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Archive: 17 November 2021

Posts in 17 November 2021

Jurisdiction & power of NCLT in the light of SC judgment

November 17, 2021 19509 Views 0 comment Print

Whether the High Court ought to interfere, under Article 226/227 of the Constitution, with an Order passed by the National Company Law Tribunal in a proceeding under the Insolvency and Bankruptcy Code, 2016 , ignoring the availability of a statutory remedy of appeal to the National Company Law Appellate Tribunal and if so, under what circumstances?

Formations of Charitable Entities In India

November 17, 2021 8487 Views 1 comment Print

—”The term ‘charity’ connotes altruism in both thinking and deed. It entails thinking about others rather than oneself.” In the matter of Andhra Chamber of Commerce [1965] 55 ITR 722 (SC), the Supreme Court ruled that. INTRODUCTION It is vital to understand the concept of Charitable Purpose. Section 2(15) of the Income Tax Act 19611, […]

Pass Reasoned order against accused taxpayer involved in passing on fake ITC: HC

November 17, 2021 1188 Views 0 comment Print

HC held that in a case where assessee is accused of passing on fake Input Tax Credit (ITC) without actual moment of goods, a reasoned order must be passed by Joint Commissioner of State Tax, after acknowledging all the relevant material and contentions that the assessee may produce to satisfy the authorities.

CESTAT Quashed Service tax demand on movie exhibitor under BSS category

November 17, 2021 1491 Views 0 comment Print

Hyderabad CESTAT held that service of providing exhibition of movies by the exhibitor to the producers/distributors of such movies is not a support or assistance activity but is an activity on its own accord, therefore does not fall under the category of Business Support Service (BSS) as per Section 73(1A) of the Finance Act, 1994 (the Finance Act).

HC dismisses Plea of assessee to quash ED Summons in Money Laundering Case

November 17, 2021 1944 Views 0 comment Print

The plea by assessee to quash Enforcement Directorate summons in a money laundering case was quashed as assessee had failed to make out a case for interference for the invocation of 226 of the Constitution and 482 of Cr.P.C.

ITAT restores issue of Eligibility to claim depreciation on goodwill to AO

November 17, 2021 1329 Views 0 comment Print

Since excess amount paid over and above the net asset value on acquiring a business concern should constitute goodwill however, eligibility of assessee to claim depreciation on Goodwill to AO was restored after affording adequate opportunity of hearing.

No denial of GST Refund on mere existence of Non-Functional Alternate Forum on paper

November 17, 2021 1539 Views 0 comment Print

Assessee could not be compelled to wait for eternity to agitate its claim seeking refund under the provisions of GST of the amount to which it was entitled to under the statute and also blocking its funds affecting its cash flows, merely because of existence of (non functional) alternate forum/remedy on paper, by not invoking the jurisdiction under Article 226 of the Constitution of India.

NFRA to engage Chartered Accountants on contractual basis

November 17, 2021 1539 Views 0 comment Print

Circular seeking applications from Chartered Accountants for engagements as Professionals in NFRA on contractual basis Government of India National Financial Reporting Authority ***** 7th Floor, Hindustan Times House, Kasturba Gandhi Marg, New Delhi Dated 17th November, 2021 A-12011/8/2019-ESTT-NFRA CIRCULAR National Financial Reporting Authority (NFRA) intends to engage eligible and interested persons as professionals purely on […]

Tax audit – Applicable clause of Section 44AB triggering tax audit

November 17, 2021 263124 Views 0 comment Print

Hello readers – Now days tax audit date approaching so I think relevant clause under which tax audit to be conducted we must know- Clause 8 of 3CD- Clause 44AB (a) – Every person carrying on business shall get accounts audited if receipts of business exceeding specified limits – The limit provided in the clause […]

New Scheme of Taxation U/S 115BAC of Income Tax Act, 1961

November 17, 2021 474021 Views 11 comments Print

A new scheme of taxation has been introduced by the Finance Act ,2020 by insertion of   a new Section 115BAC. The basic feature of this new tax regime is lower tax rates as compared to existing slab rates but on the other hand the assessee has  to forego around 70 exemptions and deductions presently available .

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