Financial restructuring is a specialist initiative undertaken to reorganize the financial assets and liabilities of a business enterprise in order to make the most beneficial environment for that entity. Primarily, it comprises of reorganising share capital and debt. With inefficient restructuring, companies are often entitled to favourably change their contractual relationships with lenders, shareholders and […]
True tests for determining Composite & Mixed Supply under GST laws including analysis of position under foreign laws Introduction To determine whether a particular supply is a composite supply or mixed supply, we have to analyze the definition of composite supply and mixed supply. Composite Supply Definition As per Section 2(30) of CGST Act, 2017, […]
(1) This Act may be called the Insolvency and Bankruptcy Code (Amendment) Act, 2021. (2) It shall be deemed to have come into force on the 4th day of April, 2021.
Main issue involved in the matter was that Employees contribution to VPF was deposited after due dates under explanation to section 36(1)(va) but before the end of relevant previous year is allowable deduction or not.
Advisory on GSTR1 Filing (11th August 2021) Currently, the Taxpayers are seeing the below statuses for GSTR1, after uploading of JSON file from the of Tool: 1. Processed with Error or 2. In Progress This is due to the fact that many offline utilities used by Taxpayers are not filling the Table 12-HSN wise summary […]
Jansampark Advertising & Marketing P. Ltd. Vs ITO (ITAT Delhi) Settled position of law as held by the Hon’ble High Court in the case of Haryana Acrylic Manufacturing Co. v. Commissioner of Income Tax 308 ITR 38 [ Delhi] is that the requirement of recording the reasons, communicating the same to the assessee, enabling the […]
Seeks to rescind notification No. 43/2016-Customs (ADD) dated the 8th August, 2016 to remove levy of ADD on Viscose Staple Fibre (VSF) originating in or imported from China PR and Indonesia. MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 12th August, 2021 Notification No. 44/2021-Customs (ADD) G.S.R. 572(E).—In exercise of the powers conferred […]
Sony India Pvt Ltd Vs Union of India & Another (Telangana High Court) It is the duty and responsibility of the Assessing Officer / Assistant Commissioner to correctly determine the duty leviable in accordance with law before clearing the goods for Home consumption. The assessing officer instead, having failed in correctly determining the duty payable, […]
In order to stop littering due to light weight plastic carry bags, with effect from 30th September, 2021, the thickness of plastic carry bags has been increased from fifty microns to seventy five microns and to one hundred and twenty microns with effect from the 31st December, 2022. This will also allow reuse of plastic carry due to increase in thickness.
DCIT Vs Welspun Projects Limited (ITAT Ahmedabad) It was also argued by the learned DR that there is no provision under the Act for amortization of the expenses. Therefore, the assessee should not be allowed the deduction of the expenses amortized in the year under consideration. Undoubtedly, the assessee has incurred the expenses on the […]
