Woman Director under 2nd Proviso to Section 149(1) of Companies Act, 2013 read with Rule 3 of The Companies (Appointment and Qualifications of Directors) Rules, 2014 Applicability: At least ONE WOMAN DIRECTOR in following companies: Listed Company Public Company – Paid up Share Capital Rs. 100 CRS OR MORE OR Turnover Rs. 300 CRS OR […]
Policy condition no.5 of Chapter 27 of ITC (HS), 2017, Schedule – I (Import Policy) amended in terms of Government Resolution No. P-12029(11)/2/2018-OMC-PNG dated 08.11.2019. Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Notification No. 27/2015-2020 – DGFT New Delhi, Dated:/16th September, 2021 Subject: Amendment of policy […]
The last date of submitting applications under MEIS, SEIS, ROSCTL, ROSL and 2% additional ad hoc incentive (under para 3.25 of FTP) has been notified to be 31.12.2021, in supersession of any such provision in the Hand Book of Procedures, 2015-20 going forward. Further, the validity of any scrip issued under FTP from the date […]
Joseph Mudaliar Vs DCIT (ITAT Mumbai) Addition u/s 56(2)(vii)(b) on difference in value in respect of the subject properties where declared sale consideration shown by the assessee is lesser than the stamp duty value (market value) determined by the stamp duty authority Addition u/s 56(2)(vii)(b). The difference in value in respect of the subject properties […]
GST Departmental Audit – Parameters For Selection, Documents That Can Be Asked For And Proactive Steps To Be Undertaken GST has been one of the biggest tax reforms of our country. July 2021 marked four years of GST Implementation and though it has stabilized to a large extent, the taxpayers are still grappling with some […]
Audit of accounts of certain persons carrying on business or profession. 44AB. Every person – (a) carrying on business shall, > if his total sales, turnover or gross receipts, > as the case may be, > in business exceed or exceeds > one crore rupees in any previous year Following proviso is inserted after clause […]
Bansiwala Iron & Steel Rolling Mills Vs DCIT (ITAT Jaipur) Since the A.O. is a quasi-judicial authority, who has to collect the evidences, material and then to adjudicate the matter after due and complete application of mind. The A.O. expected to record his own satisfaction before reaching to any conclusion. In our view, the A.O. […]
In Kalani Infrastructure Pvt. Ltd., Kota (Raj) (2021) 35 J.K.Jain’s GST & VR 151, Hostel Accommodation Service with Food etc. was held to be the “Mixed Supply” by the Hon’ble Appellate Advance Rulings authority. Whereas in the case of Symmetric Infrastructure Pvt. Ltd., Kota, (Raj) (2021) 36 J.K.Jain’s GST & VR 226, the Coaching services […]
Analysis of the Gauhati High Court judgement holding that refund under inverted tax structure is allowed even if input and output supplies are the same Introduction The Gauhati High Court in the case of BMG Informatics Pvt. Ltd. v. Union of India and Others (Judgement dated 02.09.2021 in Case No. WP(C)/3878/2021) has held that refund under […]
Explore important judicial precedents on income tax aspects in India. Learn about the case of Ashwani Kumar v. Income-tax Officer and its impact on Section 222 of the Income Tax Act, 1961.
