Key Provisions and Implications of India-USA Tax Treaty
1. Introduction: Double Tax Avoidance Agreements (DTAAs) serve as crucial treaties between two nations aimed at preventing the double taxation of income. By delineating the taxation rights of each country, these agreements offer relief to non-resident individuals (NRIs) from the burden of being taxed multiple times on the same income. The DTAA between India and […]
Urea Import by Indian Potash Limited Allowed under FTP 2023 Until March 31, 2025
Introduction: The Government of India, through the Ministry of Commerce & Industry, Department of Commerce, Directorate General of Foreign Trade, has issued Notification No. 79/2023-DGFT, dated 18th March 2024, regarding an amendment in the import policy condition of Urea. This article provides a comprehensive overview and analysis of the key changes brought about by this […]
Changes in origin declaration for Self-Certification under UK DCTS
Introduction: The Government of India, Ministry of Commerce and Industry, Department of Commerce, Directorate General of Foreign Trade, has issued Trade Notice No. 39/2023-24, dated 18th March 2024, regarding significant changes in the origin declaration process for Self-Certification under the UK Developing Countries Trading Scheme (DCTS). This notice impacts all exporters and designated issuing agencies […]
Trademark Disputes and Alternative Dispute Resolution
Trademark disputes can be complex legal challenges that arise in the world of Indian business. When disagreements occur over who owns or can use a trademark, it can lead to lengthy and expensive legal battles. It is always advised to seek help of experienced and professional trademark attorneys for your trademark needs. However, there are […]
Seamless Flow of Input Tax Credit in GST
Introduction: Introduced in India in 2017, the Goods and Services Tax (GST) promised a simplified tax regime with seamless Input Tax Credit (ITC) flow. However, despite its widespread adoption, achieving this seamless flow remains elusive. This article dives into the intricacies of ITC in GST, highlighting the hurdles faced by businesses in claiming and utilizing […]
AO cannot resort to estimation of gross or net profit without rejecting books
ACIT Vs Bokaro Power Supply Company Pvt. Ltd. (ITAT Delhi) In a recent case of ACIT Vs Bokaro Power Supply Company Pvt. Ltd., adjudicated by the Income Tax Appellate Tribunal (ITAT) Delhi, significant clarifications were provided regarding the taxation of interest earned on business deposits and the authority of Assessing Officers (AO) to estimate gross […]
Income Tax Offices Throughout India Shall Remain Open on 29th-31st March 2024
The Ministry of Finance, Government of India, has issued a significant order under section 119 of the Income-tax Act, 1961, concerning the closure of the financial year 2023-24 on 31st March, 2024. This order, F. No. 225/53/2024-ITA-II, mandates that all Income Tax Offices across India shall remain operational on 29th, 30th, and 31st March 2024, […]
Expert Insights from Immigrant Invest
#AD Tax burden can be overwhelming, especially if your state levies high taxes on your profit as an individual or a company. Fortunately, well-heeled individuals don’t need to be confined to the tax regime of their homeland. Countries worldwide attempt to appeal to investors by offering second citizenship combined with an attractive tax system in […]
Section 129 of CGST Act cannot be invoked when no intention to evade tax
Tiwari Furniture Vs State of West Bengal And Ors. (Calcutta High Court) Introduction: In the case of Tiwari Furniture Vs State of West Bengal, the Calcutta High Court examined a writ petition challenging detention and subsequent proceedings under Section 129 of the West Bengal Goods and Services Tax (WBGST) Act. The petitioner contested the detention, […]
निष्क्रिय स्थायी खाता संख्या (पैन) के सम्बन्ध में
मार्च माह समाप्ति की ओर अग्रसर है। अतः, जिन्होंने अभी-अभी स्थायी खाता संख्या (पैन) आवेदन कर प्राप्त कर लिया है वे तुरन्त अपने स्थायी खाता संख्या (पैन) को आधार से जोड़ लें और जिन्होंने, किसी भी कारणवश अभी तक अपने स्थायी खाता संख्या (पैन) को आधार से जोड़ा नहीं है तो वे निर्धारित जुर्माना जमा कर, अवश्य जोड़ लें क्योंकि ०१ जुलाई,२०२३ […]
If recipient has paid tax, no demand under section 201(1) should be enforced
Canara Bank Vs ACIT (ITAT Mumbai) The recent appeal filed by Canara Bank against the Assistant Commissioner of Income Tax (ACIT) before the Income Tax Appellate Tribunal (ITAT) Mumbai sheds light on the complexities surrounding the rectification of Tax Deducted at Source (TDS) demands. The appeal, stemming from an order dated 21-08-2023 issued by the […]
Bank Fraud Lessons: Influencing Today’s Audits -I
Introduction: In recent years, the banking sector has faced a surge in fraudulent activities, underscoring the pressing need for robust measures to detect and prevent such incidents. This article delves into significant recent bank fraud cases, offering invaluable insights to empower professionals in safeguarding against evolving threats. By drawing lessons from real-life instances, this study […]
Aadhaar Authentication for Passport Services
