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Archive: 18 August 2022

Posts in 18 August 2022

BCCI is a ‘shop’ for the purposes of applicability of ESI Act

August 18, 2022 1533 Views 1 comment Print

BCCI is a ‘shop’ for the purposes of applicability of the ESI Act as activities of the BCCI can be said to be systematic commercial activities providing entertainment by selling tickets etc.

Provisional ADD on UDCA import from China and Korea

August 18, 2022 1152 Views 0 comment Print

CBIC imposes Provisional anti-dumping duty (ADD) on UDCA import from China and Korea vide Notification No. 25/2022-Customs (ADD) | Dated: 18th August, 2022. The provisional anti-dumping duty imposed under this notification shall be effective for a period of six months, unless revoked, amended or superseded earlier, from the date of publication of this notification in the […]

Report on CSR vis-à-vis Annual Filing for F.Y. 2021-22

August 18, 2022 7707 Views 0 comment Print

MCA notified Companies (Accounts) Amendment Rules, 2022 and introduced concept of Report on Corporate Social Responsibility in form CSR-2

Special Additional Excise Duty rate on Petroleum Crude production & Aviation Turbine export

August 18, 2022 438 Views 0 comment Print

CBIC amends Notification No. 18/2022-Central Excise, dated 19th July, 2022 to decrease the Special Additional Excise Duty on production of Petroleum Crude to Rs. 13,000 per tonne  and increase Special Additional Excise Duty export of Aviation Turbine Fuel to Rs. 2 per litre vide Notification  No. 24/2022-Central Excise | Dated: 18th August, 2022 MINISTRY OF […]

What is Alternative Investment Funds (AIF) ?

August 18, 2022 8793 Views 0 comment Print

AIF Means, privately pooled investment vehicle which collects funds from investors, whether Indian or foreign, for investing it in accordance with a defined investment policy for the benefit of its investors.

Special Additional Excise Duty on Diesel increased to Rs. 6 per litre

August 18, 2022 786 Views 0 comment Print

Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022 , to increase the Special Additional Excise Duty on Diesel vide Notification  No. 23/2022-Central Excise | Dated: 18th August, 2022 NINISTRY OF FINANCE (Department of Revenue) New Delhi Notification  No. 23/2022-Central Excise | Dated: 18th August, 2022 G.S.R. 641(E).—In exercise of the powers […]

No tax on capital gain in case of permissive possession in Immovable Property

August 18, 2022 2463 Views 0 comment Print

Assessee had given permissive possession and not legal possession, as contemplated within the meaning of section 53A of the Transfer of Property Act. Therefore, the provisions of section 53A of the Transfer of Property Act, were not applicable to the impugned Joint Development Agreement and the conditions laid down in section 2(47)(v), could not be invoked, so as to bring the capital gains into tax in the assessment year 2012-­2013.

No addition if nexus exist between expenses incurred & purpose of business

August 18, 2022 1170 Views 0 comment Print

Once it is established that there was nexus between the expenditure and purchase of the business (which need not necessarily be the business of the assessee itself) the Revenue could not justifiably claim to put itself in the arm-chair of the businessman or in the position of the board of directors and assume the role to decide how much was reasonable expenditure having regard to the circumstances of the case.

Disqualification of director u/s 164(2) for non-submission of return of dissolved company is unsustainable

August 18, 2022 1650 Views 0 comment Print

Eanokaran Anthony Tony Vs Union of India (Kerala High Court) Held that disqualification of the director under section 164(2) of the Companies Act, 2013 for failure to submit returns with respect to a dissolved company is untenable in law. Facts- Petitioner was the Director of a company named Margin Free Kuries Private Ltd. As the […]

Revised rate of import duty not applicable to bill of entry presented before issuance of notification

August 18, 2022 1203 Views 0 comment Print

Held that bill of entry was self-assessed before the notification no. 103/2020- Customs (N.T.) dated 29.10.2020 was issued. Accordingly, revised rate of duty not applicable.

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