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Archive: 20 December 2022

Posts in 20 December 2022

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

May 15, 2024 6705 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.

Anti-Dumping duty on Stainless-Steel Seamless Tubes & Pipes extended for 5 years

December 20, 2022 5811 Views 1 comment Print

Notification No. 31/2022-Customs (ADD), Dated: 20.12.2022 – Seeks to impose Anti-Dumping duty on Stainless-Steel Seamless Tubes and Pipes originating in or exported from China PR for a period of 5 years in pursuance of fresh final findings issued by DGTR. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NEW DELHI Notification No. 31/2022-Customs (ADD) […]

Section 234F Late Fees of Rs. 5000 on Processing of Revised Return

December 20, 2022 54489 Views 8 comments Print

Late fee is charged on delay in filing of Original return and not revised return because revised return take the shoes of original return. But due to transformational changes in building new income tax website this section is overused i.e. it is levied while processing of revised return also in many cases.

Late Fee interest under section 234E of Income Tax Act –  Recent Case Laws

December 20, 2022 14580 Views 0 comment Print

Karnataka High Court in the case of Fatheraj Singhvi vs. Union of India , WRIT APPEAL NOS.2663-2674/2015(T-IT)- dated 26/08/2016  held that  that late filing fee levied u/s 234E of the Act while processing the TDS statements was ultra vires to section 200A of the Act

Notification No. 111/2022-Customs (N.T.) Dated 20th December, 2022

December 20, 2022 870 Views 0 comment Print

Notification No. 111/2022 – Customs (N.T.) | dated 20th December, 2022 – Seeks to amend Notification No. 58/2021-Customs (N.T.), dated the 01.07.2021 under sub-section (2) of Section 151B of the Customs Act, 1962 to notify Agreement or Arrangement on Cooperation and Mutual Administrative Assistance (CMAA) in Customs Matter of India and with other Countries. GOVERNMENT OF INDIA […]

Revenue Expenditure or Capital Expenditure – The Contest continues

December 20, 2022 3306 Views 0 comment Print

Revenue or Capital Expenditure? The Apex Court in Empire Jute Co. Ltd. vs Commissioner Of Income Tax offers its verdict – learn more in this blog post!

Advocates and Legal Services: Is Goods and Services Tax (GST) Applicable?

December 20, 2022 32433 Views 3 comments Print

Find out if Goods and Services Tax (GST) is applicable to Advocates and legal services. Senior Advocates, law firms, and all other types of legal services provided are subject to GST when the entity has an aggregate turnover of Rs. 20 lakhs or more. Learn more in this blog post!

Addition towards notional income on advance deleted in absence of specific provision

December 20, 2022 2982 Views 0 comment Print

ITAT Rajkot held that in absence of any specific provisions under the Income Tax Act, notional income on advance cannot be brought to tax. Accordingly, addition deleted.

Adjudicating Authority not empowered to modify conditions in resolution plan

December 20, 2022 2073 Views 0 comment Print

NCLAT Delhi held that as per provisions of section 31 of Insolvency & Bankruptcy Code, 2016, Adjudicating Authority is empowered to either accept or reject the resolution plan. Adjudicating Authority is not empowered to modify/ alter the conditions in the resolution plan.

Rectification u/s 154 on issue involving interpretation of various laws is unsustainable

December 20, 2022 1440 Views 0 comment Print

ITAT Mumbai held that set-off of losses when there is a change in shareholding involves interpretation of various provisions and laws and hence it is not a mistake apparent from record. Accordingly, rectification power under section 154 cannot be invoked.

Expenditure incurred for construction of a new facility and subsequently abandoned at Work-in-progress stage is allowable as Revenue Expenditure

December 20, 2022 1098 Views 0 comment Print

Expenditure incurred for construction of new facility & subsequently abandoned is allowable Revenue Expenditure: ITAT Hyderabad

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