"21 July 2021" Archive

Order dismissing appeal without assigning necessary reasons not sustainable and is cryptic in nature

Pankaj Sharma Vs Union of India (Patna High Court)

Pankaj Sharma Vs Union of India (Patna High Court) The Hon’ble Patna High Court in Pankaj Sharma vs. UOI & Ors. [Civil Writ Jurisdiction Case No. 7431 dated June 01, 2021] set aside the order dismissing the appeal of the assessee passed by the Revenue Department, on the ground that the same is cryptic in […]...

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Quashed Central Excise order passed without providing opportunity of personal hearing

T.M. Hotels Private Limited Vs Additional Commissioner of Central Excise (Madras High Court)

The Hon’ble High Court, Madras noted that the summon were issued to the Petitioner instead of the counsel for the Petitioner (in whose name vakalatnama was given). Thus, there is a possibility that the Petitioner would not have informed about the summons to their counsel regarding the personal hearing and the same resulted in passing of...

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Private coachings for CA, CS, CMA etc. are not “educational institution”, liable to pay GST

In re Logic Management Training Institute (GST AAAR Kerala)

Institutes imparting education to students for becoming Chartered Accountant (CA), Cost Accountancy, Company Secretary (CS), Certified Management Accountant (CMA) etc are not covered under the definition of 'educational institution' in Para 2 (y) of the Notification No. 12/2017 Central Tax (Rate) dated June 28, 2017 (Services Exemption No...

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CBI to enquire validity of alleged Email sent by Income Tax Dept

Three C Homes Pvt. Ltd. Vs ACIT (Delhi High Court)

CBI to enquire as to whether the email dated 31st May, 2021 had been issued to assessee or not, and if so, by whom. In the event it was found that the email dated 31st May, 2021 had been forged and fabricated by assessee it would initiate action under Sections 191/192/196 of the IPC. However, if it was found that the email dated 31st May,...

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Representation on 39 issues relating to GST

All India Federation of Tax Practitioner has made a Representation on various issues relating to GST to   Finance Minister, CBIC Chairman and GST Council. It raised 39 issues which need immediate attention of the Government for issuing clarifications/circulars/notifications/amendments in law for ease of doing business, better compliance ...

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Check List for Scrutiny of Books for Tax Audit Purpose

Check List for Scrutiny of Books for Tax Audit Purpose For Assessment Year 2021-2022 Step 1: Check and Verify the opening Balances of each ledger as per previous year signed Balance-sheet a) Is there any difference in Opening Balance Yes/No b) If there is any difference, as stated in (a) above, kindly fill the details: […]...

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Validity of Notice Under Section 148 Issued in the Name Of Deceased Person

A notice under section 148 can only be issued in the name of an alive person. In case the assessee is dead and notice is issued in his or her name, then the same is non est in the eyes of law. An order passed in continuity of such a notice is also invalid and […]...

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Relaxation in timelines for compliance with regulatory requirements by Debenture Trustees

SEBI/HO/MIRSD/CRADT/CIR/P/2021/597 20/07/2021

Relaxation in timelines for compliance with regulatory requirements by Debenture Trustees due to Covid-19 As per the Circular No. SEBI/HO/MIRSD/CRADT/CIR/P/2021/597 issued on July 20, 2021, SEBI relaxes the timelines for compliance with regulatory requirements by Debenture Trustees due to Covid-19. 1. As per SEBI (Debenture Trustees) Regu...

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Validity of Section 148 Notices Issued After 31st March 2021

The Finance Bill, 2021 after being passed by the Parliament and getting the assent of the President on 28th March 2021 has become the final law very much in force from 01 April 2021 of which each & every section is legally enforceable and applicable in toto....

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What SEBI wants you to disclose in your Research Reports

All individuals and entities who are engaged in providing recommendations to its clients by way of research reports are required be registered with SEBI under SEBI (Research Analyst) Regulations, 2014 (RA Regulations) and comply with the provisions of the said regulations. A Research Analyst before issuing research report is required to d...

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