• Headlines
  • No Sufficient Reason to Prove Income Escaped Assessment: ITAT dismisses Revenue’s Appeal for Reopening Assessment [Read Order]
  • May 5, 2022
April 30, 2022
Anti-Evasion Unit of Mumbai South CGST Commissionerate has arrested the co-conspirator in a case of M/s New Laxmilal & Co. involving fake ITC of Rs. 11.07 Cr on the strength of bogus invoices of Rs 62.90 Cr, without actual movement of goods. This case is a part of Anti-Evasion drive launched by CGST, Mumbai Zone […]
April 29, 2022
The Institute of Chartered Accountants of India ( ICAI ) has released the Admit cards for CA Exams May 2022 Intermediate and Final Examinations. The ICAI has said that, Admit cards in respect of candidates admitted to the Intermediate and Final examination with their photographs and signatures on them, are hosted on https://icaiexam.icai.org/ The ICAI […]
April 28, 2022
The Institute of Chartered Accountants of India ( ICAI ) has postponed the Counselling Session of Final “Paper 2 Strategic Financial Management” and Intermediate Paper 6 Auditing & Assurance. The ICAI has said that, due to some unavoidable circumstances, the Board of Studies (A) is postponing the Counselling Session of Final Paper 2 Strategic Financial Management […]

  • Representation Time in Company -Strike Off Notices -STK-1 - taxscan
  • Representation Time in Company’s Strike Off Notices (STK-1 & 5)
  • March 23, 2022
  • Introduction The action of striking off by the Registrar of Companies (ROC) has started again, and many of the corporates who have failed to file their annual returns have received the notice under Section 248 of the Companies Act, 2013 (hereinafter referred as “ 2013 Act”) in this regard. In the recent past, it was […]
  • Input Tax Credit Conundrum - GST - Taxscan
  • The Input Tax Credit Conundrum Under GST
  • February 14, 2022
  • Background The GST law, as introduced wastouted to be the tech-savvy tax legislation.The GST law initially envisaged the entire gamut of transactionsto be that – The supplier would file his GSTR 1 disclosing everyoutward supply transaction. The aforesaid outward supply transactions would auto-populate to the respective recipients andappear in their GSTR 2. The recipient would […]
  • Electronic ledgers - GST - Union Budget 2022-23 - Budget 2022 - Budgetscan 1- Taxscan
  • The Tale of Electronic Ledgers in GST – Union Budget 2022-23
  • February 3, 2022
  • The Union Budget for the Financial Year 2022-23 (‘the Budget’) was presented in the Lok Sabha by Hon’ble Finance Minister Nirmala Sitharaman on February 01, 2022. Considering the significance of Information technology in India after the outbreak of the Coronavirus pandemic, this was the second Union Budget that was presented on a tablet and not […]
  • Indirect Tax - Finance Bill – 2022 - Budget 2022 - Budget session - Budget scan - Taxscan
  • Indirect Tax takeaways from The Finance Bill, 2022
  • February 2, 2022
  • Budget 2022-2023 comes at a time when work from either home/ office continues to be in vogue. The economy must keep running and taxes always roll-on. In the last few years, the legislature has taken device steps to make the tax system faceless by electronic means and automation. As all things in life, technological tools […]
Income - Assessment - ITAT - Revenue - Appeal - Reopening Assessment - taxscan
May 5, 2022

The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT )has held that no sufficient reason to prove income escaped assessment and dismissed revenue appeal for reopening the assessment. The Revenue is aggrieved by the action of the CIT(A) in holding that there was no sufficient reason available for the Assessing Officer to believe that […]

Foreign Subsidiary Company - Assessee - ITAT - FTS - FIS - taxscan
May 5, 2022

The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) has held that foreign subsidiary company not providing technical knowledge to the assessee and holds that outsourcing charges are not taxable as Fees for Technical Services (FTS) under the Act and as Fees for Included Services (FIS) under the India-US Tax Treaty. The appellant...

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Assessee - Service Tax - Amnesty Scheme - Covid-19 - Delhi HC - Govt - Extension - Scheme - Taxscan
May 4, 2022
A division bench of the Delhi High Court comprising Mr. Justice Rajiv Shakdher and Ms. Justice Poonam A. Bamba while considering a petition to extend the deadline of Sabka Vishwas (Legacy Dispute Resolution) Scheme 2019 since the assessee could not avail the benefit of the scheme due to pandemic. The deadline to apply for the scheme ended on 30.06.2020. The petitioner, M/s Docland Services Ltd contended that it had filed an application on 24.12.2019 under the Scheme, in respect of
Cenvat Credit - Outward Transportation - Services - Customers Place - CESTAT - taxscan
May 5, 2022

The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Ahmedabad bench has held that cenvat credit is available in case of outward transportation for the services availed from the place of removal up to the customers place. The assessee, Phillips Carbon Black Limited approached the Tribunal contending that they are entitled for cenvat credit in […]

