"21 January 2022" Archive

Section 5 of Limitation Act not applies to initiation of Civil Suit: SC

Sunil Kumar Maity Vs State Bank of India And Anr. (Supreme Court of India)

National Commission is in utter ignorance of the provisions of the Limitation Act, in as much as Section 5 of the Limitation Act does not apply to the institution of civil suit in the Civil Court....

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GST payable on income earned from conducting Guest Lectures

In re Sri Sairam Gopalkrishna Bhat (GST AAR Karnataka)

In re Sri Sairam Gopalkrishna Bhat (GST AAR Karnataka) a. Whether the income earned from conducting Guest Lectures, amounts to or results to as taxable supply of services? The income earned from conducting Guest Lectures, amounts to taxable supply of services as per entry No. (ii) of 21 of Notification No. 11/2017 Central Tax (Rate) [&hel...

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GST on Supply to Defence Machinery Design Establishment for use in warship building of Indian Navy

In re Radiant Corporation Private Limited (GST AAR Telangana)

Supplies made by the applicant to Defence Machinery Design Establishment (DMD) for the purpose of use in warship building of Indian Navy will qualify for the concessional rate of tax of 5% under CGST & SGST....

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Rate of GST on supply of Outboard Motors to unregistered fishermen

In re Sea Men Associates (GST AAR Karnataka)

In re Sea Men Associates (GST AAR Karnataka) Rate of GST on supply of Outboard Motors to unregistered fishermen and whether the HSN Code for the same is 8407 or 8408?. The Outboard motors (marine engine) and its spare parts supplied for fishing vessel for use as part of the fishing vessel- CTH 8902) shall […]...

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GST on paid educational content & fee for portfolio management

In re Cmepedia Gerda Huguette Emma Van Hoecke (GST AAR Karnataka)

In re Cmepedia Gerda Huguette Emma Van Hoecke (GST AAR Karnataka) 1. Is paid educational content, which is used by health care professionals or students to fulfill a mandatory demand by their professional body or institute, exempt of tax? The paid education content, which is used by health care professionals or students to fulfill a [&hel...

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Section 10(46) exemption to National Skill Development Corporation

Notification No. 10/2022-Income Tax [S.O. 294(E).] 21/01/2022

Vide Notification No. 10/2022 – Income Tax | Dated:  21st  January, 2022 CBDT notifies Tax Exemption to National Skill Development Corporation, a body constituted by Central Government, in respect of the specified income under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIR...

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Assessee not liable to reverse CENVAT credit on amount written off as bad debts

SBI Cards And Payments Services Pvt Ltd Vs Commissioner of Service Tax (CESTAT Chandigarh)

CESTAT set aside the order confirming the demand for reversal of CENVAT credit on the amount written off as bad debts. Further, held that there is no such provision in the CENVAT Credit Rules, 2004 or in Finance Act, 1994 for reversal of CENVAT credit for the services provided for which no consideration for service provided is received b...

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Payment of Service Tax/Central Excise Tax Arrears

Now a days, taxpayers are in dilemma, how to pay service tax/central excise arrears that are coming now on account of past assessments, adjudications. It is seen many a times now, taxpayers are asked to deposit arrears on GST portal using DRC-03 challan, but this is not the correct procedure of making payment since this […]...

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Posted Under: Corporate Law |

Incorporating a subsidiary of Foreign Company

FDI (Foreign Direct Investment) Policy in India in the last decade has become very liberal and encourage foreign investment. There are many entry modes by which a foreign company can establish an entity in India. The choice of business form entirely depends upon the end goals to be achieved. There are majorly 3 options for […]...

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Posted Under: Corporate Law |

HC dismisses appeal against deletion of addition for share premium/bogus purchases/Cash deposits in bank

PCIT (Central) Vs Agson Global Pvt. Ltd. (Delhi High Court)

PCIT (Central) Vs Agson Global Pvt. Ltd. (Delhi High Court) 1. Dismissing a bunch of appeals against deletion of addition u/s 68 towards Share capital/ share premium, bogus purchases and deposit in bank account, the Hon’ble Delhi High Court vide judgment delivered on 19.01.2022 (yesterday) has held that where the ITAT decided the matter...

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