Introduction: The Ministry of External Affairs (MEA) has issued a significant notification regarding the utilization of Aadhaar authentication for availing passport services under the Passport Seva Programme (PSP). This article explores the details outlined in the notification and its implications for passport applicants. Detailed Analysis: The MEA notification, S.O. 1374(E), empowers the Ministry to conduct […]
Ministry of I&B Blocks 18 OTT Platforms for Obscene Content
Introduction: In a significant move, the Ministry of Information & Broadcasting (I&B) has taken robust action against the proliferation of obscene and vulgar content on various Over-the-Top (OTT) platforms. This decisive step comes after repeated warnings from Union Minister Anurag Thakur regarding the dissemination of inappropriate content under the guise of creative expression. Detailed Analysis […]
Orissa High Court Grants Relief for GST Filing Errors
Sidhi Durga Agro & Automobiles Vs GST Council (Orissa High Court) In a recent ruling, the Orissa High Court addressed the issue of inadvertent errors in GST filings, specifically focusing on cases where input under IGST was wrongly claimed under CGST and SGST. This judgment, delivered in the case of Sidhi Durga Agro & Automobiles […]
Empanelment of CA Firms as Concurrent Auditors with IDBI Bank
IDBI Bank is inviting online applications from eligible Partnership firms of Chartered Accountants within India to be empanelled as Concurrent Auditors for the bank. To be eligible for empanelment, CA firms must fulfill certain criteria, including having a minimum standing of five years, preference given to firms with ex-banker partners or ties with ex-bankers, possessing […]
MCA Imposes Penalty for Companies’ Failure to Mention CIN on Documents
Introduction: The Ministry of Corporate Affairs (MCA) recently imposed penalties on companies failing to include their Corporate Identification Number (CIN) on official documents. This action serves as a crucial reminder of compliance obligations under the Companies Act. Detailed Analysis: The case of RITESH JEWELS PRIVATE LIMITED, as adjudicated by the Registrar of Companies (ROC) in […]
Unfair Practices Under CCI Scrutiny
People Interactive India Private Limited Vs Alphabet Inc. & Others (Competition Commission of India) People Interactive India Private Limited, which operates online matchmaking services Shaadi.com and Sangam.com, along with Mebigo Labs (owners of Kuku FM), filed a complaint with the Competition Commission of India (CCI) against Alphabet Inc. and its subsidiaries (collectively referred to as […]
ITC Unavailable for Constructed Property Let Out Commercially
ITC is not available in relation to construction of immovable property which is further let out for commercial purpose Introduction: The West Bengal Appellate Authority for Advance Ruling addressed the eligibility of Input Tax Credit (ITC) in the construction of immovable property subsequently let out for commercial purposes. This article delves into the details of […]
GST on Contributions to Housing Societies
Introduction The interpretation of Goods and Services Tax (GST) laws regarding contributions to housing societies has been a subject of debate and inquiry. Recently, the West Bengal Authority For Advance Ruling received an application seeking clarification on various aspects of GST related to such contributions. This article delves into the questions raised, submissions made by […]
Long Form Audit Report (LFAR) – Ready Reckoner, 2024 for Bank Audits
This study material serves as a comprehensive guide for auditors engaged in bank audits, particularly focusing on the preparation of the Long Form Audit Report (LFAR). The banking sector plays a critical role in the economy, and effective audit procedures are essential to ensure the integrity and stability of financial institutions. The Long Form Audit […]
Taxpayer not to suffer due to default of supplier
Introduction: The issue of GST Input Tax Credit (ITC) reversal due to supplier defaults has garnered significant attention. Many taxpayers face challenges due to notices from GST departments regarding ITC reversal. Understanding the validity of Section 16(2)(c) of the CGST Act, 2017, and related provisions is crucial in addressing these concerns. In recent times, a […]
Corporate Tax Planning with reference to Depreciation
Depreciation simply refers to the decrease in value of an asset due to constant use, wear and tear and passage of time. It is the process of allocation of cost of a long-term asset to the time period in which it is used. Understanding its intricacies is essential for maximizing tax benefits and optimizing financial […]
How to Open a Business Bank Account in Dubai UAE: Step-by-Step Guide
Opening a business bank account in the United Arab Emirates (UAE) is a crucial step for companies, whether operating within Free zone jurisdictions or the mainland. This guide offers a detailed overview of the process, requisite documentation, account types, and the manifold advantages of securing a corporate bank account in the UAE. Requisite Documentation for […]
Key Decisions & Amendments (15th March, 2024)
Introduction: SEBI’s 204th Board Meeting on 15th March 2024 witnessed significant decisions aimed at enhancing India’s financial landscape. This article delves into the approved measures, ranging from T+0 settlement to amendments in ICDR and relaxations for FPIs and AIFs. 1. Launch of Beta version of optional T+0 settlement for 25 scrips with selected brokers. Progress […]