Anti-Dumping Duty - Validity of Notification - Refundable - CESTAT - Taxscan
May 5, 2022

The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Delhi bench has held that the anti-dumping duty paid  after the expiry of the period mentioned in the concerned notification shall be refundable to the importer. The appellant, M/s Abhilasha Impex Pvt. Limited filed Bill of Entry for import of 99.00 Mts. PVC Resin Emulsion Grade-E7006 […]

Statement - Central Excise Act 1944 - Evidentiary Value - Cross Examination - CESTAT - Taxscan
May 4, 2022

The Ahmedabad bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that the statement made under section 14 of the Central Excise Act, 1944 becomes admissible evidence, when person is examined and his/her cross examination is allowed under Section 9D of Central Excise Act 1944. The appellant, M/s Sohni Ceramics was […]

Simple Aluminium Plates - Tariff Heading - CESTAT - taxscan
May 1, 2022

The Bangalore Bench of Customs, Excise & Service Tax Appellate Tribunal (CESTAT), has held that’ Simple Aluminium Plates’ are classifiable under 7606 1200 of Chapter Tariff Heading(CTH). The appellants M/s. Alufit India Pvt. LTD, who are engaged in Aluminium manufacturing, contended that they paid duty of import and clearance of ‘Aluminium Composite Material’ and ‘Aluminium […]

December 7, 2020

A two-judge bench of the Madras High Court has denied the benefit of exemption of urban land tax to Chennai Port Trust under the provisions of the Tamil Nadu Urban Land Tax Act of 1996. While considering an appeal filed by the State, Chief Justice Amreshwar Pratap Sahi and Justice Senthilkumar Ramamoorthy ruled that the […]

No plan - impose Property Tax - Union Territory of J&K - LG Manoj Sinha - opposition - Taxscan
October 20, 2020

The Lieutenant Governor (LG) of Jammu and Kashmir, Manoj Sinha while Putting speculations to rest said that the Union Territory administration would not levy any property tax on the people in Jammu and Kashmir. Earlier this month, the Union home ministry had empowered the union territory’s administration to impose the property tax following an amendment […]

UAE Tax Authority - UAE- Tax Registrants - Penalties re-determined - violating Tax Laws - Taxscan
January 25, 2022
The UAE Tax Authority has extended the grace period for UAE’s tax registrants to get their penalties re-determined for violating tax laws until December 2022. The earlier deadline for re-determination was December 31, 2021. The Federal Tax Authority (FTA) clarified that tax registrants who had not met the necessary conditions to benefit from the administrative […]
Banks - Cash Withdrawal from ATM - RBI - Taxscan
June 11, 2021
The Reserve Bank of India (RBI) has allowed the banks to hike the fee charged on cash withdrawal beyond the permitted free Automated Teller Machine (ATM) transaction limit from Rs 20 to Rs 21 per transaction, with effect from January 1, 2022. The Regulatory Bank had constituted a Committee in June 2019 under the Chairmanship […]
OECD - report - Inheritance Taxation - OECD Countries - Taxscan
May 18, 2021
The Organisation for Economic Co-operation and Development (OECD) has released the report on Inheritance Taxation in OECD Countries. The purpose of the report is to Compare and assess inheritance, estate and gift taxes across OECD countries and Explore the role that these taxes could play in raising revenue, addressing inequalities and improving the efficiency of […]

