Notification No. 17/2015-2020 Para 2.07 of the FTP regarding principles of prohibition and restrictions , is amended to be in line with international agreements.
Due to any reason, in case the income tax department makes an excess refund to the taxpayer. Such taxpayer will have to return the excess refund along with interest payable under section 234D of the Income Tax Act. The present article helps to simplify the interest provisions of said section 234D read will rule 119A […]
Subhash Kumar Singh Vs State of Assam and Anr. (Gauhati High Court) It has been, prima facie, found that the evasion of tax was more than Rs. 5 crores which necessitated the arrest of the Petitioner in compliance of the provision of Section 132 (1) (i) of the Assam GST Act, 2017. Hence, the argument […]
(1) This Act may be called the Coconut Development Board (Amendment) Act, 2021. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
It was held by the Supreme Court that merely because the entire share capital was subscribed by the Government of India, it did not mean that the company did not own the property in question. It was held that the company was a separate legal entity.
Tata Consultancy Services Ltd. Vs DCIT (ITAT Mumbai) From the stage of the assessment proceeding itself, it is the claim of the assessee that the term ‘tax’, as defined under section 2(43) of the Act would only include taxes chargeable under the Indian Income Tax Act. It is the further case of the assessee that […]
Medical Bureau Vs Commissioner of Central Goods And Service Tax Delhi North (Delhi High Court) Medical Bureau (Petitioner) filed a writ petition seeking directions to the Commissioner of Goods and Services Tax (Respondent) to refund to the former, an amount of Rs. 1,35,30,255/- lying as unutilized input tax credit during the period spanning October 2017 […]
Jaiveer Singh Virk Vs Sir Sobha Singh & Sons Pvt. Ltd. (Delhi High Court) The next question is- what is the nature of Appellant’s right and whether such a right is enforceable under law? The Appellant asserts that he is a shareholder of Respondent No. 1, which is a corporate entity, incorporated in the year […]
Memorandum of Understanding (MoU) between the Institute of Cost Accountants of India and the Association of Chartered Certified Accountants, United Kingdom (ACCA, UK) The Union Cabinet, chaired by Hon’ble Prime Minister Shri Narendra Modi, has approved the signing of Memorandum of Understanding (MoU) between Institute of Cost Accountants of India and the Association of Chartered […]
Chalasani Udaya Sankar Vs Lexus Technologies Pvt. Ltd. (NCLAT Chennai) It is to be pointed out that the ‘Lockdown’ period during COVID is an extraordinary situation. Furthermore, this ‘Appellate Tribunal’ is of the considered opinion that in every ‘order’ passed by the ‘Tribunal’ ‘sobriety’, ‘calm composure’, ‘poise’ cool like ‘cucumber’ attitude and ‘functional humbleness’ is […]
