"04 August 2022" Archive - Page 8

Summary of GST Circulars issued by CBIC on 03rd August 2022

Certain circulars have been issued by CBIC today on 03.08.2022 clarifying certain matters, some of which were discussed in the 47th GST Council Meeting held in Chandigarh. A brief summary of them all is as follows: A. Circular No. 177/09/2022-TRU: Clarifications regarding applicable GST rates & exemptions on certain services–reg. Ra...

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‘Purchase’ under Section 54F of Income Tax Act, 1961

Recently, in a judgment dated 15th July 2022, in Dilip B. Mundada vs. DCIT, the Income Tax Appellate Tribunal, Pune has held that in order to claim a capital gain exemption under section 54F of the Income Tax Act, 1961, the assessee must have to ‘purchase’ the residential home from the income that is derived […]...

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Detailed Analysis of Proposed UAE Corporate Tax

The Government of UAE announced on 31st January 2022 that UAE would be promulgating legislation for levying federal Corporate Tax (C T) on business profits and the same shall be effective for the tax period commencing on or after 1st June, 2023. For years UAE has been considered as a tax free regime but in […]...

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Study on Compliances In Reporting In Tax Audit Report

Tax Audit is one of the important areas of practice for chartered accountants. The provisions of section 44AB introduced in the year 1984 casts onerous responsibility on Chartered Accountants. With the changing times and Trade and Commerce becoming more complex, such responsibility is increasing every passing day. Over the years, the Inst...

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Customs duty evasion of Rs. 2217 crore by Vivo Mobile

DRI detects Customs duty evasion of Rs. 2,217 crore by M/s. Vivo Mobile India Pvt. Ltd. During an investigation pertaining to M/s Vivo Mobile India Private Limited (hereinafter referred to as ‘M/s Vivo India’), the Directorate of Revenue Intelligence (DRI) has detected Customs duty evasion of around Rs 2,217 crore. M/s Vivo India is a...

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What is the Dilemma Around The Meaning of ‘Existence of A Dispute’ under IBC?

An operational creditor is eligible to send a demand notice to a corporate debtor upon default in payment u/s. 8(1) of the Insolvency and Bankruptcy Code...

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Taxability of Software License – ITAT remits matter back to AO

EY Global Services Ltd Vs ACIT (ITAT Delhi)

EY Global Services Ltd Vs ACIT (ITAT Delhi) These are appeals by the assessee against the respective orders of the ld. CIT (Appeals) for the concerned assessment years. 2. Since issues are common and connected and the appeals were heard together, these are being disposed off by this common order. 3. Since grounds are common […]...

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IBC 2016 prevails over Anti-Profiteering of Section 171

Director General of Anti-Profiteering Vs Puma Realtors Pvt. Ltd (NAA)

Anti-Profiteering Provisions of Section 171 of CGST Act, 2017 violated by Respondent, yet provisions of IBC, 2016 will nonetheless prevail....

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DGAP to ascertain authenticity of VAT Assessment Orders submitted by ‘Town Park Buildcon’

Varun Goel Vs Town Park Buildcon Private Ltd. (NAA)

Varun Goel Vs Town Park Buildcon Private Ltd. (NAA) a. The Respondent vide his submissions dated 05.04.2022 has contended that the DGAP has not incorporated the ITC of VAT in the pre-GST period for the computation of profiteering which ought to have been done. He has further submitted before this Authority that the said ITC […]...

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October 2022