"26 September 2021" Archive

Clarification on refund of GST paid under wrong tax head in GST

GST has been a relatively new law for a large and diverse taxpayer base such as one in India and it is not quite a surprise that inadvertent errors are committed while complying with the provisions of law. Once such error that the government was aware of and decided to bring into the multifold of […]...

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India needs 4 -5 more banks like SBI: FM

India needs 4 -5 more banks like SBI to meet changing requirements of the Indian Economy: Nirmala Sitharaman FM says Long Term Future of Indian Banking would be driven by digital processes; Asks IBA to carry out nation-wide digitized mapping of bank branches Sitharaman commends banks for smooth amalgamation Posted On: 26 SEP 2021 : [&hell...

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Gist of amendments in GST rules vide Notification No 35/2021 dated 24-09-2021

Gist of CGST (Eight Amendment) Rules, 2021 vide Notification No. 35/2021 – Central Tax dated 24th September, 2021 amending CGST Rules, 2017....

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TNGST – SOP for Faceless Refund -certain guidelines issued

Circular No: 22/2021 - TNGST 26/09/2021

At present, the refund process under GST Law is system-based, but the process requires involvement of the jurisdictional proper officer and his possible meeting with the taxpayers leading to possible harassment and other unwarranted situations....

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Statutory right to appeal cannot be defeated by drawing a presumption about service of order

Sunbright Cement Agencies Pvt Ltd. Vs Commissioner (Appeals), Service Tax-II, Mumbai (CESTAT Mumbai)

Sunbright Cement Agencies Pvt Ltd. Vs. Commissioner (Appeals) (CESTAT Mumbai) What is important to note is that even the initial period of three months provided for in sub-section (3) of section 85 of the Finance Act for presenting an appeal begins to run from the date of receipt of the order. The order was received […]...

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Assessment order passed on amalgamating company after dissolution is invalid

Infosys BPM Limited Vs JCIT (ITAT Bangalore)

Infosys BPM Limited Vs JCIT (ITAT Bangalore) Order of assessment framed in the name of a non non­existent entity after it ceased to be a subsisting entity, was ab-initio initio void and therefore, null in the eyes of law. On similar facts and circumstances of the case and law applicable, the ITAT, Bangalore bench in […]...

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Expense on conversion of debenture bond into equity share not allllowable

Sacmi Engineering India P. Ltd. Vs DCIT (ITAT Ahmedabad)

Sacmi Engineering India P. Ltd. Vs DCIT (ITAT Ahmedabad) main issue for our consideration is that whether the expenditure on conversion of debenture bond into equity share capital is revenue or capital expenditure. The claim of the assessee is that since capital base has been increased due to conversion of debenture for meeting working ca...

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Deputing of own employees in group company is not manpower recruitment service

Anand Automotive Ltd Vs Commissioner, Service Tax (CESTAT Delhi)

Anand Automotive Ltd Vs Commissioner, Service Tax (CESTAT Delhi) The impugned order has confirmed the demand of service tax against the appellant under the category of ‘manpower recruitment and supply agency service’ on the ground that the appellant was supplying manpower to its group companies. According to the appellant, it deputes ...

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Submitted Resolution Plan cannot be modified by Resolution Applicant: SC

Ebix Singapore Private Limited Vs Committee of Creditors of Educomp Solutions Limited & Anr. (Supreme Court of India)

Ebix Singapore Private Limited Vs Committee of Creditors of Educomp Solutions Limited & Anr. (Supreme Court of India) This Court is cognizant that the extraordinary circumstance of the COVID-19 pandemic would have had a significant impact on the businesses of Corporate Debtors and upon successful Resolution Applicants whose Plans may ...

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Bird eye view of Preferential Voting System in ICAI Election

As you are aware that ICAI Elections for Central Council & Regional Councils are scheduled on 07th and 8th December 2018 and therefore I feel it appropriate to share with you information on Preferential voting system being followed by our esteemed Institute. In other words, it's called a Preferential Voting System. ...

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