Avijeet Saluja Vs State of NCT of Delhi (Delhi High Court) Delhi HC quantifies maximum permissible limit of alcohol storage at residence. 1. The Delhi High Court has affirmed that an individual, aged above 25 years, can possess 9 litres of Indian Liquor and Foreign Liquor, i.e., whisky, vodka, gin and rum, and 18 litres […]
Section 74 of DGST Act, 2017 provides that in cases of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilized, for reasons of fraud or willful mis-statement or suppression of facts , the adjudication order will be issued within five years from the due date of filing of annual return for the year to which the discrepancy is noticed. Further, the show cause notice is required to be issued at least six months prior to the time limit.
Larsen & Toubro Limited Vs Girish Dave, Director Of Income-Tax (International Taxation) (Bombay high court) Facts- The petitioner/assessee is a public limited company and an engineering conglomerate and carries out varied business activities through independent divisions. The petitioner had entered into a contract with the ONGC, whereunder the petitioner was awarded the contract for survey […]
State of Orissa Vs Utkal Distilleries Ltd (Supreme Court) Constitution makers distributed the term ‘alcohol liquor’ into two heads, viz., (a) for human consumption; and (b) other than for human consumption. It has been held that the alcoholic liquors, which are for human consumption, are put in Entry 51 List II authorizing the State Legislature […]
ICAI decided to reinstall the examination centre 15 cities, provided that sufficient number of candidates offer themselves to appear from thereat. THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA [Set Up By An Act of Parliament] NOTIFICATION New Delhi, the 4th March, 2022 No. 13-CA (EXAM)/M/2022/II.—In continuation to Notification No. 13-CA (EXAM)/M/2022 dated 28th January 2022, […]
Exemption notification should not be liberally construed and it was for the assessee to show that he came within the purview of the notification as on and after 01.07.2012, such activity by the Market Committees was put in the Negative List, it could safely be said that under the 2006 circular, the Market Committees were not exempted from payment of service tax on such activities.
It is the common experience that Commercial Tax office, is considered to be one of the the hubs of corruption. Poor and gullible drivers would fell prey for the illegal demands day in and day out. Only when the greed is too high, some cases reach the higher ups or the Lokayuktha.
Preference shares commonly known as preferred stocks are the kind of shares that hold certain prior benefits. Preference shares are released to rise capital of the company which is known as preference share capital. The preference share holders are given preferential treatment is respect of payment of dividend. They are having priority not only in […]
Articles analyses Important Provisions of Limited Liability Partnership (Amendment) Act, 2021. With LLP Amendment Act, 2021 7 new sections have been inserted, 3 sections have been omitted whereas 5 sections have been substituted.
As you are aware that provisions of Section 153A of the Income Tax Act, 1961 deals with assessment of an assessee in searched cases u/s. 132 of the IT Act, 1961. The Assessing Officer in this section allowed to assess income of an assessee for previous six assessment years preceding assessment year in which search […]