Madras HC Directs YouTuber To Pay Rs 50 Lakh Compensation
Introduction: In a significant ruling, the Madras High Court has set a precedent by ordering a YouTuber to pay Rs 50 lakh in compensation for posting a defamatory video. The judgment sheds light on the responsibility of social media influencers and the consequences of spreading false allegations. While coming down most heavily raining on the […]
Revised Applicability of Peer Review Mandate (Phase II & III)
The Institute of Chartered Accountants of India (ICAI) has announced revised criteria for the applicability of the Peer Review Mandate for Practice Units. This decision comes in response to requests from Practice Units and aims to ensure compliance and quality assurance in professional services. Detailed Analysis Phase II and III of the Peer Review Mandate […]
Imposition of Minimum Import Price on Synthetic Knitted Fabrics
Introduction: The Ministry of Commerce and Industry, through the Directorate General of Foreign Trade (DGFT), has issued Notification No. 77/2023, dated 16th March 2024, regarding the imposition of a Minimum Import Price on Synthetic Knitted Fabrics. This article delves into the specifics of this notification, its implications on trade, and the timeline of enforcement. Detailed […]
Amendment in Import Policy for Duck Meat under Chapter 2 of ITC (HS) 2022
Introduction: The Ministry of Commerce and Industry, through the Directorate General of Foreign Trade, issued Notification No. 78/2023, amending the Import Policy Conditions for Duck Meat under Chapter 2 of ITC (HS) 2022. Detailed Analysis: This notification revises the Import Policy Conditions for two specific ITC (HS) codes related to duck meat. It outlines the […]
Planning for an effective bank branch Statutory Audit
Introduction A bank branch audit involves a systematic examination of the financial records, operations, internal controls, and compliance procedures of a specific branch of a bank. The primary objective is to assess whether the branch is functioning effectively, adhering to regulatory guidelines, and mitigating risks appropriately. Bank branch audit play a significant role in ensuring […]
Tricom India Limited Penalized for late-filing of Financial Statement
The Government of India, Ministry of Corporate Affairs, has taken regulatory action against Tricom India Limited for its failure to comply with Section 137 of the Companies Act, 2013, regarding the filing of the financial statement within the specified timeframe. Background: Tricom India Limited, a registered company under the Companies Act, 1956, with its registered […]
Updated Return effective from 1st April, 2022
We know that under the Income Tax Act, there are maximum changes in the Budget of our Government. In the Finance Act, 2022, relief given to tax payer for submitting return of Income. Section 139(8A) added to the Income Tax Act, 1961, which provide relief to tax payer for filling of return of income, as […]
Notification on Aadhaar Integration for Disability Scholarships
The Ministry of Social Justice and Empowerment, through its Department of Empowerment of Persons with Disabilities, has issued a significant notification regarding the integration of Aadhaar for the delivery of scholarships to students with disabilities. This measure aims to enhance transparency, efficiency, and accessibility in disbursing benefits under various scholarship schemes. Let’s delve deeper into […]
CBDT approves Sardar Vallabhbhai National Institute of Technology for Scientific Research
Introduction: The Ministry of Finance, through the Central Board of Direct Taxes, has issued Notification No. 30/2024-Income Tax, dated March 13th, 2024. This notification confers approval upon Sardar Vallabhbhai National Institute of Technology, Surat, for engaging in scientific research under the Income-tax Act, 1961. The significance of this approval, its implications, and the conditions attached […]
Non-filing of SFT Return Not Grounds for Penalty: ITAT Kolkata
Durgapur Steel Peoples’ Cooperative Bank Limited Vs Director of Income Tax (Intelligence & Criminal Investigation) (ITAT Kolkata) Introduction: The Income Tax Appellate Tribunal (ITAT) Kolkata recently adjudicated on penalties imposed under Section 271FA of the Income Tax Act, 1961 in the case of Durgapur Steel Peoples’ Cooperative Bank Limited. The controversy centered on the non-filing […]
Shital Sinheshwar Health Care Penalized for late-filing of Financial Statement
Introduction: The Ministry of Corporate Affairs, Bihar, issued an order (No. ROC/PAT/SCN/sec. 12/22762/1909-1912) on March 11, 2024, imposing penalties for the violation of Section 137 of the Companies Act, 2013 by M/S. Shital Sinheshwar Health Care Private Limited. This article delves into the background, appointment of the Adjudication Officer, key facts, and the penalties imposed […]
Rajasthan HC Grants Bail in Alleged GST Fraud Case of Rs. 11.30 Crores
Saurabh Jindal Vs Union Of India (Rajasthan High Court) In a significant legal development, the Rajasthan High Court has granted bail to Saurabh Jindal and Yashik Jindal in connection with a case involving an alleged GST fraud amounting to Rs. 11.30 crores. The bail applications were filed under Section 439 of the Criminal Procedure Code, […]
