Blogs

Form 10B Filing delay due to Auditor Oversight is reasonable Cause: Bombay HC

Al Jamia Mohammediyah Education Society Vs CIT (Bombay High Court) The case of Al Jamia Mohammediyah Education Society vs. CIT before the Bombay High Court revolves around the condonation of delay in filing Form 10B by a charitable trust. Despite the trust’s explanation of an auditor’s error, the application for delay condonation was rejected under […]

Orissa HC grants bail to Senior Journalist in Economic Offence Case

Surjit Kumar Dhal Vs State Of Odisha (EOW) (Orissa High Court) Introduction: The case of Surjit Kumar Dhal, a senior journalist and Editor-in-Chief of “Reporters Today” and “Mahabharat,” presents a complex legal scenario involving allegations of economic offenses. Dhal, seeking bail, challenges the rejection of his bail application by the designated court under the OPID […]

Live Webinar with Book on Section 43B(h) (Financial Fitness)

Unlock the secrets of financial fitness with our exclusive offering, the Financial Fitness Book. Delve into the nuances of Section 43B(h) of the Income Tax Act 1961, as we guide you through its recent amendments and their implications for MSME creditors. This  book serves as your passport to understanding crucial tax provisions and navigating the […]

An Abuse of Market Power

The importance of competition in a healthy economy cannot be defined. It stimulate the consumer-centric environment where businesses are constantly struggling to improve their offerings and keep prices competitive. This not only benefits consumers with greater choice and potentially lower prices, but also unleashes the full potential of participating companies. However, the natural course of […]

NSE launched Derivatives on the Nifty Next 50 Index today

National Stock Exchange of India Ltd (NSE), the world’s largest derivatives exchange for consecutive fifth year in a row in the year 2023 based on contracts traded as published by FIA, launched futures and options contracts on the Nifty Next 50 Index today. The new derivatives contract has received positive response from market participants. More […]

Cut-off date for enrollment in CA Foundation /Intermediate Course

Introduction: The Institute of Chartered Accountants of India (ICAI) has made significant changes to its examination schedule and registration deadlines for the Foundation and Intermediate courses. Effective May/June 2024, exams will be held thrice a year, offering more flexibility to students. This article delves into the details of these updates and what they mean for […]

RBI Master Circular – Bank Finance to Non-Banking Financial Companies (NBFCs)

The Reserve Bank of India (RBI) plays a crucial role in regulating the financial activities of Non-Banking Financial Companies (NBFCs). The latest master circular provides detailed guidelines for banks regarding financing NBFCs, ensuring adherence to regulatory policies and promoting financial stability. Reserve Bank of India RBI/2024-25/24DOR.CRE.REC.No.17/21.04.172/2024-25 April 24, 2024 All Scheduled Commercial Banks (excluding RRBs) […]

Unauthorised Forex Trading Alert: RBI Circular

The Reserve Bank of India (RBI) has recently issued Circular No. 02 for the year 2024-25, addressing concerns regarding unauthorised foreign exchange (forex) transactions. This article delves into the details of the circular, highlighting the challenges posed by unauthorised forex trading and the measures recommended by the RBI to combat it effectively. Detailed Analysis 1. […]

Master Direction – RBI (Asset Reconstruction Companies) Directions, 2024

Reserve Bank of India Date : Apr 24, 2024 The Reserve Bank of India has today issued the Master Direction – Reserve Bank of India (Asset Reconstruction Companies) Directions, 2024. The Directions have come into effect immediately. The Master Direction consolidates the existing regulatory guidelines issued to ARCs vide Master Circular on ARCs and Master […]

How To Apply the APEDA RCMC

APEDA Registration is essential for exporters dealing with scheduled food products. This article elucidates the registration process, required documentation, and the benefits of obtaining the RCMC (Registration-cum-Membership Certificate) issued by APEDA. What is APEDA REGISTRATION? It is a process which allows exporters to register with the APEDA (Agricultural and Processed Food Products Export Development Authority) […]

Understanding Slump Sales: A Comprehensive Guide

Introduction and Meaning A slump sale refers to the transfer of an entire business undertaking, or part thereof, from one entity to another as a going concern. In a slump sale, all assets and liabilities of the business or part of the business are transferred together as a package, typically for a lump sum consideration. […]

Relief for TDS Deductors on PAN-Aadhar Linkage

The CBDT, aiming to address grievances of deductors/collectors who collected TDS/TCS at the normal rate but were required to deduct/collect at double the rate due to the deductee’s PAN being inoperative (unlinked with Aadhar) since April 1, 2023, issued Circular No. 6 on April 23, 2024. This circular prevents treating such TDS deductors as in […]

Taxation On Online Gaming – A Taxation Perspective

Introduction With the increasing popularity of online gaming, taxation authorities have introduced specific provisions to regulate income derived from online games. This article provides a detailed overview of the taxation rules, including recent amendments to the Income-tax Act, 1961, governing online gaming income. 1. Definition: For taxation purposes, an online game is defined as a […]

