Victory Iron Works Ltd. Vs Jitendra Lohia (Supreme Court of India) The main ground of attack of the appellants to the impugned orders of the NCLT and NCLAT is that by virtue of the Explanati… Read More

All applicable policies under SEBI Regulations are adopted with the approval of board of directors of the listed entities. All the policies are in conformity with SEBI Regulations and has be… Read More

. Other than OPC and the minor business, every company incorporated under the Companies Act, 2013, or any other previous Companies Act, must submit an e-Form MGT-7 to the ROC. The MGT-7 is o… Read More

Have you received Email or SMS from the Department for High Value Transactions for earlier years i.e. for FY 2020-21 and FY 2021-22?? The Income Tax Department on 01/11/2021 has la… Read More

Tyre burst is not an act of God but a consequence of negligence and the Driver/ Insurance company cannot be exonerated for the same. The post Motor Accident Claim: Tyre Burst is not an &lsqu&hell…Read More

The taxation of Expatriates has been a matter of debate ever since the ruling of the Hon’ble Supreme Court in the case of Northern Operating Systems Private Limited. The ruling has not… Read More

Death is uncertain but sure. After demise if taxpayer, legal heir is the person who takes control over all the assets and liabilities. Income tax is also one of liability and taxpayer cannot… Read More

Tariff Notification No. 14/2023-Customs (N.T.) Dated: 15.03.2023– Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver. MINISTRY OF FINANCE (Department of R… Read More

These regulations maybe called the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2023. The post SEBI (Foreign Portfolio Investors) (Amendment)… Read More

Karnataka High Court held the charger which is sold along with the mobile phone in one set and accordingly taxable at 5% as covered under entry 53 of Schedule III of KVAT Act. The post Karna… Read More

Sections of Income Tax Act, 1961 Covered in article 220-When tax payable and when assessee deemed in default 245-Set off of refunds against tax remaining payable 222-Certificate to tax recov… Read More

Taxpayers who missed the deadlines to file their ITR for FY 2019-20 and FY 2020-21 can do so now. Do you want to know how?? Then read the entire article. In the Union Budget 2022, the govern… Read More

Orissa High Court held that sale of packaged drinking water in the brand name KINLEY WATER falls within the expression water but not aerated or mineral water sold in bottles or sealed contai… Read More

Himachal Pradesh High Court held that PMLA [Prevention of Money Laundering Act, 2002] would cease the power to attach the property when the order of liquidation has already been passed. The… Read More

ITAT Mumbai held that even after request from assessee to refer DVO for correct fair market value of the subject property, AO was duty-bound to refer the same to DVO. Accordingly, matter rem… Read More

Deduction in respect of Contribution to Political Parties under Section 80GGB & 80GGC of the Income Tax Act, 1961 Section 80GGB: Deduction in respect of Contributions given by Indian Com… Read More

Innovative Antares Pvt. Ltd. Vs Union of India (Bombay High Court) Rejects Revenues contention that the payment could not be made beyond 30.06.2020 (due date). Rejects Revenues contention th… Read More

As a business owner in India, it is essential to have an effective tax planning strategy to minimize your tax liability and optimize your financial resources. By following the ten tax planni… Read More

Madras High Court held that approaching court directly against the impugned notice without allowing department to consider the defence reply and providing opportunity of hearing is not in ac… Read More

ITAT Bangalore held that payment made towards service charges to CGTM France doesnot fall under the category of fees for technical service. Accordingly, TDS u/s 195 of the Income Tax Act not… Read More

ITAT Kolkata held that post disallowance of employee contribution to PF, only 40% will be taxed as business income in terms of applicable provisions of rule 8(1) of Income Tax Rules, 1962 as… Read More

The cryptocurrency market is a mixture of various things you must pay attention to for the best profitability. Anyone not completely aware of the cryptocurrency market will keep making mista… Read More

The government tries to take participation in everything that is increasing in popularity in every country of the world. Regardless of where you live in the world, you will see the governmen… Read More

HC held that until purchasing dealer discharges burden of proof under Section 70 of KVAT Ac, and proves the genuineness of transaction/purchase and sale by producing relevant materials, suc… Read More

As an owner-operator truck driver, your tax situation is challenging yet unique. You must file and pay taxes like a business owner while also being eligible for truck driver tax deductions… Read More

