"27 June 2022" Archive

DGGI Meerut recovers 31 Crore GST from entities not registered under GST

DO No. 30/CH(IC)/2022 27/06/2022

Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes & Customs North Block, New Delhi-110 001 Tel. : +91-11-23092849, Fax : +91-11-23092890 E-mail : [email protected] DO No. 30/CH(IC)/2022 27th June, 2022 Last week, the 139th/ 140th Sessions of the World Customs Organization (WCO) Council w...

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Recent Updates In GST till 26th June 2022

Government’s Monthly Economic Report (MER), just released has put a word of caution on short-term risks that India faced without sacrificing the hard earned macroeconomic stability. These include fiscal deficit, inflation, sustaining economic growth, value of rupee etc. Despite all challenges posed by external factors, India is still at...

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Lease rentals allowed as revenue expenditure u/s 37(1) even in finance lease

Tristar Container Services (Asia) Private Limited Vs ACIT (ITAT Chennai)

Lease charges paid for the use of the asset, without acquiring any ownership rights in the same, are allowable as revenue expenditure under Section 37 of the Act....

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Inappropriate act/ omission by CoC cannot be accepted

Rathi Graphic Technologies Limited Vs Raj Kumar Rathi And Others (NCLT Allahabad)

Held that a statutory institution like CoC which is in most of the cases represented by public financial institutions is expected to act in a fair and neutral manner so that the objects of IBC, 2016 can be achieved for the benefit of all....

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CESTAT allows refund of CVD & SAD paid during GST regime for import made pre June 2017

ITCO Industries Ltd. Vs The Commissioner of GST & Central Excise (CESTAT Chennai)

ITCO Industries Ltd. Vs The Commissioner of GST & Central Excise (CESTAT Chennai) Brief facts of the case are that the appellants obtained two advance authorizations dated 29.06.2016 & 05.01.2017 issued by the Additional Directorate General of Foreign Trade, Bengaluru. Against such advance authorizations, the appellant imported ra...

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Order set-aside as CIT(A) deleted addition without calling for remand report

ACIT Vs Indus Health Plus Private Limited (ITAT Pune)

Assessee didn’t submitted necessary details before AO. CIT(A) deleted the addition made by the AO on this score without calling for the remand report. Tribunal set-aside the impugned order....

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Education Cess Not Allowed As Expense

Certain taxpayers have been claiming deduction on account of 'cess' under section 40 of the Income Tax Act, 1961 claiming that 'cess' has not been specifically mentioned in the provisions of the section 40(a) (ii) of the Income Tax Act, 1961 and therefore, cess ought to be an allowable expenditure. Such assesses placed strong reliance on ...

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No Service Tax leviable on cleaning services provided to non-commercial building or premises

Ssb Facility Management Service Pvt Ltd Vs C.C.E (CESTAT Ahmedabad)

CESTAT set aside the Ex-parte order passed by the Revenue Department confirming the demand of Service tax along with interest and penalty on the cleaning services in respect of non-commercial building or premises....

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Leveraging China Plus One strategy: – A brief about incorporation of wholly owned subsidiary of a foreign entity in India

With the ease of doing business initiatives taken up by the government in the recent years, the Company Incorporation process under the Companies Act, 2013 in particular has become easier and less timebound as compared to the process which was provided under the statute, a couple of years ago. Similarly, Incorporation of Wholly Owned Subs...

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New Section 194R TDS Provision – Ease of Doing Business?

In view of expanding ambit of TDS, Union Budget 2022-23 proposed to insert new section 194R in the Income Tax Act, 1961 to provide that the person responsible for providing to a resident, any benefit or perquisite, whether convertible into money or not, arising from carrying out of a business or exercising of a profession […]...

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August 2022