"October, 2022" Archive

GST exemption not applicable to production & sale of agricultural seeds: AAAR

In re Ganga Kaveri Seeds Pvt Ltd. (GST AAAR Telangana)

In re Ganga Kaveri Seeds Pvt Ltd. (GST AAAR Telangana) Appellants are in the business of production and sale of agricultural seeds. In the process of production, the applicant outsources certain services such as cleaning, drying, grading and packing to the job workers and stores the seeds in various facilities after processing them. In th...

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ICSI Request extension of time for filing of financial statements with ROC

you are requested to kindly consider granting extension of time for filing of financial statements for the financial year ended 31.03.2022 up to 31st December, 2022 without levying additional fee....

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Payment of pre-deposit of Excise and Service Tax through Form GST DRC-03 – HC direct CBIC to issue guideline

Sodexo India Services Pvt. Ltd Vs Union of India (Bombay High Court)

Sodexo India Services Pvt. Ltd Vs Union of India (Bombay High Court) 1. Petitioner is impugning four orders all dated 13th April 2022 passed by respondent no.3 in the appeals that petitioner had filed. 2 Petitioner had, as required under Section 85 of the Finance Act, 1994 read with Section 35F of the Central Excise […]...

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Plaintiff may not exhaust remedy of pre-institution mediation under S. 12A(1) of Commercial Courts Act, 2015

Chandra Kishore Chaurasia Vs R A Perfumery Works Private Ltd (Delhi High Court)

Delhi High Court held that a suit, which contemplates urgent interim relief, is excluded from the rigor of Section 12A(1) of the Commercial Courts Act, 2015. Thus, a plaintiff seeking to institute a suit involving urgent interim relief(s) is not required to exhaust the remedy of pre-institution mediation....

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Legal Due Diligence

Due Diligence widely defined as a broad synapsis  of investigative procedures in relation to an acquisition /financing of a company's shares or  a joining joint venture project,. Jurisprudence of due diligence is closely associated with concept of notice which can be constructive, or implied....

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Deduction of processing fees for purchase of business assets is allowable

Crayons Advertising (P) Ltd Vs DCIT (ITAT Delhi)

ITAT Delhi held that processing fees for purchase of business assets is allowable as deduction as the loan has been taken for purchase of assets which are used for the business of the assessee....

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Company can claim depreciation of cars registered in director’s name but used for business purpose

Selva Ganesh Constructions Private Limited Vs ITO (ITAT Chennai)

ITAT Chennai held that claim of depreciation and other related expenses is allowed to the company as the cars, registered in the name of directors, are used for the purpose of business....

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Foreign exchange loss duly allowable as deduction

DCIT Vs Oscar Investment Ltd (ITAT Delhi)

ITAT Delhi held that AO duly accepted foreign exchange gain offered to taxation in earlier Assessment Year, hence AO cannot disallow foreign exchange loss assuming it to be a contingent loss in the year under consideration....

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CBDT notifies Teacher Retirement System of Texas – section 10(23FE)

Notification No. 119/2022 - (Income Tax) [S.O. 5080(E).] 31/10/2022

CBDT notifies CBDT notifies Teacher Retirement System of Texas as pension fund under sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of Income-tax Act, 1961 vide Notification No. 119/2022 – (Income-Tax) Dated: 31st October, 2022. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT...

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Tariff Notification No. 91/2222-Customs (N.T.) Dated: 31st October, 2022

Notification No. 91/2222-Custom Duty (N.T.) [S.O. 5078(E).] 31/10/2022

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver vide Notification No. 91/2222-CUSTOMS (N.T.) | Dated: 31st October, 2022. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) New Delhi Notification No. 91/2222-CUSTOMS (N.T.) | Dated: 31st October, 2022 S.O. 5078(E).—I...

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