1.Introduction GST being a new law and the concept of dual GST being a completely new concept, it was found in the initial phase of GST implementation that many taxpayers and professionals alike struggled to identify the correct nature of supply. As a result, the taxpayers classified certain transactions as intra-State supplies when, in fact, […]
The issue relate to demand of service tax on remittance towards services on which service tax was payable as per the Import Rules and has been paid by the Appellant but it has not been accepted by the Department.
CESTAT, Ahmedabad held that the Product Recall Policy expenses is born for the purpose of security of the goods and for this reason the service falls under the definition of input services and is therefore, eligible for CENVAT Credit.
As per section 68 of the Income Tax Act, any sum found credited in the books of a taxpayer, for which he does not explain the nature and source or the explanation provided by him is not satisfactory by the Assessing Officer is termed as ‘Cash Credit‘. Other provisions to be kept in mind with […]
Introduction Aviation sector around the world had its weakest moment during Covid, with a slump in demand for air travel. According to the statistics, globally, air passengers declined by 60 per cent in 2020 compared to 2019. Resultantly, jobs created through the air transport industry fell by 52.5 per cent during the said period. Further, […]
Malook Singh and Others Vs State of Punjab and Others (Supreme Court of India) Facts- The petitioner claimed the benefit of ad hoc service rendered by them towards their seniority as against regularly recruited clerks appointed after them. Conclusion-The decision in Direct Recruits stands for the principle that ad hoc service cannot be counted for […]
Bank accounts for payment of fees to SEBI under the SEBI (Infrastructure Investment Trusts) Regulations, 2014, SEBI (Real Estate Investment Trusts) Regulations, 2014, SEBI (Informal Guidance) Scheme, 2003, SEBI (Issue and Listing of Non-convertible Securities) Regulations, 2021 and SEBI (Issue and Listing of Securitized Debt Instruments and Security Receipts) Regulations, 2008
Under the Company Law provisions, the concept of Section 8 companies permitted companies with charitable objects etc. to be registered without the words ‘Limited’ or ‘Private Limited’. Section 8 continues to provide for restriction on application of profits and permits the same only for the purpose for which the company is promoted, prohibits declaration of […]
The risk management framework of Stock Exchanges / Clearing Corporations (CCs) in India, inter-alia, prescribes a deposit based capital requirement for their trading members (TMs) / clearing members (CMs). Entry level and continuing net worth criteria for market participants has also been prescribed by SEBI from time to time.
