Blogs

PCIT Vs Arun Majeed (Kerala High Court) Kerala High Court held that when a property kept not for trade, but for an investment purpose is sold, the gain has to fall under head ‘capital gains’ and such transaction is only taxable under capital gain and not under adventure of trade. Facts- The challenge in these […]

The Punjab Accountants Association, registered under the Societies Registration Act, 1860, has submitted a representation to Finance Minister Nirmala Sitharaman, expressing appreciation for her support of economic growth and businesses. However, the association highlights concerns regarding the recent budget’s omission of amendments to Section 43(B)(h) of the Income Tax Act, which affects MSMEs by imposing […]

In the Budget 2024, a new Section 128A has been proposed by the Finance (No.2) Bill -2024. Under this section 128A, for certain financial years,  from 2017-18 to 2019-20 (i.e., from July 1, 2017, to March 31, 2020), if a tax is payable or created with respect to the Following :- (a). A Notice issued […]

The Finance Act, 2018 amended Section 10(38) of the Income Tax Act, removing long-term capital gains exemption for equity shares unless STT was paid both at acquisition and transfer. Subsequently, Section 112A was introduced to tax these gains and Section 55(2)(ac) was modified to define the cost of acquisition for assets under Section 112A acquired […]

#AD The 2024-25 budget proposals bring significant changes to TDS and TCS regulations, impacting various sections and compliance requirements. This article summarizes the key highlights, including rate reductions, the introduction of new sections, and updates to existing provisions. Highlights: Reduction / Optimization of TDS Rates under different sections TDS on repurchase of units by Mutual […]

International Financial Services Centres Authority (IFSCA) has issued Circular No. F. No. IFSCA-IF-10PR/1/2023-Capital Markets/4 dated July 25, 2024. This circular clarifies that Credit Rating Agencies (CRAs) registered with the Authority under the IFSCA (Capital Market Intermediaries) Regulations, 2021, are now permitted to undertake the valuation of assets of schemes under the IFSCA (Fund Management) Regulations, […]

Directorate General of Foreign Trade (DGFT) has issued Public Notice No. 15/2024-25, amending Chapter 5 of the Handbook of Procedures (HBP) 2023 concerning the Export Promotion Capital Goods (EPCG) Scheme. Effective from July 25, 2024, these amendments aim to reduce compliance burdens and enhance ease of doing business. Key changes include extending the period for […]

The government has introduced FORM GSTR-1A via Notification No. 12/2024 – Central Tax dated 10.07.2024, as an optional facility for taxpayers to amend or add details of supplies for the current tax period that were either missed or wrongly reported in FORM GSTR-1 before filing the GSTR-3B return. Available from August 2024, this form allows […]

Reserve Bank of India (RBI) has introduced a revised Prompt Corrective Action (PCA) Framework for Primary (Urban) Co-operative Banks (UCBs), replacing the previous Supervisory Action Framework (SAF). Effective from April 1, 2025, this new framework will apply to UCBs in Tier 2, Tier 3, and Tier 4 categories, focusing on Capital, Asset Quality, and Profitability […]

Abstract This paper offers a thorough analysis of India’s export promotion policies, therefore stressing the nation’s multifarious approach to increase its international trade competitiveness. The study covers a broad spectrum of initiatives carried out by several government departments and agencies, each meant to solve certain difficulties experienced by Indian exporters. Among the schemes under discussion […]

Excise Commissioner Karnataka & Anr. Vs Mysore Sales International Ltd & Ors. (Supreme Court of India) Supreme Court held that Section 206C of the Income Tax Act is not applicable in respect of Mysore Sales and that the liquor vendors(contractors) who bought the vending rights from the appellant on auction cannot be termed as “buyers” […]

#AD When and why to refinance is a question a lot of people have, especially with the way interest rates are going up these days. It might seem tempting to try and grab a lower rate to save some cash each month, but there are actually a range of situations where refinancing could end up […]

Shrushti Infotech Private Limited Vs State Tax Officer (Orissa High Court) In a recent ruling, the Orissa High Court addressed a pivotal case involving Shrushti Infotech Private Limited versus the State Tax Officer. The court’s decision centered on the legality of a GST order issued under Section 74 of the Odisha Goods and Services Tax […]