SEBI Clarifies on ETF Holdings
Investment in Mutual Fund Schemes Including ETF is not Covered under Permissible Investments by a Category III AIF In a recent communication, the Securities and Exchange Board of India (SEBI) addressed the issue of permissible investments for Category III Alternative Investment Funds (AIFs). The correspondence, involving ASKWA Multi Opportunities Fund, sought informal guidance regarding the […]
Notification No. 20/2024-Customs | Dated: 15th March, 2024
The Ministry of Finance, Department of Revenue, has issued Notification No. 20/2024-Customs on March 15th, 2024. This notification holds significant importance for the customs regulations in India. MINISTRY OF FINANCE(Department of Revenue) Notification No. 20/2024-Customs | Dated: 15th March, 2024 G.S.R. 207(E).—In exercise of the powers conferred by sub-section (1) of section 25 of the […]
SAED on Petroleum Crude production increased to Rs. 4900 per tonne from 16.03.2024
Seeks to amend Notification No. 18/2022-Central Excise, dated the 19th July, 2022 to increase the Special Additional Excise Duty (SAED) on production of Petroleum Crude to Rs. 4900 per tonne from 16.03.2024 vide Notification No. 10/2024-Central Excise | Dated: 15th March, 2024. MINISTRY OF FINANCE(Department of Revenue) Notification No. 10/2024-Central Excise | Dated : 15th […]
Revised Tariff Values for Edible Oils, Brass Scrap, Areca Nut, Gold & Silver wef 16.03.2024
Introduction: The Indian Government, through the Ministry of Finance, Department of Revenue, has issued Notification No. 22/2024-CUSTOMS (N.T.) dated 15th March 2024, amending the tariff values for certain commodities under the Customs Act, 1962. This article delves into the revised tariff values for edible oils, brass scrap, areca nut, gold, and silver and analyzes the […]
Export prohibition of De-Oiled Rice Bran extended till 31st July, 2024
Notification No. 76/2023-DGFT | Dated: 15thMarch, 2024 extends the export prohibition of De-Oiled Rice Bran beyond March 31st, 2024, till July 31st, 2024. This amendment is in modification of Notification No. 51/2023 issued on December 8th, 2023. Ministry of Commerce & IndustryDepartment of CommerceDirectorate General of Foreign TradeVanijya Bhawan, New Delhi Notification No. 76/2023-DGFT | Dated: […]
MCA penalized company for Failure to Maintain Registered Office
M/S. Shital Sinheshwar Health Care Private Limited Penalized for Failure to Maintain Capable Registered Office The Government of India, Ministry of Corporate Affairs, has taken regulatory action against M/S. Shital Sinheshwar Health Care Private Limited for its failure to comply with the provisions of Section 12 of the Companies Act, 2013. This order highlights the […]
Victor Impex Limited Penalized for late-filing of Financial Statement
The Government of India, Ministry of Corporate Affairs, has taken decisive action against Victor Impex Limited for violating Section 137 of the Companies Act, 2013. This order underscores the significance of adherence to statutory obligations and emphasizes the importance of timely submission of financial statements to uphold transparency and regulatory standards in corporate governance. Victor […]
Activities to be undertaken for GST Compliances of FY 2023-24 in March 2024
We are fast approaching the end of the financial year 2023-24. It mandates some activities to be carried out under GST laws for a smooth transition to the Financial Year 2023-24. We have listed down certain important activities for the smooth transition/ closure of the Financial Year 2023-24. This article delineates essential activities to facilitate a […]
Venus Universal Ltd Penalized for Companies Act Section 92 Violation
Introduction: The Ministry of Corporate Affairs, through the Registrar of Companies, Mumbai, issued an adjudication order (No. ROC(M)/VUL/ADJ-ORDER/58 to 61) on January 3, 2024, against Venus Universal Ltd. This order, under Section 454, addresses the company’s non-compliance with Section 92 of the Companies Act, 2013. This article delves into the background, relevant provisions, findings, and […]
Section 43B(h) impact & FAQs
PAYMENTS RELATING TO MICRO, SMALL AND MEDIUM ENTERPRISES – IMAPCT OF SECTION 43B(h) and FAQs Introduction The Finance Act, 2023 through inserting section 43B(h), applicable from AY 2024-2025, has tried to help small enterprises by ensuring timely payment to micro and small enterprises which are registered under MSME Act, 2006. However, such provision has created a […]
ITAT Orders Re-adjudication on Section 80P(2)(e) for Agricultural Loan Deductions
Savanoor Primary Agricultural Co-operative Society Ltd. (ITAT Bangalore) Introduction: The recent decision by the Income Tax Appellate Tribunal (ITAT) Bangalore regarding the case of Savanoor Primary Agricultural Co-operative Society Ltd. involves the re-adjudication of a deduction under Section 80P(2)(e) of the Income Tax Act. This article provides an in-depth analysis of the tribunal’s order, examining […]
Not a Competition Act Violation
Rekha Oberoi Vs MGF Development Ltd. (Competition Commission of India) The case of Rekha Oberoi vs MGF Development Ltd. brought before the Competition Commission of India involves allegations of contravention of provisions within the Competition Act, 2002. This article delves into the intricate details of the case, examining the facts, allegations, and the Commission’s analysis. […]
