2 Archive - 22 December 2021

"22 December 2021" Archive

Restraining exhibition of film post substantial expedition of time, money and effort is unjustified in law

Krishna Kishore Singh Vs Sarla A. Saraogi (Delhi High Court)

Krishna Kishore Singh Vs Sarla A. Saraogi (Delhi High Court) Facts- In the present case, plaintiff (Sushant’s Singh family) questioned the court to examine the right to privacy of Sushant’s family to prevent the defendants from publishing film on Sushant’s life when the other side contended that the right to privacy of a celebrity e...

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Addition based on sole foreign source, without confronting the assessee, is unsustainable

Mohan Thakur Vs ACIT (ITAT Mumbai)

Mohan Thakur Vs ACIT (ITAT Mumbai) Facts- As per the report, information was received from the Australian taxation office that the Assessee under consideration has transferred funds amounting to 12,97,122 AU (Australian Dollars) to many of his relatives through hawala system for the period of F.Y. 2007-08 to 2012-13. Shri. Shagun Thakur (...

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Risk & Control In P2P Process

Purchase or procurement to pay or p2p is a process where an organization purchases the required material for manufacturing goods or for its own use from selected vendor on some pre-requisite criteria and this process complete when final payment is made to the vendor. This entire process is simple for a small organisation where few [&helli...

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Posted Under: Corporate Law |

Fantasy Sports and their Taxation

A Fantasy Sport is a game where participants assemble imaginary teams, using real players from different professional team. These teams compete based on statistical performance of those player’s players in actual games. The following are few Fantasy game Apps in India 1. Dream 11 2. Gamezy 3. My11 Circle 4. Paytm for Games 5. My [&helli...

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Posted Under: Corporate Law |

Exhaustive Analysis of Important GST Amendments Applicable From 01.01.2022

In the present write-up, we have undertaken an exhaustive analysis of the amendments have will come into force with effect from 01.01.2022. We have also discussed the amendments that have already come into force as well as the amendments that are yet to come into force....

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Posted Under: Corporate Law |

Amendments proposed in Section 129 & 130 of CGST Act, 2017 notified w.e.f. 01.01.2022

Amendments in Section 129 and 130 of the CGST Act: Section 129 of the CGST Act, which deals with the detention, seizure and release of goods and conveyances in transit, has been amended in a following manner:...

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Posted Under: Corporate Law |

GST: Notified clarification w.r.t recovery of self-assessed tax w.e.f. 01.01.2022

The Hon’ble Finance Minister, in Union Budget 2021-22, proposed changes vide the Finance Bill, 2021 that amends the Central Goods and Services Tax Act, 2017 (CGST Act) with respect to recovery of self- assessed tax. Accordingly, amended Bill was passed in Rajya Sabha, the upper house, and it received presidential assent vide Finance Act...

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Posted Under: Corporate Law |

Govt Notifies amendments proposed in Section 74, 107, 151, 152 & 168 of CGST Act, 2017 w.e.f. 01.01.2022

Govt Notifies amendments proposed in Section 74, 107, 151, 152 and 168 of CGST Act, 2017 w.e.f. January 01, 2022 Background: The Hon’ble Finance Minister, in Budget 2021-22, proposed changes vide the Finance Bill, 2021, that amends the Central Goods and Services Tax Act, 2017 (CGST Act) with respect to amendments in Section 74, 107, [&h...

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Posted Under: Corporate Law |

GST ITC available when reflected in GSTR 2A/2B w.e.f. January 01, 2022

New condition to avail Input Tax Credit: It was been proposed to insert the new clause ‘(aa)’, after clause (a), in Section 16(2) of the CGST Act, that provides an additional condition to claim ITC based on GSTR-2A and newly introduced GSTR-2B,...

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Posted Under: Corporate Law |

GST leviable on services provided by Club or Association to its members retrospectively w.e.f. July 01, 2017

Govt Expanded the scope of ‘supply’ to levy GST on supplies between the club/association and its members, to overcome the principle of mutuality:...

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Posted Under: Corporate Law |

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