The Vivad Se Vishwas Scheme 2024, proposed in the Finance (No. 2) Bill 2024, is a landmark initiative aimed at resolving tax disputes and reducing litigation under the Income-tax Act, 1961. This scheme seeks to provide a simple and efficient mechanism for taxpayers to settle their disputes with the tax authorities by offering attractive terms […]

The income-tax rates for the assessment year 2024-25 remain unchanged from the previous year, with specific rates provided for different categories of taxpayers. Under section 115BAC, individuals, HUFs, AOPs, BOIs, and artificial juridical persons are taxed at progressive rates starting from nil for incomes up to Rs. 3 lakh and reaching 30% for incomes above […]

M. Ramzan and Co. Vs Union of India and Ors. (Bombay High Court) In a landmark judgment, the Bombay High Court quashed an inquiry initiated under the Sabka Vishwas (Legacy Dispute) Resolution Scheme, 2019 (SVLDRS) against M. Ramzan & Co. The court held that the inquiry was invalid in the absence of a finding that […]

S. Anand Sathya Vs Superintendent of CGST and Central Excise (Madras High Court) In the case of S. Anand Sathya vs. Superintendent of CGST and Central Excise at the Madras High Court, the petitioner contested a tax demand order issued after their father’s death. The father, who was the business owner, passed away on February […]

SEBI is inviting public comments on a proposed update to Paragraph 15 of the Master Circular for Credit Rating Agencies (CRAs). The draft aims to amend how CRAs handle default ratings by removing the term “technical default” and incorporating more practical considerations such as force majeure events and significant changes affecting a firm’s credit risk. […]

On July 25, 2024, the Reserve Bank of India announced an extension for Urban Co-operative Banks (UCBs) to meet their small value loan targets. Initially set for March 31, 2024, the new deadlines are March 31, 2025, and March 31, 2026. UCBs are required to ensure that at least 50% of their aggregate loans and […]

On July 25, 2024, the Reserve Bank of India issued a directive altering the ceiling on loans against shares and debentures for Urban Co-operative Banks (UCBs). Previously set at 20% of owned funds, the new regulation will link this ceiling to the Tier I capital of UCBs as of March 31 of the preceding financial […]

Mineral Area Development Authority & Anr. Vs Steel Authority of India & Anr Etc. (Supreme Court of India) In Mineral Area Development Authority & Anr. Vs Steel Authority of India & Anr, the Supreme Court’s 9-judge bench, with an 8:1 majority, clarified several critical issues regarding the taxation of mineral resources. The court determined that […]

Through the motive of imposing the tax on the source of income itself, the TDS was introduced. Subject to inevitable mistakes, tax filing takes time. Preciseness in TDS returns and statements should be there. To correct any error in the original return or statement, the Income Tax Department has begun submitting modified TDS returns “Correction […]

The Finance Bill 2024 proposes several crucial amendments to the Goods and Services Tax (GST) laws in India. These changes are aimed at simplifying tax procedures, enhancing compliance, and addressing various issues faced by taxpayers. This article highlights the major changes proposed in the Finance Bill 2024, analyzing their potential impact on businesses and individuals. […]

The Finance Bill 2024 introduces a significant amendment to Section 206C of the Income Tax Act, addressing the issue of Tax Collected at Source (TCS) for transactions involving minors. Previously, there was no provision for allowing TCS credit to anyone other than the person from whom the tax was collected. This posed issues for funds […]

From April 1, 2025, Section 200A of the Income-tax Act will be expanded to include processing schemes for statements filed by non-deductors, such as those from exchanges (e.g., Form No. 26QF). This amendment broadens the scope of statement processing beyond just those filed by tax deductors, enhancing clarity and efficiency in tax administration. Budget 2024: […]

In re Tvl. International Institute of Bio Technology and Toxicology (GST AAR Tamilnadu) The Advance Ruling application by Tvl. International Institute of Bio Technology and Toxicology (IIBAT) before the Tamil Nadu GST Authority has stirred significant debate regarding the place of supply for research and development (R&D) services provided to international clients. This case explores […]

