"06 September 2021" Archive

71 Important Judgments Under GST

I have observed that professionals have sufficient knowledge of provisions of law but many time they are not able to apply these provision in practical cases. Thus it gives me an immense pleasure in introducing my first book on various judgments under GST in chart form for conceptual clarity of professionals so that they can […]...

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Applicability of Tax Audit under section 44AB or 44AD or 44ADA

Audit of accounts of certain persons carrying on business or profession: Section 44AB, first time inserted by the Finance Act, 1984, by the  Finance Minister Shri Pranav Mukharji with effect from 1st April 1985. At that time there was so opposed of this section, by business persons, professional persons and particularly by Tax Advocates ...

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Tax authorities to detain goods only in the case of deliberate tax evasion and not for technical or minor defects

NE Equipment Solutions Pvt. Ltd. Vs State of Tripura and others (Tripura High Court)

The tax authorities must make a clear distinction between deliberate tax evasion and technical or minor defects which manifest no intention to evade tax. When the IGST liability has been fully discharged, no intention can be attributed on part of the petitioner to evade tax. In the present case, therefore, we would release the machinery u...

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Latest Case Law Related to IBC – April 2021- June, 2021

Supreme Court Ghanashyam Mishra and Sons Private Limited Vs. Edelweiss Asset Reconstruction Company Limited & Ors. [CA No. 8129/2019] The Supreme Court (SC) held that the 2019 amendment to section 31 of the Code is clarificatory and declaratory in nature and is, therefore, effective from the date on which the Code came into effect. Ev...

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XBRL based filing of Related Party Transactions for Listed Companies at NSE

Circular Ref. No: NSE/CML/2021/34 06/09/2021

With a view to make the disclosure more accurate and efficient, the Exchange, in consultation with SEBI, is introducing a facility of filing of Related Party Transactions in XBRL mode under Regulation 23 (9) of SEBI (LODR) Regulations, 2015, with immediate effect....

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Report on AGM | Section 121 | Companies Act, 2013

REPORT ON ANNUAL GENERAL MEETING (AGM) Applicable Provisions: Section 121 of the Companies Act, 2013 read with Rule 31 of Companies (Management and Administration) Rules, 2014 Provision: Every Listed Public company shall prepare the report of  each Annual General Meeting including the confirmation to the effect that the meeting was conve...

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Method for Computing Interest on P.F. Contribution

Finance Act 2021 made an amendment in sub-sections (11) and (12) of section 10 of the Income Tax Act to provide that interest accrued on a provident fund account of any person to the extent it relates to the contribution made by the employee over and above Rs. 2,50,000 (Rs. 5,00,000 in case where employer is not […]...

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IND AS 36 – Impairment testing of Cash Generating Units & Goodwill

IND AS 36 deals with the subject of Impairment of Assets, and includes various provisions relating to periodic testing of Cash-Generating Units (‘CGU') and their relatable Goodwill for impairment. The key provisions are summarized hereunder....

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Repair Renovation Expense on Leased Premises to uplift ambiance & make it fit for operating allowable

Karnataka Soaps & Detergents Limited Vs ACIT (ITAT Bangalore)

Karnataka Soaps & Detergents Limited Vs ACIT (ITAT Bangalore) The assessee had set up a branch office in Mumbai. The branch office was housed in a leased premises (leave and licence deed was executed on 5th December, 2013). The leased premises required certain repairs and renovation amounting to Rs.12,95,867. The assessee had claimed ...

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Faceless Assessment: Authentication of electronic record – DSC requirement removed

Notification No. 101/2021-Income Tax [G.S.R. 616(E)] 06/09/2021

Requirement of using DSC removed for efiling of submissions in e-proceedings CBDT amends Income-tax Rules, 1962 to ease authentication of electronic records submitted in faceless assessment proceedings CBDT notifies Income Tax 14C related to Prescribed manner of authentication of an electronic record under electronic verification code und...

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