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Archive: July, 2022

Posts in July, 2022

Power under Section 148 not excluded due to exercise of appellate jurisdiction

July 31, 2022 1242 Views 0 comment Print

Sunil Jain Vs Income Tax Department (Delhi High Court) HC Court is also of the opinion that just because the Appellate Authority has the power to modify an assessment order with regard to a source of income that has not been considered during assessment proceedings does not mean that the jurisdiction of the authorities under […]

Section 197(1)TDS certificate – Difference of opinion – SC refers matter to Large Bench

July 31, 2022 714 Views 0 comment Print

National Petroleum Construction Company Vs DCIT (Supreme Court of India) Indira Banerjee, J. Leave granted. 2. This appeal is against the judgment and final order dated 20th December 2019 passed by High Court of Delhi dismissing the Writ Petition being Writ Petition (C) No.8527 of 2019 filed by the Appellant against the refusal of the […]

Secretarial Standard-1 on Board Meetings Simplified (SS-1)

July 31, 2022 37671 Views 0 comment Print

Unlock the intricacies of Secretarial Standard-1 on Board Meetings (SS-1). Navigate the nuances of convening meetings, notice requirements, quorum rules, and more. Simplifying compliance for effective corporate governance. Applicable to all companies, except OPC and Section 8 Companies.

Basics of Accounting: General Purpose Financial Statements & their Qualitative Characteristics

July 31, 2022 3849 Views 0 comment Print

Explore the basics of accounting with a focus on General Purpose Financial Statements and their Qualitative Characteristics. Learn how financial information caters to informed decision-making for investors, lenders, and creditors. Dive into the four essential qualitative characteristics: Understandability, Relevance, Reliability, and Comparability, ensuring financial statements provide meaningful and reliable insights for effective analysis and decision-making.

No Recovery of Central Excise Duty, Interest & Penalty without serving of Adjudication Order

July 31, 2022 1146 Views 0 comment Print

HC held that no recovery of Central Excise Duty, interest, and penalty can be made without service of adjudication order

GST applicability on ‘Pre-packaged and labelled commodity’

July 31, 2022 7476 Views 0 comment Print

“Explore the impact of GST on pre-packaged and labeled commodities with insights from the 47th GST Council meeting. Learn about changes in taxation criteria and its alignment with Legal Metrology Law. Navigate through the detailed analysis of the trade and industry impact, including the scope of pre-packaged and labeled commodities. Stay informed on the new GST rate chart for specified food items from Chapter Heading 1 to 21 of Customs Tariff, applicable since 18th July 2022.

ASK Centers throughout India shall remain open on 31st July 2022

July 30, 2022 717 Views 0 comment Print

ASK Centers throughout India shall remain open on 31st July 2022 during normal office hours to facilitate filing of Income Tax tax returns

Application for initiation of CIRP by operational creditor cannot be admitted if debit is disputed

July 30, 2022 2541 Views 0 comment Print

Held that operational creditor can trigger CIRP process only in case of undisputed debt and default in payment thereof. However, if the debit is disputed, the application of the operational creditor for CIRP process cannot be admitted.

Khasgi trust is a public trust & trust property can be alienate as per section 14 of Public Trust Act

July 30, 2022 3684 Views 0 comment Print

The Khasgi (Devi Ahilyabai Holkar Charities) Trust Vs Vipin Dhanaitkar (Supreme Court of India) Held that as Public Trust Act is applicable to the Khasgi Trust, the Trustees cannot alienate the trust properties without complying with section 14. Facts- The main issue involved here is that whether Khasgi Trust is a Public Trust. Also, whether […]

Change of Branch Manager not sufficient reason for delay in appeal filing

July 30, 2022 111 Views 0 comment Print

Due to change of Manager of Branch and appeal order was not noticed by manager, hence assessee could not file appeal within period of limitation is not acceptable

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