Consideration towards right to use of brand name/ trademark taxable as royalty

Soktas Tekstil Sanayi Ve Ticaret AS Vs ACIT (ITAT Delhi) ITAT Delhi held that consideration for permitting the licensee the right to use of brand name or trademark has to be treated as Royalty in terms of section 9(1)(vi) of the Act read with Article 12 of the tax treaty. Accordingly, the same will be […]

Indian Government Budget Team Hidden Warriors

In India, the National Budget is developed and maintained by a team of government officials and researchers. The team behind the national budget is headed by the Finance Minister and consists of a number of officials who work on the budget and are responsible for its implementation. The Budget Team Member’s Profile is a collective […]

Uncovering the Crucial Role of the Forensic Auditor

Forensic auditors are experts in the field of financial investigations who specialize in uncovering fraud, collecting and securing evidence, and testifying in court or before government agencies and tribunals. These auditors are hired to investigate financial anomalies in a company‘s operations and uncover any possible wrongdoings. Their work is invaluable in ensuring that financial misdeeds, […]

Analysis of Section 80TTA of the Income Tax Act 1961

Section 80TTA of the Income Tax Act 1961 is a provision that allows individuals, who are resident India and having a taxable income, to claim deductions for specified savings. The Section enables individual taxpayers to save tax by deducting interest on savings account, held in any bank and/or post office, from their total income. The […]

Section 80QQB of the Income Tax Act 1961

Section 80QQB of the Income Tax Act 1961 is an important beneficial provision designed to incentivize the authors and composers of certain literary and musical work by allowing them to claim a tax deduction on certain royalties earned from their work. The deduction is available to authors, composers, photographers, and film producers, who have literary […]

Loss on sale of unusable old/ obsolete inventory allowable

Air India Ltd. Vs DCIT (ITAT Mumbai) ITAT Mumbai held that loss on sale of unusable old/ obsolete inventory allowed as there is nothing on record to suggest that such inventories was part of the Fixed Assets of the appellant company and the appellant has claimed depreciation on such Inventories earlier. Facts- The assessee claimed […]

Filing of announcements in XBRL format on BSE listing centre

BSE via circular dated January 27th 2023 has introduced the facility for filings of certain   announcements in XBRL format. The said fillings are related to disclosures under REG 29 & REG 30 of  SEBI (LODR) Regulations, 2015. Following Announcements are to be made in XBRL Format: Prior Intimation of the Board Meeting. (under REG 29) […]

Weekly newsletter from Chairman, CBIC dated 30/01/2022

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Indirect Taxes & CustomsNorth Block, New Delhi-110 001Tel. : +91-11-23092849, Fax : +91-11-23092890E-mail : DO No. 61/CH(IC)/2022 30th January, 2023 Chemistry, a science so true; unveiling secrets we never knew The composition, the properties, the change; A world of knowledge, often familiar yet so strange. From medicine to […]

HC cannot condone delay in GST appeal if filed beyond maximum stipulated time limit

Hemasri Enterprises Vs Appellate Authority / Deputy Commissioner (ST) (FAC) GST-Appeal (Madras High Court) HC held that High Court while exercising powers under Article 226 of the Constitution of India, does not have the power to condone the delay when the statutory appeal filed under section 107 of GST Act is beyond the maximum time […]

Analysis of Form 13 for applying lower/Nil TDS/TCS deduction/collection

DETAILED VIEW OF FORM 13 OF INCOME TAX ACT FORM No. 13 is released under rules 28 and 37G of Income TAx Rules and is for Application by a person for a certificate under section 197 and/or sub-section (9) of section 206C of the Income-tax Act, 1961, for no deduction of tax or deduction or […]

Cancellation, Suspension & Revocation of Registration under GST

Introduction Cancellation of GST Registration describes that the taxpayer will no longer be a GST Registered Person and they will no longer have to pay or collect the taxes. The cancellation can be due to closure/transfer/change in the constitution of business. In case of death of registered person, in case of proprietorship concern, the legal […]

Deduction in respect of certain income of Producer Companies Section 80PA

Introduction Section 80PA of the Income Tax Act, 1961 deals with the deduction allowed to an eligible assessee with respect to profits and gains from his business specified in the Schedule V to the Act. This provision permits the assessee to claim a deduction (in the form of a rebate) from the gross total income […]

Catering services to Educational Institutions from 1st standard to 2nd PUC is exempt from GST

In re Sri Annapumeshwari Enterprises (GST AAR Karnataka) Whether providing catering services to Educational Institutions from 1st standard to 2nd PUC is taxable or not according to Notification No.12/2017-Central Tax Rate-under Heading 9992? Providing catering services to Educational Institution from 1st standard to 2nd PUC is exempted as per entry No. 66 of Notification No.12/2017-Central […]

