Online gaming has seen a significant surge in popularity in recent years, especially in India. With the growth of the internet and mobile gaming, it has become an important industry in the c… Read More

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, po… Read More

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 Ta… Read More

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 m… Read More

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 Tax Rate The post Catering services t… Read More

Works contract service provided to Bio Centers, Department of Horticulture and Center of excellence are not exempted from GST. Providing Manpower service like data entry operator, security t… Read More

Section 80PA of Income Tax Act, 1961 deals with deduction allowed to an eligible assessee with respect to profits and gains from his business specified in Schedule V to Act. The post Analysi… Read More

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 t… Read More

Income Tax FORM 13 is gives option to taxpayers to avail benefit of lower/nil deduction of taxes on their respective income which is liable for TDS as well as lower or No TCS in regard to tr… Read More

An application is required to be made in E-Form 24 to Registrar of Companies for striking off name of the LLP with consent of all partners The post When & How to Strike Off Name of LLP f… Read More

Ashoo Road Lines Vs Union of India (Madhya Pradesh HC) HC held that Since a show cause notice dated 04.12.2020 has been issued to the petitioner and others in which the validity of the panch… Read More

HC quashed ex-parte assessment order rejecting ITC claim & imposing tax as it was passed in violation of principles of natural justice The post Ex-parte assessment order passed in viola… Read More

It took a good number of years for the lobby of tax experts to give up on the debate as to whether the transfer of development rights is a taxable supply under GST. However, it is hard to sa… Read More

Abstract GST Taxes both Goods and Services, but whether services given are subject to GST or not is determined by classification of that service. In light of the Calcutta High Court decision… Read More

The Bombay Stock exchange (BSE) issued a circular on January 27, 2023, filing of announcement under Listing agreement in eXtensible Business Reporting Language (XBRL) XBRL format. &nbsp&hell…Read More

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… Read More

Section 80IAC of the Income Tax Act, 1961 is an important provision for startups and small businesses looking to avail tax benefits. As per the section, a person is eligible for a deduction… Read More

1. Initiation of recovery proceedings. (Sec 78 of the CGST Act) Any amount payable by a taxable person in pursuance of an order passed under this Act shall be paid by such person within a pe… Read More

Chapter XVII of the CGST Act containing sections from 95 to 106 is pertaining to Advance Ruling. Rules from 103 to 107A in regard to Advance Ruling have been specified in chapter XII of the… Read More

National Centre for the Performing Arts Vs Union of India (Bombay High Court) It is not in dispute that the Petitioner has, prior to the issuance of the show cause notice, paid an amount of… Read More

While allowing deduction to pharma company, the free samples provided to doctors recognized under Uniform Code of Pharmaceutical Marketing Practices by The Department of Pharmaceuticals (UCP… Read More

Playing cricket is the primary reason for which IPL was formed and promotional activities are ancillary to the main purpose that of playing cricket. The post Fees received by cricket players… Read More

Introduction of ISD is to distribute input tax credits on services among units of same entity having same PAN which supplies goods or services or both The post Whether mandatory to distribut… Read More

Oxford University Press Vs DCIT (ITAT Mumbai) a) The assessee had made payment of School support services to various schools / societies for the services rendered by them to the assessee by… Read More

H.K. Infraventure Pvt. Ltd. Vs JCIT (ITAT Allahabad) there was no valid and reasonable cause for assesse to have received loan or deposit of Rs. 1,10,02,000/- in cash from its Director namel… Read More

payment received by the owner from the charterer has to be reckoned as payment from operations of carriage of goods from one port in India to another port in India, which falls under the amb… Read More

Anosh Ekka Vs Union of India (Jharkhand High Court) Complainant made allegation of criminal conspiracy, misappropriation, criminal breach of trust, cheating forgery fraudulent execution of d… Read More

Rule 11(3) Cenvat Credit Rules 2004 Bar of credit lapsing applicable only when assessee availed absolute exemption & not on conditional one The post Bar of Cenvat credit lapse not appli… Read More

There are many types of banking in this world, and the most widely known are the Conventional banking and the Islamic banking The post Islamic Banking in India appeared first on TaxGuru Read More

Time and again it has been held that the Adjudicating Authority before admitting a petition for a Corporate Insolvency Resolution Process has to examine the real nature of the transaction th… Read More

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… Read More

Section 138 of Income Tax Act, 1961 – Disclosure of information respecting assessees The following post is on Section 138 of the Income Tax Act, 1961, its relevant Rules and forms to b… Read More

Government always try to combat the situation of tax avoidance and evasion, all TDS and TCS provisions are made part of our Direct Tax Regime with this object. With changed economic Scenario… Read More

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 acc… Read More

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, ha… Read More

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… Read More

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… Read More

There is no error in the finding recorded by the Commissioner in this regard, as indeed the appellant did try to evade payment of service tax by treating the amount as a security deposit whe… Read More

