"01 March 2021" Archive

Code on Wages (Central Advisory Board) Rules, 2021

G.S.R. 143(E) 01/03/2021

(1) These rules may be called the Code on Wages (Central Advisory Board) Rules, 2021. (2) They shall come into force on the date of their publication in the Official Gazette....

Read More

Income Tax Dept searches major Pharma group of Hyderabad

01/01/1970

The Income Tax Department carried out search & seizure operations on 24.02.2021 on a major Pharmaceutical group based out of Hyderabad.  This Pharmaceutical group is engaged in the business of manufacturing of intermediates, Active Pharmaceutical Ingredients (APIs) and formulations. ...

Read More
Posted Under: Corporate Law |

Master Circular on Surveillance of Securities Market

SEBI/HO/ISD/ISD/CIR/P/2021 /22 01/03/2021

In order to moderate sharp and destabilizing price movements in shares of companies, to encourage better price discovery and to increase transparency in securities market, SEBI in consultation with Stock Exchanges has decided to adopt following measures:-...

Read More

Fake invoices with a face value of Rs. 3308 crore unearthed

D.O.No.54/CH(IC)/2020 01/03/2021

I am happy to note that the anti-evasion teams of Jaipur and Alwar CGST Commissionerates have used data analytics to unearth a large case of fraudulent ITC availment, involving fake invoices with a face value of Rs. 3308 crore by several non-existent firms registered in Jaipur. These firms had fraudulently availed ITC of about Rs. 83.37 c...

Read More

Brace up yourself to face the new Landscape of Assessment & Appeal

01/01/1970

While the author had almost finalised the article, Notification No. 27/2021 dated 27-Feb-2021 the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Ordinance, 2020 which was promulgated on 5-Jun-2020 [while later become Act] has extended date of completion of assessment for AY 2018-19 from 31-March-2021 to 29-30-Jun...

Read More
Posted Under: Corporate Law |

HC directs DC to decide afresh on SVLDR declaration which was rejected in Violation of principles of natural justice

Magnum Management and Services P Ltd Vs Union of India & Ors (Bombay HIgh Court)01/01/1970

We find that impugned rejection of the declaration of the petitioner is in violation of the principles of natural justice which has impacted the decision making process thus rendering the decision invalid, it may not be necessary for us to enter into the merits of the challenge as to whether the declaration of the petitioner was in fact v...

Read More

GST Registration Document Checklist

01/01/1970

GST Registration GST Registration is a mandatory tax registration for all businesses 1. who involve in buying and selling with an annual aggregate turnover of more than Rs 20 lakh (Rs 40 or Rs 10 lakh, as may vary depending upon the supply and state/UT) 2. or undertaking inter-state supply (without any threshold limited). GST registratio...

Read More
Posted Under: Corporate Law |

Roles & Responsibilities of Banks Increased by Income Tax Departments

01/01/1970

MAJOR INCOME TAX COMPLIANCE LIABILITIES ON BANKS- 1. REPORTING OF HIGH VALUE TRANSACTIONS- High Value transactions are transactions which are incurred in high denominations. Banks are required to intimate about following high value transactions to Director of Income-tax (Intelligence and Criminal Investigation) by filing Form 61A called S...

Read More
Posted Under: Corporate Law |

Without Demonstrating any Concealment in Seized Material No Penalty Can Be Levied By AO

Rishabh Buildwell P. Ltd. Vs DCIT (ITAT Delhi)01/01/1970

Rishabh Buildwell P. Ltd. Vs DCIT (ITAT Delhi) Once the assessee files a revised return under Section 1 53A, for all other provisions of the Act, the revised return will be treated as the original return filed under Section 139. For the Revenue to invoke Explanation-5, it would have to prove that its requirements are […]...

Read More

Section 153C Assessment invalid if satisfaction note was not recorded

Shri Sanjay Thakur Vs DCIT (ITAT Delhi)01/01/1970

Sanjay Thakur Vs DCIT (ITAT Delhi) It is not in dispute that a search was conducted in the bank premises of HDFC Bank, Ambedkar Road, Ghaziabad, in the case of Bank A/c No.xxx2277 of M/s. A.K Traders. No incriminating material was found during the course of search against the assessee. The satisfaction note have been […]...

Read More

Search Posts by Date

April 2021
M T W T F S S
 1234
567891011
12131415161718
19202122232425
2627282930