2 Archive - 26 September 2021

"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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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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HC Grants Bail to Money Laundering Accused

Bhimendra Kumar Goyal Vs Enforcement Directorate (Andhra Pradesh High Court)

Bhimendra Kumar Goyal Vs Enforcement Directorate (Andhra Pradesh High Court) Hon’ble Apex Court in catena of cases observed that while granting bail the Court has to keep in mind the nature of accusation, the nature of evidence in support thereof, the severity of the punishment which conviction will entail, the character of the accused,...

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Payment for mere right to use copyrighted software cannot be treated as Royalty

Trigo SAS Vs DCIT (ITAT Pune)

Trigo SAS Vs DCIT (ITAT Pune) Assessee has merely transferred the right to use copyrighted software ANTIFOG and that it had not transferred the copyright itself to Trigo India. TRIGO India was authorized to have access to and make use of the copyrighted software ANTIFOG. In the Software License Agreement entered into, it is evident [&hell...

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Supply of goods without issue of Invoice- HC grant Bail to GST evasion accused

Sri Subhash Kumar Singh Vs State of Assam (Gauhati High Court)

Petitioner is found to have deliberately supplied goods without issuing invoices in violation of the provisions of AGST Act with intention to evade Tax during the period of 2019 to 2021....

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Income from amount kept in EEFC account eligible for Section 10A deduction

Tech Mahindra Business Services Limited Vs DCIT (ITAT Mumbai)

Tech Mahindra Business Services Limited Vs DCIT (ITAT Mumbai) During the course of assessment proceedings, the assessee was asked to furnish the break-up of foreign exchange gain credited in the profit and loss account amounting to Rs.13,31,38,000/- for which deduction u/s.10A of the Act was claimed by the assessee. The assessee was also ...

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February 2023