GST on construction of Railway under Bridge /Tunnels executed to Indian Railways

In re S K Swamy and Company (GST AAR Karnataka) AAR held that Works contract services like a) construction of Railway under Bridge executed to Indian Railways by the Applicant is exigible to GST at 18% (SGST @ 9% and CGST @ 9%) if the Applicant is providing the services either as a main contractor […]

GST on pre-packaged and labeled jaggery

In re Prakash and Company (GST AAR Karnataka) Q.i. Whether all types of jaggery are covered under the Notification No. 6/2022-Central Tax (Rate) dated 13-07-2022? A.i. All types of jaggery, pre-packaged and labeled are covered under S. No. 91A of Notification No. 1/2017 Central Tax (Rate) dated: 28.06.2017 as amended vide Notification No. 6/2022-Central Tax […]

ITC on trading of meat products & packed cold cuts spices & masala powder

In re Meat Mart Unit of the New Bangalore Ham Shop (GST AAR Karnataka) The applicant has stated that they are trading in fresh and semi processed meat products like chicken, mutton, fish, pork and all type of packed cold cuts spices and masala powder etc. They are trading in both taxable and exempted goods. […]

GST on Works contract service to Bio Centers, Department of Horticulture & Center of excellence

In re Sanjeevini Enterprises (GST AAR Karnataka) AAR held that –  i. Works contract service provided to Bio Centers, Department of Horticulture and Center of excellence are not exempted from GST. ii. Providing Manpower service like data entry operator, security to Horticulture Department is exigible to GST at 18%( CGST @ 9% and KGST@9%). iii. Materials […]

In re Meat Mart Unit of the New Bangalore Ham Shop (GST AAR Karnataka)

In re Meat Mart Unit of the New Bangalore Ham Shop (GST AAR Karnataka) i. What percentage of GST input tax should be claimed for our nature of business as mentioned above for the following services received from our service providers. a) GST paid for our shop on commercial rent to landlord. b) GST paid […]

Interest on loan taken for certain house property

Section 80EEA: Deduction in respect of interest on loan taken for certain house property- Article explains Overview of Section 80EEA, Eligibility conditions to be eligible for deduction under 80EEA, Calculation of Deduction under Section 80EEA with Examples and Taxability of the deduction under Section 80EEA. Overview of Section 80EEA The section 80EEA of income tax act […]

Fees received by cricket players from IPL team owners is not ‘Business Support Service’

The CESTAT, Ahmedabad in Yusuf khan M Pathan & Irfan Khan Pathan v. C.C.E. & S.T. [Final Order No. A/ 10086-10087 /2023 dated January 20, 2023] Set aside the order demanding Service Tax on the fees paid to cricketers. Held that, the fees received by the international cricket players from cricket team owners, whereby, they […]

Whether mandatory to distribute credit through ISD mechanism only?

Input Service Distributor (ISD) – Whether mandatory to distribute credit through the ISD mechanism only? The concept of Input Service Distributor (ISD) was present under the Service Tax regime also before the introduction of GST. This old concept is adopted under GST with some modifications. The purpose of the introduction of ISD is to distribute […]

Great Gossip of Recession

Now a days whenever you will take a pain of reading news in news papers or in social medias you will often find the headlines with two shocking news, one is incoming recession and another is great lay off by the top companies particularly the Tech giants like Google, Amazon or Face book to our […]

Avoidance Applications Survive CIRP & Can Be Heard After Resolution Plan Approval

Tata Steel BSL Limited Vs Venus Recruiter private Limited & Ors (Delhi High Court) a) The phrase “arising out of” or “in relation to” as situated under Section 60(5)(c) of the IBC is of a wide import and it is only appropriate that such applications are heard and adjudicated by the Adjudicating Authority, i.e., the […]

Subscription revenue from Chemical Extract Service & Publication division not qualify as Royalty

American Chemical Society Vs  DCIT (ITAT Mumbai) The brief facts of the case pertaining to the issue, as emanating from the record, are: The assessee is a Corporation based in USA, established to promote and support development of knowledge in the field of chemistry and is organised into various divisions including Chemical Abstracts Service and […]

Treating Advance Amount as Security Deposit – Invocation of extended period of limitation valid

Applied Solar Technologies (India) Pvt. Ltd. Vs Commissioner, Central Goods & Service Tax (Audit-II) (CESTAT Delhi) The third issue that arises for consideration is regarding the invocation of the extended period of limitation in the show cause notice. The relevant portion of the show cause notice invoking the extended period of limitation is reproduced below: […]

Section 80P(2)(d) deduction eligible on Interest Income Earned by Co-op Society from Co-op Bank

Bhairabnala Samabay Krishi Unnayan Samity Ltd. Vs ITO (ITAT Chennai) As far as section 80P(4) of the Act, it only provides that provisions of section 80P shall not be applied in relation to any co­operative bank other than agricultural credit society or any agricultural rural bank. In simple words such cooperative Bank cannot claim deduction […]

