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Archive: 08 December 2022

Posts in 08 December 2022

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6477 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Amendment in Import Policy Condition for de-notifying MMTC as a STE for import of Copra

December 8, 2022 801 Views 0 comment Print

Amendment in Import Policy Condition for de-notifying MMTC as a STE for import of Copra under Chapter 12 of ITC (HS), 2022, Schedule-I (Import Policy).

MCA imposes penalty on Company & Directors for not filing Financial Statements

December 8, 2022 3792 Views 0 comment Print

As per MCA Registry company has not filed its Financial Statements for the financial year 2019-20 and 2020-2021. This office has issued Show Cause Notice for violation of section 137(1) of the Companies Act, 2013 read with Companies (Adjudication of Penalties) Rules, 2014

E-Voting In ICSI Elections-Good Initiative By MCA

December 8, 2022 1068 Views 0 comment Print

MCAI notifies Company Secretaries (Election to the Council) (Amendment) Rules, 2022 MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 8th December, 2022 G. S.R. 866(E).—In exercise of the powers conferred by clause (a) of sub-section (2) of section 38A read with clause (a) of sub-section (2) of section 9 of the Company Secretaries Act, 1980 […]

Advance for setting of hospital project which got abandoned is allowable as revenue expense

December 8, 2022 930 Views 0 comment Print

ITAT Kolkata held that advance given in relation to business transaction for setting up hospital project which was abandoned, the said advance is irrecoverable and hence allowable as revenue expenditure.

Order passed beyond time limit prescribed u/s 153(1) is bad in law

December 8, 2022 4383 Views 0 comment Print

ITAT Ahmedabad held that the Assessing Officer is required to pass the assessment order within the time limit prescribed under section 153(1) of the Income Tax Act and hence any order passed belatedly is unsustainable in law.

Penalty u/s 114AA leviable due to unauthorized modification/ alteration in shipping bill

December 8, 2022 918 Views 0 comment Print

CESTAT Delhi held that penalty under section 114AA of the Customs Act is leviable as the appellant have resorted to unauthorised modification /alteration in the shipping bill after the same was passed by the proper officer of the Customs

147 Days delay in filing Appeal was condoned on basis of equity

December 8, 2022 2667 Views 0 comment Print

Delay of 147 days in filing of appeal before NCLAT was condoned upon equity. The delay had occurred as the Appellant had challenged the Impugned Order before the High Court instead of NCLAT but on a bona fide basis and the time taken by the High Court in deciding the matter had been excluded by the NCLAT in computation of limitation.

Expenditure towards development of software never came into existence is revenue in nature

December 8, 2022 1824 Views 0 comment Print

Bombay High Court held that expenditure towards development of a software which never came into existence is revenue in nature as it doesn’t give rise to any new asset.

Penalty proceedings are independent of assessment proceedings

December 8, 2022 2955 Views 0 comment Print

ITAT Delhi held that imposition of penalty u/s 271(1)(c) of the Income Tax Act on the mere allegation that assessee failed to justify the revenue nature of the expenditure is unsustainable as penalty proceedings are independent of assessment proceedings.

TDS on Rent Payment to Non-Resident

December 8, 2022 33792 Views 0 comment Print

Understand TDS on rent payment to non-residents. Learn about the deductors responsibilities, deductee conditions, TDS rates, time of deduction, deposit procedures, and compliance requirements. Stay informed about the taxation rules for non-resident rental income in India.

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