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, esta… Read More

CIRP and avoidance applications, are, by their very nature, a separate set of proceedings wherein, the former, being objective in nature, is time bound whereas the latter requires a proper d… Read More

Section 40A(3) is a provision of the Act dealing with the taxability of payments that can be considered as expenditure. Under this provision, any expenditure in the form of allowance or reim… Read More

The fact that shares were traded on stock exchange after paying securities transaction tax, and that money had been received through banking channels only demonstrated that they were not bog… Read More

A.O. held that since the assessee is maintaining its books of accounts on accrual basis, the income in respect of bad and doubtful debt was required to be taxed on accrual basis except for t… Read More

VRV Trading Co Private Limited. Vs Union of India & Ors (Calcutta High Court) 1. These intra-Court appeals have been filed by the writ petitioners against the order dated 22nd November… Read More

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 clai… Read More

It is pertinent to note that to meet the emergency situation of additional expenses by the assessee the assessee has obtained cash not only from assessee’s father and mother but also t… Read More

During the appellate proceedings, the assessee has submitted that it has taken loan for purchase of two residential properties which have been allotted to two Directors for their residential… Read More

ITAT held that high turnover is a ground to exclude a company from the list of comparable companies in determining ALP, held that there were contrary views on the issue and hence the view fa… Read More

The LO does not constitute a fixed place through which business of assessee is carried out in India. Employees of the LO do not negotiate, finalise or discuss the mechanics of contracts incl… Read More

Section 114A of Customs Act, 1962 ibid deals with imposition of mandatory penalty in certain cases. As per the Customs Act it is the importer who is to file the bill of entry to the proper o… Read More

Without any single evidence of taking credit in SCN, the SCN is bald & proceedings flowing from said SCN liable to be quashed on this threshold point itself. The post Demand for Cenvat c… Read More

The failure on the part of the Respondents to update their official portal, cannot be permitted to result in any sort of prejudice to the Petitioner, Notwithstanding the fact that an order o… Read More

Renu Ratnakar Bhattacharya Vs CIT (Appeals) (ITAT Mumbai) It is the case of the assessee that at the time of purchase of house property the assessee paid brokerage to the tune of Rs.2,50,000… Read More

There is no restriction in CENVAT Credit Rules that Appellants should not use the prime quality materials for the manufacture of final products, CENVAT credit cannot be denied The post Cenva… Read More

One of the issue raised in the present petition is that the supply of mobile recharge coupons and Direct To Home (DTH) recharge vouchers to recipients, who are located in other States, would… Read More

Barua and Company Pvt. Ltd. Vs. Union Of India & Ors. (Meghalaya High Court) The affidavit-in-reply filed by the assessee has robustly denied that the relevant email address to which the… Read More

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 therefor… Read More

Bharat Keshavlal Shah Vs PCIT (ITAT Pune) Lastly comes the issue of section 56(2)(vii) made applicable in assessee’s case on account of alleged difference between stamp valuation and a… Read More

The AO had made out a case that if the assessee company had paid dividend instead of remuneration to directors, such payment would have been fetched more tax. In our considered opinion, ther… Read More

There is no provision under head Profits and Gains from business or profession which deems rental income from unsold flats held as stock as Business income. The post Income from unsold flats… Read More

According to HC, the central issue, to which the Assessing Officer (AO) should have applied his mind is, as to whether the investment in shares of Agile by the petitioner was a capital accou… Read More

Sureshbhai Vihabhai Patel Vs ITO (ITAT Ahmedabad) There is no dispute to the fact that there is a downfall in the gross profit ratio declared by the assessee in the year under consideration… Read More

HC held that Writ Court should not in exercise of its writ jurisdiction should substitute the findings of an assessing officer in his order with its own. The post Writ jurisdiction should no… Read More

By no stretch of imagination could it be said that the payment for breach of contractual obligation pursuant to an arbitration award in the pending litigation, cannot be said to have been in… Read More

When the question is considered in the larger perspective, it is clear that there is no violation as alleged, more so because the PSI certificate issued by the Branch was subsequently ratifi… Read More

Applying provisions or conditions that more restrictive in nature than those applicable to the Company is called as Entrenchment of Articles. The post Dissection of Provision of Entrenchment… Read More

Hindenburg Research has released the findings of a 2-year investigation, claiming that Indian conglomerate Adani Group has been engaging in manipulation of stock prices and accounting fraud… Read More

Section 35AC of the Income Tax Act, 1961, provides a deduction in respect of income derived, or any sum of money paid or deposited, out of the gross total income of an assessee who has enter… Read More

Introduction ‘Stand Up India’ is an ambitious initiative by the government of India which was launched in April 2016 by the Hon’ble Prime Minister Narendra Modi, to promote… Read More

CBDT directed that cases reopened u/s 147/148A in consonance with Judgement of SC in case of UoI vs. Ashish Agarwal & CBDT instruction No. 01/2022 dated 11.05.2022 shall be completed on… Read More

