"28 August 2021" Archive

Draft rules for amendments by Taxation Laws (Amendment) Act, 2021

NA 28/08/2021

No tax demand shall be raised in future on the basis of the amendment to section 9 of the Income-tax Act made vide Finance Act, 2012 for any offshore indirect transfer of Indian assets if the transaction was undertaken before 28th May, 2012 (i.e., the date on which the Finance Bill, 2012 received the assent of the President)....

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Order or decision against which appeal can be filed under GST Law

The necessary provisions regarding filing an appeal to Appellate Authority has been provided under CHAPTER XVIII- APPEALS AND REVISION [SECTION 107 TO 121] of the Central Goods and Services Tax Act, 2017 (‘CGST Act, 2017’) supplemented with CHAPTER XIII- APPEALS AND REVISION [RULE 108 TO 116]. Pursuant to the provisions of Section 107...

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Posted Under: Income Tax | ,

Registrations & Compliances of Charitable Institutions under Income Tax Act, 1961 

There is an earnest desire among many members of the public to do charity, welfare and social good. This leads to flow of money without consideration from one individual to another or from one entity to another. Such flow of money is termed as donation in common as well as legal parlance. Unlike in commercial […]...

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Posted Under: Income Tax |

FDI equity inflow grows by 168% in first 3 months of F.Y. 2021-22

FDI equity inflow grows by 168% in the first three months of F.Y. 2021-22 (US$ 17.57 billion) compared to the same corresponding period last year (US$ 6.56 billion). Total FDI inflow of US$ 22.53 billion during first three months of 2021-22, i.e. April, 2021 to June, 2021 is much Higher as compared to US$ 11.84 billion in first three mont...

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Posted Under: Income Tax |

Uttarakhand HC ruling on reversal of ITC on non deposit by supplier

Narula Menthol Vs UOI & Ors. (Uttarakhand High Court)

Narula Menthol Vs UOI & Ors. (Uttarakhand High Court) 1. Hon’ble Uttarakhand High Court has quashed the demand intimation letters issued by the GST Dept. which directed the Petitioner to reverse the ITC amounting to Rs. 1.75 Cr on the basis that the supplier from whom the goods were purchased, has failed to deposit the […...

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Contempt of Court in India and fair Exercise of Power by Judiciary

CHAPTER 1: INTRODUCTION 1.1 HISTORICAL BACKGROUND The history of power of exercising contempt jurisdiction and punishing for contempt of court can be traced back to the 13th century. The ancient period considered king as a primal person to deliver justice and his powers were exhaustive and unquestionable. People during that period had no ...

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Posted Under: Income Tax |

IBC – Limitation for Debt Application & 4 Other Judgments

Recently, the Hon’ble Supreme Court while deciding Dena Bank (Now Bank of Baroda) v. C. Shivkumar Reddy1, an appeal against the judgment of National Company Law Tribunal (NCLAT), wherein the NCLAT rejected the corporate insolvency application on the ground of limitation, settled important issues pertaining to Section 14 and 18 of the Li...

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Posted Under: Income Tax |

Refunds of Cess Balances as on 30.06.2017 – Issues & Judicial Views

At the advent of GST, it was hoped that the transition shall happen of all the unutilized closing credit balances of any tax/cess lying in the account of the taxpayer under the previous regime. This was to ensure that such balances do not become cost and therefore result in the cascading effect....

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Posted Under: Income Tax |

Strong suspicions/coincidences & grave doubts cannot substitute legal proof

Proof of account books of business in criminal trials,ingredients to be proved, explained-Presumption in favour of acts of public servants charged with bringing home economic and other crimes-Kerala General Sales Tax Act, 1963, Sections 46(1)(a), 46(1)(c) and 46(2)(c)....

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Posted Under: Income Tax |

Need for GST exemption to development rights used in commercial units in RREP

Background – Development Agreement In apartments construction business, it is a usual practice that the land owner transfers development rights in the land to a promoter. In consideration, the promoter allots constructed units to the land owner. The promoter constructs some extra units and sells the same. The Land owner, thus sells (tra...

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Posted Under: Income Tax |

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