In re Shri. Kottoor Mathew Jose Mathew, Jose Mathew and Co (GST AAR Kerala) In the case of Shri. Kottoor Mathew Jose Mathew, Jose Mathew and Co (GST AAR Kerala), the Authority for Advance Ruling (AAR) in Kerala addressed several queries raised by the applicant, Shri. Kottoor Mathew Jose Mathew, a distributor of consumer products, primarily […]

In re Kerala Land Development Corporation Limited (GST AAR Kerala) The Authority for Advance Ruling (AAR) Kerala issued a significant ruling concerning the applicable GST rate on works executed by the Kerala Land Development Corporation Limited (KLDC) for the period from January 1, 2022, to July 17, 2022. The ruling clarified that the applicable GST […]

In re P Achuthan Nair & Company (GST AAR Kerala) The Authority for Advance Ruling (AAR) Kerala has issued a significant decision in the case of P Achuthan Nair & Company regarding the applicability of GST on differential dealer margins provided by petroleum companies. The applicant, a retail dealer of petroleum products and an authorized […]

In re Sreedhanya Construction Company (GST AAR Kerala) In a recent case before the Authority for Advance Ruling, Kerala, M/s. Sreedhanya Construction Company sought clarification on the GST implications for their works contract services to Kerala State Transport Project (KSTP). The company, engaged in constructing roads and bridges, raised concerns over the applicable tax rate […]

In re Kunnassery Poulose Joy, Asian Industries (GST AAR Kerala) n the case of Kunnassery Poulose Joy vs. Asian Industries, the Authority for Advance Ruling (AAR) in Kerala addressed several issues related to the job work of powder coating and the handling of delivery notes and e-way bills under the GST regime. The applicant, Kunnassery […]

In re Tvl. CMA CGM Global Business Services India Private Limited (Formerly known as CMA CGM Shared Service Centre India Pvt Ltd.) (GST AAR Tamilnadu) 1. Applicant is eligible to avail input Services in respect of leasing/renting/hiring of motor vehicles to provide transportation facility to ensure safety and security of women employees as per Tamil […]

Kamleshkumar K Kotecha Vs Commissioner of Central Excise & ST (CESTAT Ahmedabad) CESTAT Ahmedabad held that co-owners are to be treated as independent service provider for calculating threshold limit of exemption under Notification Nos. 6/2005-ST dated 01.03.2005 and No. 8/2008-ST dated 01.03.2008. Facts- The appellants are co-owner of a building situated at Jawahar Road, Rajkot. […]

#AD Although Excel is an excellent resource for managing and analysing data, there are times when one has to present it in a way that is both easy to read and visually attractive. One good way of doing this is by converting Excel data to PDFs. This is how you can produce professional-looking PDFs using […]

The Insolvency and Bankruptcy Board of India (IBBI) recently issued a significant disciplinary order against Mr. S. Diraviam, a registered Insolvency Professional. This order pertains to alleged violations during his tenure as a Resolution Professional in the insolvency proceedings of M/s. Evocon Private Limited. Mr. S. Diraviam was appointed as the Interim Resolution Professional (IRP) […]

Section 194F of the Income-tax Act, which mandates a 20% TDS on payments made for repurchase of units by Mutual Funds or Unit Trusts of India (UTI), is set to be eliminated. The Finance Bill 2024 includes Clause 55 proposing the omission of this section. Currently, under section 194F, any person responsible for paying amounts […]

The Union Budget 2024, presented by the Hon’ble Finance Minister Smt. Nirmala Sitharaman, introduces significant amendments to the Income Tax Act. These changes aim to streamline tax compliance, enhance revenue generation, and provide clarity on various tax provisions. To help professionals and taxpayers understand these amendments, we are organizing a live webinar with CA Bikash […]

Budget 2024 proposes a reduction in Tax Deducted at Source (TDS) rates for insurance-related payments under sections 194D and 194DA of the Income Tax Act. Currently, section 194D mandates a 5% TDS on commissions or rewards for soliciting insurance business. The budget proposes reducing this rate to 2%, effective April 1, 2025. Similarly, section 194DA […]

#AD Onosetale Aigbe is an expert Research and Development (R&D) Technical Tax Credit Consultant in the United States of America. Ms. Aigbe belongs to a niche sector of the tax consulting industry compared to the broader consulting industry in the U.S. She studied in the U.S. and has attained both her master’s and undergraduate degrees […]