GST Compensation Cess: Analysing Compensation to States

Brought into force on 1st July 2017, the Goods and Service Tax (GST) is a comprehensive destination-based tax, enacted with the aim of merging the fragmented tax levy system and instead, bringing a unified tax levy system. Though it is a unified system of levying taxes, it is levied at both the central and state […]

Customs Instruction No. 09/2024: Extension for Ortho-phosphoric Acid

Instruction No. 09/2024-Customs, issued by the Government of India’s Ministry of Finance, extends the exemption period for Ortho-phosphoric Acid used in fertilizer manufacturing from BIS standard IS 798:2020. F.No.401/56/2023-Cus.IIIGovernment of IndiaMinistry of Finance, Department of Revenue(Central Board of Indirect Taxes & Customs)Room No.229A, North Block, New Delhi Instruction No. 09/2024-Customs Dated, 22.04.2024 To,All Principal Chief Commissioners/ […]

Effect of Global Pandemic on Evolution of Corporate Insolvency Laws

Introduction The financial state of a person or entity being unable to pay off bills and debts to the creditors is known as insolvency. If a corporate person is the debtor, that is unable to pay the foresaid debts and bills, then it is corporate insolvency. Insolvency can lead to insolvency resolution proceedings, which may […]

UAE’s Artificial Rain Initiatives: Balancing Progress & Uncertainty

Artificial rain, also known as cloud seeding, refers to the deliberate modification of weather conditions by scientists. This process is typically carried out in regions where natural rainfall is scarce or infrequent. The primary objective is to address water scarcity, enhance agricultural productivity, and increase overall water availability. However, altering weather patterns through artificial means […]

House Rent Allowance (HRA) Rules and calculations

Many salaried employees may not be aware of the House Rent Allowance (HRA) exemption and its potential benefits, especially if they’re not familiar with tax laws or if their employers haven’t adequately communicated these benefits. It’s essential for both employees and employers to understand HRA exemptions to maximize tax savings and ensure compliance with tax […]

It is Not Compulsory to Prepare Will But it is Advisable to Prepare Will

In India, the preparation and execution of wills are governed by the Indian Succession Act of 1925. While not mandatory, preparing a will is advisable to ensure the smooth distribution of assets after death. This article provides an in-depth analysis of the provisions of the Indian Succession Act, the types of wills, the execution process, […]

Intellectual property rights and cyber security in india

Abstract: This research paper delves into the intersection of intellectual property rights (IPR) and cybersecurity in the Indian context. With the rapid digitization of various industries and the growing reliance on digital platforms for business operations, the protection of intellectual property has become increasingly critical. However, the digital landscape also presents new challenges and threats, […]

Draft Submission- No Section 271(1)(c) penalty when no specific limb been mentioned

Grounds of Appeal related to the penalty imposed u/s 271(1)(c) of the Act , 1961 AY 2015-16 1. In the facts and circumstances of the case the Ld. Jurisdictional AO is not justified in imposing penalty of 6,54,050.00 on the assessee which is illegal and imposed in a most arbitrary manner and assessee denies her […]

Delhi HC Orders Canara Bank to Vacate Attachment on Assessee’s Cash Credit under GST

Case Law Details Case Name : Sant Steel And Alloys Private Limited Vs Directorate General of Goods And Services Tax Intelligance (Delhi High Court) Appeal Number : W.P.(C) 4410/2024 Date of Judgement/Order : 09/04/2024 Related Assessment Year : Sant Steel And Alloys Private Limited Vs Directorate General of Goods And Services Tax Intelligance (Delhi High […]

GST Appeal cannot be rejected for non/delayed submission of certified copy of uploaded order

Otsuka Pharmaceutical India Pvt. Ltd. Vs Union of India & Ors. (Gujarat High Court) In a recent judgment, the Gujarat High Court addressed the issue of rejection of GST appeals due to non or delayed submission of certified copies of uploaded orders. The case involved Otsuka Pharmaceutical India Pvt. Ltd., a company engaged in the […]

Whether ITC is eligible on employee gratuity insurance?