ITAT Jaipur held that cost of improvement cannot be rejected on the reason that building plan approval, property tax, etc. not provided as no building approval is required for construction a… Read More

Pawan Raj Goyal Vs DCIT (ITAT Delhi) ITAT Delhi held that addition of unexplained money under section 69A of the Income Tax Act via rectification order passed under section 154 stating there… Read More

ITAT Delhi held that ESOP (Employees Stock Option) expense is allowable expense under section 37(1) of the Income Tax Act in computing the income in profit and loss of business or profession… Read More

Allahabad High Court held that word infrastructure in exemption notification no. 25/2012-ST dated 20.06.2012 includes all construction activities other than construction of market shed, shop… Read More

Calcutta High Court held that as submitted by assessee non-filing of reply and not appearing for hearing in spite of several opportunity simply stating reason of COVID-pandemic not justifiab… Read More

If you are a business operator based out in India, then you know how important it is to claim input tax credit as per GST norms. Claiming GST is a very common norm practiced by Indian busine… Read More

ITAT Mumbai held that as entire reasons for reopening were recorded by incorrect assumption of facts, accordingly, reopening was invalid and bad-in-law. Hence, subsequent invocation of revis… Read More

ITAT Delhi condoned delay of 306 days in filing of an appeal based on the reasonable cause that firstly assessee was in prison and when released it was lock-down. The post Delay of 306 days… Read More

UIDAI makes online document update in Aadhaar free of cost; to benefit millions of residents The Unique Identification Authority of India (UIDAI) has decided to allow residents to update doc… Read More

Listed entities are requested to note that PDF of outcome of board meeting held to consider and approve financial results must only include financial results, Auditor’s report and othe… Read More

DC is of the view that two serious contraventions have established beyond doubt. Firstly his non-cooperation to inspecting and investigating authority is in grave violation of Regulation 4(4… Read More

Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for the F.Y. 2023-24 and A.Y. 2024-25 Salary arrears are understood as unpaid wages of the previous period accrued in the current… Read More

In a series of cases booked last week, the Directorate of Revenue Intelligence (DRI) interdicted more than 21 kg of Heroin and more than 8 kg of Cocaine, together valued at more than Rs. 237… Read More

CBDT notifies Notification No. 13/2023- Income Tax, Dated: 14.03.2023 to amend notification number S.O.1911(E) dated the 21st April, 2022  to replace the words Ariyalur & Kanniyakum… Read More

Appellant builder treated Property as stock-in-trade & profits on its sale would be offered as business income and no rental income was received by Appellant from Property. The post Deem… Read More

RBI provisions require banks to set aside a minimum percentage of funds to cover expected credit losses .NBFCs are required to hold a 0.25% reserve. for outstanding loans on personal home lo… Read More

Calcutta High Court held that penalty under section 129 of the West Bengal Goods and Services Tax Act, 2017 duly imposed for transportation of goods without a valid e-way bill. The post Tran… Read More

CESTAT Chennai held that input service credit when distributed by the Input Services Distributor (ISD), cannot be held as inadmissible on the pretext that such invoices did not contain all t… Read More

Orissa High Court held that when original re-assessment order was not passed validly, subsequent revisional order passed by PCIT is held to be invalid. The post Subsequent revisional order t… Read More

Allahabad High Court held that penalty proceedings initiated against a Government Institution for non-deduction of tax under section 8(D) of U.P. Trade Tax Act from amount payable to works c… Read More

Allahabad High Court held that penalty proceedings initiated against a Government Institution for non-deduction of tax under section 8(D) of U.P. Trade Tax Act from amount payable to works c… Read More

All about E- Form AOC-5 (Section 128 under the Companies Act, 2013) including amendment to the E- Form w.e.f. 23-01-2023 > Why this E- Form? One of the key requirements for incorporating… Read More

When a user visits a website, data files known as cookies are stored on their device. Small text files of code known as cookies are downloaded into user’s computers and mobile devices… Read More

Bar Council of India Rules for Registration and Regulation of Foreign Lawyers and Foreign Law Firms in India, 2022 vide Bar Council of India Rules for Registration and Regulation of Foreign… Read More

Telangana High Court in the case of suo motu cancellation of GST registration due to non-filing of GST returns, remanded the matter for fresh decision as due to non-constitution of GST tribu… Read More

