"23 August 2022" Archive

Provisions of Benami Act to be implemented prospectively: SC

Union of India & Anr. Vs. M/S. Ganpati Dealcom Pvt. Ltd. (Supreme Court)

Section 3(2) of the unamended 1988 Act is declared as unconstitutional for being manifestly arbitrary. Accordingly, Section 3(2) of the 2016 Act is also unconstitutional as it is violative of Article 20(1) of the Constitution....

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Overseas Investment Rules 2022 under FEMA notified

In view of integration in the global market and the need for the Indian corporates to make a global impact, Department of Economic Affairs has notified Foreign Exchange Management (Overseas Investment) Rules, 2022. The rules notified are forward looking and favours the Indian Corporates by simplifying the legislation and providing clarity...

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Posted Under: Income Tax |

GST Audit by Tax Authorities – Commencement To Conclusion

GST is a trust based taxation regime wherein the tax payer is required to self-assess his returns and determine tax liability without any intervention by the tax official. Therefore a tax regime that relies on self-assessment has to put in place a robust audit mechanism to measure and ensure compliance of the provisions of law […]...

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Posted Under: Income Tax |

Panipat Exporters Association enlisted for issuing Certificate of Origin (Non Preferential)

Public Notice No. 22/2015-2020 [F. No. 01/93/180/28/AM-19/PC.II(B)/E-16025] 23/08/2022

Panipat Exporters Association (PEA), Panipat is enlisted under Appendix 2E of FTP, 2015-20 for issuing Certificate of Origin (Non Preferential). Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Vanijya Bhawan, New Delhi Public Notice No. 22/2015-2020 | Dated: 23rd August, ...

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Clause 44 of Tax Audit Report – Breakup of Expenses with & without GST

Purchase and capital expenditures are required to be reported under clause 44 of Tax Audit report as both falls under expenditure terminology...

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Posted Under: Income Tax | ,

SC’s suo moto extension of limitation period order is applicable even for condonation period

Railsys Engineers Private Limited Vs Additional Commissioner of Central Goods and Services Tax (Appeals-II) & Anr. (Delhi High Court)

HC sets aside order cancelling GST registration, and held that SC suo moto extension of limitation period is applicable for filing appeal against cancellation...

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Indivisible composite works contracts not chargeable to Service tax prior to June 2007

Whether Service Tax could be levied on Composite Works Contracts prior to the introduction of the Finance Act, by which the Finance Act, 1994 amended to introduce Section 65(105)(zzzza) pertaining to Works Contract Service.?...

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Posted Under: Income Tax |

Profit element to be taxed in case of bogus purchases

ITO Vs Vimalchand Manikchand Jain (ITAT Surat)

Held that if the parties are failed to prove the genuineness of entire transaction of such tainted purchases, the revenue authorities are not entitled to bring the entire transaction to tax. Authorities can tax the income component in such tainted transactions...

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Straightaway relying on statement of persons & demanding tax is unsustainable

Reynolds Petro Chem Ltd. Vs C.C.E. & S.T. (CESTAT Ahmedabad)

Held that the Adjudicating Authority had failed to follow the requirement of Section 9D of the Act regarding examination in chief of witness, therefore demand of service tax on the basis of statements of persons cannot be sustainable....

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How Profitable are Bitcoin Mining Sites in 2022

#AD If you are interested in the world of cryptocurrencies, you have probably heard about mining. It is one of the most profitable investments in this business, which makes it very popular. However, as time goes on and things change, in the past anyone could mine, but now it can be very difficult to do […]...

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Posted Under: Income Tax |

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December 2022