Whether Automation has helped either Income Tax Assessees or Department
Introduction: The integration of automation in tax systems has been a subject of much discussion, particularly concerning its impact on both taxpayers (Assessees) and the Income Tax Department. This article delves into the complexities of this issue, examining the purported benefits and the challenges faced by both parties. For the question ‘Whether the Automation has helped […]
Advance tax e-campaign based on significant transactions
Introduction: The Income Tax Department’s e-campaign on significant transactions aims to inform taxpayers about discrepancies between their advance tax payments and financial transactions for the fiscal year 2023-24. This article provides insights into advance tax, taxpayer obligations, payment methods, and late payment interest. Q.1 Have you received this communication? Ans. The Income Tax Department has […]
Resolution applicant not allowed to withdraw/Alter Resolution Plan after approval by CoC
Hem Singh Bharana Vs Pawan Doot Estate Private Limited Through Sh. Darshan Singh (Resolution Professional) (NCLAT Delhi) In a recent decision by the National Company Law Appellate Tribunal (NCLAT) in the case of Hem Singh Bharana Vs Pawan Doot Estate Private Limited, an important precedent has been set regarding the withdrawal or alteration of a […]
CoC’s Discretion to Evaluate Settlement Proposal
Shaji Purushothaman Vs Union Bank of India & Ors. (NCLAT Delhi) In the case of Shaji Purushothaman Vs Union Bank of India & Ors., the National Company Law Appellate Tribunal (NCLAT) addressed the issue of whether an application under Section 12A of the Insolvency and Bankruptcy Code, 2016 (IBC) can be entertained to settle claims […]
Amount considered as undisclosed income cannot be considered loan to attract provisions of section 271D
K.S. Chawla & Sons (HUF) Vs JCIT (ITAT Delhi) In the case of K.S. Chawla & Sons (HUF) Vs JCIT, the ITAT Delhi held that amounts considered as undisclosed income cannot simultaneously be considered as loans to attract penalties under Section 271D of the Income Tax Act. The appellants had been subjected to penalty proceedings […]
No interest on ITC wrongly claimed but not utilised & reversed subsequently
Larsen & Toubro Limited Vs State of West Bengal & Ors. (Calcutta High Court) Introduction: The case of Larsen & Toubro Limited Vs State of West Bengal & Ors., heard by the Calcutta High Court, involves a dispute concerning the imposition of interest under Section 50 of the WBGST Act, 2017. This article delves into […]
What is the SEBI New Rule on NAV?
The Securities and Exchange Board of India (SEBI) has announced new rules regarding Net Asset Value (NAV) calculations for mutual fund schemes, which have come into effect from January 1, 2021. The new rule mandates mutual fund houses to ensure that investors receive the NAV of the day on which the funds are available for […]
Dismissal of Appeal of Arun Cooling Home by AAAR: Time Limitation Grounds
In re Arun Cooling Home (GST AAAR Tamil Nadu) Introduction: The appeal filed by M/s. Arun Cooling Home against an order of the Tamilnadu State Authority for Advance Ruling faced dismissal on the grounds of time limitation, barring a deeper exploration into the case’s substance. Detailed Analysis: Upon careful consideration, the Authority reviewed the timeline […]
Yuvraj International Limited Penalized for late-filing of Financial Statement
Introduction: The Ministry of Corporate Affairs, Government of India, issued a penalty order against Yuvraj International Limited and its directors for violating Section 137 of the Companies Act, 2013. This article delves into the details of the case, the findings, and the implications of the penalty. Detailed Analysis: Yuvraj International Limited, a registered company under […]
ITAT Upholds Penalty for Loan Repayment in Cash Despite Poor Cheque Clearance History
Kamaljeet Kaur Gill Vs. JCIT (ITAT Raipur) Introduction: In a recent case, the Income-tax Appellate Tribunal (ITAT) upheld a penalty against a taxpayer for repaying loans in cash, violating Section 269T of the Income-tax Act, 1961. Despite the taxpayer’s reasons, the tribunal ruled that ignorance of the law is not a valid defense and emphasized […]
Subway Finance Ltd. Penalized for late-filing of Financial Statement
Introduction: The recent adjudication order pertaining to Subway Finance and Investment Co Ltd highlights a significant breach of Section 137 of the Companies Act 2013. This article provides a comprehensive overview of the case, examining the violation, regulatory provisions, and ensuing penalties. Detailed Analysis: Subway Finance and Investment Co Ltd, a registered company, faced regulatory […]
Police Chargesheets Must Meet Section 173(2) CrPC Requirements: SC
Chargesheets Submitted By Police Officers Must Have All Necessary Details As Per Section 173(2) CrPC: SC Introduction: The recent judgment by the Supreme Court in Dablu Kujur vs The State of Jharkhand emphasizes the importance of comprehensive details in chargesheets submitted by police officers as per Section 173(2) of the Criminal Procedure Code (CrPC). This […]