The Finance Bill, 2024, has introduced significant changes to the provisions governing assessment & reassessment under IT Act. These amendments aim to simplify the process, reduce litigation  & align time limits with international best practices. We narrate detailed analysis of the pre-budget provisions and proposed amendments & their implications post-budget. Analysis of Old Provisions and […]

Angel Tax, first introduced in the Union Budget 2012 by Finance Minister Pranab Mukherjee, was designed to curb money laundering through investments in startups and identify fraudulent firms. This tax, under Section 56(2)(viib) of the Income Tax Act, targeted investments exceeding the fair market value of shares issued by private companies. However, significant changes are […]

The Finance Bill 2024 proposes an amendment to section 194-IA of the Income-tax Act, which mandates the deduction of tax at source (TDS) on payments made for the transfer of immovable property, excluding agricultural land. Currently, TDS is deducted at 1% of the higher of the consideration or stamp duty value of the property, but […]

In the 2024 Budget, the government has proposed enhancements to tax deductions for salaried individuals and those receiving family pensions. Effective from April 1, 2025, the standard deduction under Section 16 of the Income-tax Act will increase from ₹50,000 to ₹75,000 for taxpayers opting for the new tax regime. Additionally, for family pension income, the […]

XYZ (Confidential) Vs Saint Gobain India Pvt. Ltd. (Competition Commission of India) In a recent case brought before the Competition Commission of India (CCI), Saint Gobain India Pvt. Ltd. (“OP-1”) and its parent company, Compagnie De Saint-Gobain (“OP-2”), have been accused of engaging in anti-competitive practices that potentially breach Sections 3(4) and 4 of the […]

Siddharth Surana, Director, RSM India Budget 2024-25: Major Proposals on Indirect Taxes With a focus on inclusive growth and enhancing tax transparency and simplification, Budget 2024-25 includes significant proposals concerning indirect taxes. The Budget Estimates project a double-digit growth in Goods and Services Tax (GST) collections for FY 2024-25, and the Budget aims to achieve […]

Seeks to amend 32 notifications in order to extend their validity to a further period and amend notification No. 153/94-Customs to extend the time period for re-export of certain foreign origin goods when imported for maintenance, repair and overhaul. Notification No. 38/2024-Customs, dated July 23, 2024, amends 32 existing notifications to extend their validity and […]

The Lok Sabha discussed the issue of shell companies in India, focusing on actions taken by the Serious Fraud Investigation Office and other bodies. Although “shell company” lacks a formal definition under the Companies Act, 2013, inactive companies that have not engaged in significant business or accounting transactions over two years are considered. The Act […]

National Time Release Study (NTRS) 2024 report, recently released by the Central Board of Indirect Taxes & Customs, evaluates cargo clearance processes across Indian Customs. This year’s study includes new case studies on transit cargo to and from Nepal, cargo release at ICD Garhi, and courier cargo at ACC Bengaluru. These benchmarks aim to identify […]

State of Andhra Pradesh and Others Vs Himani Limited and Others (Telangana High Court) Conclusion: In Tax Revision Cases, Department challenged the classification of various products under the APGST Act to hold that the two products i.e. the Himani Navaratan Oil and Himani Gold Turmeric Ayurvedic Cream to be cosmetics however, in the absence of […]

Any corporate or individual entity files an ITR with the government, indicating their income earned during the relevant fiscal year and the payment of the taxes. Here is how a simple ITR filing process is summarised: Who should file ITR? ● Individual person: Any person is required to file an ITR if his total income exceeds the basic […]

Green Polymers Vs Union of India & Ors. (Delhi High Court) In a recent judgment by the Delhi High Court, the case of Green Polymers Vs Union of India & Ors. has drawn attention for its critical examination of procedural fairness in GST registration matters. The Court’s decision revolves around the validity of a GST […]

KRD Enterprise Through Its Proprietor Nileepkumar Bhagvandas Rajput Vs State of Gujarat (Gujarat High Court) In a pivotal ruling, the Gujarat High Court addressed the issue of procedural fairness in GST registration disputes in the case of KRD Enterprise Through Its Proprietor Nileepkumar Bhagvandas Rajput Vs State of Gujarat. This case highlights the Court’s scrutiny […]