Recently Govt. of Karnataka has brought a notification dated 10-01-2024 by exercising powers given under section 4A(4) the Payment of Gratuity Act 1972 – where it has mandated companies registered in Karnataka to obtain gratuity insurance policy for their employees. The said move has been taken to protect employee rights and to provide them financial […]

Approaches to Tackling Online Infringement

ABSTRACT The method to combating online infringement and digital piracy is comprehensive, encompassing legal, technological, and instructional initiatives. With the help of international cooperation, legislative efforts are concentrated on enacting anti-piracy measures and modernizing copyright laws. Content identification systems, watermarking, and DRM are examples of technological solutions. Legal repercussions, domain blockage, and ISP collaboration are […]

FAQ On Reporting of Share Market Transaction in Income Tax Return

In the past few years, Share market has given tremendous return to its investors and traders if they have invested their hard earned money with some logics. Many of them have earned profits, on the other side there are also peoples who have incurred losses due to Future & Options trading, Intraday Trading, investment in […]

Due Date Applicable to Companies Under Companies Act 2013

Section Compliance Statutory Time Line Due Date Forms Reporting Authority Type of Company 10A Declaration of commencement of business Within 180 Days from the incorporation date. Within 180 Days from the incorporation date INC- 20A ROC All Companies 12 Intimation of Change in the Registered Office Within 30 days of the change of the address […]

Frequency of Meetings under Companies Act, 2013

Under the Companies Act 2013, meetings play a crucial role in the governance and decision-making processes of companies. Meetings are essential for companies to conduct their affairs efficiently and transparently. The Act mandates various types of meetings, including Board Meetings, Annual General Meetings (AGMs), and Extraordinary General Meetings (EGMs), each serving distinct purposes. This flash […]

Provisions And Process of Strike off of Companies

In this editorial, we delve into the intricacies of striking off companies under the Companies Act, 2013. We explore the regulations, procedures, and common inquiries surrounding this process. In this Flash editorial, the author shall discuss the provisions and ROC C-Pace of the Strike off of Company under Companies Act, 2013. We receive queries on […]

WhatsApp Image Cannot Be the Sole Basis for Additions: ITAT Surat

ACIT Vs Shanker Nebhumal Uttamchandani (ITAT Surat) The case of ACIT Vs Shanker Nebhumal Uttamchandani, as decided by ITAT Surat, highlights the significance of concrete evidence in tax assessments, particularly regarding additions made based on digital device data. The Assessing Officer (AO) had made additions to the income of the assessee based on details found […]

Regulatory Frameworks for Fintech Innovation in India: Challenges & Opportunities

Abstract :- The paper dually illuminates development of the regulatory framework with the effect of judicial decisions on Fintech regulation. Additionally, it examines the legal aspects concerning technologies including blockchain and artificial intelligence and its role in disrupting fintech regulation, providing the readers with insights on these features. The one that follows the Fintech regulations […]

Eligibility, Forms Required & Procedure

Dormant Company (How to take Status of Dormant Company) Eligibility and Forms Required (How to make Dormant Company Active) There are some instances where a company is being incorporated but the company does not want to carry on the business at the moment due to some reasons the major reason for such a change is […]

Impact of Delayed Payments to MSME Vendors: Legal Analysis

The impact of delayed payments to Micro, Small, and Medium Enterprises (MSME) vendors is a pressing concern in the business landscape. This editorial delves into the repercussions of such delays, examining both the provisions of the Companies Act, 2013, and the MSME Act, 2006, along with their reporting requirements. A. Provisions of Companies Act, 2013 […]

Who is our “Sankatmochan” during Financial “Sankat” ?

Introduction: In the spirit of Hanuman Jayanti, let’s explore who serves as our “Sankatmochan” during financial crises. Just as Lord Hanuman rescues from troubles, various financial instruments offer support in times of need. Arjuna (Fictional Character): Krishna, this April 23rd we’ll be celebrating Hanuman Jayanti, honoring Lord Hanuman, known as Sankatmochan, the one who removes […]

Input Tax Credit (ITC) on Motor Vehicles under GST: A Detailed Analysis

Introduction In the landscape of Goods and Services Tax (GST), Input Tax Credit (ITC) serves as a pivotal tool for businesses to alleviate their tax burdens. However, when it comes to motor vehicles, specific regulations dictate the eligibility and limitations of claiming ITC. Understanding these intricacies is vital for businesses seeking to optimize their tax […]

Bankruptcy Orders: Process, Implications and Protections

Bankruptcy order A bankruptcy order is a legal declaration issued by a court stating that an individual or organization is unable to repay their debts. This order is typically sought by creditors who have not received payment from the debtor despite various attempts to collect the debt. Once a bankruptcy order is granted, it initiates […]

Customs Duty on Import of Share Certificates for Dematerialization into India

Introduction The Indian government’s recent mandate for dematerialization of shares of private companies has raised concerns about the customs duty implications for NRIs and foreign shareholders. For dematerialization, physical copy of the share certificate is required to be sent to India. This article analyses the customs law implications and the applicable customs duty on the […]

Insights into India’s Legal Landscape

 I. Introduction Cross-border insolvency can be construed as those insolvency matters where a debtor who has declared himself to be as insolvent has assets in more than one jurisdiction or country, and its creditors, too, reside overseas. And, therefore, it could also be termed as an international insolvency. Cross-border insolvency is a fairly new concept […]