Moratorium - Corporate Debtor - Supreme Court - NI Act Proceedings - Company Director - taxscan
May 4, 2022
A three-judge bench of the Supreme Court comprising Justices UU Lalit, S. Ravindra Bhat, and PS Narasimha has reiterated that the moratorium provisions contained in Section 14 of the Insolvency and Bankruptcy Code, 2016 would apply only to the corporate debtor The natural persons mentioned in Section 141 of the Negotiable Instruments Act would continue […]
MCA - Amended Companies - Registration - Rules - Taxscan
April 28, 2022
The Ministry of Corporate Affairs (MCA) has notified the amendment to the Companies (Registration of Charges) Rules, 2022. The Companies (Registration Offices and Fees) Amendment Rules, 2022 prescribes the amount of additional fees and higher additional fees payable for delay in filing of prescribed forms. Further, it summarizes the situation when the higher additional fees […]
Public Companies - Deposits - Central Govt - Nidhi Rules - TAXSCAN
April 20, 2022
Under the Companies Act, 1956, a Nidhi or Mutual Benefit Society meant a company which the Central Government declared as Nidhi or Mutual Benefit Society by notification in the official gazette. Under the Companies Act, 2013, initially there was no need for a company to get declaration from Central Government to function as a Nidhi […]
Amendment - SEBI - Obligations - Disclosure Requirements - Regulations - taxscan
April 13, 2022
The Government has notified the Securities Exchange Board of India(Listing Obligations and Disclosure Requirements) Regulations, 2015. The notification issued on Monday amended regulation 54 wherein in the heading, the words “Asset Cover” shall be replaced with the words “Security Cover”. Further, in sub-regulation (1), a. before the words and symbols “listed non-convertible debt securities”, the […]
Insolvency Resolution Process - maintained - legal heirs - Personal Guarantor - NCLT - Taxscan
April 12, 2022
The Kolkata bench of National Company Law Tribunal has held that Insolvency Resolution Process cannot be maintained against the legal heirs of the Personal Guarantor. Kilburn Chemicals (Corporate Debtor) had approached the Petitioner, Bank of Baroda, Stressed Asset Management Branch (SAMB) a Body Corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, […]
Resolution Professional - cannot withhold - refuse - submit - CoC - Taxscan
April 12, 2022
The Principle bench of National Company Law Appellate Tribunal has held that Resolution Professional of its own cannot withhold any plan and refuse to submit the same before the Committee of Creditors (CoC). The appellant Sharavan Kumar Vishnoi, Resolution Professional challenging the order of National Company Law Tribunal allowing the application filed by one Ms. […]
Resolution Professional - Good faith - CoC - IBBI Disciplinary Committee - Notice - Misconduct - Taxscan
April 11, 2022
The Insolvency And Bankruptcy Board of India (IBBI) Disciplinary Committee (DC) has held that Resolution Professional acted in good faith as per the decision approved by CoC and quashes notice for misconduct. In the matter of Orchid Pharma Ltd., the corporate Debtor (CD), Mr. Rajasekaran was appointed as an interim resolution professional (IRP) for the […]
IBBI - Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations - taxscan
April 7, 2022
The Insolvency and Bankruptcy Board of India has notified the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2022, shall be applicable with effect from 5th April 2022. The notification said that the liquidator shall endeavor to complete the liquidation process of the corporate person and submit the Final Report under regulation […]
Revised - Professional Tax - taxscan
May 4, 2022

The State of Gujarat has notified the revised rate of professional tax. Individuals, Hindu undivided families, and all associations/businesses/companies are liable to pay professional tax. However, the maximum amount that can be levied per person is Rs. 2500 in each financial year. Additionally, any professional tax paid is deducted from the total income tax liability of […]

Levy of Advertisement Tax - Municipal Corporation - Conflict with GST - GST - Karnataka HighCourt - Taxscan
April 30, 2022
The Karnataka High Court has declared that there is no conflict between the power to levy GST under GST Act and power of Municipal Corporation to levy advertisement fee or advertisement tax under Section 134 of the Karnataka Municipal Corporations Act. Advocate Zameer Pasha for the petitioners contended that on the enactment of the Goods […]
ICAI-Chartered-accountants-professional-misconduct - Cash Embezzlement & Fraud - Karnataka High Court - Taxscan
April 23, 2022
After the Karnataka High Court Order, the Institute of Chartered Accountants of India ( ICAI ) has removed the name of a Chartered Accountant who is found guilty of Cash Embezzlement & Fraud. The Notification issued by ICAI has said that, “In exercise of the powers conferred by sub-section (2) of Section 20 of The […]
Webinar - Denial of IGST Refund - Rebate to Advance Authorization Holder - Taxscan
June 11, 2021

Tuesday15th June, our next webinar under our SIMPLIFIED banner on the subject ‘Denial of IGST Refund / Rebate to Advance Authorization Holder – Way Forward’ will be held between 5:00 PM and 7:00 PM. CA. NAVJOT SINGH will be our guest speaker for this webinar aimed at professionals and students alike. He has been an […]

Webinar - SEBI - Proposed changes - Promoters, - Promoter Group - Independent Directors - Taxscan Premium Users - Gaurav pingle - taxscan
May 20, 2021

Next Saturday, on 5th June, Taxscan is will be conducting the next program under our SIMPLIFIED banner. The Webinar will be on SEBI’s Proposed changes to the Framework of Promoters, Promoter Group & Independent Directors. CS Gaurav Pingle will be the speaker at this webinar aimed at professionals and students alike. Gaurav Pingle is an […]

Fox Mandal - International Tax Practice - Taxscan
September 9, 2020
Fox Mandal & Associates has appointed Mr. Sandip Mukherjee as Director, International Tax Practice. Sandip would operate from the Pune office and lead the international tax practice of the firm in Southern & Western India. His addition is a part of the firm’s strategic expansion of its Tax Advisory vertical. Sandip has spent about 27+ […]
November 9, 2017
The DMD Advocates has advised Infradigital Technologies Private Limited, a company promoted by Eros Labs Pte. Ltd. in selling its business undertaking engaged in the business of production and distribution of spiritual, devotional and religious audio-visual content and literature to Innertech Media Solutions Private Limited. Innertech is a portfolio company of Times Internet Limited. The business division was transferred […]