Jharkhand High Court held that instalments paid under Income Declaration Scheme, 2016 is allowed as refund. However, interest on the same is not payable as there was no voluntary payment of… Read More

Securities and Exchange Board of India (SEBI) established as a non-statutory body for regulating the securities market. It became an autonomous body and accorded statutory powers with the pa… Read More

According to India's federal tax structure, taxation authority is shared between the central government and the individual states. Due to these duelling taxing authorities, the tax process h… Read More

Checklist of documents in compliance with Registration of NBFC under various portals as per Master circulars & directions issued by RBI A. General checklist (Following documents are requ… Read More

A trademark is a unique symbol, logo, word, phrase, or combination of these, used by businesses to identify and distinguish their products or services from those of others. In India, the leg… Read More

Orissa High Court held that the suo motu revisional proceeding under section 18(1) of the Odisha Entry Tax Act, 1999 has to be concluded not beyond five years from the original order of asse… Read More

Digital Lending refers to the use of technology and digital platforms to provide financial services, particularly loans, to customers. This can include online lending platforms, mobile apps… Read More

Standard Operating Procedures (SOP) of Securities Exchange Board of India (SEBI) for non-compliances Introduction: In   order   to   ensure   effectiv… Read More

Income Tax Department is sending mails and messages to taxpayers regarding linking of PAN with Aadhar. It is mandatory to link PAN with Aadhar upto 31/03/2023 otherwise PAN shall b… Read More

A trademark is a word, logo or tagline that identifies your business’s products and services. It helps to build your business’s identity. It further prevents any third party from… Read More

ITAT Amritsar held that mere typographical mistake in mentioning the balance of capital account doesnot amount to concealment. Accordingly, addition on account of unexplained money unsustain… Read More

ITAT Bangalore held that for claiming exemption under section 54F of the Income Tax Act, the assessee is required to furnish necessary evidence proving construction of the residential buildi… Read More

The petitioner had made an application in the requisite form (Form GST REG-16) praying that his registration be cancelled with effect from 31.07.2021. The reason for seeking cancellation of… Read More

Draft submissions before the First Appellate Authority Wherein Notice u/s 148 sent at wrong address of the assesse, not received by the assessee by speed post & in person with some judge… Read More

Petition challenging Constitutional validity of Sec 16(2)(c) of CGST Act, i.e. ‘Credit denied to the buyer when supplier defaults in payment of taxes’ on April 19, 2023 Taxpayers… Read More

Servocraft HR Solutions Private Limited Vs Commissioner of Central Excise and Service Tax (CESTAT Chennai) CESTAT Chennai held that Show Cause Notice ought not to be issued when the assessee… Read More

Sh. Yasir Bilal Khan Vs DCIT (ITAT Amritsar) ITAT Amritsar held that penalty u/s 271B for non-furnishing of audit report within specified date leviable as assessee failed to prove nexus betw… Read More

ITAT Bangalore held that income from sale of developed flat, obtained under Joint Development Agreement (JDA), is to be treated as income from short term capital gain/ long term capital gain… Read More

Bombay High Court deferred the hearing in the matter of levy of VAT or GST on Extra Neutral Alcohol as matter already pending before Supreme Court. The post Matter of levy of VAT/ GST on Ext… Read More

ITAT Amritsar held that provisions of section 115BBE of the Income Tax Act cannot be made applicable where assessee has made a statement that the excess stock was a result of suppression of… Read More

Supreme Court held that as there is no final assessment in fake invoice case made under GST Act, the appellant cannot be said to be under a legal liability. Accordingly, condition of pre-dep… Read More

The taxation of cross-border digital and e-commerce transactions has always been a huge trouble for the entire world, including India, since it has created endless ways for doing the busines… Read More

CESTAT Chennai held that extended period of limitation not invocable as there is no suppression of facts with the intend to evade payment of tax. Accordingly, order dismissed on the grounds… Read More

Orissa High Court held that petitioner-dealer has right to cross-examine the selling dealers, however, as more than two decades elapsed it might not be practical. Accordingly, assessment wou… Read More

ITAT Pune held that as NFAC dismissed the claim of deduction u/s 80P on legal issue without considering the case on merits, matter remanded back for fresh adjudication. The post Fresh adjudi… Read More

Presently RSU (Restricted stock unit also known as Sweat Equity) allotted by a foreign grand parent company, free of cost to employee of Indian subsidiary, is being taxed as ‘perquisit… Read More