Domination of AI on Corporate Boardrooms & Decision-Making

Navigating the Future: The Domination of Artificial Intelligence (AI) on Corporate Boardrooms and Decision-Making Processes Introduction In the frantic world of business, the only constant thing is the innovation and change. A lot has changed all throughout the centuries, but none has been as fascinating as the rise of Artificial Intelligence (AI). A pivotal question […]

Adjudicating Authority Correctly Admitted Section 7 Application: Debt & Default Proved

Shweta Sharma Vs SREI Equipment Finance Ltd. & Anr. (NCLAT Delhi) The National Company Law Appellate Tribunal (NCLAT) in Delhi rendered a significant decision regarding the validity of a Section 7 application in the case of Shweta Sharma Vs SREI Equipment Finance Ltd. The dispute stemmed from a loan agreement between the Financial Creditor and […]

ITAT Delhi Allows Bad Debts Claimed by Oriental Bank of Commerce

Oriental Bank of Commerce Vs ACIT (ITAT Delhi) The recent decision by the Income Tax Appellate Tribunal (ITAT) Delhi in the case of Oriental Bank of Commerce vs. ACIT (ITAT Delhi) has significant implications for the treatment of bad debts claimed by the bank under section 36(1)(vii) of the Income Tax Act, 1961. The appeal […]

Net Direct Tax collections for Financial Year (FY) 2023-24

Ministry of Finance Net Direct Tax collections (provisional) for Financial Year (FY) 2023-24 exceed Union Budget Estimates by Rs. 1.35 lakh crore i.e. by 7.40%Net Direct Tax collections (provisional) for the FY 2023-24 exceed Revised Estimates by Rs. 13,000 crore Gross Direct Tax collections (provisional) for FY 2023-24 stand at Rs. 23.37 lakh crore registering […]

Slump Sales: A Comprehensive Guide to Structuring Deals for Success

Delve into the intricacies of slump sale as per Section 50B of Income Tax Act in India. Learn about its definition, tax implications, and key considerations for buyers and sellers. The post Slump Sales: A Comprehensive Guide to Structuring Deals for Success appeared first on TaxGuru. Source link

Personal Guarantor Liability in Corporate Insolvency: Legal Analysis

In the realm of corporate finance, the role of personal guarantors holds significant implications, particularly in insolvency scenarios where corporate debtors default on their obligations. Personal guarantors, individuals who pledge their assets to secure loans for corporate entities, often find themselves at the center of legal disputes and financial liabilities. The introduction of the Insolvency […]

Complexities of Cross-Border Insolvency: A Comprehensive Guide

Introduction: In today’s world, businesses often operate in many countries, which can complicate things when they run into financial trouble. Cross-border insolvency happens when a struggling company has assets, debts, or legal issues in more than one country. It’s like having a puzzle with pieces scattered all over the world. Understanding cross-border insolvency is important […]

Manipulative Interpretation by JNCH Customs – Part 1  

CBIC & DGFT: Why the JNCH Customs indulges in manipulative interpretation —Part 1   The DGFT & CBIC have embraced a systems-driven approach to enhance monitoring capabilities. However, despite these efforts, there are instances where corrupt practices persist. Some individuals within these agencies resort to dubious methods to manipulate the system, causing undue hardship for […]

Competition Commission of India (CCI): Duties, Powers and Functions

Section Summary Understanding   Section 22 Meetings of Commission  Meetings and Procedures: The Commission will convene meetings as necessary, adhering to specific rules and procedures outlined in regulations. Chairperson’s Absence: If the Chairperson is unable to attend a meeting for any reason, the most senior Member present will lead the meeting. Decision Making: Decisions within […]

Punjab and Haryana HC directs Appeal Hearing 

Splendor Landbase Limited Vs Joint Commissioner of State Tax Gurugram and others (Punjab and Haryana High Court) In the case of Splendor Landbase Limited Vs Joint Commissioner of State Tax Gurugram and others, the Punjab and Haryana High Court addressed the issue of delay in filing an appeal against an assessment order. Despite the delay, […]

Unsigned GST Order not sustainable & deserves to be quashed: Telangana HC

Silver Oak Villas LLP Vs Assistant Commissioner ST (Telangana High Court) In a recent case before the Telangana High Court, the issue of unsigned orders in tax cases came under scrutiny. The petitioner challenged an order issued by the Assistant Commissioner under the CGST/TGST Act, 2017, citing its voidness due to lack of signature. Let’s […]

Chhattisgarh HC Orders Refund of Excess GST on Works Contracts

Surana And Company Vs Union Of India (Chhattisgarh High Court) The case of Surana and Company vs. Union of India reached the Chhattisgarh High Court concerning the non-refund of a 6% differential GST liability borne by contractors for works contracts. The court directed the refund of the excess tax paid within a stipulated timeframe. The […]

SC verdict on jurisdiction of Special Courts under IBC, 2016

Insolvency And Bankruptcy Board of India Vs Satyanarayan Bankatlal Malu & Ors (Supreme Court of India) The recent Supreme Court ruling in the case of Insolvency And Bankruptcy Board of India Vs Satyanarayan Bankatlal Malu & Ors clarifies the jurisdiction of Special Courts under the Insolvency and Bankruptcy Code. Analyzing the provisions of Section 236(1) […]

