"30 April 2021" Archive - Page 3

High time – High Court deals with Google Issue

Objective Author in this article discusses as t 1. how Karnataka High Court should not have remanded the matter back for the second time; and 2. should have admitted the substantial question of law and / or of facts regarding taxation of transaction between Google India and Google Ireland. The procedural lapses, as relied upon […]...

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Posted Under: Income Tax |

Remuneration Payable to Independent Directors in Case of Absence or Inadequacy of Profits

Since the time immemorial, the independent directors have been acting as a catalyst in ensuring highest level of corporate governance in the corporate sector. The enormous responsibility bestowed upon the independent directors is to maintain an ethical code of conduct and uphold the integrity in the organization in these exigent times. Ho...

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Posted Under: Income Tax |

RoC cannot deactivate Director Identification Number (DIN) : HC

Baalu Renukadevi Vs Union of India (Madras High Court)

Baalu Renukadevi Vs Union of India (Madras High Court) Rules 9 and 10 of Companies (Appointment and Qualifications of Directors) Rules, 2014 deals with the application for allotment of DIN. Rule 10(6) specifies that the DIN is valid for the life time of the applicant and shall not be allotted to any other person. Rule […]...

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SC on Minimum guarantee charges as fixed by electricity supply company

Jharkhand State Electricity Board Vs Ramkrishna Forging Limited (Supreme Court of India)

Jharkhand State Electricity Board Vs Ramkrishna Forging Limited (Supreme Court of India) It is noteworthy that the Jharkhand State Electricity Board (‘the Board’) is a monopoly supplier of electricity which has laid down its own terms and conditions, regarding which the consumer has no say or choice but to sign on the dotted lines, if...

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ICAI President’s Message – May 2021

The Indian accounting profession was established in the year 1949 by an Act of Parliament to address the genuine needs of economy with obligations to serve the public interest and society. The profession functions and grows, paralleled by its complex knowledge, skills and well laidout statutory position....

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Posted Under: Income Tax |

Officer cannot deny Revocation of GST Registration for alleged incorrect ITC availment

Ramakrishnan Mahalingam (Prateeksha Bharat Gas Garima Vitrak) Vs State Tax Officer (Madras High Court)

Ramakrishnan Mahalingam (Prateeksha Bharat Gas Garima Vitrak) Vs State Tax Officer (Madras High Court) An assessment would have to be made by the authority in terms of Section 73 or other applicable provision after following the procedure set out therein, and it is only in the course thereof that the officer may consider and decide [&hell...

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Key Management Personnel to Share Risk & Reward at Par with Unit Holders

Is SEBI Trying To Achieve Level Playing Field By Making The Key Management Personnel To Share Risk And Reward At Par With Unit Holders? RISK AND REWARD GO HAND IN HAND. In one of the recent Circular, SEBI has made this statement true by laying down the framework for paying part of the compensation of […]...

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Posted Under: Income Tax |

Refund of royalty as per Advance Pricing Agreement could not be treated as income in assessee’s hands

Gemological Institute of America Inc. Vs Add. CIT (ITAT Mumbai)

Gemological Institute of America Inc. Vs Add. CIT (ITAT Mumbai) Conclusion: In terms of the provisions of section 92CE, refund of taxes could be claimed or allowed on account of secondary adjustments- even if, such secondary adjustments end up reducing the income of the foreign AE assesses as a result of partial repatriation of income.  ...

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Religious procession cannot be prohibited /curtailed for presence of another religious group in the area

Ramasamy Udayar Vs District Collector (Madras High Court)

Ramasamy Udayar Vs District Collector (Madras High Court) If religious intolerance is going to be allowed, it is not good for a secular country. Intolerance in any form by any religious group has to be curtailed and prohibited. In this case, intolerance of a particular religious group is exhibited by objecting for the festivals which [&he...

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Tariff Notification No. 45/2021-Customs (N.T.) dated 30.04.2021

Notification No. 45/2021-Custom (N.T.) [S.O. 1728(E)] 30/05/2021

Notification No. 45/2021-Customs (N.T.) dated 30th April, 2021 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) New Delhi, the 30th April, 2021 Notification No. 45/2021-Customs (N.T.) S.O. 1728(E).—In ...

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