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Archive: 03 November 2022

Posts in 03 November 2022

Capitalisation of expenditure in real estate companies not permissible without dispute of genuineness of the same as it is revenue neutral

November 3, 2022 1731 Views 0 comment Print

CIT Vs Somnath Buildtech Pvt. Ltd. (Delhi High Court) The Revenue in these proceedings admits to the genuineness of the expenditure. There is also no dispute that the Assessee is bound to draw up its Profit and Loss account and balance sheet in compliance with the accounting standards of the ICAI. The learned counsel for […]

Labour laws Compliance & Checklist

November 3, 2022 36225 Views 1 comment Print

Ensure compliance with labour laws and regulations in India with our comprehensive checklist. Stay updated and protect your business and employees.

Explanatory Notes to Provisions of Finance Act, 2022

November 3, 2022 7314 Views 0 comment Print

CIRCULAR NO. 23/2022 F. No. 370142/48/2022-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) ***** Dated the 3rd of November, 2022 EXPLANATORY NOTES TO THE PROVISIONS OF THE FINANCE ACT, 2022 CIRCULAR INCOME-TAX ACT Finance Act, 2022 — Explanatory Notes to the Provisions of the Finance Act, 2022 CIRCULAR […]

Income Tax, GST & Other Compliance Due Dates- November-2022

November 3, 2022 20565 Views 1 comment Print

Stay on top of your compliance obligations with our comprehensive calendar for November 2022. Know the due dates for income tax, GST, and other important forms.

CESTAT upheld penalty on cenvat credit availed on input service used for manufacture of exempted goods

November 3, 2022 252 Views 0 comment Print

Sakthi Sugars Ltd. Vs Commissioner of GST & Central Excise (CESTAT Chennai) With regard to cenvat credit of input service availed for manufacture of exempted goods, namely, Ethyl Alcohol, the only argument put forward by the Ld. Counsel for appellant is that they had availed credit by inadvertent mistake. The said mistake would not have […]

Section 27A of Customs mandates liability of interest for delay in sanction of refund beyond 3 months from date of claim

November 3, 2022 483 Views 0 comment Print

Commissioner of Customs Vs Pidilite Industries Ltd (CESTAT Mumbai) It is seen that the first appellate authority has interpreted the time limit in section 27A of Customs Act, 1962 according to the letter of the law which mandates liability of interest for any delay in sanction of refund beyond three months from date of claim. […]

CENVAT credit eligible on goods used for manufacturing of BMD Vehicles & Storage Tank which are must for preparing Bulk Explosive

November 3, 2022 597 Views 0 comment Print

Prasad Explosive & Chemicals Vs Commissioner of Central Excise & Service Tax (CESTAT Kolkata) The present appeal has been filed by the Appellant against the Order-in-Appeal No.43/RAN/2018 dated 01.02.2018 passed by Commissioner (Appeals) of CGST & Central Excise, Ranchi. 2.1 The facts in brief are that the Appellants are engaged in the manufacture of “Emulsion […]

Salary income earned by NRI for work performed abroad not taxable in India

November 3, 2022 2901 Views 0 comment Print

Kanagaraj Shanmugam Vs ITO (ITAT Chennai) From the fact it emerges that the assessee has stayed in India for 63 days during this year and his status, as per law, is non-resident. The assessee has worked in India for 21 days and offered proportionate salary to that extent to tax. For remaining period, the work […]

Section 148A(d) Order without considering responses of petitioner is invalid

November 3, 2022 5400 Views 0 comment Print

Ratnagiri Gas And Power Private Limited Vs ACIT (Delhi High Court) A perusal of the paper book reveals that the petitioner’s responses dated 13th June, 2022, and 30th June, 2022, have not been considered by the AO while passing the impugned order under Section 148A(d) of the Act. 11. Consequently, the impugned order passed under […]

Adjudicating Authority can Replace Liquidator who was arrested by CBI

November 3, 2022 309 Views 0 comment Print

Subrata Maity Vs Amit C. Poddar (NCLAT Delhi) The Adjudicating Authority has noted in the order that the Appellant was arrested by the CBI and due to which 116 days was lost due to incapability of the Appellant to act as a Liquidator. Learned Counsel for the Appellant contends that the Appellant was granted bail […]

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November 2022