Buy-Backs under Companies Act 2013

Introduction: Buy-back provisions under the Companies Act 2013 offer companies a mechanism to repurchase their own shares, providing flexibility in capital management. This article delves into the nuanced regulations governing buy-backs, including eligibility criteria, procedural requirements, and compliance obligations. > Provisions to be read: Section-68 of the companies act,2013 read with Companies (Share capital and […]

Resolution Applicant Not Liable for liabilities other than those specified in Resolution Plan

Ireo Fiveriver Pvt. Ltd. Vs Income Tax Department & Anr. (Delhi High Court) The Delhi High Court recently delivered a judgment in the case of Ireo Fiveriver Pvt. Ltd. vs Income Tax Department & Anr., pertaining to Section 148A(d) of the Income Tax Act, 1961, for the Assessment Year 2017-18. The judgment revolves around the […]

New Branches Established in Central India

Introduction: The Institute of Chartered Accountants of India (ICAI) recently issued notifications regarding the establishment of new branches under its Central India Regional Council (CIRC). These notifications, issued under Regulation 159(1A) of the Chartered Accountants Regulations, 1988, signify the organization’s commitment to expanding its reach and services. Detailed Analysis: 1. Muzaffarpur District Branch: The notification […]

20% Pre-deposit for GST Appeal not includes Interest: Calcutta HC

Evergreen Construction Vs Commissioner of Commercial Taxes Government of West Bengal And Ors. (Calcutta High Court) Evergreen Construction has filed an intra-court appeal against an interim order requiring them to deposit 20% of disputed unpaid interest. The dispute arises from an adjudication order demanding interest due to delayed tax return filings for the relevant financial […]

HSN codes applicable for Sweets and Snacks Manufacturers

HSN Goods Rate 210690 Namkeens,  bhujia,  mixture,  chabena  and  similar  edible preparations  in  ready  for  consumption  form, other than those pre-packaged and labelled. CGST – 2.5% and SGST – 2.5% 210690 Namkeens,   bhujia,   mixture,   chabena   and similar  edible  preparations  in    ready  for consumption    form    (other    than    roasted gram) pre-packaged and labelled. CGST – 6% and […]

Various Types of Trusts and their Importance

Introduction: Trusts serve several functions and are a vital component of the Indian legal system. A legal arrangement known as a trust designates a trustee to hold assets on behalf of beneficiaries. There are various types of trusts with distinct functions in India. The six distinct categories of trusts in India will be covered in […]

Cross Department investigation, is without jurisdiction: Madras HC

Introduction: The recent judgment by the Madras High Court in the case of Tvl. Vardhan Infrastructure and others vs The Special Secretary, Head of the GST Council Secretariat has significant ramifications for cross-department investigations under GST laws in India. In case of Tvl.Vardhan Infraastructre and others vs The Special Secretary, Head of the GST Council […]

Committee of Creditors (CoC) under IBC 2016

Introduction The Insolvency and Bankruptcy Code (Code), which was enacted in 2016, completely overhauled the Indian bankruptcy regime following the obvious failure of the Sick Industrial Units Act of 1987 (SICA). The Code became a tool for promoting entrepreneurship and credit availability in the market, with its main goals being the timely settlement of debt, […]

ITC on Construction Materials & Supplies: AAR rejects application

In re V Chitti Babu (GST AAR Karnataka) The case of V Chitti Babu under GST AAR Karnataka revolves around the admissibility of input tax credit (ITC) concerning construction materials and supplies used in the construction of a Marriage & Convention hall, as well as the ITC for inward supplies of various items used in […]

GST exempt on Teachers & Lecturers Supply to BBMP Schools: AAR Karnataka

In re Crystal Infosystems and Services (GST AAR Karnataka) The GST AAR Karnataka addressed queries regarding the exemption of services provided by Crystal Infosystems and Services to BBMP schools and colleges. The analysis delves into the applicability of CGST and SGST to these services. Crystal Infosystems and Services provide teachers and lecturers to BBMP schools […]

Section 149 of Customs Act is an additional remedy for amendment of Bill of Entry: Kerala HC

Travancore Cocotuft Private Limited Vs Deputy Commissioner (Customs) (Kerala High Court) Kerala High Court held that Section 149 of the Customs Act is an additional remedy available to the person who seek amendment of the Bill of Entry. Thus, modification of the assessment order can be either under section 128 or under other relevant provisions […]

Licensing services of film distribution classifiable under SAC 999614: AAAR Karnataka

In re J B Exhibitors (GST AAAR Karnataka) The case of In re J B Exhibitors (GST AAAR Karnataka) revolves around an appeal filed against the Advance Ruling Order No. KAR ADRG 30/2023 dated 15.09.2023. The appeal, made by M/s. J. B. Exhibitors, challenges the ruling concerning the classification of licensing services for film distribution. […]