Jharkhand HC upheld Conviction of Former Minister under PMLA

Anosh Ekka Vs Directorate of Enforcement (Jharkhand High Court) It is argued on behalf of the appellant that since both the cases i.e. the present case under PMLA and that under PC Act arise out of the same transaction, therefore, the benefit of Section 427 of the Cr.P.C should have been extended to the appellant. […]

No royalty if payment made by Google India to Google Ireland for purchase of online advertisement space for resale to Indian Advertisers

Google India Pvt. Ltd. Vs JDIT (ITAT Bangalore) Conclusion: Purchase of online advertisement space for onward resale to Indian advertisers did not amount to Royalty as unless the non-resident, who was engaged in sale of online advertisement space, had a PE in India, no portion of receipts earned by it from sale of online advertisement […]

Power of GST officers to seize cash during search operations?

You may have noticed in many cases of GST search seizure and inspection that many time offices pressurize the taxable person to pay tax immediately or they may seize assets or cash, bank account etc. In this article we will discuss whether GST officer have power to seize cash during search operation or not?? Provision […]

Appeal cannot be Condoned after 4 years if delay not explained by assessee

Hrishikesh Mega Township (P) Limited Vs Income Tax Officer (ITAT  Kolkata) In this case satisfied that the assessee has nothing to say in support of its alleged bogus share capital claim. Apart from the above, we also notice that impugned order was passed in 2016 by the ld. 1st Appellate Authority, whereas appeal has been […]

GST Registration cancellation order by merely Relying on System Generated Orders Not Sustainable

Rekha Saxena Vs. Commissioner of Central Goods and Services Tax (Delhi High Court) HC held that orders cancelling registration are a serious matter, they impact the registrants, and therefore, the concerned officer should carefully pen down the orders, and not rely on the system generated orders. In this case, it appears that the order dated […]

Dissection of Provision of Entrenchment of Articles under Companies Act, 2013

Concept of Entrenchment of Articles of Association of Company Applying provisions or conditions that more restrictive in nature than those applicable to the Company is called as “Entrenchment of Articles”. The concept of entrenchment is introduced under Section 5(3), by the Companies Act,2013. The earlier enactment does not have any such provision, but the need […]

Bullion Trading Members and Clearing Members in IFSC

International Financial Services Centres Authority(A statutory authority established by Government of India) Circular F. No. 329/IFSCA/Bullion MIIs/2022-23 Dated: January 27, 2023 To,Bullion Exchange in the International Financial Services Centre (IFSC)Bullion Clearing Corporation in the IFSCBullion intermediaries in the IFSC Dear Sir/Madam Bullion Trading Members and Clearing Members in IFSC This has reference to IFSCA’s circular F.No.329/IFSCA/Bullion […]

GST registration cannot be cancelled without Application of mind by department

Application of mind should be there on the part of the Revenue Department while cancelling the GST registration The Hon’ble Calcutta High Court in the matter of Monirul Islam v. State of West Bengal & Ors. [M.A.T. No.2051 of 2022 with I.A. No. CAN 1 of 2022 dated January 20, 2023] set aside the auto-generated […]

ITC cannot be denied without granting opportunity to show genuineness of transactions

Opportunity of hearing to be granted before denying ITC where sufficient documents are available to show genuineness of the transactions The Hon’ble Calcutta High Court in Vishal Kumar Arya v. Assistant Commissioner, State Tax, Ultadanga Charge & Ors. [M.A.T. No.2004 of 2022 with I.A. No. CAN 1 of 2022 dated January 20, 2023] directed the […]

Issue of DRC-07 within 5 days of issuance of DRC-01 is violation of principles of natural justice

Chitra Automobile Vs State of Jharkhand (Jharkhand High Court) It appears that a show cause notice under Section 73(1) of the Act dated 12.02.2022 was issued to the petitioner which was issued in a format without striking out the irrelevant particulars and thus, there won’t be an exaggeration in treating the same as vague as […]

HC quashes penalty order passed after 7 days from service of notice

Deepam Roadways Vs Deputy State Tax Officer (Madras High Court) Under section 129(3) of Central Goods and Services Tax Act, 2017, the proper officer after detaining the goods or conveyance shall issue a notice of such detention or seizure specifying the penalty payable and thereafter, pass an order within a period of seven days from […]

Delayed Appeal against GST Registration cancellation order – Power of HC to condone delay – Registry directed to place matter before Chief Justice of HC

Paul Raj Engineering Vs Assistant Commissioner (Circle) (Madras High Court) Appeal against GST Registration cancellation order filed after stipulated time limit – Power of High Court to condone delay in such appeal filing – Registry directed to place matter before Chief Justice of Madras High court as two contradictory views expressed by two Hon’ble Judges […]

