"08 May 2022" Archive

How Volatility Affects Bitcoin Usage

Bitcoin's rise to popularity started in 2010 when the price of one token climbed from tiny fractions of a dollar to about $0.09. Its price has swiftly increased by thousands of dollars since then, often rising and falling within a few hours or days. Its high volatility results from its rapid and hard-to-predict price swings....

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Posted Under: Finance |

What Complicates Bitcoin’s Future?

#AD Crypto is a new frontier with several complications that most people may not understand. Find out the main factors that impact Bitcoin’s future.  Bitcoin is undoubtedly the most prominent cryptocurrency, championing the adoption of cryptocurrencies worldwide. However, it is also a relatively new frontier, with several potential...

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Posted Under: Finance |

Understanding Bitcoin’s Role in the Monetary System

Like no other, Bitcoin has impacted a revolution with its decentralized peer-to-peer payment system that facilitates instantaneous, secure, and low-cost cross-border transactions. Bitcoin adoption has rapidly infiltrated several global financial sectors, including banking, investments, insurance, and remittances....

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SC dismisses non­-speaking and non-reasoned order of HC

PCIT Vs Bajaj Herbals Pvt. Ltd. (Supreme Court of India)

PCIT Vs Bajaj Herbals Pvt. Ltd. (Supreme Court of India) As the impugned order passed by the High Court is a non­speaking and nonreasoned order and even the submissions on behalf of the revenue are not recorded, the impugned order passed by the High Court dismissing the appeal is unsustainable.  Under the circumstances, the impugned [&h...

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HC imposes cost for filing writ against section 148 notice after 10 Months

Matrix Commodeal Pvt. Ltd. Vs ITO (Calcutta High Court)

Matrix Commodeal Pvt. Ltd. Vs ITO (Calcutta High Court) This writ petition is allowed subject to payment of costs of Rs.5,000/- to the Calcutta High Court Legal Services Committee, since the impugned notice under section 148 of the Income Tax Act, 1961 has been issued on 31st March, 2021 as appears from record and this […]...

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CESTAT directs refund of Anti-Dumping Duty Paid After Validity of Notification

Abhilasha Impex Pvt. Limited Vs Commissioner of Customs (CESTAT Delhi)

Abhilasha Impex Pvt. Limited Vs Commissioner of Customs (CESTAT Delhi) Admittedly the Anti Dumping notification was valid till 24.06.2015 and the same have admittedly lapsed w.e.f. 25.06.2015, and as such no anti dumping duty was payable by the appellant with respect to the Bill of Entry filed on 26.06.2015. Accordingly, I allow this appe...

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100% disallowance for bogus purchase cannot be done if Sales not doubted

Ashok Popatbhai Chaudhari Vs ITO (ITAT Mumbai)

Ashok Popatbhai Chaudhari Vs ITO (ITAT Mumbai) The Income Tax Officer in this case has made 100% addition on account of bogus purchase resulting in disallowance of Rs. 56,085/-. Upon assessee’s appeal ld. CIT(A) confirmed the same. It is settled law that when sales are not doubted, 100% disallowance for bogus purchase cannot be done. [&...

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Section 234E Late fees cannot be levied for Defaults Prior To 01.06.2015

Om Prakash & Sons Vs ITO (ITAT Dehradun)

Om Prakash & Sons Vs ITO (ITAT Dehradun) The issue pertains to levy of fee u/s 234E for the A.Y. 2013-14, 2014-15 and 2015-16. The amendment has been brought w.e.f. 01.06.2015. Hon’ble Karnataka High Court in case of Fatehraj Singhvi & Ors. vs. UOI & Ors. 2016 (9) TMI 964 is in favour of the […]...

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Effective Board of a Company

Effective Board of an Institution To run the Company a Board of Directors needed. The effectiveness of the Board of any Institution depends on Governance. Governance Governance refers to structures and processes that are designed to ensure accountability, transparency, responsiveness, rule of law, stability, equity and inclusiveness, emp...

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Posted Under: Finance |

Deduction of one-third of value of land towards construction services is Unconstitutional

GST on Construction Services – Deduction of a one-third of value of land towards construction services is not proper and Unconstitutional in Construction Services- Hon’ble Gujarat HC The Honorable Gujarat High Court delivering an impact making judgement in the case of MUNJAAL MANISHBHAI BHATT vs UOI in R/SPECIAL CIVIL APPLICATION ...

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