"05 January 2022" Archive

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

PPG Coatings India Pvt. Ltd. Vs DCIT (ITAT Mumbai)

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 […]...

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

No. SEBI/H0/1MD/DF1/00551/1/1 05/01/2022

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....

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Performance incentive not paid before due date of return not allowable

Hyundai Motor India Ltd. Vs ACIT (ITAT Chennai)

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, [&he...

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

Instruction No. 01/2022-Customs 05/01/2022

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 o...

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

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...

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Posted Under: Income Tax | ,

Signatures on documents taken by duress in executing the same was unacceptable: SC

Star Paper Mills Limited Vs Beharilal Madanlal Jaipuria Ltd. (Supreme Court of India)

The claim of assessee stood at Rs. 96,41,765.31 for not making the due payments against the 189 consignment of the respondents was acceptable as the respondent had taken up wholly untenable ground that the large number of documents such as invoices, debit notes and ST-1 Form spread over 3 months was an exercise of duress to defeat the leg...

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

Press Release: 2021-2022/1500 05/01/2022

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....

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CAG Empanelment of CA firms/LLPs for year 2022-23 started

CAG Empanelment process for 2022-23 has started. Last Date for online submission is 15th February, 2022. The firms/LLPs will be required to submit a print out of the acknowledgement letter generated online and also hard copies of the documents in support of their online application to the CAG Office by 28th February, 2022. Visit http://c...

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Posted Under: Income Tax |

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

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....

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Posted Under: Income Tax |

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

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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Posted Under: Income Tax |

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January 2022