Gaming services are not betting/gambling- Issue of SCN is abuse of process of law

Myteam11 Fantasy Sports Private Limited Vs Union of India (Rajasthan High Court) The petitioners have been served with a show cause notice under Section 74(1) of the Central Goods & Services Tax, 2017 (for short ‘CGST, 2017’) alleging that the petitioner-Company by misclassifying their supply as service instead of actionable claims which are goods and […]

Impact of Adani Group’s Sustainable Practices on Financial Performance

Introduction The Adani Group is one of India’s most powerful corporate entities, and is rapidly becoming one of the most influential in the world. Founded in 1988, the Group has grown into a global powerhouse. It is currently involved in the generation of power, trader and logistics, resources, minerals, and agribusiness sectors. This comprehensive overview […]

List of Forms Under GST

They are number of sections and rules in GST. To comply with this all sections and rules there some standard form notified by the CBIC for easiness of compliance and to maintain uniformity across the country. So here I am collating all the GST forms notified under different section and rules for our ready reference: […]

HC Grants bail as accused was co-operating & proceeding u/s 74 of CGST Act was pending

Pradeep Jain Vs State of U.P (Allahabad High Court) It is submitted by learned counsel for the applicant that proceeding u/s 74 of CGST Act is still pending, he is cooperating with the investigation/enquiry and did not misuse the liberty of aforesaid interim anticipatory bail which was granted on 22.03.2021 by the Coordinate Bench of […]

Assessment order passed in the name of non-existing entity is null & void ab initio

DCIT Vs Barclays Global Service Centre Private Limited (ITAT Pune) The issue that arises for our consideration is whether or not an assessment order passed in the name of amalgamating company i.e. non-existing company, is valid in the eyes of law. There is no dispute about the fact that the factum of amalgamation was put […]

Non-appointment of CS as Company was not in a cosmopolitan area – Penalty reduced

F.No:9/72/ADJ/SEC.203/2013/ANDHRA PRADESH /RD(SER)/2022/5492BEFORE THE REGIONAL DIRECTOR, SOUTH EAST REGION MINISTRY OF CORPORATE AFFAIRS, HYDERABAD IN THE MATTER OF COMPANIES ACT, 2013 IN THE MATTER OF SAUMYA MEDICAL CARE AND MEDIA LIMITED 1. M/s. Saumya Medical Care And Media Limited2. Mr. Suresh Chintamaneni, Managing Director Appellants Date of hearing :15.11.2022 Present : Mr. Sri Krishna Chintalapati, […]

ESOP can be granted by company to Doctors exclusively employed with subsidiary

Q. Upon listing of the Company, will it be permissible, as per the SEBI SBEB & SE Regulations, for stock options to be granted under the ESOP Plan 2013 to the doctors who are proposed to be engaged as Eligible Employees. i. Regulation 2(1)(i)(i) of the Securities and Exchange Board of India (Share Based Employee […]

Mistakes by NRI in ITR – ITAT directs AO to consider rectification application on merits

Prasanta Kumar Mishra Vs ACIT (ITAT Cuttack) Admittedly, the assessee individual is a non-resident Indian and the facts clearly show that the return has been filed with mistakes. These mistakes can admittedly be rectified by filing a rectification application. The rectification application admittedly is not being considered on account of the limitation provided u/s. 154(7) […]

Refund claim not to be filed for suo motu credit of Cenvat reversed earlier

Mideast Integrated Steels Ltd. Vs Commissioner of CGST & Excise (CESTAT Kolkata) CESTAT find that the Appellant had discharged the duty burden from their PLA Account and as such, there is no dispute about the same. With such payment of duty out of PLA, they have reversed the debit entry made by them in their […]

Trading of SIM Cards & Recharge Coupons not amounts to providing BAS

J.K. Enterprises Vs Principal Commissioner (CESTAT Delhi) According to the appellant it is trading in SIM cards and recharge coupons and, is not rendering any service to the principal. It is buying the SIM cards from it and selling them to others. Such arrangements are made by various telecom operators whereby they appoint distributors to […]

Interest on housing loan for Construction of Rented House allowable under section 24(b)

Anushree Agarwal Vs ACIT (ITAT Kolkata) Ground no.4 it relates to disallowance of interest of Rs.4,62,710/-. We observe that the said expenditure claimed by the assessee was disallowed by the ld.AO. Further, on perusal of the written submissions before the ld. CIT(A) it is discernible that the assessee had taken housing loan from B.O.I (Bank […]

CESTAT allows Cenvat Credit of Input Services used for Removal & Disposal of Fly Ash

Shyam Metalics & Energy Limited Vs Commissioner of CGST & CX (CESTAT Kolkata) The issue required to be decided in the present appeal is as to whether the services obtained by the appellant for removal of coal fly ash from the captive power plant which is used for generation of power, which in turn, is […]

