"18 September 2022" Archive

Empanelment for concurrent Audit of branches of Punjab National Bank

Applications are invited for concurrent Audit of branches of PNB in Area II & III". Format for CA Firms and List of Area II & III EMPANELMENT FOR CONCURRENT AUDIT....

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Posted Under: CA, CS, CMA | ,

Better utilize AI, data-analytics & other technologies to identify tax evasion

We need to better utilize AI, data-analytics, IoT and other technologies to identify fraudulent practices, such as detection of tax evasion and better train officials on these aspects : Nirmala Sitharaman...

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Posted Under: CA, CS, CMA |

Banking sector to make a big contribution to make India a developed nation

Banking sector has to make a big contribution to making India a developed nation by 2047: Union Finance Minister Smt. Nirmala Sitharaman at 75th AGM of Indian Banks’ Association Union Finance Minister exhorts banks to plan for next 25 years, embracing digital, modern technologies and seamless systems which talk to each other “Use tech...

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Posted Under: CA, CS, CMA |

Net Direct Tax collections for FY 2022-23 have grown at 23%

Gross Direct Tax collections for the Financial Year (FY) 2022-23 register a growth of 30%. Net Direct Tax collections for the FY 2022-23 have grown at 23%. Advance Tax collections for the FY 2022-23 stand at Rs. 2,95,308 crore as on 17.09.2022 which shows a growth of 17%. Refunds aggregating to Rs. 1,35,556 crore issued […]...

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Posted Under: CA, CS, CMA | ,

Exemption from BCD & IGST with respect to import of cable laying vessel

In re SubCom Projects India Private Limited (CAAR Mumbai)

Advance rulings on the applicability of Sr. No. 555 and 557C of the Customs Tariff Notification No. 50/2017, dated 30,06.2017 for import of cable laying vessel....

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CAAR allowed withdrawal of Application filed with wrong jurisdiction

In re AMP Solar Urja Private Limited (CAAR Mumbai)

Applicant has informed that jurisdiction of this application is not Mumbai and this needs to be filed with Delhi Customs Authority for Advance Ruling and requested for permission to withdraw their application for advance rulings ...

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In absence of corroborative evidence, parallel conduct in itself cannot be equated with collusion: CCI

Tamarai Technologies Pvt. Ltd. Vs Teesta Distributors (Competition Commission of India)

There is no doubt that there did not appear to be any competitive bidding amongst the OPs, but such parallel conduct in itself cannot be equated with collusion so as to return a finding of bid rigging by the Commission in the absence of any plus factors or corroborative evidence, particularly when such benchmark was already available and ...

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CCI cannot take action if allegation not substantiated by any evidence

Nadie Jauhri Vs Sanjay Mehrotra (Competition Commission of India)

Competition Commission is of prima-facie view that the allegations raised by the Informant are not substantiated by any evidence on record...

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Reassessment when Income Tax Act not provide for it – Application of Article 142

Can the I-T department call for reassessment when the Income Tax Act, 1961 does not provide for it - Per Incuriam application of Article 142...

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ITC on Transport/Cab services to employees under GST

ITC on Transport/Cab services to employees under section 17(5) of CGST Act, 2017 Query :- Whether the Transport/Cab service provided by the employer to its employees would be eligible to take the input tax credit of the transport service? Analysis :-  Clause 17(5)(b) of CGST Act,2017 the following supply of goods or services or both— [...

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Posted Under: CA, CS, CMA |

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