"01 July 2022" Archive

Request by Bank for issuance of ‘Look Out Circular’ for recovery of dues was unjustified unless it affects economic interest of country

Leena Rakesh Vs Bureau of Immigration (Karnataka High Court)

Request by Bank for issuance of Look Out Circular for recovery of dues was unjustified as the  action of Bank was arbitrary, unreasonable and unfair because the Bank was holding security of value of which was more than the amount due from assessee. Any action of the State if it was arbitrary and unreasonable was liable to be interfered....

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Maximum time limit is 60 days for demurrage & detention charges waivers

G. K. International Vs Principal Commissioner of Customs (Madras High Court)

Since the maximum period of demurrage and detention charges waivers could be possible for 60 days, beyond which, there was no scope for such demurrage and detention charges waiver in view of the proviso to Regulations 10(l) of 2018 Regulations, since the said two months period had already been given from 18.11.2021 to 13.01.2022, beyond 1...

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Applicability of Accounting Standards (AS)

Applicability of Accounting Standards Corporate Entities (To Follow either AS Notified by C.G -Companies (AS) Rules, 2006 or Ind A.S) -Small & Medium Companies (SMC) -Non-Small & Medium Companies (Non-SMC) Non-Corporate Entities (To follow either AS issued by ICAI or ICDS) Level-I Entities – Large Size Entities (To Fully Com...

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Posted Under: Corporate Law

Expenditure for setting-up of business allowable as deduction despite absence of business income

RBL Hotels Private Limited Vs ACIT (ITAT Chennai)

Expenditure incurred would be allowable as deduction, notwithstanding the fact that no business income was earned by the assessee....

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Valuation under Section 194R – A Vexed Question!

Background The concept of tax deduction at source (TDS) was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of a specified nature to any other person (deductee) for work done/goods sold/service rendered, shall deduct tax at source […]...

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Posted Under: Corporate Law |

जीएसटी के 5 साल – चुनौतियों का सामना और आगे की राह

1 जुलाई को 2022 GST भारत में लागू होने के 5 साल पूरे कर रहा है। इन 5 वर्षों ने कई चुनौतियों के साथ कई सुनहरे पल दिए हैं। इन चुनौतियों का सामन...

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Posted Under: Corporate Law |

July 2022 GST and Income Tax Compliance Calendar

This article consists of compliances for the month of July 2022 subject to changes  and notifications of extension as and when notified by Government.                                                               […]...

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Posted Under: Corporate Law |

Ease of Doing Business in India – Best time to be in India

A favorable business environment is a prerequisite for the economic growth of a nation. A country like India which is among the fastest developing countries in the world has the potential to surpass the leading countries in terms of business....

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Posted Under: Corporate Law |

Exemption of IGST and Compensation Cess under Advance Authorisation, EPCG & EOU scheme

Notification No. 16/2015-20- DGFT [S.O. 3028(E).] 01/07/2022

Para 4.14, Para 5.01(a) and Para 6.01(d)(ii) of FTP 2015-20 are amended as above to provide exemption from Integrated Tax and Compensation Cess....

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IFSCA (Finance Company) (Amendment) Regulations, 2022

IFSCA/2022-23/GN/REG026. 01/07/2022

These regulations may be called the International Financial Services Centres Authority (Finance Company) (Amendment) Regulations, 2022....

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August 2022