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Archive: 05 January 2022

Posts in 05 January 2022

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7170 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Pre-consultation notice not achieve its object if sufficient time not given to Assessee

January 5, 2022 609 Views 0 comment Print

Our attention has been drawn to a recent pronouncement of this High Court in the case of Dharamshil Agencies vs. Union of India, Special Civil Application No.8255 of 2019 decided on 23.07.2021 wherein a Co-ordinate Bench of this Court observed that the exercise of pre-consultation should not be a mere eye-wash. Pre-consulation should be meaningful.

TPO erred in holding ALP at nil on the ground that relevant documents not been submitted

January 5, 2022 1251 Views 0 comment Print

PPG Coatings India Pvt. Ltd. Vs DCIT (ITAT Mumbai) It was submitted that SAP license was purchased by the AE at Netherland in bulk quantities. A copy of the agreement entered into between the said AE and the third party along with the copy of the debit note raised by the AE was submitted. It […]

SEBI clarifies on Trading limitation for research analyst & HOD of research entity

January 5, 2022 8898 Views 0 comment Print

Persons employed or identified by the research entity as research analyst including its head of research are required to be in compliance of the limitation on trading as stipulated under the RA Regulations.

Performance incentive not paid before due date of return not allowable

January 5, 2022 13107 Views 0 comment Print

Hyundai Motor India Ltd. Vs ACIT (ITAT Chennai) The next issue that came up for consideration from ground No. 6 of assessee appeal is disallowance u/s.43B(c) of the Act, in respect of performance incentive paid to employees. Facts with regard to impugned dispute are that for the financial year relevant to the assessment year 2016-17, […]

NCLT/NCLAT should not pass ad hoc orders regarding fee and expenses payable to Resolution Professionals: SC

January 5, 2022 3141 Views 0 comment Print

Devarajan Raman Vs Bank of India Limited (Supreme Court of India) The Insolvency and Bankruptcy Board of India has issued a circular on 12 June 2018. The circular, inter alia, requires the insolvency professional to ensure that the fees payable to him during the CIRP are reasonable and the approval of the CoC for the […]

Implication of SC judgement in the case of Westinghouse Saxby Farmer Ltd. Vs. CCE

January 5, 2022 10071 Views 0 comment Print

Supreme Court held in the case of M/s Westinghouse Saxby Farmer Ltd. Vs. Commissioner of Central Excise, Kolkata that the ‘relays’ are classifiable as parts of ‘railway signalling equipment’, under Heading 8608 of the Central Excise Tariff. In holding so, the Hon’ble Supreme Court has given precedence to the ‘sole or principal use’ test of Section Note 3 over the Note 2(f) to Section XVII which specifically excluded ‘electric equipment’ from being classified under Section XVII, whether or not it is identifiable as being for the goods of that Section.

Memorandum for Extension of Due Date for filing of Income Tax Audit Report

January 5, 2022 23658 Views 4 comments Print

Direct Taxes Professionals’ Association (DTPA), Kolkata has made a representation for Extension of Due Date for filing of Income Tax Audit Report under Income Tax Act to Hon’ble Smt. Nirmala Sitharaman Ji, Union Minister of Finance, Ministry of Finance. Full Text of her representation is as follows:-  DIRECT TAXES PROFESSIONALS’ ASSOCIATION Income Tax Building, 3, […]

RBI releases Eligibility criteria to become eligible as Specified User of Credit Information Companies

January 5, 2022 1638 Views 1 comment Print

Eligibility criteria for entities to be categorised as Specified User under clause (j) of Regulation 3 of the Credit Information Companies (Amendment) Regulations, 2021. 1. The entity shall be a company incorporated in India or a Statutory Corporation established in India.

A brief introduction on Goods and Service Tax (Indirect Taxes) in India

January 5, 2022 11766 Views 0 comment Print

The levying of tax is done on both direct taxes and indirect taxes by both State and Central Government. Thus, to forgo the tediousness and to have a unified law by subsuming duties levied on services such as ‘custom duty, excise duty, service tax, sales tax, VAT’ the central government came up with Goods and Service Tax.

How to change name of a Private Limited Company under Companies Act, 2013

January 5, 2022 11100 Views 1 comment Print

The name of a private limited company may be altered anytime with the consent of the shareholders and the Ministry of Corporate Affairs (MCA). An alteration in name will not be allowed on a company that has not submitted annual returns or financial statements to the Registrar or has failed to repay or pay mature […]

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