Triton Overseas Private Limited Vs Union of India (Calcutta High Court) In Triton Overseas Private Limited vs. Union of India (Calcutta High Court), the petitioner challenged an order dated July 14, 2022, issued under Section 148A(d) of the Income Tax Act, 1961, for the assessment year 2017-18. The challenge was based on the claim that […]

Introduction “Supply” under GST Act, 2017 is a unique concept. It embraces certain supplies for which even no consideration has been received e.g. Supply of goods or services or both between related persons or between distinct persons as specified in section 25, when made in the course or furtherance of business vide para 2 of […]

Union Budget 2024-25 – Corporate Tax Wishlist With an aim of fostering a more conductive environment for business growth and investment, the government is expected to introduce measures that streamlines tax compliance and reduce the overall tax burden on corporations. These changes are likely to focus on enhancing ease of doing business, encouraging foreign direct […]

It cannot be lost on us that yet once again we see the Madhya Pradesh High Court Bench at Indore has reiterated what even the Apex Court had underscored in the past in a most learned, laudable, landmark, logical and latest judgment titled X Vs State of Madhya Pradesh and Another in Misc. Criminal Case […]

QAI India Ltd Vs DCIT (ITAT Delhi) ITAT Delhi held that income of non-resident is not liable for deduction of tax at source u/s. 195 as amount paid is covered in exception provided in section 9(1)(vii)(b) of the Income Tax Act since project has been carried outside India and services are utilised outside India. Facts- […]

In re Ibiden Singapore Pte Limited (CAAR Mumbai) The Customs Authority for Advance Rulings (CAAR) in Mumbai recently delivered a decision on the classification of raw silicon carbide bricks used in diesel particulate filters (DPF) in the case of Ibiden Singapore Pte Limited. This decision is crucial for determining the correct customs duty applicable to […]

The 53rd GST Council Meeting was held on 22nd June, 2024 in New Delhi under the Chairmanship of Hon’ble Union Finance Minister. The GST Council has introduced several reforms aimed at easing compliance burdens and reducing litigation under the GST framework. The Council recommended the insertion of Section 128A in the CGST Act, 2017, allowing […]

PCIT Vs Samsung India Electronics Pvt Ltd (Delhi High Court) Conclusion: In the absence of specific data pertaining to the transactions or of any evidence suggesting that Samsung Korea was in control of the overseas sales by STI to AE’s or unrelated parties, it could not be concluded that the AE’s of STI had not […]

Daljeet Singh Vs Commissioner of Central Excise And Service Tax (CESTAT Chandigarh)  In a recent decision, the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) Chandigarh ruled on the case of M/s Daljeet Singh vs Commissioner of Central Excise and Service Tax. The crux of the matter was whether the process of electroplating carried out […]

Shri Sai Metals Vs Principal Commissioner of Goods And Service Tax West Delhi (Delhi High Court) In the case of Shri Sai Metals Vs Principal Commissioner of Goods And Service Tax West Delhi, the Delhi High Court addressed the issue of GST registration cancellation. The petitioner, Shri Sai Metals, sought the cancellation of its GST […]

Dear Friends, All of us are busy filing Income Tax Returns, and the Income Tax Department reports receiving 13 lakh returns daily, with a total of 2.70 crore returns received as of 14-07-2024. Although we face delays in downloading 26AS, AIS/TIS, and making e-payments of taxes, we compete with others to file ITRs due to […]

माननीय वित्त मंत्री श्रीमती निर्मला सीतारमण को संबोधित इस पत्र में, भारत के करदाताओं और पेशेवरों द्वारा आईटीडी पोर्टल में तकनीकी गड़बड़ियों के कारण आयकर रिटर्न दाखिल करने में आ रही समस्याओं का विवरण दिया गया है। पत्र में बताया गया है कि पोर्टल पर फॉर्म 26एएस, वार्षिक सूचना विवरण (एआईएस), और स्रोत पर कर […]

Cong Ling Chinese National Vs FRRO (Bombay High Court) Conclusion: Compensation of  Rs. 10 lakh against Customs Department’s actions underscored the severity of Ms. Ling’s ordeal and served as a reminder of the importance of procedural fairness and respect for fundamental rights, irrespective of nationality. Held: In the instant case, Ms. Cong Ling arrived in […]

