"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....

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

Understanding TDS and TCS under Income Tax: Exploring sections 194Q and 206(1H) and their impact on businesses....

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....

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....

Registration of Entity in Singapore

Discover the benefits of registering your business entity in Singapore. Explore the streamlined process, stable economy, and favorable corporate regulations....

Posted Under: Income Tax |

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

Understand the significance of digitally signing a notice under section 148 of the Income-tax Act. Learn why it cannot be considered as the issuance of notice according to the Allahabad High Court....

Posted Under: Income Tax | ,

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

Rule 86B restricts the utilisation of input tax credit available in the electronic credit ledger.  Even though the supplier remits the full tax to the government, this rule restricts the recipient from utlising the credit to discharge the output tax liability in excess of 99%. ...

Posted Under: Income Tax |

Dream of Many SME – IPO Listing

Discover the benefits of IPO listing for SMEs: increased visibility, higher credibility, equity financing opportunities, and more....

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....

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...

Posted Under: Income Tax |

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March 2024