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Archive: 23 August 2021

Posts in 23 August 2021

RoDTEP Rates Announced! With few twists…

August 23, 2021 2529 Views 0 comment Print

So finally after almost 8 months, the government on have announced rates of tax refunds under the export promotion scheme RoDTEP for 8,555 products. Now, That’s what we expected? No! Background 1. The Cabinet Committee on Economic Affairs, chaired by Prime Minister has given its approval on 13th March 2020 for introducing the Scheme for […]

Request for Proposal for Appointment of Internal Auditor to IBBI

August 23, 2021 1194 Views 0 comment Print

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (IBBI) Request for Proposal for Appointment of Internal Auditor to IBBI 1 INTRODUCTION a. The Insolvency and Bankruptcy Board of India was established on 1st October, 2016 under the Insolvency and Bankruptcy Code, 2016 (Code). It is a key pillar of the ecosystem responsible for implementation of the Code […]

No rectification under section 154 in section 264 Revisional order on new issues

August 23, 2021 2190 Views 0 comment Print

Rakesh Agarwal Vs ITO (Calcutta High Court) The Court:-The petitioner has challenged the impugned order dated 20th December, 2011 rejecting the petitioner’s application under Section 154 of the Income Tax Act, 1961 for rectification of the alleged mistake in the order dated 22nd December, 2011 passed under Section 264 of the Act on the ground […]

Cabinet approves continuation of Centrally Sponsored Scheme for Fast Track Special Courts for further 2 years

August 23, 2021 318 Views 0 comment Print

Continuation of 1023 Fast Track Special Court (FTSCs) including 389 exclusive POCSO Courts Outlay of Rs. 1572.86 crore, Rs.971.70 crore as Central Share and Rs.601.16 crore as State share Central Share is to be funded from Nirbhaya Fund Fast Track Special Courts are dedicated courts for swift justice for victims of sexual offences and strengthen […]

Unabsorbed depreciation can be Carried Forward beyond 8 Years

August 23, 2021 40056 Views 0 comment Print

CIT Vs KMC Speciality Hospitals India Ltd (Madras High Court) It can be said that, current depreciation is deductible in the first place from the income of the business to which it relates. If such depreciation amount is larger than the amount of the profits of that business, then such excess comes for absorption from […]

Contract for supply of manpower for managing solid waste not come under definition of ‘Composite supply of Goods & Service’

August 23, 2021 1578 Views 0 comment Print

In re Green Cleaning Solutions (GST AAR Uttarakhand) 1) The contract for supply of manpower for managing solid waste does not come under the definition of ‘Composite supply of Goods and Service’ at Entry No. 3A of Chapter 99 as mentioned in notification number 12/2017 – Central Tax (rate) dated 28th June 2017 as amended by Notification […]

No addition for income offered in subsequent year if tax effect remains same

August 23, 2021 2931 Views 0 comment Print

PCIT Vs Adani Infrastructure and Developers Pvt. Ltd. (Gujarat High Court) Revenue contended that provisional fees was not being treated as income during the year by ignoring the Section 199 of the Act read with Rule 37BA of the Rules. Admittedly there is no provision under the Act to tax the same income twice as […]

Service Tax under RCM not payable on Commission Paid to Overseas Commission Agent

August 23, 2021 3399 Views 0 comment Print

Commissioner of Central Excise Vs PKPN Spinning Mills (P) Ltd. (CESTAT Chennai) The issue involved is whether appellant is liable to pay service tax on the commission paid to foreign agents under the reverse charge mechanism. The parties are referred to as “assesee” and “department” for the same of convenience. 2. The respondents are engaged […]

Recovery from assets of deceased under section 159 of Income Tax Act, 1961

August 23, 2021 6255 Views 0 comment Print

Recovery from a legal representative not from his/her assets in the recovery proceedings but from the assets of the deceased. Issue a writ , order or direction commanding the respondents to compensate the petitioner for mental agony and harassment caused solely on account of grossly illegal acts of the said respondents and its officers for […]

CCI imposes penalty on ‘Maruti’ for controlling discounts by dealers

August 23, 2021 2187 Views 0 comment Print

Re Maruti Suzuki India Limited (Competition Commission Of India) The Competition Commission of India (CCI)  imposed a ₹200 crore penalty on Maruti Suzuki India Ltd (MSIL), for allegedly stifling competition with its policy of controlling the discounts dealers could offer consumers. Commission concludes that MSIL not only entered into an agreement with its dealers across […]

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