"25 May 2021" Archive

Liquidated Damages – to levy or not to levy GST?

In the COVID-19 pandemic, businesses find it increasingly difficult to meet their contractual obligations, which results in non-performance/delays of agreed obligations. These defaults are the primal reason for surge in claims for liquidated damages, especially in cases where the plea of force majeure (unforeseeable circumstances that pre...

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Understanding form 16 – Certificate of TDS on Salary

Salaried individuals are issued form 16 from their employersat the end of financial year. The details mentioned thereon are helpful in filing income tax return. This article attempts to explain everything a tax payer should know about form 16 before filing income tax return. It is to be noted that form 26AS is of utmost […]...

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CBIC relaxes rules for imported cylinders & pressure vessels to ease oxygen supply

Instruction No. 12/2021-Customs 25/05/2021

In case the importer has applied through online application to PESO and the decision is pending in PESO, the exemption allows them to bring oxygen cylinders on urgency for COVID relief activities in India....

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Assessment Order passed on Non-Existing Company is void ab initio

PCIT Vs Sony Mobile Communications India Pvt. Ltd. (Delhi High Court)

PCIT Vs Sony Mobile Communications India Pvt. Ltd. (Delhi High Court) 1. The Assessment Order was made in the name of the assessee in which return of income was filed but the Assessee had already been amalgamated in another company and so the order was passed in the name of a non existent company. 2. […]...

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Limitation Period For Debit Note To Avail ITC

This article is discussing the limitation period to avail the input tax credit in regard to Debit Note on the perception of amendment happened in section 16(4) of the CGST Act with effect from 01-01-2021 and on the perceptive of the Advance Ruling in the case of M/s. I-Tech Plast India Private Limited held by […]...

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IFSCA: Constitution of an Expert Committee on Investment Funds

The International Financial Services Centres Authority (IFSCA) has been established as a unified regulator to develop and regulate financial products, financial services and financial institutions in the International Financial Service Centres (IFSCs) in India....

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Non Disposal of Objections Before Concluding of Assessment With Separate Speaking Order Makes Assessment Nullity

Duggal Estates Pvt. Ltd. Vs ITO (ITAT Delhi)

Duggal Estates Pvt. Ltd. Vs ITO (ITAT Delhi) From the reasons it can be seen that the Assessing Officer was not specific as to on what basis the Assessing Officer has the reason to believe that the income of the assessee to the tune of 1 crore has escaped assessment. In fact, in one para […]...

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Cabinet approves MoUs by ICoAl & ICSI with Foreign Countries / Organisations

Cabinet approves Memorandum of Understandings (MoUs) entered into by Institute of Cost Accountants of India (ICoAl) and Institute of Company Secretaries of India (ICSI) with Foreign Countries/Organisations...

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Prima Facie some material is required not sufficiency or correctness for valid reopening u/s 147

Prima Facie some material is required not sufficiency or correctness for valid reopening u/s 147 We have only to see whether there was prima facie some material on the basis of which the Department could reopen the case. The sufficiency or correctness of the material is not a thing to be considered at this stage. […]...

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Punjab FM raised critical concerns related to GST in his letter to FM

Manpreet Singh Badal. Minister for Finance & Planning, Punjab has raised following critical concerns in his letter to Nirmala Sitharaman, Minister of Finance and Corporate Affairs – 1. Need GST with Heart Life-saving items for COVID-19 imposed Basic Custom Duties of upto 20% & GST upto 18%. 2. GST Implementation Committee (i...

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August 2021