Madras HC Sets Aside GST Order: Opportunity to Hearing Denied

Tenkasi Shencottai Taluk Vs State Tax Officer (Madras High Court) The Tenkasi Shencottai Taluk’s confrontation with the State Tax Officer over GST orders reached a pivotal juncture in the corridors of justice at the Madras High Court. With allegations of procedural unfairness looming large, the court’s verdict resonated with echoes of justice and procedural rectitude. […]

PIL challenging provisions of 101st Constitutional Amendment Act relating to GST dismissed

Introduction: The recent judgment by the Hon’ble Patna High Court in the case of Amit Pandey v. Union of India [CJWC No. 7483 of 2017 dated April 01, 2024] holds significance in the realm of constitutional law, particularly concerning the Goods and Services Tax (GST). Amit Pandey, the petitioner, challenged sections 2, 9, 12, and […]

IGST not payable under RCM for services in Free-on-Board & Cost Insurance Freight Contract

The Hon’ble Bombay High Court in the case of M/s. Agarwal Coal Corporation Pvt. Ltd. v. Assist. Commissioner of State Tax [Writ Petition No. 15227 of 2023 dated March 05, 2024] set aside the Show Cause Notice issued by the Revenue Department based on the Notification No. 08/2017-Integrated Tax (Rate) dated June 28, 2017 (“the […]

Goods seized cannot be released by invoking writ jurisdiction if no application filed for release of goods under GST

Kanak Timber House & Anr. Vs Assistant Commissioner of Sales Tax & Ors. (Calcutta High Court) Goods seized cannot be released by invoking writ jurisdiction if no application filed for release of goods under GST The Hon’ble Calcutta High Court in the case of Kanak Timber House v. Assistant Commissioner of Sales Tax [W.P.A. NO. […]

Understanding GST Registration: An all-inclusive guide

INTRODUCTION The initiation of concept of Goods and Services Tax in India is a turning point in India’s taxation system. Our country has achieved a significant milestone as it has been implemented with a purpose to bring India’s disjointed tax system together. The main aim of GST is to provide a smooth and open indirect […]

Gold Price shining- Know the reasons

Introduction: The recent surge in gold prices has sparked curiosity about the underlying reasons driving this trend. This article delves into the intricate dynamics of the gold market, exploring factors such as shifting demand patterns and geopolitical events that have contributed to the rise in gold prices. What’s cooking with this precious metal?? GOLD IS […]

RBI Authorization for Gold/Silver Import via IIBX in IFSC

Introduction: The recent circular by the Reserve Bank of India (RBI) regarding the import of gold and silver through the India International Bullion Exchange IFSC Limited (IIBX) in the International Financial Services Centre (IFSC) has significant implications for authorized banks and market participants. Let’s delve into the details of this circular and analyze its impact. […]

Understanding the Different Types of Mutual Funds

Introduction:- A mutual fund serves as a collective investment platform, gathering funds from multiple investors to be pooled and then invested across various financial instruments such as equities, bonds, government securities, and money market instruments. Skilled fund managers oversee the investment process according to the scheme’s defined objectives. The returns generated from these investments, net […]

The Limited Role of Personal Income Tax in India

INTRODUCTION India is home to an impressive 1.3 billion people, making it the world’s second most populated nation. Despite this, income tax plays just a minor role in India, with only approximately 3% of the population actually paying it. The limited role of personal income tax in India has always been a topic of debate. […]

Assessee’s Responsibility to Monitor GST Portal

Bajrang & Bajrang Vs State Tax Officer (FAC) (Madras High Court) The Madras High Court recently rendered a significant judgment in the case of Bajrang & Bajrang Vs State Tax Officer (FAC). The case revolves around the responsibility of registered individuals to monitor the GST portal and respond to tax demands promptly. The petitioner challenged […]

Bombay HC Quashes GST Recovery Proceedings Against Company Director

Prasanna Karunakar Shetty Vs State of Maharashtra (Bombay High Court) Before taking any action of recovery against the directors of the company, a subjective satisfaction is required to be achieved by the concerned officer in regard to whether a person concerned against whom recovery is sought to be made was a director of a Private […]

GST Implications on Hotels & Restaurant Industry

Introduction: The Indian hospitality industry, comprising hotels and restaurants, plays a pivotal role in the nation’s economy. With the introduction of GST, significant changes have occurred, impacting various aspects of this sector. This article delves into the implications of GST on hotels and restaurants, analyzing rate structures, billing procedures, and industry stabilization. Indian tourism industry […]

All about Income Tax Returns for individuals FY 2023-24 AY 2024-25

Everything About ITR Forms: Which Form to File and Why Filing Is Advisable Regardless of Income As we all know, ITR filing has commenced! However, it’s prudent to wait until the first week of June 2024 for all details to be updated on the income tax portal. In the meantime, let’s delve into ITR forms. […]

