"09 July 2022" Archive

Provisions of ESI Act applicable to BCCI as its activities are commercial in nature

Board of Control for Cricket in India Vs Regional Director Employees State Insurance Corporation (Bombay High Court)

Since the nature of activities conducted by the Board Of Control for Cricket in India were commercial activities, therefore, the appellant Board was covered by the provisions of ESIC Act and was liable to pay ESI contribution on the wages paid to the coverable employees....

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TDS and TCS under Income Tax- Section 194Q & Section 206(1H)

TDS and TCS are the government’s most important sources of revenue. It’s also critical for businesses to pay their taxes on time to avoid penalties and remain compliant. With effect from 01/07/2021, Finance Act of 2021 inserted section 194Q to provide a deduction of tax on certain purchases. Section 194Q of the Income tax Act ...

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Posted Under: Income Tax |

Allocation of expenditure incurred by one unit to another without adequate base is unjustified

Hikal Limited Vs DCIT (ITAT Mumbai)

The expenditure incurred on Dombivali unit cannot be allocated to only EOU Toluja unit without any basis or sufficient material available on record....

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Deduction u/s 80IB(10) includes commercial establishments/ shops also

Macro Marvel Projects Limited Vs ITO (ITAT Chennai)

The only issue remains for adjudication is whether the assessee is entitled to claim deduction u/s. 80IB(10) of the Act in respect of housing project undertaken and constructed by it despite the fact that nominal part is commercial area....

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Registration of Entity in Singapore

Registration Update on Establishing Business Entities in Singapore In the global era, one can register their businesses entity in various non-native destinations. Formation of a business company in foreign destinations endears tremendous skills and experiences. It now is a common practise to set up businesses globally. Singapore is one of...

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Posted Under: Income Tax |

Mere digitally signing of Section 148 notice cannot be regarded as issuance of notice

Mere digitally signing of the notice under section 148 of the Income-tax Act, 1961 cannot be regarded as the issuance of notice: Allahabad HC Introduction Whether digitally signing of the notice would automatically amount to issuance of notice? Whether digitally signing a notice and issuing it are two different acts? Whether issuance of n...

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Posted Under: Income Tax | ,

Restriction on utilisation of Input Tax Credit (ITC) available in Electronic Credit Ledger (Rule 86B) with examples

Restriction on utilisation of Input Tax Credit (ITC) available in Electronic Credit Ledger (Rule 86B) with examples A taxpayer who is liable to collect tax from the recipient of supply, should remit the same to the exchequer after deducting the tax paid by him as a recipient for the supplies he received in his account.  […]...

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Posted Under: Income Tax |

Dream of Many SME – IPO Listing

An #IPO is a dream and life time event for many #SME to get listed. SME Sector in India MSME are the backbone of the socio-economic development of our country. It accounts for 45% of total production, 40% of total exports and contribute very significantly to the GDP. The total contribution of MSME to the […]...

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Posted Under: Income Tax |

SEBI imposes penalty on AIF for reporting incorrect amount of investable funds

In re Indgrowth Capital Advisors LLP (SEBI)

Allegations in the SCN to the effect that Noticee had exceeded the limit of investment by investing more than 10% of the investable funds in Ugro Capital Limited stands substantiated. Likewise, the allegation that the figures reported by the Noticee under the head investable funds is incorrect also stands proved....

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Posted Under: Income Tax | |

Analysis of charging provision under CGST Act, 2017

Section 9 of the CGST Act is the charging section. As per this section, there shall be levied a tax called the Central Goods and Services Tax on all intra-State supplies of goods or services or both...

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Posted Under: Income Tax |