FAQs on Block credit under GST

1. What is Input Tax Credit in GST? Ans: It is a GST that is paid by a Taxpayer when it makes purchases of goods or avails any services and utilises such tax lower its GST obligation when it sells some goods or provides certain services. Input Tax credit simply refers to the ability to […]

Application for refund by unregistered persons under GST

Notification No. 26/2022-Central Tax through point no. 12 amended the rule 89 and insert following clauses which provide provisions regarding application for GST refund by unregistered person: 12. (i) after clause (k), the following clauses shall be inserted, namely:- “(ka) a statement containing the details of invoices viz. number, date, value, tax paid and details […]

Verizon India eligible for refund of Cenvat on Services to Verizon USA rendered as principal service provider

Verizon India Pvt. Limited Vs Commissioner of Service Tax (CESTAT Delhi) The case of Revenue is that the location of service provider/appellant is in India and further in terms of Rule 9 of POPS, the service provided, being intermediary services, the location of the service provider under Rule 9 of POPS, shall be the place […]

Few must know questions about income tax returns

There are various schemes implemented by the government to ensure the smooth functioning and development of the organization. Tax is an amount that each earning employee pays in one way or the other. This amount is invested for the development of the country. There are various ways wherein the employee can file for a tax […]

Details of Eligible Investments Under section 80C

Section 80C of The Income Tax Act 1961 is a crucial provision of the Indian Tax Laws. It makes provisions for tax benefits to individuals and Hindu Undivided Families (HUDFs) on specified investments, payments, and contributions made towards certain approved savings, insurance schemes, and other instruments. This section helps taxpayers in reducing their taxable income, […]

No service tax for brand endorsement during IPL as the same was not “business support service”

Yusufkhan M Pathan Vs C.C.E. & S.T. (CESTAT Ahmedabad) Conclusion: Service tax demand against famous cricketers and brothers, Irfan Pathan and Yusuf Pathan was not justified as they were not providing any service as an independent individual worker therefore, they were not liable to service tax under the “Business Support Service” for brand endorsement during […]

Implication of Northern Operative Ruling on Direct Taxation

1. Introduction The secondment of foreign workers has become a common scenario in today’s globalised economy. The Supreme Court by upholding the validity of the reverse charge on the secondment of employees in the case of CC, CE&ST v. Northern Operating Systems Private Limited has opened a pandora box for multinational corporations which depute their employees to […]

Section 80PA Deduction in Respect to certain Income of Producer Companies

Analysis of Section 80PA Deduction in Respect to Certain Income of Producer Companies: 1. Eligible businesses eligible for 100% deduction from the gross total income of the producer company include marketing of agricultural produce grown by members, purchase of agricultural implements, seeds, livestock or other articles intended for agriculture for the purpose of supplying them […]

HC Quashes Appellate Authority order

Siddharth Associates Vs State Tax Officer (Gujarat High Court) 1. The petitioner is before this Court seeking to challenge the action of the respondent authority essentially on two counts firstly, because the order of cancellation of registration is in breach of principle of natural justice being very cryptic and non-reasoned order and secondly, the appellate […]

Seizure of goods in transit allegedly for carrying fake invoice – HC directs owner of goods to approach competent authority

Shiv Scrap Sales Vs State of U.P. and Another (Allahabad High Court) Heard Sri Aditya Pandey learned counsel for the petitioner and Sri Ankur Agarwal learned counsel for the respondent revenue. The petitioner herein claims to be a registered dealer under G.S.T Act and is engaged in the business of supplying mixed scrap to the […]

Blocking of ITC under Rule 86A(3) & proceedings under Section 73/74

Jai Matadi Enterprises Vs Commissioner of State Tax and Ors (Bombay High Court) Heard learned counsel for the parties. The Petitioner has sought a direction to Respondent No. 3 to unblock Input Tax Credit Account in respect of entry amounting to Rs. 81,68,812/- and further directions regarding refund etc. 2. This petition came up on […]

e-bill expired without any fraudulent intent – HC Quashes Penalty order

Orson Holdings Company Limited Vs Union of India (Gujarat High Court) 1. At the time of issuance of notice on 7.12.2018 in this petition which is filed under Article 226 of the Constitution of India, this Court has passed the following order: “1. This petition challenges the constitutional validity of rule 138(10) of the Central […]

GST registration cannot be cancelled on mere statement of receptionist

Rohit Varma Vs Assistant Commissioner (Calcutta High Court) Admittedly, when an inspection was conducted by the officers of the department, one of the person, who represented to be the receptionist of the building affirmed that one Mr. Dilip Kumar Agarwal, who was the power of attorney agent of the appellant, Mr. Rohit Varma, used to […]