How Do Institutional Investor Rules Affect Local Corporate Governance in Different Countries, And What Is Their Impact? (India, USA and UK) ABSTRACT The article discusses institutional investor activism in a company’s corporate governance. Institutional investors are increasingly playing a crucial role in overseeing a company’s corporate governance. On the other hand, a few variables affect how […]

Mere Association With Dawood Ibrahim Will Not Amount To Terror Gang Membership Under UAPA: Bombay HC It is definitely in the fitness of things that while displaying pragmatism and rationality, the Bombay High Court in a most learned, laudable, landmark, logical and latest judgment titled Parvez Zubair Vaid & Another vs State in Criminal Appeal […]

Section 87A of the Income Tax Act provides a rebate of ₹25,000 if the income of an individual taxpayer is less than ₹7 lakh under the New Taxation regime. We will discuss the significant issue related to this section. It is written in very simple language and covering at present only short-term capital gain on […]

As per the Internal Revenue Service, U.S. Government website information, “Per the Bank Secrecy Act, every year you must report certain foreign financial accounts, such as bank accounts, brokerage accounts, and mutual funds, to the Treasury Department and keep certain records of those accounts. You report the accounts by filing a Report of Foreign Bank […]

The Ministry of Finance has issued Notification No. 50/2024-Customs (N.T.) on 19th July 2024, amending Notification No. 24/2023-Customs (N.T.) dated 1st April 2023. The amendment extends the RoDTEP (Remission of Duties and Taxes on Export Products) support to exports by units in Special Economic Zones (SEZ). Specifically, the term “or unit in Special Economic Zone” […]

Prime Accounting Solution Vs Union of India And Ors. (Delhi High Court) In a recent ruling by the Delhi High Court in the case of Prime Accounting Solution Vs Union of India & Ors., the court addressed significant issues regarding the cancellation of GST registration and procedural lapses. The case centers on the petitioner’s request […]

The Ministry of Finance has issued Notification No. 03/2024-Customs (CVD) on 19th July 2024, imposing definitive countervailing duty on new/unused pneumatic radial tyres (including tubeless tyres) with a nominal rim diameter above 16″, used in buses and trucks, originating from China. This decision follows the final findings of the designated authority, which determined that Chinese […]

The Ministry of Finance’s Central Board of Direct Taxes (CBDT) has awarded the Taxnet 2.0 project to M/s Bharti-Airtel Ltd. This project, which follows government approval, aims to enhance the Income Tax Department’s (ITD) network connectivity, facility management, and video conferencing services. Taxnet 2.0 represents a significant upgrade from the current Taxnet 1.0, offering improved […]

The Ministry of Finance’s CBIC released the National Time Release Study (NTRS) 2024, highlighting significant improvements in cargo release times at various ports. The study, conducted on bills of entry and shipping bills submitted in early 2024, showed that 9 out of 15 ports saw reduced average release times, with Integrated Check Posts (ICPs) achieving […]

Case Name : Indian Bank Vs Nimitya Hotel & Resorts Pvt. (NCLT Delhi) Appeal Number : I.A No. 2594/2023 Date of Judgement/Order : 03/07/2024 Related Assessment Year : Indian Bank Vs Nimitya Hotel & Resorts Pvt. (NCLT Delhi) In the case of Indian Bank Vs Nimitya Hotel & Resorts Pvt. Ltd., the National Company Law […]

Iskon Infra Engineering Pvt. Ltd. Vs Central Bank of India (NCLAT Delhi) The National Company Law Appellate Tribunal (NCLAT) in New Delhi ruled on the corporate guarantor’s liability in the case of Iskon Infra Engineering Pvt. Ltd. vs. Central Bank of India. This appeal contested the National Company Law Tribunal (NCLT) New Delhi’s decision, which […]

Case Name : A. Vijayan & Ors. Vs Silver Line Retreat Hotels Private Limited & Ors. (NCLAT Chennai) Appeal Number : Company Appeal (AT) (CH) No.30/2024 Date of Judgement/Order : 19/06/2024 Related Assessment Year : A. Vijayan & Ors. Vs Silver Line Retreat Hotels Private Limited & Ors. (NCLAT Chennai) The case of A. Vijayan […]

