2 Archive - 18 August 2022

"18 August 2022" Archive - Page 2

No addition if no change in Stock Valuation method despite valuation at average cost

ACIT Vs Smt. Shobhakaver Surana (ITAT Chennai)

ACIT Vs Smt. Shobhakaver Surana (ITAT Chennai) It could very well be seen that the assessee is a trading concern. It has maintained category-wise stock details which has been valued at average cost. The assessee is subjected to Tax Audit which contain quantitative details and well valuation of stock under each category. There is no evide...

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Section 80P deduction allowable If delay in ITR filing condoned by PCIT

Amasebail Vyvasaya Seva Sahakari Sangha Ltd. Vs DCIT (ITAT Bangalore)

Amasebail Vyvasaya Seva Sahakari Sangha Ltd. Vs DCIT (ITAT Bangalore) In this case, the main plea of the assessee is that assessee filed an application for condonation of delay in filing the income tax return for the assessment year 2018-19 and on this basis, exemption u/s 80P of the Act to be granted. In my […]...

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151 Frequently Asked Questions (FAQs) from NRI+PIO for India

(A) FAQs under head Foreign Exchange Management Act (FEMA), 1999 1. What is meaning of FEMA, 1999 ? (i) FEMA, 1999 is an act to consolidate + amend the law for foreign exchange with the objective of facilitating external trade + payment + promoting the orderly development and maintenance of foreign exchange market in India. […]...

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Posted Under: Income Tax |

IP shall not engage or appoint any of his relatives or related parties: IBBI

Order No. IBBI/DC/124/2022 18/08/2022

Clause 23B of the Code of Conduct provides that an IP shall not engage or appoint any of his relatives or related parties, for or in connection with any work relating to any of his assignment....

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Critique of ECIR in Prevention of Money Laundering Act (PMLA, 2002)

Due to lack of clarity around the notion of ECIR, it is unclear at what point an ECIR is registered and at what moment ECIR should be lodged with Special Court...

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Posted Under: Income Tax |

Offering A Critique on Product Liability Vis A Vis Consumer Protection Act, 2019

Consumer protection was one of the duties of India's rulers even before the country gained its freedom. To guarantee that customers are happy, the government and companies collaborate on consumer protection, which is a social and economic activity....

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Posted Under: Income Tax |

Hypothetical Question on section 56 of CGST, Act, 2017

Section 56 of the CGST Act, 2017 is very clear w.r.t to the refund application and the same mention about the interest on the delayed refunds....

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Posted Under: Income Tax |

Customs duty on Display Assembly of a cellular mobile phone

Circular No. 14/2022-Customs 18/08/2022

Circular No. 14/2022-Customs CBIC-190354/190/2022-TRU Section-CBEC Government of India Ministry of Finance Department of Revenue Tax Research Unit *** North Block, New Delhi Dated, 18th August, 2022 To All Principal Chief Commissioner/Chief Commissioner of Customs/Customs (Preventive). All Principal Chief Commissioner/Chief Commissioner o...

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Customs Exchange rate for Import & Export wef 19th August, 2022

Notification No. 70/2022-Customs (N.T.) 18/08/2022

Exchange rate Notification No. 70/2022-Cus (NT) dated 18.08.2022  notifying exchange rate with effect from 19th August, 2022 against Indian Rupees for Import and Export. Government Of India Ministry Of Finance Department Of Revenue Central Board Of Indirect Taxes And Customs New Delhi ***** Notification No. 70/2022 – Customs (N.T....

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CBDT amends rule 128 & relaxes conditions for filing of form no. 67

Notification No. 100/2022-Income Tax [G.S.R. 636(E)] 18/08/2022

CBDT amends rule 128 and relaxes conditions for filing of form no. 67 for claiming Foreign Tax Credit vide Notification No. 100/2022-Income Tax...

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