HC stays recovery of interest & penalty from NY Cinemas LLP

NY Cinemas LLP Vs Union of India & Ors (Delhi High Court) Present writ petition has been filed challenging the order dated 6th July, 2022 passed by respondent No.2 and the notices dated 25th July, 2022, 17th August, 2022 & 26th August, 2022 issued by respondent No. 3. Petitioner also seeks to challenge Section 171 […]

Abuse of Dominant Position – Google vs CCI

Google has been accused of ‘Abuse of Dominant Position’ as per Section 4(2)(a)(i) of Competition Act, 2002 (Act) in the case of  Umar Javeed Vs Google LLC (Competition Commission of India).  Section 4(2)(a)(i) of the Act reads as follows- Abuse of dominant position- (2) There shall be an abuse of dominant position under sub-section (1), […]

SOP under SEBI (PIT) Regulations, 2015 for ensuring compliance with Structured Digital Database

National Stock Exchange of India Circular Download Ref No: NSE/CML/ 2023/ 09 – Date: January 25, 2023 Sub : Standard Operating Process under SEBI (PIT) Regulations, 2015 for ensuring compliance with Structured Digital Database (“SDD”) This is with reference to Regulation 3(5) and 3(6) of SEBI (PIT) Regulations, 2015 which inter alia required SDD to […]

SEBI underlines need for analysis & disclosure of risks of trading in F&O

Securities and Exchange Board of India Press Releases No. 02/2023 Under the supervision of a working group, SEBI has conducted a study analysing the trends in both participation and in profits and losses of individual traders in the equity F&O segment. The working group had representation from academia, clearing corporations, brokers, and market experts. To […]

IBBI warns IP & directed to  strictly comply with applicable provisions & Regulations of IBC 

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA(Disciplinary Committee) Order No. IBBI/DC/145/2023 Dated: 25th January, 2023 In the matter of Mr. Rajagurusami Maheswaran, Insolvency Professional (IP) under Section 220 of the Insolvency and Bankruptcy Code, 2016 read with Regulation 11 of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2016 and Regulation 13 of the […]

ADD on Phthalic Anhydrid import from China, Indonesia, Korea RP & Thailand Reg.

MINISTRY OF FINANCE(Department of Revenue)New Delhi, Notification No. 2/2023-Customs (ADD) Dated: 25th January, 2023 G.S.R. 50(E).—Whereas, in the matter of Phthalic Anhydride‘(hereinafter referred to as the subject goods), originating in, or exported from China PR, Indonesia, Korea RP and Thailand (hereinafter referred to as the subject countries), falling under tariff item 2917 35 00 of […]

GST on designing and development of tools for the overseas OEMs/Machinist

In re Precision Camshafts Limited (GST AAAR Maharashtra) The moot issues before us are as to whether activity of appellant is an intermediary service as held by the MAAR or as contended by the appellant, an activity of design and development of patterns/tools used for manufacturing of camshafts, for a overseas customer is a composite […]

Clarifications On Applicable GST Rates on Certain Goods

Circular No. 189/01/2023-GST dt. 13.01.2023 has been issued by the TRU section of CBIC clarifying the applicable GST rates on certain goods. The given clarifications along with our comments follow. PRODUCT – RAB Clarification “Rab” means ‘massecuite prepared by concentrating sugarcane juice on open pan furnaces, and includes Rab Galawat and Rab Salawat, but does […]

How to obtain ISI Mark Certification?

ISI (Indian Standards Institute) mark is a product certification scheme by the BIS (Bureau of Indian Standards). BIS is India’s National Standardization Body, issuing ISI mark which conforms product’s quality with the BIS prescribed parameters/standards. The primary objective of the ISI marking scheme is to ensure that the products made available to consumers are safe […]

Section 185 of Companies Act, 2013- Loan to Directors Etc

Section 185(1) of Companies Act 2013 primarily deals with the subject; Person to whom Company cannot give loan/ guarantee/ security. It basically covers individuals and firms: It states that, A Company shall not, directly or indirectly, advance any loan (including book debt) or give any guarantee or provide any security in connection with any loan […]

Fixed Deposits as Tax saver under Section 80C of Income Tax Act

A Fixed Deposit(FD) is a type of deposit account of any individual with the bank, wherein, the amount deposited by the customer is kept for a fixed tenure or period and the bank pays a fixed interest rate on the sum deposited. Fixed Deposit can not only provide you good returns but can also come […]

Upgradation of E- Forms in tune with V3 portal

MCA Notification dated 21.01.2022 contains a list of notifications issued by the Ministry of Corporate Affairs during 2023 for making amendments to the provision of the Companies Act 2013 and Rules made thereunder. Amendment to Companies (Incorporation) Rule, 2014: The following forms are covered in the recent amendment: SPICe+ PART A, SPICe+ PART B, INC-4, […]