Case Name : Rita Malhotra Vs Orris Infrastructure Pvt. Ltd. (NCALT Delhi) Appeal Number : Company Appeal (AT) (Insolvency) No. 484 of 2024 Date of Judgement/Order : 02/07/2024 Related Assessment Year : Rita Malhotra Vs Orris Infrastructure Pvt. Ltd. (NCALT Delhi)  In a recent ruling, the National Company Law Appellate Tribunal (NCLAT) in Delhi addressed […]

Rajdhani Trading Co. Vs Principal Commissioner Of Department Of Trade And Taxes (Delhi High Court) The High Court has restored the petitioner’s GST registration after finding that the Show Cause Notice (SCN) did not provide any date, time, or venue for a personal hearing. This oversight was deemed a breach of natural justice principles. The […]

Case Name : Sunil Kumar K Vs State Tax Officer (Kerala High Court) Appeal Number : WA No. 938 of 2024 Date of Judgement/Order : 08/07/2024 Related Assessment Year : Sunil Kumar K Vs State Tax Officer (Kerala High Court) In the case of Sunil Kumar K Vs State Tax Officer (Kerala High Court), the […]

Prudential Framework for Income Recognition, Asset Classification and Provisioning pertaining to Advances – Projects under Implementation, Directions, 2024 ♦ Introduction: > The Reserve Bank of India has released draft guidelines on ‘Prudential Framework for Income Recognition, Asset Classification and provisioning pertaining to Advances – Projects under Implementation. > These Directions are issued to provide a […]

In re Brindavan Agrotech Private Limited (GST AAAR Chhattisgarh) The case of Brindavan Agrotech Private Limited v. GST AAAR Chhattisgarh delves into the classification of Fortified Rice Kernels (FRK) under GST regulations. This article provides a comprehensive analysis of the Authority for Advance Ruling’s (AAR) decision and the subsequent appeal process. The discussion revolves around […]

The Ministry of Home Affairs (MHA) has issued guidelines to all States and Union Territories to ensure non-discriminatory prison visitation rights for the LGBTQ+ community. The MHA emphasizes the equal application of the 2016 Model Prison Manual and the 2023 Model Prisons and Correctional Services Act, which allow prisoners to communicate with family, friends, and […]

Egberts India Private Limited Vs ITO (ITAT Chennai) In a recent decision, the Income Tax Appellate Tribunal (ITAT) Chennai addressed the contentious issue of disallowance under Section 40A(2)(b) of the Income Tax Act, pertaining to consultancy charges paid to a resident director of Egberts India Private Limited. The dispute arose from a disallowance proposed by […]

Ace Cardiopathy Solutions Private Limited Vs Union of India And Ors. (Delhi High Court) In a significant ruling, the Delhi High Court addressed the procedural issues surrounding the visibility and accessibility of GST notices on the government portal in the case of Ace Cardiopathy Solutions Pvt Ltd Vs Union of India and Ors. The petitioner […]

Commissioner of Central Excise Vs Miraj Products Pvt Ltd (Supreme Court of India) In a significant legal dispute, the Supreme Court of India addressed whether chewing tobacco packed in High-Density Polyethylene (HDPE) bags qualifies as a wholesale package or a retail product under the Central Excise Act, 1944. The case, Commissioner of Central Excise Vs […]

The Ministry of Finance, Department of Revenue, issued Notification No. 68/2024-Income Tax on 18th July 2024, amending a previous notification (No. 63/2021 dated 13th May 2021). This amendment, under the authority of sub-clause (vi) of clause (b) of Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961, extends the deadline for […]

Case Name : Bharat Bhushan Vs Director General of GST Intelligence (Supreme Court of India) Appeal Number : Special Leave to Appeal (Crl.) No.8525/2024 Date of Judgement/Order : 05/07/2024 Related Assessment Year : Bharat Bhushan Vs Director General of GST Intelligence (Supreme Court of India) In the case of Bharat Bhushan Vs Director General of […]

India has changed its internal tax laws significantly to meet digital era standards. Significant legislative changes include the 2012 definition of “royalty,” the equalisation levy introduced in 2016, the definition of “business link” expanded to include significant economic presence in 2018, and withholding tax on domestic e-commerce transactions implemented in 2020. India has lately expanded […]