89% of the individual traders (i.e. 9 out of 10 individual traders) in equity F&O segment incurred losses, with an average loss of Rs. 1.1 lakh during FY22, whereas, 90% of the active tr… Read More

Discussion Paper on Securitisation of Stressed Assets Framework (SSAF) broadly covers nine relevant areas of the framework including asset universe, asset eligibility, minimum risk retention… Read More

PRESENTATION ON MCA21 V3 Company module – Set 2 forms 23rd January 2023 Go-Live Set 2 – Forms Count Description Count of Forms 1 Set 2 [Incorporation forms] 10 2 Set 2 [Other for… Read More

Centre today established three Grievance Appellate Committees based on the recently amended Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 The pos… Read More

No.2/4/2022-E.IIB Government of India Ministry of Finance Department of Expenditure *** North Block, New Delhi. Dated the 30th December, 2022. OFFICE MEMORANDUM Subject: Compendium of Instru… Read More

Electricity (Promoting Renewable Energy Through Green Energy Open Access) Amendment Rules, 2023 shall come into force from 27.01.2023 The post Electricity (Promoting Renewable Energy Through… Read More

These rules may be called Legal Metrology (Packaged Commodities) Amendment (Amendment) Rules, 2023. They shall come into force from 27th January, 2023. The post Legal Metrology (Packaged Com… Read More

Amendment to Instruction No 18/2022-Customs dated 12.08.2022, Instruction No 30/2022-Customs dated 14.11.2022 and Instruction No 32/2022-Customs dated 28.11.2022 regarding extension of Requi… Read More

Instruction No. 03/2023-Customs Cancellation of swapping order w.r.t. 8th & 9th Reallocation of Export Quota for export during Sugar Season 2022-23 and holding of export quota The post C… Read More

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 a… Read More

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… Read More

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 & Serv… Read More

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 C… Read More

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… Read More

HC held that DRC-07 has been issued within five days of issuance of DRC-01 is a clear picture of violation of principles of natural justice. The post Issue of DRC-07 within 5 days of issuanc… Read More

HC held that DRC-07 has been issued within five days of issuance of DRC-01 is a clear picture of violation of principles of natural justice. The post Lack of clarity w.r.t. reasons/ contrave… Read More

HC held that Opportunity of hearing to be granted before denying ITC if sufficient documents available to show genuineness of transactions The post ITC cannot be denied without granting opp… Read More

There should be application of mind by Revenue Department while passing orders, cancelling GST Registration be it physical or auto-generated. The post GST registration cannot be cancelled wi… Read More

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 inves… Read More

This has reference to IFSCA’s circular F.No.329/IFSCA/Bullion MIIs/2021 dated September 17, 2021 regarding the captioned subject. It has been decided to extend the 6 month period speci… Read More

National Stock Exchange of India Circular Ref No: NSE/CML/2023/11 – Date: January 27, 2023 The Company Secretary All Listed Companies Subject: Filing of announcements in XBRL format on… Read More

Senior Citizens’ Savings (Amendment) Scheme, 2023 - deposit on or after 1st day of January, 2023 shall bear interest of 8.0% per annum The post Senior Citizens’ Savings (Amendmen… Read More

National Savings (Monthly Income Account) (Amendment) Scheme, 2023 - deposit on or after 1.1.2023 shall bear interest rate of 7.1% per annum The post National Savings (Monthly Income Accoun… Read More

National Savings Certificates (VIII Issue) (Amendment) Scheme, 2023 - Maturity value of account opened on or after 1.1.2023 with 1000 rupees shall be Rs. 1405.05 The post National Savings Ce… Read More

National Savings Time Deposit (Amendment) Scheme, 2023 - One-year deposit to earn Rate of interest 6.6% per annum, 2 years 6.8%, 3 years 6.9% & 5 years to earn 7% The post National Savin… Read More

Kisan Vikas Patra (Amendment) Scheme, 2023 - Maturity period of account opened on or after 1st day of January, 2023 shall be ten years and deposits made in account shall double on matur… Read More

Kajal Dutta Vs Assistant Commissioner of State Tax (Calcutta High Court) The learned Advocate appearing for the appellant submitted that garnishee proceedings have been initiated by the auth… Read More

Developer Group India Pvt. Ltd  Vs Surinder Singh Marwah (Supreme Court of India) While passing an order of injunction, the Courts are required to be guided by the principles of prima f… Read More

Surojit Das Vs Assistant Commissioner of State Tax (Calcutta High Court) The learned Advocate for the appellant would submit that in terms of Section 129(1)9a) of WBGST /CGST Act, the appell… Read More

Whether value of seized goods/bundles were valued between Rs. 4500 -5000 per bundle or Rs .20,000/- cannot be determined in a writ proceedings The post Value of seized goods cannot be determ… Read More