No Late fees if returns not filed due to cancellation of GST registration

Modicum Enterprise (OPC) Private Limited Vs Deputy Commissioner of State Tax & Ors. (Calcutta High Court) No Late fees to be charged if returns not filed due to cancellation of GST registration, which was restored subsequently The Hon’ble Calcutta High Court in M/s. Modicum Enterprise (OPC) Private Limited v. Deputy Commissioner of State Tax/Assistant Commissioner […]

Updated Return – Section 139(8A) – An Analysis

ITR-U is the form which is offer by Govt. to update your Income tax return or file your return within two years from the end of relevant Assessment Year. The concept was introduced in the union budget 2022 under section 139(8A) of Income tax Act, 1961 which allows assessee to update your ITR within two […]

Draft Certificates For ITC Confirmation For FY 17-18 & 18-19

Circular No. 183/15/2022-GST dt. 27.12.2022 has been issued dealing with the issue of mismatch of the input tax credit (ITC) claim made in GSTR 3B with GSTR 2A for FY 2017-18 & FY 2018-19. The said Circular only applies to situations where bonafide errors have been committed by the vendors in furnishing the details of […]

Calcutta HC on appointment & responsibility of additional director

Surendra Kumar Singhi Vs Registrar of Companies, West Bengal & Anr (Calcutta High Court) Sub- What is the criteria for determining whether the director is an additional director or independent director? Also whether an additional director is liable for prosecution regarding the non reporting of fullest information and explanation in the Board’s report on comments […]

Foreign Exchange Fluctuation Gain not changeable to tax: ITAT Mumbai

The nature of any particular receipt as capital or revenue is one of the fundamental steps in deciding the taxability of any income. Unfortunately, Income Tax Act, 1961 (as ‘IT Act’) does not provide any unambiguous explanation for the terms ‘capital receipt’ or ‘revenue receipt.’ With the advent of capital market transactions and international financial […]

ASM Audit & Its Importance in Clean Credit Culture

 Agency for specialized monitoring (ASM) Audit & Its Importance in Clean Credit Culture Introduction of ASM in India Public sector banks (PSBs) have made significant progress with respect to improvement of credit underwriting and monitoring process in the PSB Reforms EASE Agenda. Appointment of Agencies for specialized monitoring (ASM) was one of the major key […]

Corporate Espionage – A Strategic Move or A Crime?

Have you ever heard of this term ‘Corporate Espionage’ before? Probably not. But, this has prevailed since the corporate setup gained momentum. The term ‘Industrial Espionage’ or ‘Corporate Espionage’ refers to “the illegal and unethical theft of business trade secrets for use by a competitor to achieve a competitive advantage.”  (Definition : Investopedia) Healthy competition […]

Draft ICSI SAS- 15 on bridging the digital divide in internet and mobile phone access, addressing issues of misinformation and data protection

ICSI SAS – 15 Social Audit Standard on bridging the digital divide in internet and mobile phone access, addressing issues of misinformation and data protection Applicability and Scope This Social Audit Standard (‘the Standard’) is applicable to the Social Auditor as defined under sub-Regulation (f) of Regulation 292A of Securities and Exchange Board of India […]

Draft ICSI SAS- 16 promoting welfare of migrants and displaced persons

ICSI SAS – 16 Social Audit Standard on promoting welfare of migrants and displaced persons Applicability and Scope This Social Audit (‘the Standard’) is applicable to the Social Auditor as defined under sub-Regulation (f) of Regulation 292A of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 conducting the Social […]

Tax Saving Options for Salaried Person

As we all know March 2023 is coming. This means financial year 2022-23 is about to end. Everyone looks for tax planning to save tax.  Here we will talk about ways to save tax for salaried people. 1. Standard Deduction 16(1)  The standard deduction is allowed from gross salary. It is available to all class […]

Renting of Residential Dwelling by Proprietor – Continuation of Exemption

1. Till 17.07.2022 the services by way of renting of residential dwelling for use as a residence were unconditionally exempted from GST vide Sr. No. 12 of Notification No. 12/2017-CT (Rate). However, from 18.07.2022 the said services became taxable if the same were supplied to a registered person and in such a situation the tax […]

Amendment in import policy condition of Urea [Exim Code 31021000]

Government of IndiaMinistry of Commerce & IndustryDepartment of CommerceDirectorate General of Foreign TradeVanijya Bhawan, New Delhi Notification No. 54/2015-2020 Dated: 24th January 2023 Subject: Amendment in import policy condition of Urea [Exim Code 31021000] in the ITC (HS) 2022, Schedule – I (Import Policy). S.O. (E): In exercise of powers conferred by Section 3 and […]

