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Archive: 09 December 2022

Posts in 09 December 2022

SEBI (Procedure For Board Meetings) (Amendment) Regulations, 2022

December 9, 2022 1713 Views 0 comment Print

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 9th December, 2022 SECURITIES AND EXCHANGE BOARD OF INDIA (PROCEDURE FOR BOARD MEETINGS) (AMENDMENT) REGULATIONS, 2022 No. SEBI/LAD-NRO/GN/2022/110.—In exercise of the powers conferred under section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations […]

Order denying Registration u/s12AA without proper due diligence is not permissible: ITAT

December 9, 2022 561 Views 0 comment Print

The ITAT allowed appeal of the assesse wherein the LD. CIT(E) have rejected registration under 12A of the I.T. Act, 1961, by observing that various allegations made by the ld.CIT(E) while denying registration u/s. 12A of the I.T.Act requires verification and proper appreciation of facts by the ld. CIT(E). In addition, it was also observed that the matter requires a revisit to the file of the PCIT for deciding the issue afresh and in accordance with law after giving due opportunity of being heard to the assessee.

Writ dismissed as alternate remedy of appeal already available

December 9, 2022 837 Views 0 comment Print

Bombay High Court dismissed the writ petition as an alternate remedy of appeal is available to the petitioner which needs to be filed before the Commissioner of Income Tax (Appeals) as per the provisions of Section 246 of the Income Tax Act.

Tribunal cannot reconsider its previous decision

December 9, 2022 501 Views 0 comment Print

Orissa High Court held that in absence of any power of review, the Tribunal could not have subsequently reconsidered its previous decision and the subsequent order reopening the matter is held to be the illegal, ultra vires and without jurisdiction.

Postal Export (Electronic Declaration and Processing) Regulations, 2022 and implementation of PBE Automated System

December 9, 2022 678 Views 0 comment Print

In order to leverage the vast network of post offices across the country and enable MSME’s (Micro, Small and Medium Enterprises) to export to global markets using e-commerce or other regular channels, the CBIC in collaboration with the Department of Posts (DoP) has developed a dedicated Postal Bill of Exports (PBE) Automated System for postal exports.

Order passed without any enquiry/ question is erroneous and prejudicial to interest of revenue

December 9, 2022 1206 Views 0 comment Print

ITAT Hyderabad held that AO has neither made any enquiry nor asked any questions to the assessee nor any information was called for. Therefore, the order passed by AO was erroneous and prejudicial to the interest of revenue within the meaning of section 263 of the Income Tax Act.

Reopening of assessment on incorrect assumption is invalid

December 9, 2022 2700 Views 0 comment Print

ITAT Mumbai held that reopening of assessment was undertaken by AO without application of mind on complete incorrect assumption of fact that no return of income was filed for the relevant Assessment year and hence said reopening of assessment is invalid.

Banks cannot Initiate recovery For Non-Payment of EMI Due to Default of Builder/Developer  

December 9, 2022 15336 Views 0 comment Print

Mudit Saxena Vs Union of India (Karnataka High Court) Banks Can Not Initiate Recovery of Loan From Homebuyers For Non-Payment of EMI Due to Default on the part of the Builder/Developer (Karnataka High Court): RERA In a significant order, Karnataka High Court prohibits Punjab National Bank Housing Finance Limited (PNBHFL) from using coercive means to […]

GST on maintenance of colonies developed by Chhattisgarh Housing Board (CGHB)

December 9, 2022 807 Views 0 comment Print

Services provided by applicant in relation to maintenance of various colonies developed by Chhattisgarh Housing Board (CGHB) and not handed over to local authority by CGHB, is found not eligible for benefit of Nil rate of GST.

FIR cannot be registered in entry tax evasion cases in absence of provision under VAT Act

December 9, 2022 1698 Views 0 comment Print

HC held that in case of tax evasion, FIR cannot be registered as the VAT Act does not provide any provisions authorizing the same.

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