediary in fund transfer

Global Ship Trade P. Ltd Vs ITO (ITAT Ahmedabad) In the case of Global Ship Trade P. Ltd Vs ITO, the appeal was filed by the assessee against the order passed by the Ld. Pr. Commissioner of Income Tax-XX, Ahmedabad, dated 24.03.204, pertaining to Assessment Year 2005-06. The appeal primarily concerned the addition of Rs.4,45,17,089/- […]

Subsidiary would only be deemed a PE if it satisfies specific tests outlined in DTAA

Progress Rail Locomotive Inc. (Formerly Electro Motive Diesel Inc.) Vs DCIT (International Taxation) (Delhi High Court) Progress Rail Locomotive Inc. (formerly Electro Motive Diesel Inc.) and the Deputy Commissioner of Income Tax (International Taxation) engaged in a legal battle over the establishment of a Permanent Establishment (PE) in India. The dispute revolved around whether the […]

ITAT deletes Section 271(1)(c) & 270A Penalty

IBM Canada Limited Vs DCIT (International Taxation) (ITAT Bangalore) In the case of IBM Canada Limited vs. DCIT (International Taxation) heard at ITAT Bangalore, the issue at hand revolved around the imposition of penalties under sections 271(1)(c) and 270A of the Income Tax Act (ITA) in various assessment years. The penalties fell into different categories […]

Tax reports can be upheld without cross-examination if principles of natural justice followed

Foods, Fats and Fertilizers Limited Vs State of Andhra Pradesh (Andhra Pradesh High Court) The primary legal question in this case is whether the report from the Commercial Tax Department in Bombay can be relied upon without giving the petitioner an opportunity to cross-examine the officers who authored the report. Case Analysis: The Appellate Tribunal […]

Resolution Professional as a Business Solution Provider

The role of a Resolution Professionals can be considered as a Business Solution provider in the context of Insolvency Process. Under IBC Resolution Professional is appointed to manage the business of entity/person which is undergoing insolvency which could be CIRP, FFIRP, Liquidation etc. RPs play a very crucial to ensure that resolution process is conducted […]

Reinvesting Sale Proceeds of Foreign Equity Shares: Repatriation Exemption?

Investing in foreign entities is an increasingly popular strategy for diversifying portfolios and capturing global market opportunities. However, the rules governing these investments, especially regarding the reinvestment of proceeds, are intricate. The primary question we address here is whether an Indian resident can reinvest the proceeds from the sale of equity shares in one foreign […]

Stamp Duty Can’t be levied Twice on same sale consideration for property transfer

Deputy Collector & Anr. Vs Meera S. Desai & Anr. (Gujarat High Court) The case of Deputy Collector & Anr. vs. Meera S. Desai & Anr. before the Gujarat High Court revolves around the issue of whether stamp duty can be levied twice on the same sale consideration for property transfer. The appeal was filed […]

Proper Officer’s Incomplete Consideration of Petitioner’s Reply: Delhi HC directs Re-adjudication

Delhi MSW Solutions Limited Vs Assistant Commissioner Of State Tax & Ors. (Delhi High Court) In a recent judgment, the Delhi High Court scrutinized the actions of the Assistant Commissioner of State Tax and others in their handling of a Show Cause Notice (SCN) against Delhi MSW Solutions Limited. The court found flaws in the […]

Delhi HC Directs Disposal of GST Registration Cancellation Application

Janarden Pandey Vs Avato Ward 77 State Goods And Service Tax & Anr (Delhi High Court) The petitioner in the case of Janarden Pandey Vs Avato Ward 77 State Goods And Service Tax & Anr approached the Delhi High Court seeking a direction to the respondents to process their application for cancellation of registration, which […]

Suicide Alone Insufficient for Section 113A Presumption; Section 498A IPC Misuse Widespread: Calcutta HC

It is most significant to note that while ruling on a very significant legal point pertaining to misuse of Section 498A IPC and invoking presumption under Section 113A of the Evidence Act, the Calcutta High Court in a most pragmatic, persuasive, pertinent and progressive judgment titled Goutam Dey Vs The State of West Bengal in […]

Where is U.S Economy Heading & Interest rate Stands if Fed Does not Cut Rates?

The highly anticipated June Federal Reserve meeting has arrived, drawing intense scrutiny for insights into the Fed’s future moves. The more the U.S. Fed delays reducing interest rates, the more problems it will encounter, along with other economies. It’s clear that its own data is also questionable, creating further issues for the correct assessment of […]

Calcutta HC on whether reassessment proceedings set aside by single bench are set at rest

ITO Vs Dhanstock And Share Brokers Pvt Ltd (Calcutta High Court) The appeal by the revenue was centered around an order passed under Section 148A(d) of the Income Tax Act, 1961, dated July 28, 2022, for the assessment year 2014-15. The Single Bench had quashed this order, deeming it barred by limitation. The learned senior […]

A Complete Guide to Smart Investing

Mutual funds have become an increasingly popular investment choice for individuals seeking to diversify their portfolios and tap into professional management. Essentially, a mutual fund is a collection of various shares, bonds, and government securities pooled together and managed by a professional fund manager. This guide will provide a comprehensive overview of mutual funds, how […]

Section 14A disallowance applies only to investments yielding exempt income

DCIT Vs Paranjapee Schemes Construction Ltd. (ITAT Mumbai) The case of DCIT vs. Paranjapee Schemes Construction Ltd. (ITAT Mumbai) revolves around two main issues: the disallowance under section 14A and the disallowance of foreign travel expenses. Let’s delve into the details of each aspect: Disallowance under Section 14A: The assessing officer proposed a disallowance under […]

Section 80M deduction allowed for dividend distributed on or before due date

Purnasons Pvt. Ltd Vs ITO (ITAT Kolkata) Section 80M deduction allowed if amount of dividend “distributed” on or before due date under section 139(1) In the case of Purnasons Pvt. Ltd vs. ITO (ITAT Kolkata), the appeal pertains to the Assessment Year 2021-22 and is directed against the order passed by the Commissioner of Income-tax […]

Deduction of trade discount from assessable value is admissible on CNG sale transactions

Mahanagar Gas Ltd. Vs Commissioner of Central Excise (CESTAT Mumbai) The case of Mahanagar Gas Ltd. vs. Commissioner of Central Excise, as adjudicated by the CESTAT Mumbai, revolves around the admissibility of trade discounts in the determination of the assessable value for the sale of Compressed Natural Gas (CNG). The dispute arises from the interpretation […]

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