GST action points before end of FY 2023-24
The last 6+ years have seen more than 1000 notifications, circulars, and instructions for taxpayers and adjudicating authorities, thus opening up the GST law to interpretation by taxpayers and authorities alike. This interpretation has given rise to the ever-increasing case laws across various judiciaries and writ petitions being filed before various High Courts of India […]
Personal Hearing Mandatory for IT Act Section 148A(d) Orders: Kerala HC
Case Law Details Case Name : ITO Ward-2 Vs Vazhakkulam Block Rural Co-Operative Society Ltd. (Kerala High Court) Appeal Number : WA No. 176 of 2024 Date of Judgement/Order : 04/03/2024 Related Assessment Year : ITO Ward-2 Vs Vazhakkulam Block Rural Co-Operative Society Ltd. (Kerala High Court) Introduction: In a recent judgment, the Kerala High […]
Kerala HC Dismisses Writ petition for Lack of Merit
Case Law Details Case Name : Aji Thomas Vs State Tax Officer (Kerala High Court) Appeal Number : WA No. 322 of 2024 Date of Judgement/Order : 04/03/2024 Related Assessment Year : Aji Thomas Vs State Tax Officer (Kerala High Court) Introduction: In a recent case before the Kerala High Court, Aji Thomas challenged an […]
Kerala HC Upholds Dismissal of Appeal for Unconvincing Reason of Delay
Case Law Details Case Name : Antony Sunny Vs CIT (Kerala High Court) Appeal Number : WP(C) No. 8079 of 2024 Date of Judgement/Order : 01/03/2024 Related Assessment Year : Antony Sunny Vs CIT (Kerala High Court) In a recent judgment, the Kerala High Court weighed in on the case of Antony Sunny versus the […]
Kerala HC Dismisses Writ Against Section 271AAC Penalty order
Case Law Details Case Name : Ashley Cherian Vs Additional/Joint/Deputy/ACIT/ITO (Kerala High Court) Appeal Number : WA No. 287 of 2024 Date of Judgement/Order : 05/03/2024 Related Assessment Year : Ashley Cherian Vs Additional/Joint/Deputy/ACIT/ITO (Kerala High Court) Introduction: Ashley Cherian, an assessee under the Income Tax Act, filed a writ petition challenging assessment and penalty […]
Pump for displacing & dispersing lotion/cream classifiable under CTH 84248990
Case Law Details Case Name : Principal Commissioner of Customs Vs Aptar Pharma India Pvt. Ltd. (CESTAT Delhi) Appeal Number : Customs Appeal No. 53942 of 2023 [DB] Date of Judgement/Order : 01/03/2024 Related Assessment Year : Principal Commissioner of Customs Vs Aptar Pharma India Pvt. Ltd. (CESTAT Delhi) Introduction: In a recent ruling by […]
Vertex Spinning Limited Penalized for late-filing of Financial Statement
Introduction: The Ministry of Corporate Affairs, through the Registrar of Companies, Mumbai, has issued an adjudication order (No. ROC(M)/VSL/ADJ-ORDER/6300 to 6303) dated December 26, 2023, against Vertex Spinning Limited. This order, under Section 454, addresses the company’s non-compliance with Section 137 of the Companies Act, 2013. This article provides insights into the background, relevant provisions, […]
Vishvjyoti Trading Ltd. Penalized for late-filing of annual return
Introduction: The recent adjudication order concerning Vishvjyoti Trading Ltd. sheds light on regulatory non-compliance under Section 92 of the Companies Act 2013. This article delves into the intricacies of the case, highlighting violations, regulatory provisions, and resultant penalties. Detailed Analysis: Vishvjyoti Trading Ltd., a registered company, found itself in the regulatory spotlight due to its […]
Vishvjyoti Trading Ltd. Violation of Section 137, Companies Act, 2013
The Government of India, Ministry of Corporate Affairs, recently imposed penalties on Vishvjyoti Trading Limited, in accordance with the provisions outlined in the Companies Act, 2013. This action comes in response to the company’s failure to adhere to Section 137 of the Act, pertaining to the timely filing of financial statements with the Registrar of […]
Incorporation of Export Policy for Chitin & Chitosan Derivatives
Introduction: The Government of India, through the Ministry of Commerce & Industry, has issued Notification No. 73/2023 – DGFT on 11th March 2024. This notification focuses on the incorporation of policy conditions for the export of Chitin, Chitosan, and their derivatives, particularly to European Union countries. Detailed Analysis: The Directorate General of Foreign Trade, under […]
Buy Back for unlisted companies simplified
Introduction: Buy-back of shares is a strategic move by companies to repurchase their own shares from shareholders and cancel them. In the case of unlisted companies, this process is governed by specific regulations outlined in the Companies Act, 2013, and its associated rules. Meaning: Buy back of shares means buying back of its own shares […]
Calculation of time for filing appeal starts from day of communication of order and not from dispatch of order
Case Law Details Case Name : Ashapura Minechem Ltd. Vs C.C.-Jamnagar(Prev) (CESTAT Ahmedabad) Appeal Number : Customs Appeal No. 10253 of 2021- DB Date of Judgement/Order : 11/12/2023 Related Assessment Year : Ashapura Minechem Ltd. Vs C.C.-Jamnagar(Prev) (CESTAT Ahmedabad) The Hon’ble CESTAT, Ahmedabad allows appeals and set aside rejection orders. Holds: (i) the appeals are […]
What content is included in idea- stage startups pitch desk?
