"22 February 2022" Archive

No advance ruling where supplies undertaken prior to date of filing of application

Since the question posed by the applicant related to supplies undertaken prior to the date of filing of the application for advance ruling, no ruling can be given on the questions. Hence, it is not maintainable and rejected....

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Truck owner Registration number not relevant to decide Section 194C applicability

Sri. Shivamurthy Vs Add.CIT (Karnataka High Court)

Registration number of truck owner is not relevant for deciding applicability of Section 194C but it is personnel/truck operator from whom trucks are hired....

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Guide on Taxation Issue relating to Intra Day Trading and Short Term Trading

It was March 2020, almost 2 years after the first Covid Lockdown. Many youngsters entered the Stock Market first time during this period. Nearly 8,39,81,228 Active accounts are managed by CDSL and NSDL. People started trading intraday, BTST, STBT, Option selling, futures. For them, they are either trading or investing. But from a taxation...

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Deduction of TDS by E-commerce seller

An E-commerce seller is a seller who lists its products/services on E-commerce platforms like Amazon, Flipkart etc. The question is whether & what TDS do they require to deduct. The answer is- like any other business, TDS compliance apply to an E-commerce seller just like it applies to any other business & they are required [&hell...

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Unjust enrichment cannot be assumed merely on presumptive basis

Rambagh Palace Hotel Pvt. Ltd. Vs Commissioner, Central Excise & CGST (CESTAT Delhi)

Rambagh Palace Hotel Pvt. Ltd. Vs Commissioner, Central Excise & CGST (CESTAT Delhi) Appellate Authority/ Commissioner (A) has not given any finding which may falsify the findings of original adjudicating authority. Commissioner (Appeals) has been silent about CA certificate. Thus, I opine that Commissioner (Appeals) has committed an ...

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Consumer u/s 2(1)(d) covers only services availed exclusively for the purposes of earning the livelihood by means of self-employment

Shrikant G. Mantri Vs Punjab National Bank (Supreme Court of India)

It could thus be seen, that when a person avails a service for a commercial purpose, to come within the meaning of ‘consumer’ as defined in the said Act, he will have to establish that the services were availed exclusively for the purposes of earning his livelihood by means of self-employment. There cannot be any straitjacket formula ...

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Charitable Trusts – Requirement of Form No 10 for Exemption u/s 11(2)- Whether Mandatory Or Directory?

Non filing of Form 10 within the prescribed time u/s 11(2)  Exemptions are provided to Charitable & Religious Trusts 1) Unconditionally, u/s 11(1) of the Act to the extent it does not exceed 15% of the income from such property; 2) Conditionally, u/s 11(2) of the Act, without any upper limit on fulfillment of the […]...

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Financier Liable to Pay Vehicle Tax from date of Taking Possession for Loan default: SC

Mahindra and Mahindra Financial Services Ltd. Vs State of U.P. (Supreme Court of India)

Mahindra and Mahindra Financial Services Ltd. Vs State of U.P. (Supreme Court) As per Section 2(h) of the Act,1997 read with Section 2(30) of the Act, 1988, even a person in possession of the vehicle under the hire-purchase agreement or an agreement of sell or an agreement of hypothecation can also be said to be […]...

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RBI cautions public against sRide Tech Private Limited

Press Release: 2021-2022/1750 22/02/2022

It has come to the notice of RBI that sRide Tech Private Limited, is operating a semi-closed (non-closed) pre-paid instrument (wallet) through its car-pooling app (application) ‘sRide’ without obtaining the required authorisation from RBI under the provisions of the Payment and Settlement Systems Act, 2007....

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NCLT President, Chairperson & Members appointed

Notification No. S.O. 815(E), S.O. 816(E), S.O. 817(E) 22/02/2022

Appointment of Chairperson in National Company Law Tribunal, Appointment of Members in National Company Law Tribunal and Appointment of President in National Company Law Tribunal Appointment of Members in National Company Law Tribunal MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 22nd February, 2022 S.O. 815(E).—In exercise ...

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