Weekly newsletter from Chairman, CBIC dated 23/01/2022

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Indirect Taxes & CustomsNorth Block, New Delhi-110 001Tel. : +91-11-23092849, Fax : +91-11-23092890E-mail : 23rd January, 2023 DO No. 60/CH(IC)/2022 As Customs officers, we are all members of a special international community with many shared objectives and common goals. Our engagement with our international partners has always been […]

Adani Enterprises Limited (AEL) IPO Review: – myMoneySage Blog

Adani Enterprises Limited (AEL) incorporated on March 2, 1993, the flagship company of Adani Group, is one of the fastest-growing diversified businesses providing an extensive range of products and services. The Company is engaged in mining & services, resource logistics, new energy supply chain including solar module and cell manufacturing, transport & logistics business like airports and roads, […]

MCA imposes on penalty on company & directors for delay in filing e-form SH-7

M/s. Herboaatman Healthcare Private Limited vide SRN dated 12.11.2022 has filed e-form SH-7 for increase in Authorize Share Capital from 2,00,000/ to 1,00,00,000/- by way of meeting of members held on 29.09.2022 under the provisions of section 64 of the Companies Act, 2013 and Rules made thereunder. Whereas, the Notice of increase in the authorized […]

Companies (Registration Offices and Fees) Amendment Rules, 2023

GOVERNMENT OF INDIAMINISTRY OF CORPORATE AFFAIRSNOTIFICATION New Delhi the 20 January, 2023 G.S.R. (E). -In exercise of the powers conferred by sections 396, 398, 399, 403 and 404 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to […]

A One-Stop Solution for Compliance & Governance

The role of a Company Secretary is crucial in ensuring compliance and good governance within a business. A Company Secretary, also known as CS, is a professional who is appointed by the Board of Directors of a company and is responsible for ensuring compliance with the legal and regulatory requirements outlined in the Companies Act, […]

FAQ’s on MCA V-3 – 56 forms of Companies Act, 2013

MCA has launched 56 forms of Companies Act, 2013 on its V-3 portal w.e.f. 23rd January 2023. There are many changes in the process of filing, information required to mention in forms, attachments of the forms etc. In this editorial author shall discuss some FAQs in relation to MCA V-3 Portal (specifically for 56 forms […]

Amendment to Listing obligations and disclosure requirements of 2023

SEBI has amended the SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations of 2023 to strengthen the listing regime for listed companies and debenture issuers, protect the interests of investors, and promote market integrity. The amendments cover various aspects, including compliance with corporate governance norms such as Independent Directors and Women on Board, disclosure norms […]

TDS of Firm credited in PAN of Partner – ITAT directs assessee to apply under section 199 read with Rule 37BA

Nirav Bipinbhai Vaghasiya Vs ITO (ITAT Surat) ITAT find that in the return of income the assessee claimed refund of TDS reflected in his Form-26AS. The CPC denied such refund in its intimation dated 08.10.2018. The assessee filed application for rectification under section 154. In the application under section 154, the assessee claimed such refund […]

Sales tax subsidy for development of industries is capital receipt

DCIT  Vs. Vinati Organics Ltd (ITAT Mumbai) During the year under consideration the assessee has received the sale tax subsidy and raised additional ground before the ld. CIT(A) for considering the sale tax subsidy as capital receipt. The ld. CIT(A) has elaborated in his finding as supra that assessee has set up a manufacturing unit […]

Provisions of section 56(2)(viia) cannot be invoked on buyback of own share

DCIT Vs TPS Infrastructure Ltd (ITAT Delhi) Undisputedly, the assessee company, during the relevant financial period had purchased its own 130915 shares @ Rs.78/- per share from its associate concerns in the month of March, 2013. The AO picked up the issue and made addition u/s 56(2)(viia) of the Act by taking out of Rs.292/- […]

Availment & passing of fake/ineligible ITC – HC Grants bail to accused

Gaurav Kakkar Vs Directorate General of GST Intelligence (Rajasthan High court) The petitioner has been arrested in connection with File No. DGGI/INV/INT/1073/2022-GR.J.O/O DD-DGGI-RU-UDAIPUR for offence under Section 132(1)(c) (f)(k) and (l) of Central Goods and Service Tax Act, 2017. The prosecution case against the petitioner is that he created fake firms for availment and passing […]

Section 234A interest not chargeable if Assessee filed return within due date

Bokaro Power Supply Co. Pvt Vs Addl. CIT Special Range(ITAT Delhi) In the written submissions the assessee has agitated regarding charging of interest of Rs. 48,069/- u/s. 234 A of the Act and submitted that the company has electronically uploaded form 3CEB on 30th November 2015 as well as the Income Tax Return on same […]

Analysis of SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2023

SEBI vide its Notification dated 17th January 2023 has notified the following regulations to further amend the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 namely: 1. In regulation 15, in sub-regulation (1A), Explanation (4) shall be omitted. 2. In regulation 15, after sub-regulation (1A), the following sub-regulation shall be […]

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