What is an idea-stage startup? Any business or enterprise should start with an idea that completely consumes you. A market problem should ideally be addressed by a concept or idea. The concept stage, sometimes called the idea stage, is when an entrepreneur researches the viability of a product or service based on that idea. It […]
Analysis of amendments in SS-1 on Meetings of Board of Directors
Comparative Analysis of amendments in Secretarial Standards on Meetings of the Board of Directors (SS-1) The Institute of Company Secretaries of India (ICSI) has been playing a significant role in shaping corporate governance practices in India. One of the essential tools it employs is the issuance of Secretarial Standards. The Institute of Company Secretaries of […]
Navigating the Stock Market: A Beginner’s Guide
#AD Investing in the stock market can be a rewarding journey, but for beginners, it can also be overwhelming. Understanding the basics is crucial for making informed investment decisions and building a solid foundation for your financial future. Let’s explore the key concepts of the stock market and how you can get started with confidence. […]
Punjab One Time Settlement (Amendment) Scheme for Recovery of Outstanding Dues, 2024
The Government of Punjab, through the Department of Excise and Taxation, has issued a significant notification regarding the amendment of the Punjab One Time Settlement Scheme for Recovery of Outstanding Dues, 2023. Dated March 10, 2024, this notification aims to ensure transparency and compliance in tax-related matters. Let’s delve into the details of this amendment […]
GST Demand Order cannot be passed without issuing Show Cause Notice
Case Law Details Case Name : Yash Building Material Vs State of U.P. And 2 Others (Allahabad High Court) Appeal Number : Writ Tax No. – 1435 of 2022 Date of Judgement/Order : 31/01/2024 Related Assessment Year : Yash Building Material Vs State of U.P. And 2 Others (Allahabad High Court) Introduction: In a landmark […]
Introduction of New 14A and 15A tables
Introduction: The recent advisory on GSTR-1/IFF introduces two new tables, 14A and 15A, aimed at capturing amendments related to supplies made through e-commerce operators. This article delves into the implications of these additions for taxpayers and e-commerce operators. Detailed Analysis: Table 14A allows suppliers to amend details of original supplies reported in Table 14, pertaining […]
Appeal allowed where pre-deposit made through Form GST DRC-03 due to technical glitch
Case Law Details Case Name : Manjunatha Oil Mill Vs Assistant Commissioner (ST) (FAC) (Andhra Pradesh High Court) Appeal Number : W.P.Nos. 2153, 1767, 1780, 1964, 1970 and 2177 of 2024 Date of Judgement/Order : 02/02/2024 Related Assessment Year : Manjunatha Oil Mill Vs Assistant Commissioner (ST) (FAC) (Andhra Pradesh High Court) Introduction: In a […]
Income Tax Dept admits Inconsistencies in Securities Market Data (SFT-17)
Source of Discrepancy: The Income Tax Department has admits ‘certain inconsistencies’ in the Statement of Financial Transactions (SFT-17) data related to the securities market, as reported by one of the Reporting Entities. This information comes from a recent tweet by the department. Content of Tweet: Based on feedback from taxpayers on the e-campaign for Advance Tax, […]
Govt notifies implementation of Citizenship Amendment Act Rules
Ministry of Home Affairs (MHA) announced the notification of the Citizenship Amendment Act (CAA) Rules, 2024, paving the way for implementing the legislation passed by the Parliament in December 2019. Key Points: This notification establishes the procedures for eligible individuals from Afghanistan, Bangladesh, and Pakistan, belonging to Hindu, Sikh, Jain, Buddhist, Parsi, and Christian communities, […]
MCA Imposes ₹39.15 Lakh Penalty for Violating Private Placement Provisions
Introduction: The Ministry of Corporate Affairs has levied a significant penalty of Rs. 39.15 lakh on M/s LA VILLA HOTEL PRIVATE LIMITED for non-compliance with the provisions of private placement under Section 42 of the Companies Act, 2013. This article provides an in-depth analysis of the case, highlighting the background, facts, provisions, and the order […]
MCA Reduces Penalty by 85% to Rs. 2.25 Lakh
In a recent adjudication matter before the Regional Director, South East Region, Ministry of Corporate Affairs, Hyderabad, an appeal was filed by Vishnupriya Hotels and Resorts Private Limited against an adjudication order issued by the Registrar of Companies, Andhra Pradesh. The appeal pertained to the non-compliance with the requirements of Section 203 of the Companies […]
MCA Reduces Penalty by 85% to Rs. 4.47 Lakh
Introduction: The adjudication appeal under the Companies Act, 2013, filed by Aerostructures Assemblies India Pvt Ltd, sheds light on the challenges faced in appointing a company secretary and the impact of the Covid-19 pandemic. This analysis delves into the case details, reasons for penalty reduction, and implications. Detailed Analysis: The appeal revolves around Section 454(5) […]
Clarifications for Sovereign Wealth Fund Entities
Introduction: The International Financial Services Centres Authority (IFSCA) has released a significant circular, F. No. IFSCA-IF-10PR/1/2023-Capital Markets/3, dated March 11, 2024, addressing Fund Management Entities (FMEs) and Schemes set up in International Financial Services Centres (IFSCs). This circular aims to provide essential clarifications to Sovereign Wealth Funds (SWFs) facing challenges in establishing FMEs and Schemes […]
SEBI Expands Qualified Stock Brokers (QSBs) Framework for Trust in Securities Market
