"29 August 2022" Archive

Additional depreciation u/s 32(1)(iia) allowable on power generation activity

NTPC Limited Vs Addl. CIT (ITAT Delhi)

Held that electricity is capable of abstraction, transmission, transfer, delivery, possession, consumption and use like any other movable property. Hence, additional depreciation u/s. 32(1)(iia) available to the assessee on activity of power generation....

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Amendment in Para 2.107 (TRQ under FTA/CECA) of HBP 2015-2020

Public Notice No. 23/2015-2020 [F. No. 01/89/180/01/AM-22/PC-2[B]/E- 31419] 29/08/2022

TRQ imports under ITC (HS) 71081200 under India-UAE CEPA may also be affected through qualified jewellers as notified by International Financial Services Centres Authority (IFSCA) using the India International Bullion Exchange. MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF FOREIGN TRADE) New Delhi Publ...

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Request to reconsider method of implementation of Punjab State Development Tax

THE PUNJAB ACCOUNTANTS ASSOCIATION (Regd. vide No. 304 of 2019-20 under the Registration of Societies Act, 1860) OFFICE : R. K. ASSOCIATES, SEHDEV MARKET, JALANDHAR CITY Mob: 98151-98051, 98780-20386, 98153-23059 E-mail : athepunjab@gmail.com, punjacctants@gmail.com, Website : punjabaccountants.com Ref. No : …………&#...

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Posted Under: Income Tax |

Mysteries of the GST Clause 44 in Form 3CD

1. Clause 44 of the FORM 3CD (tax audit report) is mysterious. This is so because not only the reasons for seeking the given information are not apparent and at odds with the law but also because the manner of compiling the given information has many unanswered questions. 2. In the present article, we explore […]...

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Posted Under: Income Tax | ,

Customs Faceless Assessment – Standard Examination Orders through RMS

Circular No. 16/2022-Customs 29/08/2022

CBIC decided to introduce RMS generated uniform examination orders at all Customs stations across the country. This functionality is expected to enhance the uniformity in examination, and lower the time taken in the process as well as reduce associated costs....

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AO has taken view on a debatable issue after due enquiries- Section 263 cannot be invoked

PCIT Vs Britannia Industries Limited (Calcutta High Court)

PCIT Vs Britannia Industries Limited (Calcutta High Court) The short issue involved in this case is whether the Commissioner could have invoked his power under Section 263 of the Act on the ground that the Assessing Officer did not conduct proper enquiry. We need not labour much to decide this issue as the learned Tribunal […]...

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Notices issued to wrong Email address – HC set-aside Assessment order

Nita Roy Vs Union of India (Calcutta High Court)

Due to technical fault in Income Tax portal notices were issued to a different e-mail address & same cannot be treated as service of Notice...

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Board Report – Means of Communication

The Board Report is a means of communication about the performance of the Company. It not only enables the shareholders/members but also other stakeholders like lenders, government, public to make an appraisal of the Company’s performance, future growth and profitability of the company....

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Posted Under: Income Tax |

Procedure for issue of Shares on Private Placement basis

Process for issue of Shares through Private Placement under Companies Act, 2013 & SEBI (LODR) Regulations, 2015 SR. NO. PROVISIONS UNDER THE COMPANIES ACT, 2013 SR. NO. PROVISIONS UNDER SEBI (LODR) REGULATIONS, 2015 1. The Company shall obtain the Valuation Report for price determination and its justification; [Note: Relevant date for...

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Posted Under: Income Tax |

Basics of Direct and Indirect Taxes

A tax (from the Latin word taxo) is a mandatory financial charge which is imposed upon a taxpayer ( an individual/legal entity) by the government to fund various expenditures. Let us understand the difference between direct taxes and indirect taxes. Direct tax The general meaning of direct tax- direct tax is a type of tax […]...

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Posted Under: Income Tax |

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December 2022