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Archive: July, 2022

Posts in July, 2022

How to resolve Error occurred while DSC registration on TRACES

July 11, 2022 46662 Views 1 comment Print

Sometimes you may be facing Error occurred while DSC registration. Please try after One day. while registering DSC on the TRACES. I’ll help you out to resolve this error in simple steps through this article.

SEBI: As a Whole

July 11, 2022 5739 Views 0 comment Print

In essence, SEBI encourages the growth of the security market, protects the interests of investors there, and controls operations. The Security and Exchange Board of India’s duties can be broadly divided into three categories:

RBI cannot reject remittance on whimsical & arbitrary reasons

July 11, 2022 1950 Views 0 comment Print

Power of RBI to withhold remittance to be made under Automatic route to Wholly owned Subsidiary cannot be used to reject the remittance on whimsical and arbitrary reasons.

WBGST: Extension of period for completion of GST Audit

July 11, 2022 1092 Views 0 comment Print

Extension of period for completion of Audit as per the proviso to sub-section (4) of section 65 of the WBGST Act, 2017 for the period starting on or after 1st day of July, 2017 and ending on or before 31st day of March, 2018 in cases where audit has commenced till 31st day of May 2022.

Non GST Supplies/Exempted Supplies/Zero rated Supply/Negative list of Supply

July 10, 2022 34207 Views 0 comment Print

Understanding non-GST supplies and exempted supplies under the Indian GST regime. Learn about the tax implications for alcoholic liquor and other specified items.

CBIC can appoint officers of DGCEI to act as Central Excise Officer: HC

July 10, 2022 2490 Views 0 comment Print

HC held that No restriction can be inferred on the powers of CBIC while appointing officers of DGCEI presently Directorate of GST Intelligence to act as Central Excise Officers.

Look out Circular can be Issued against personal guarantor of economic offenders

July 10, 2022 3384 Views 0 comment Print

Garikapati Venkateswara Rao W/o. Chenchaia Vs Union of India (Telangana High Court) It was not in dispute that GVR Infra Projects Limited had taken loan of Rs.250.03 Crores from the erstwhile Vijaya Bank which was now merged with Bank of Baroda, Respondent Nos.7 and 8 herein. It was also not disputed by the petitioner that […]

Expenditure disallowed as necessary conditions of revenue expenditure not satisfied

July 10, 2022 1305 Views 0 comment Print

Held that assessee had failed to satisfy the conditions precedent to claim as revenue expenditure, as the expenditure was incurred during the previous year relevant to the assessment year under consideration. Therefore, the claim cannot be allowed as deduction

No addition for loss treated as non-genuine if same is not been claimed by Assessee in his computation of Income

July 10, 2022 1173 Views 0 comment Print

Dhaval R Ajmera Vs ITO (ITAT Mumbai) Though the assessee has raised several grounds, the only effective issue involved in the impugned appeal is as to whether the ld. CIT(A) was justified in confirming the disallowance of Rs.7,89,745/- on account of alleged purchase of shares through M/s. Alliance Intermediates and Network Private Limited and alleged […]

Loss in value of Investment in another company cannot be claimed as deduction u/s. 37(1)

July 10, 2022 6735 Views 0 comment Print

Investment made by the assessee in another company is on capital account and further, when loss incurred on account of diminishing in value of said investment is capital in nature and thus, same cannot be claimed as deduction u/s.37(1) of the Act.

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