Introduction: The Securities and Exchange Board of India (SEBI) has issued a crucial circular, SEBI/HO/MI RSD/MIRSD-PoD-1/P/CIR/2024/14, dated March 11, 2024. The circular focuses on reinforcing compliance and monitoring for stock brokers, with a specific emphasis on Qualified Stock Brokers (QSBs). This article delves into the key aspects of SEBI’s measures and the implications for stock […]
RBI Directive on Implementation of WMD Act Amendments 2024
Introduction: The Reserve Bank of India (RBI) recently issued a directive (RBI/2023-24/134) outlining critical updates related to the Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005. This communication, addressed to the Chairpersons/CEOs of all regulated entities, emphasizes the implementation of Section 12A of the WMD Act, 2005, and introduces […]
Gujarat HC allows Bail in case of issue of invoices without supply of goods
Jatinbhai Prafulbhai Kakkad Vs State of Gujarat & Anr (Gujarat High Court) In a significant legal development, the Gujarat High Court granted bail to Jatinbhai Prafulbhai Kakkad in connection with an FIR registered under Sections 132(1)(b) and (1) of the Central Goods & Services Tax Act, 2017. The case pertains to alleged issuance of GST […]
Transitional credit u/s. 140 admissible on unutilized ITC availed on purchase tax: Madras HC
Sri Sasthaa Constructions Vs Assistant Commissioner (ST) (Madras High Court) Madras High Court held that valid ITC availed on purchase tax which remained unutilized is entitled for the transitional credit under section 140 of TNGST Act, 2017 Facts- The petitioner is a Works Contractor. The employer who had employed to the petitioner as a Works […]
Entire proceedings without mandatory pre-show cause notice consultation unsustainable: Jharkhand HC
Bihar Foundry & Castings Ltd. Vs Union of India through the Secretary (Jharkhand High Court) Jharkhand High Court held that pre-show cause notice consultation u/s. 28(1)(a) of the Customs Act, 1962 are mandatory and imperative in character. Accordingly, entire proceedings carried out without pre-show cause notice consultation is liable to be quashed. Facts- The Petitioner […]
Amnesty Scheme for Export Obligation Default Settlement
Introduction: The Government of India, under the Ministry of Finance, Department of Revenue, has introduced an Amnesty Scheme for the one-time settlement of default in export obligation by Advance License and EPCG authorization holders. This initiative aims to provide a pathway for regularization and resolution for pending cases of default. Detailed Analysis: 1. Amendment Notification […]
Objective Satisfaction Needed for GST Registration Cancellation: Delhi HC
Salasar Trading Company Vs Principal Commissioner of Goods And Service Tax (Delhi High Court) Introduction: In a landmark judgment, the Delhi High Court has set a significant precedent concerning the cancellation of Goods and Services Tax (GST) registration. In the case of Salasar Trading Company vs. Principal Commissioner of Goods And Service Tax, the Court […]
Both Parents’ Names Required on Educational Certificates: Delhi HC
Ritika Prasad Vs Guru Gobind Singh Indraprastha University (Delhi High Court) Introduction: The recent judgment by the Delhi High Court in the case of Ritika Prasad Vs Guru Gobind Singh Indraprastha University challenges the practice of mentioning only the father’s name on educational certificates. This article delves into the details of the case, the court’s […]
Divergent judicial opinions for time barred appeals under GST
This article delves into the complex realm of time-barred appeals under GST, focusing on the Appellate Authority’s role. Currently, appeals exceeding the four-month limit prescribed by Section 107 of the CGST Act, 2017/SGST Act, 2017 face dismissal. However, divergent judicial opinions have emerged, leading to a nuanced exploration of this critical issue. It is submitted […]
Ministry of Finance Launches e-Campaign for Advance Tax Compliance
The Income Tax Department, under the Ministry of Finance, is set to initiate an e-campaign aimed at enhancing taxpayer compliance with advance tax payments for the Financial Year 2023-24. This campaign targets individuals and entities engaged in significant financial transactions, urging them to accurately compute and deposit their advance tax liabilities by the deadline of […]
Understanding CSR Compliance: Companies Act, 2013
CSR COMPLIANCE: Applicability Under Section 135 of Companies Act, 2013 Companies having NET WORTH 500 CR, (OR) SALES 1000 CR (OR) PROFIT 5 CR Amount To Be Spent- Under Section 198 of Companies Act, 2013 2% OF AVG ANNUAL NET PROFIT FOR PRECEDDING 3 FIN. YEARS (It mainly excludes capital payments/receipts, income tax and set-off […]
Delhi HC Quashes CGST Act Order Due to Non-Application of Mind
Max Healthcare Institute Limited Vs Union of India & Ors. (Delhi High Court) The recent judgment of the Delhi High Court in the case of Max Healthcare Institute Limited Vs Union of India & Ors. addresses the issue of non-application of mind by the Proper Officer while passing an order under Section 73 of the […]
GST Officer Must Evaluate Reply’s Merits Before Deciding on Sufficiency: Delhi HC
EMCO Cables (India) Private Limited Vs Union of India And Ors (Delhi High Court) The case of EMCO Cables (India) Pvt. Ltd. versus Union of India highlights a significant issue regarding the denial of opportunity by a GST Proper Officer to furnish necessary details. The Delhi High Court’s judgment on December 29, 2023, set aside […]
Duty-Free Import Breach Due to Unforeseen Circumstances: A CESTAT Ahmedabad Decision
Maersk Line India Pvt Ltd Vs C.C.-Jamnagar(prev) (CESTAT Ahmedabad) n a noteworthy judgment by the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) Ahmedabad, Maersk Line India Pvt Ltd found itself entangled in a legal battle against the Commissioner of Customs, Jamnagar, concerning the breach of duty-free import conditions. The crux of the dispute lay […]