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Archive: 10 January 2022

Posts in 10 January 2022

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

May 15, 2024 6477 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.

CESTAT upheld Confiscation of 11 Gold Bars which appeared to be of foreign origin

January 10, 2022 1266 Views 0 comment Print

Confiscation of eleven gold bars-MMTC marking/brand was upheld and penalty under section 112(b) was reduced to Rs. 2,50,000 as the reliability of statement of Mr. Bajpai recorded during investigation was doubtful, as he had alleged coercion and duress.

Guidelines for recovery for self-assessed tax (GSTR 1 vs GSTR 3B)

January 10, 2022 8370 Views 0 comment Print

Procedure for recovery for Mismatch in GSTR 3B and GSTR-1 Returns:  Central Government introduced amendment to Section 75 (12) of the CGST Rules, 2017 by inserting an explanation thereby paving way for recovery of self-assessed tax without having to resort to proceedings u/s 73 or Sec 74 of the CGST Act, 2017. The explanation defines […]

Waiver of Section 234B & 234C interest for delay in deposit of Advance/SA tax

January 10, 2022 6285 Views 0 comment Print

Waiver of interest u/s 234B and 234C of Income Tax Act on delay in deposit of advance tax/self-assessment (SA) tax on MEIS/RODTEP for the A.Y. 2021-22 1. CHAPTER 3 OF FOREIGN TRADE POLICY,2015-20 Exports of notified goods/products with ITC[HS] code, shall be rewarded under MEIS. Appendix 3B lists the rate(s) of rewards on various notified […]

A short write up on Corporate Restructuring

January 10, 2022 3600 Views 0 comment Print

Corporate Restructuring is a wider concept. Corporate Restructuring is a means of significantly changing the company’s business model, management team by cutting out and merging departments. Corporate Restructuring means to rebuild, to rearrange to give a new structure. Companies might follow restructuring as a business strategy to increase shareholder value and address challenges of future. […]

Article 21A assures free child education, however, State can determine the medium of education

January 10, 2022 2907 Views 0 comment Print

This Court is of the considered opinion that changing mode of instruction to English or imparting education in English per-se is not violative of fundamental rights guaranteed to the children or to their parents under Article 21A of the Constitution of India. Because Article 21A only assures right of a child below 14 years to have access to free and compulsory education, whereas the manner has been left at the discretion of the State to be determined by law.

Request to extend due date of furnishing Report of Audit for current fiscal year

January 10, 2022 13056 Views 0 comment Print

I am informed that CBDT had carried out changes in the Tax Audit Schema thrice already with the latest one being on January 6th, 2022. These last-minute changes are causing unnecessary hassle for the audit professionals who themselves are struggling with the pandemic.

Income Tax Dept searches two groups in the business of quarry operation

January 10, 2022 996 Views 0 comment Print

Income Tax Department conducts searches in Kerala The Income Tax Department carried out search and seizure operation on 05.01.2022 on two groups, engaged in the business of quarry operation.  More than 35 premises spread across districts of Kottayam, Eranakulam, Thrissur, Palakkad and Kannur have been covered in the search operation. During the course of the […]

Income Tax Dept searches 3 real estate developers in AP & Telangana

January 10, 2022 891 Views 0 comment Print

Income Tax Department carried out search and seizure operation on 05.01.2022 on three real estate developers, engaged in the business of land development as well as construction activities in the town of Kurnool and other mofussil areas of Andhra Pradesh and Telangana. More than two dozen premises have been covered in the search operation spread over Kurnool, Ananthapur, Kadapa, Nandyal, Bellary, etc.

GST- Naya Saal Naya Badlaav

January 10, 2022 3060 Views 2 comments Print

The notifications of changes in the law by Central Board of Indirect Taxes and Customs (CBIC) have been updated to reflect new guidelines that will be taking effect from next year. These modifications include a number or adjustments related specifically with e Commerce websites, food delivery platforms and consumer goods such as footwear clothes textiles […]

Classification of Vehicle ‘Parts’ – Supreme Court & CBIC Instruction

January 10, 2022 6978 Views 0 comment Print

SC in the case of Westinghouse Saxby Farmer Ltd. v. Commissioner of C. Ex. decided on 08.03.2021 held that the ‘relays’ capable of use solely as part of the Railway signalling equipment should be classified under heading 8608 and not as normal electrical relays under heading 8536.

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