"12 July 2022" Archive

GST on Duty Free Shops in Airports

Introduction After the 47th GST council meeting, amendments have been made in GST provisions to allow the refund of GST paid on procurement of goods and services treating supplies made by duty free shops (DFS) at airports as ‘zero rated supply’. A welcome move which would address the issues of DFS supplying goods to outbound […...

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Changes in GSTR-3B in simplified manner – Circular No. 170/02/2022-GST

Circular No. 170/02/2022-GST-Mandatory furnishing of correct and proper information of inter-State supplies and amount of ineligible/blocked Input Tax Credit and reversal thereof in return in FORM GSTR-3B and statement in FORM GSTR-1-Simplified Hello readers, Due date of GSTR-3B approaching so at request of my friends I will try to explai...

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Major Amendments as per LLP Amendment Act, 2021

LLP Amendment Act, 2021 has brought multiple changes in the LLP Act, 2008. This was the first time that any changes were made in the LLP Act since its inception in the year 2008. These amendment have been made to bring the provisions of LLP Act, 2008 in line with that of Companies Act, 2013. […]...

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Revised return of income cannot be filed to withdraw the claim: SC

PCIT Vs Wipro Limited (Supreme Court of India)

The assessee can file a revised return in a case where there is an omission or a wrong statement. But a revised return of income, under Section 139(5) cannot be filed, to withdraw the claim and subsequently claiming the carried forward or set­off of any loss....

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Assessment based on notice issued by non jurisdictional AO is bad in law

Sukhdev Singh Kang Vs ITO (ITAT Amritsar)

Sukhdev Singh Kang Vs ITO (ITAT Amritsar) it is the claim of the ld A.R, that as the jurisdiction over the case of the assessee was undeniably vested with the Income Tax Officer, Nakodar, therefore, the Income Tax Officer, Ward-4, Phagwara who had no jurisdiction over his case had clearly traversed beyond his jurisdiction and […]...

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Dispute on amount of interest Granted by HC – HC ask dept to submit application for review/modification

Sanjeevkumar S/o Biharilal Kabra Vs Union of India (Bombay High Court)

Sanjeevkumar S/o Biharilal Kabra Vs Union of India (Bombay High Court) 1. The matter is placed on board for speaking to minutes in respect of order dated 22.04.2022 passed by this Court. 2. The learned counsel for the petitioners seeks clarification of the order, more particularly in so far as directions issued in paragraph no.43 [&hellip...

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SEBI reply on purchase of shares by promoter group from open market during pendency of QIP

ISD/OW/2022/16109/1 13/04/2022

Whether individual promoters which include the Chairman & Managing Director and Executive Director & CEO of the company or any member of the promoter group can purchase shares of the Company from open market during pendency of QIP? As per regulation 2(1) (g), “insider” means a “connected person” or a person...

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LLP (Amendment) Act, 2021 (Comparison with Principal Act, 2008) Part III

Comparison between Old Act {Limited Liability Partnership Act, 2008} & New/Amended Act {Limited Liability Partnership (Amendment) Act, 2021} Part 3 (Substituted Sections) Sections 36 to 81 Amendment of Section 39 [Compounding of offences]  Substituted Old Provision “The Central Government may compound any offence under this Act whi...

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Recent Legal Compliance on Cryptocurrency India; A Challenge in Regulation

Scope of Cryptocurrency in Indian Law’s India’s constitution provides that the central government has the authority to investigate any matter that falls within its legislative purview. As per Schedule VII of the Indian Constitution, the central government has the ability to take action in relation to currency, money as legal tende...

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GST Amendments -July, 2022 – A Bird’s-eye View

GST Amendments -July, 2022 – A Bird’s-eye View No. & Date & Subject Amendment No. 9/2022 Central Tax Date : 05.07.2022 –Amendments in Section 50 & Section 52 – 1. Provisions enabling charging of interest upto 24% for wrongly availing and utilizing input tax credit has been made applicable retrospectively w....

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November 2022