"10 August 2022" Archive - Page 3

Pre-operative expenditure cannot be allowed as business expenditure

NDTV Studios Ltd. Vs Income ITO (ITAT Delhi)

Held that as the business has not been set up during the year under consideration all the pre-operative expenditures are not deductible as business expenditure...

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CAAR ruling not obtained by fraud or misrepresentation of facts not merit to be declared void

In re Spraytec India Ltd. (CAAR Delhi)

In re Spraytec India Ltd. (CAAR Delhi) It is not in dispute that no Show Cause Notice had been issued to the applicant by DRI, New Delhi regarding the past clearances at the time of the applicant filing application before the erstwhile AAR, even if it is acknowledged that DRI. New Delhi was investigating the issue […]...

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Classification of Lithium Ion Cell for use in manufacture of LED Emergency Bulb/Light

In re H.Q. Lamps Manufacturing Co. Pvt Ltd (CAAR Delhi)

Clarification on issue as to whether the goods sought to be imported namely Lithium Ion Cell (Captive Consumption — For LED)" merits benefit under Sr. No. 471 of Exemption Notification No. 50/2017-Cus. dated 30.06.2017, as amended by Notification No. 02/2021-Cus. dated 01.02.2021 as part for use in manufacture of LED Emergency Bulb/ Lig...

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Exemption from BCD & IGST with respect to import of cable laying vessel

In re SubCom Projects India Private Limited (CAAR Mumbai)

The applicant intends to claim exemption from basic customs duty and Integrated Goods and Service Tax with respect to the import of cable laying vessel, as per Sr. Nos. 555 and 557C of the Notification No. 50/2017-Customs, dated June 30, 2017....

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Income-tax payer cannot Join Atal Pension Yojana wef 1st October 2022

Notification No. 16/1/201 5-PR 10/08/2022

Government notified that from 1st October,2022, any citizen who is or has been an income-tax payer, shall not be eligible to join Atal Pension Yojana (APY). In case a subscriber, who joined on or after 1st October, 2022, is subsequently found to have been an income-tax payer on or before the date of application, the […]...

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‘Indra Smart Pro’ EVSE merits classification under subheading 85371000

In re Gulf Oil Lubricants India Limited (CAAR Mumbai)

Applicant has indicated that they propose to import Indra Smart Pro The device provides electric power to the charger on board an EV which will, in turn, re-charge the vehicle's batteries....

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Recommendations of Working group on Digital Lending – Implementation

Press Release No. 2022-2023/689 10/08/2022

Reserve Bank is statutorily mandated to operate the credit system of the country to its advantage1. In this endeavour, the Reserve Bank has encouraged innovation in the financial system, products and credit delivery methods while ensuring their orderly growth, preserving financing stability and ensuring protection of depositors’ and cus...

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RBI cancels licence of Rupee Co-operative Bank Ltd, Pune

Press Release: 2022-2023/693  10/08/2022

Reserve Bank of India (RBI), vide order dated August 08, 2022, has cancelled the licence of “Rupee Co-operative Bank Ltd, Pune...

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GST payable on interest component of EMI of Credit Card loan: Calcutta HC

HIGH COURT OF CALCUTTA: Ramesh Kumar Patodia v. Citi Bank [WPO NO. 547 OF 2019 JUNE 24, 2022 ] Facts: ♦ Petitioner is a holder of a valid Citi Bank Credit Card issued by the respondent no. 1/Bank. He was granted an instant loan by the Bank at a specified rate of interest above the credit limit. […]...

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Posted Under: Income Tax |

Analysis of provisions of appeal under Maharashtra settlement of arrears of Tax, interest & penalty act 2022

Analysis of provisions of appeal under Maharashtra settlement of arrears of Tax, interest and penalty Act 2022 1. Introduction Goods and service tax act came in to force wef 01-07-2017. Prior to implementation of said act in a  states various tax laws were in existence. Some of the tax laws have been repealed and subsumed […]...

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Posted Under: Income Tax |

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November 2022