"15 October 2022" Archive

Latest Changes in GST and Amendments till September 2022

1. Conditions to be fulfilled to avail the ITC as available in GSTR-2B -Monthly As per the new conditions, the recipient will not be eligible to avail the ITC related to the following suppliers who are not GST complaints and the said ITC will be showing as ITC not available. Hence one needs to be […]...

Implication of Transfer of Unquoated Shares for a consideration lower than Fair Market Value

Transaction of sale of Unquoted equity shares will result in double taxability of difference between the FMV and transaction Value once in the hands of the Seller under Section 50CA under the Head Capital gain and again in the hands of the Buyer under Section 56(2) (x) under the head Income from Other Sources...

Pre-deposit directed to be made for saving premises from getting sealed by Authorities: Madras HC

HCL Technologies Limited Vs Commissioner (Madras High Court)

In present facts of the case, the Honble Madras High Court while disposing of the writ petition observed that the petitioner have alternative remedy to file appeal and have also directed to deposit Rs. 25,00,000/- for saving the premises from getting sealed by authorities....

Use of ‘RANJIPAAN’ is infringement of Trademark RAJNIGANDHA: HC

Dharampal Satyapal Limited Vs Youssef Anis Mehio (Delhi High Court)

Delhi High Court held that based on principle of initial interest confusion trademark infringement proved for using RAJNIPAAN, similar to take to well-known trademark RANJIGANDHA, even though no actual sale is finally created as a result of the confusion....

Refusal of assessee to take notice is a good service of notice

Shri Sukhdev Singh Vs ITO (ITAT Delhi)

ITAT Delhi as regards contention of notice not properly serviced held that as per postal authorities explanation the assessee has refused to take notice and such refusal to take a notice is a good service....

Loading and unloading covered as GTA and not Cargo Handling Services

Singhania & Sons Private Limited Vs Commissioner of CGST (CESTAT Kolkata)

CESTAT Kolkata held that the activity of loading and unloading of goods was instantly for transportation and therefore said services were classified as Goods Transport Agency and not Cargo Handling Services accordingly exempted under notification no. 17/2009....

Pre-Notice Consultation mandatory under Section 28 of the Customs Act: Delhi HC

Victory Electric Vehicles International Pvt Ltd Vs Union of India (Delhi High Court)

In present facts of the case, the Honble Delhi High Court held that the pre-show cause notice consultation is mandatory under Section 28 of the Customs Act, 1962...

Section-wise Analysis GST Amendments (Finance Act 2022)

Notification no. 18/2022-Central Tax Dated 28.09.2022 28/09/2022

This is a new condition which is to be satisfied for availment of input tax credit. In GSTR-2B, if the ITC appears in Restricted category, the same cannot be availed by the registered person. Cases where the ITC can be restricted under GSTR-2B has been discussed in Section 104 below....

Order passed u/s 11 of Arbitration and Conciliation Act, 1996 cannot be reviewed

Nagireddy Srinivasa Vs Chinnari Suryanarayana (Andhra Pradesh High Court)

Held that there is no provision in the Arbitration and Conciliation Act, 1996, providing for a review of an order passed under Section 11 of the Act....

Health & Education Cess not allowed as business expenditure – Section 37?

As per the recent Amendment introduced through Finance Act 2022, ‘Health and Education Cess’ is not allowed as business expenditure for the computation of business income. The ‘Health and Education Cess’ is imposed as an additional surcharge on the taxpayer for funding specific government welfare programs and is part of income tax...

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