GST on Rent: Residential vs. Commercial Premises

Summary of GST on rent, depending upon whether premises is for residential or commercial use The application of Goods and Services Tax (GST) on rent varies depending on whether the premises are used for residential or commercial purposes. Here’s a summary of the key provisions and rates applicable to landlords and tenants. 1. Residential premises […]

Copyright assignment contracts in perpetuity: Court Judgments & Interpretations

Introduction: Copyright assignment contracts, particularly those intended to last indefinitely, have been subject to interpretation and scrutiny by various court judgments. One key provision is Section 19(5) of the Copyright Act, which deems a copyright assignment to last for five years in the absence of a specified duration. This article explores the insights provided by […]

Mandatory registration of Memorandum of entry not required in Karnataka: SC

State of Haryana Vs Navir Singh (Supreme Court of India) The Supreme Court’s ruling in the case of State of Haryana vs. Navir Singh sheds light on the necessity of registering Memorandum of Entry and the intricacies of mortgage laws. The case revolves around the mandatory registration of the Memorandum of Entry in mortgage transactions. […]

Criteria for determining Dominant Position by Competition Commission of India

Factors that competition commission of India considers while determining Dominant Position of an Entity Introduction: Understanding the criteria used by the Competition Commission of India (CCI) to assess dominant positions of entities is crucial in ensuring fair competition in markets. These criteria, outlined in Section 19(4) of the Competition Act, 2002, provide a comprehensive framework […]

Effective Capital Payout Strategies: Detailed Analysis

Providing a beneficial payouts to the equity holders is always expected by the equity owners and to do it perfectly is always expected by the equity issuers. Effectively managing the gap between equity issuers and the equity owners has always been a challenge. Equity issuers always seek funding assistance from the equity owners for various […]

Effective Cost Management for SMEs: Transformative Strategies

Imperative of Effective Cost Management for SMEs Navigating the complex terrain of business, small and medium-sized enterprises (SMEs) face a myriad of challenges, from economic uncertainties to technological disruptions. Amidst this complexity, the importance of robust cost management strategies cannot be overstated. Such strategies go beyond mere expense reduction; they drive transformational, lasting, and sustainable […]

Mediation in Joint Venture Company’s Oppression & Mismanagement Dispute: NCLT referred to mediation

1. The NCLAT Delhi In Anil Agrawal v. Omega as per the attached Order Delivered on: 11.04.2023 The company was formed as a joint venture (JV) between Omega Engineering Holding BV (Omega Group) and an Indian partnership firm called Friends Refrigeration and Associates (FRA). Clause 8 of the JVA, it was the Petitioner who was to […]

Jharkhand HC Rules on Placement Agency Responsibilities & Monetary Loss to JSBCL

Urmila International Services Private Limited Vs Jharkhand State Beverages Corporation Limited (Jharkhand High Court) In a recent ruling, the Jharkhand High Court has brought clarity to the application of Rule 15 of the Jharkhand Excise (Operation of Retail Product Shops through Jharkhand State Beverages Corporation Limited) Rules, 2022, and its implications on placement agencies operating […]

Expenses Cannot Be Disallowed Without Assessee’s Claim in the Relevant Year

Sunil Dhirubhai Patel Vs ITO (ITAT Ahmedabad) In a recent case before the Income Tax Appellate Tribunal (ITAT) in Ahmedabad, Sunil Dhirubhai Patel contested the addition of Rs. 1,74,00,000/- as bogus expenses in his assessment under s. 143(3) r.w.s. 147 of the Income Tax Act, 1961. The crux of the matter lies in the disallowance […]

MCA Imposes ₹4 Lakh Penalty

Failure to maintain Registered office capable of receiving communications: MCA Imposes ₹4 Lakh Penalty The Ministry of Corporate Affairs (MCA) has taken strict action against M/S. Jansansar Nidhi Limited and its directors for failing to maintain a registered office capable of receiving communications. Here are the key details: Violation and Penalty: The Registrar of Companies, […]

HC should not scrutinize an order of ITSC as an appellate court: Bombay HC

CIT Vs Income Tax Settlement Commission Additional Bench (Bombay High Court) The recent judgment by the Bombay High Court highlights the judiciary’s role concerning the orders of the Income Tax Settlement Commission (ITSC). Specifically, it discusses the limitations of the High Court in scrutinizing ITSC orders as if it were an appellate court. ITSC is […]

Hub and Spokes Arrangement – Boon or Bane?