Case Name : In re Chowgule and Company Private Limited (GST AAAR Goa) Appeal Number : Order No. GOA/AAAR/01/2019-20/3012 Date of Judgement/Order : 03/02/2020 Related Assessment Year : In re Chowgule and Company Private Limited (GST AAAR Goa) In the case of “In re Chowgule and Company Private Limited,” the GST Appellate Authority for Advance […]

Case Name : In re Dongarmal Jain, M/s. Shraddha Traders (GST AAAR Chhattisgarh) Appeal Number : Advance Ruling No. STC/CG/AAAR/01/2022 Date of Judgement/Order : 26/04/2024 Related Assessment Year : In re Dongarmal Jain, M/s. Shraddha Traders (GST AAAR Chhattisgarh) In In re Dongarmal Jain, M/s. Shraddha Traders (GST AAAR Chhattisgarh), the AAAR upheld the AAR’s […]

Case Name : In re Chhattisgarh State Power Generation Company Limited (GST AAAR Chandigarh) Appeal Number : Order No. STC/CG/AAAR/03/2022 Date of Judgement/Order : 22/06/2021 Related Assessment Year : In re Chhattisgarh State Power Generation Company Limited (GST AAAR Chandigarh) In a significant ruling by the Appellate Authority for Advance Ruling (AAAR) in Chandigarh, the […]

Background As India gears up for the Union Budget of 2024, expectations are high among taxpayers regarding potential reforms in personal taxation. The budgetary announcements are eagerly awaited as they often introduce changes that impact individual taxpayers directly. The landscape of personal taxation in India has evolved significantly over the years, shaped by economic reforms, […]

Securities and Exchange Board of India (SEBI) has issued Circular No. SEBI/HO/DDHS/DDHS-POD3/P/CIR/2024/102, effective immediately, allowing Credit Rating Agencies (CRAs) to undertake rating activities under the guidelines of the International Financial Services Centres Authority (IFSCA) within the IFSC-GIFT City. This inclusion of IFSCA as a financial sector regulator means that any issues arising from CRAs’ activities […]

The Securities and Exchange Board of India (SEBI) has issued Circular No. SEBI/HO/DDHS/DDHS-POD3/P/CIR/2024/103, effective immediately, authorizing ESG Rating Providers (ERPs) to conduct ESG rating activities under the International Financial Services Centres Authority (IFSCA) within the IFSC-GIFT City. IFSCA is now included in the list of regulators that ERPs must follow for ESG ratings. Consequently, IFSCA […]

PCIT Vs North Eastern Electric Power Corporation Limited (Meghalaya High Court) The Meghalaya High Court recently rendered a crucial judgment in the income tax appeal between the Principal Commissioner of Income Tax (PCIT) and North Eastern Electric Power Corporation Limited. The case revolved around the assessment year 2014-2015 and involved significant implications for accounting practices […]

Arun Babulal Shah Vs CIT (ITAT Mumbai) In the case of Arun Babulal Shah Vs CIT (ITAT Mumbai, the ITAT remanded the matter back to the Assessing Officer (AO) for further verification. The dispute involved the addition of Rs. 7,93,74,917 as unproved loans and disallowance of Rs. 56,06,404 in interest. The ITAT found that several […]

Case Name : In re Uttar Pradesh Power Transmission Corporation Limited (AAR Uttar Pradesh) Appeal Number : Advance Ruling No. UP ADRG 04/2024 Date of Judgement/Order : 12/06/2024 Related Assessment Year : In re Uttar Pradesh Power Transmission Corporation Limited (AAR Uttar Pradesh) The Authority for Advance Ruling (AAR) Uttar Pradesh recently issued a pivotal […]

The Institute of Company Secretaries of India (ICSI) has outlined the eligibility criteria and guidelines for becoming a CS Mitr under the CS Mitr Scheme. Any person over 18 years, excluding ICSI employees, council members, consultants, and auditors, can become a CS Mitr. Incentives are offered at Rs 500 per student registered in the Executive […]

The E-invoice1 system, operational since October 2020, has facilitated the generation of over 631 crore e-invoices by 11.08 lakh taxpayers, with over 21 crore e-invoices generated monthly. The system, rolled out in phases, began with taxpayers having an annual aggregate turnover (AATO) over Rs. 500 crores and now includes those with AATO over Rs. 5 […]