Definition of term `networth' in SEBI (Issue and listing of Non-convertible securities) Regulations, 2021 is linked to one provided by Companies Act, 2013. Section 2(57) of Companies Act 201… Read More

Import of 10000 MT of marble [under ITC (HS) Codes 2515 and 6802] shall be allowed from Bhutan without Minimum Import Price each year, subject to valid Registration Certificate issued by the… Read More

CBIC was apprised that some of technology related description of Telecom equipments, need to be better understood by all stakeholders for a more effective identification of products and equi… Read More

MEIS scrip was wrongfully availed/obtained and is liable for cancellation by license issuing authority, for which DGFT office has also issued show cause notice dated 14.10.2020 under FT(DR)… Read More

Liaison Office/ Representative office : Liaison office/ Representative office acts a channel of communication /facilitator of trade between the foreign parent company and the market in India… Read More

The merger and acquisition process involves the formation of a future alliance between two or more companies. A merger leads to the formation of a new company. In contrast, acquisitions resu… Read More

IPR and the Competition Law are two independent regimes that share a common objective but employ different strategies to get there. They were developed as a result of changes throughout time… Read More

Article discuss about practical implication of claiming of refund for ITC available in Electronic Credit ledger for input and input services used in making supplies to SEZ Unit / Developer i… Read More

Exemption from Capital Gains on transfer of House Property – Section 54 (As per Finance Act 2023) 1. Who can avail benefit – Individual and HUF 2. Asset Transferred/Sold –… Read More

HC set aside cancellation order of GST Registration of assessee on the grounds that non-submission of reply to Show Cause Notice cannot be a ground for cancellation of GST Registration. The… Read More

Calcutta High Court held that invocation of provisions of rule 8D(2)(ii) of the Income Tax Rules by AO without examining the accounts of the assessee and without examining the claim made by… Read More

Possibility-suggestion to convert charitable Trusts / Registered Society (ies) into Section 8 (i.e. Non-profit company) under the provisions of the Companies Act, 2013 Background and Re… Read More

MSME registration helps the Micro, Small and Medium (MSME) industries to obtain various benefits provided by the government for their growth. In a developing country like India, MSME industr… Read More

Section 8 companies, also known as Non-Profit Organizations (NPOs), are a type of company registered under Section 8 of the Companies Act, 2013. These companies are formed for promoting comm… Read More

Whether the second Appellate Authority as well as the High Court were justified in allowing the Input Tax Credit (ITC) wherein invoices were produced and payments made online for purchases m… Read More

Apex Formulations Pvt Ltd Vs Union Of India (Madras High Court) The petitioner exported certain goods through valid Exporter and, therefore, applied for refund under Rule 89(5) of the Centra… Read More

ITAT Delhi held that reassessment proceedings without issuance of notice under section 143(2) of the Income Tax Act is bad in law and liable to be quashed. The post Reassessment proceedings… Read More

NSPIRA Management Services Private Limited Vs DCIT & ACIT (Telangana High Court) From a perusal of the impugned order dated 16.12.2022, it is seen that respondent No.1 had followed instr… Read More

Ashok Kumar Garg Vs ACIT (Delhi High Court) According to the petitioner, although the amount of alleged bogus purchase bills has been quantified as Rs.24,10,705/- the amount in issue is only… Read More

Dhampur Sugar Mills Ltd Vs Commissioner Of Customs And Central Excise (Allahabad High Court) Allahabad High Court heard learned counsel for parties and having perused the record, prima facie… Read More

Raw enterprises Vs The Principal Commissioner of Customs (Madras High Court) Madras High Court held that as per provisions of section 110A of the Customs Act, 1962 departmental authorities n… Read More

Allahabad High Court rejected the bail application filed u/s. 3(1) of Uttar Pradesh Gangsters and Anti-Social Activities (Prevention) Act, 1986 on the basis of gravity of offence and the cri… Read More

Allahabad High Court rejected the bail application filed u/s. 3(1) of Uttar Pradesh Gangsters and Anti-Social Activities (Prevention) Act, 1986 on the basis of gravity of offence and the cri… Read More

Delhi High Court held that levy of interest under section 234E of the Income Tax Act is illegal for returns of TDS in respect of the period prior to 01.06.2015. Accordingly, directed to be d… Read More