ITAT Directed AO to delete addition on account of capitalisation of royalty expenses by holding it to be revenue in nature as the assessee did not acquire any new asset or any new enduring benefit from it.
It is stated that imported consignments of Sajji Khar/Papad Khar does not require product approval under FSS (Approval of non-specified food and food ingredients) Regulations, 2017 and these may be considered as food not specified till standards are notified by FSSAI.
CBIC vide Notification No. 37/2021–Central Tax extends tenure of National Anti-Profiteering Authority (NAPA) to 5 years and amended FORM GST DRC-03. Tenure of the National Anti-Profiteering Authority has been extended to five years; Rule 137 of CGST Rules 2017 amended w.e.f 30th November 2021. A new cause of payment has been added in Form DRC-03 […]
While somebody calls it cryptocurrency or some other name, FATF, an independent inter-governmental body has given its guidelines-2021 and let us learn from the most authoritative source some basics on virtual asset. No popular sentiments but bare and simple guidelines to all countries/jurisdictions. A separate article of mine published earlier in taxguru.in explains the function […]
I was watching Amir Khan’s advertisement for Phone Pe on TV. The actor’s Motor Cycle was being destructed in a domino effect. Realizing the disaster in advance, the actor does not run to save his motorcycle but fills up form for insurance and makes payment through Phone Pe. The payment was so easy and fast […]
AUDIT UPDATE In this document, we have discussed the major changes and new insertions in CARO (Companies Auditor’s Report Order), 2020 as compared to CARO 2016. 1. Applicability: (Modified) CARO 2020 shall not apply to the auditor’s report on consolidated financial statements EXCEPT, if there are qualifications or adverse remarks given by respective auditor of […]
Summons can be defined as a legal document which is served upon a person directing to appear to answer the claims surfaced against him. The step of issuing of summons is of great importance and the following cannot be dispensed with, as it sets an official dialogue between the relevant authorities and the defendant. This […]
हाल में ही प्रदेश सरकार ने मुख्यमंत्री उद्यम क्रांति योजना लांच की है जिसकी प्रस्तावना, नोटिफिकेशन, आदि अभी प्रशासन को प्राप्त नहीं हुई है. यह मुख्यमंत्री स्वरोजगार योजना का नया स्वरूप होगी जो कि फिसड्डी साबित हुई और उसके ये प्रमुख कारण है: 1. स्वरोजगार योजना में वित्त की उपलब्धता न होना जिस कारण से […]
Counsel for the petitioner further pointed out that instead of giving composite registration, they have given registration to petitioner as regular dealer vide order dated 09.06.2018 and now even the regular registration is being cancelled vide order dated 30.09.2021
Tvl. Sree Karumariamman Granites Vs ACIT (Madras High Court) Conclusion: Writ petition was not maintainable when the appeal remedy was available and there was nothing to demonstrate that it was not efficacious. Held: Assessee-partnership firm was carrying on business in quarrying and marketing granites. The Tamil Nadu Minerals Limited (TAMIN), which was a Government company […]