The Beginning: The Competition Act, 2002 has been amended by the Indian legislature through the Competition (Amendment) Act, 2023. These amendments recognise that anti-competitive agreements can take many forms, including hybrid agreements like hub-and-spoke cartels and the involvement of intermediaries/facilitators who are not engaged in identical businesses. Under the new proviso added to Section 3(3) […]

360-degree Analysis of ITC with reference to Section 16(4)

[****]1. Introduction The Input Tax Credit is a backbone of GST System and seamless flow of ITC is a soul of this system making it a ‘good and simple tax’. However, after more than six years of its implementation, having nearly 1.4 crore registered taxpayers and progressing monthly collections, this promise of seamless ITC is […]

Madras HC Sets Aside GST Liability Order with Rs. 5 Lakh disputed tax payment Condition

Sri Rajaa Store Vs State Tax Officer (Madras High Court) The case of Sri Rajaa Store vs State Tax Officer came before the Madras High Court concerning an assessment order dated 29th December 2023. The petitioner challenged the order, citing a breach of natural justice principles. The petitioner, a business operating on thin margins, contended […]

ED Can’t Record Statements at Unearthly Hours, Violating Right to Sleep: Bombay HC

In a most historic move, the Bombay High Court which is one of the oldest and so also one of the most prestigious High Courts in India in a most laudable, learned, landmark, logical and latest judgment titled Ram Issrani vs Enforcement Directorate & Ors in Criminal Writ Petition (Stamp) No. 15417 of 2023 and […]

Section 43B(h) and MSME Complete Guide

Section 43B(h) of the Income Tax Act in India, which was introduced by the Finance Act 2023, is specifically designed to ensure timely payments to Micro and Small Enterprises (MSEs). This guide provides insights into the key points of this section, its applicability, effective date, payment deadlines, and deduction criteria. Additionally, it outlines steps for […]

Step-by-step process of Enterprise Risk Management (ERM)

Introduction: Enterprise Risk Management (ERM) is a systematic approach that organizations undertake to identify, assess, prioritize, and manage various risks that could impact their objectives. This comprehensive guide explores each step of the ERM process, providing insights into risk identification, assessment, mitigation, and ongoing monitoring. Steps involved in ERM process in an organization. Definition: understanding […]

Complete Guide of Filing of FORM MSME-1

Filing Form MSME-1 is a requirement for specified companies that have outstanding dues to Micro, Small, and Medium Enterprises (MSMEs) for more than 45 days. Here’s a step-by-step guide on how to prepare and file Form MSME-1: 1. Identify MSME Creditors: Determine if any of your suppliers are registered under the MSME Act, 2006. 2. […]

A Journey Towards a Unified Market

Introduction The Goods and Services Tax (GST) marks a significant milestone in India’s indirect tax landscape. Implemented in 2017, it replaced a complex web of central and state levies with a single, unified tax system. This article delves into the development of GST in India, exploring its objectives, structure, and ongoing advancements. The idea of […]

Checklist for Filing Income Tax Return (ITR) for AY 2024-25

Necessary documents and information for Filing Income Tax Return (ITR) for Assessment Year (AY) 2024-25 & Checklist Before filing your Income Tax Return (ITR) for the Assessment Year (AY) 2024-25, it’s important to ensure that you have all the necessary documents and information ready. Here’s a checklist to help you prepare: 1. Collect all relevant […]

Section 263 Inapplicable if Detailed Enquiry Conducted & No Prejudice to Revenue Interests

Brahmaputra Property Hub Private Limited Vs ITO (ITAT Guwahati) Appeal filed at the instance of the assessee is directed against the order of the Learned Principal Commissioner of Income Tax, Guwahati – 1, passed u/s 263 of the Income Tax Act, 1961 (in short ‘the Act’) dt. 30/03/2023, for Assessment Year 2018-19. During the course […]

Time limit extension benefit available even for filing of application in Form No.10AB: ITAT Chennai

Shri Ramajayam Charitable Trust Vs ITO (ITAT Chennai) ITAT Chennai held that rejection of application in Form No. 10AB for seeking approval u/s. 80G(5)(iii) of the Income Tax Act by treating it as time barred under gist that CBDT circular no. 22/2022 dated 01.11.2022 didn’t provide extension of time limit is unjustified. Facts- The assessee […]

Pre-Packaged Insolvency Resolution Process (PPIRP) under IBC

Exploring the Pre-Packaged Insolvency Resolution Process (PPIRP) under the Insolvency and Bankruptcy Code (IBC) ABSTRACT: In recent years, the Insolvency and Bankruptcy Code (IBC) in India has undergone significant reforms to enhance the efficiency and effectiveness of insolvency resolution processes. One such innovation introduced under the IBC is the Pre-Packaged Insolvency Resolution Process (PPIRP). The […]

How to Safeguard Against Audit Penalty

Unpacking Section 271B: A Introduction : –    Section 271B of Income Tax Act, 1961 which mandates that certain taxpayers whose turnover surpass specific thresholds must have their accounts audited by  certified accountant. Requirement is designed to ensure transparency & compliance with tax laws, helping prevent tax fraud & maintain accurate financial records. Audit is […]

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