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Archive: August, 2022

Posts in August, 2022

Representation to scrap Clause No. 44 of Tax Audit Report (Form 3CD)

August 18, 2022 15576 Views 3 comments Print

Representation requesting to scrap  Clause No. 44 of  Tax Audit Report (Form 3CD) under the Income Tax Act, 1961

Robinson and purity Barley taxable under residual entry at 12%

August 18, 2022 1926 Views 0 comment Print

Held that distinct commercial product Robinson Barley and Purity Barley cannot be classified as cereal. Hence taxable under residual entry @12% under Orissa Sales Tax Act, 1947.

Online account opening & closure for NSC (VIII Issue) & Kisan Vikas Patra

August 18, 2022 3816 Views 0 comment Print

Online account opening & closure through DOP Internet Banking for National Savings Certificates (VIII Issue) & Kisan Vikas Patra

Qualified Suppliers’ for supply of bullion on India International Bullion Exchange

August 18, 2022 2160 Views 0 comment Print

QS-LPTM shall comply with the ‘fit and proper criteria’ specified under regulation 52(2) of the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020, at all times.

Arbitration award passed rejecting the duly filed counter claim is set aside

August 18, 2022 2889 Views 0 comment Print

Held that impugned award set aside as the same was passed rejecting the counter claim, which was duly filed within the time limit, as being time barred.

Section 60(5) vests residuary jurisdiction on NCLT to intervene in certain circumstances

August 18, 2022 3966 Views 0 comment Print

Held that the residuary jurisdiction of the NCLT under Section 60(5) (c) of the IBC provides it a wide jurisdiction and can be exercised as long as the matter is not dehors the insolvency proceedings.

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

August 18, 2022 837 Views 0 comment Print

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 evidence […]

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

August 18, 2022 5340 Views 0 comment Print

ITAT Bangalore remits Amasebail’s Sec. 80P claim to AO based on delay condonation application. Key considerations for deduction eligibility discussed.

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

August 18, 2022 4260 Views 0 comment Print

Get answers to 151 frequently asked questions (FAQs) about the Foreign Exchange Management Act (FEMA) in India for NRI+PIO.

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

August 18, 2022 2118 Views 0 comment Print

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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