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Archive: 09 February 2022

Posts in 09 February 2022

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

May 15, 2024 6495 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.

Tax on Crypto Currency

February 9, 2022 2601 Views 1 comment Print

All About Cryptocurrency Taxation Introduced in Budget 2022 A new section 2(47A) is proposed to be inserted by Finance Bill’2022, which defines virtual digital assets to mean any information or code or number or token (not being Indian currency or any foreign currency) generated through cryptography which provides a digital representation of value exchanged with […]

Electronic Way bill (E-Way Bill) under GST

February 9, 2022 24873 Views 1 comment Print

Electronic Way bill (E-Way Bill) under GST As per Section 68 of CGST Act, 2017 and Rules 138 of CGST rules, 2017, E-way bill is required to be generated before movement of the goods. In this article we will understand about the following: 1. What is E-way bill 2. When E-way bill is mandatory to […]

E- Commerce Issues Related To Choice of Law

February 9, 2022 3894 Views 0 comment Print

During the past few years, there is a rapid growth in the development of transactions associated with E- Commerce which has emerged as a unique concept with borderless market transactions that engages more than 2 billion people worldwide through internet

TDS on benefit or perquisite of a business or profession | Section 194R

February 9, 2022 7941 Views 5 comments Print

In the Finance Bill, 2022, government has inserted a new section in The Income Tax Act, 1961, Section 194R applicable w.e.f 01st July, 2022 with an objective of bringing into a tax, all those benefits or perquisites which a person receives during the course of business or profession but do not discloses the same in […]

Doctrine of frustration not applies merely because of commercial hardship to perform a contract

February 9, 2022 3138 Views 0 comment Print

Suneesh K.S. Vs Travancore Devaswom Board (Kerala High Court) Facts- The petitioner is the successful bidder in the auction conducted by the Board for the sale of pooja items and flower garlands inside Valliyamkavu Devi Temple from 01.04.2021 to 31.03.2022. Later on, the petitioner failed to deposit some of the instalments. The main reason for the […]

Operational debt includes debt arising from a contract for supply of goods/services from corporate debtor: SC

February 9, 2022 7419 Views 0 comment Print

In the present case, the appellant clearly sought an operational service from the Proprietary Concern when it contracted with them for the supply of light fittings. Further, when the contract was terminated but the Proprietary Concern nonetheless encashed the cheque for advance payment, it gave rise to an operational debt in favor of the appellant, which now remains unpaid. Hence, the appellant is an operational creditor under Section 5(20) of the IBC.

Manipur Legislature doesn’t have competence to enact saving clause in Repealing Act, 2018

February 9, 2022 522 Views 0 comment Print

State of Manipur & Ors. Vs Surjakumar Okram & Ors. (Supreme Court of India) Facts- The main contention in the appeal is that the declaration of the Assam Act, 2004 as unconstitutional does not per se render the 2012 Act invalid. It was argued that Bimolangshu Roy was wrongly decided and should be held to be […]

Case Study: CIT v. V. MR. P. Firm Muar, (1965) 1 SCR 815

February 9, 2022 2670 Views 0 comment Print

SIGNIFICANCE This case was a landmark judgement by the Supreme Court on the issue of the scope of liability to tax on the principle of estoppel. The case deals with the doctrine of ‘Approbate and Reprobate’ which in layman’s terms translates to “you can’t have your cake and eat it too.” It is further based […]

Doctrine of Corporate Veil and Lifting of Corporate Veil

February 9, 2022 206286 Views 0 comment Print

The company, once incorporated, holds a separate legal entity in the eyes of law. The company can act under its own name, have a seal of its own, can enter into contracts, purchase or sell property, have a bank account and sue or get sued in the same manner as an individual. Thus, a company […]

Union Budget 2022-23- Proposed Changes relating to Income Tax Search & Seizure Provisions

February 9, 2022 6546 Views 0 comment Print

The Hon’ble Union Finance Minister Nirmala Sitharaman has presented the Union Budget 2022-23 of India on the 1st of February, 2022 with an aim to boost growth amid continued disruption from Covid-19 and rising inflation. The Hon’ble Finance Minister mentioned that the country is expected to grow at 9.27 per cent in the coming year […]

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