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Archive: 04 January 2023

Posts in 04 January 2023

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

May 15, 2024 6267 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.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19293 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

RBI releases Annual Report of Ombudsman Schemes, 2021-22

January 4, 2023 744 Views 0 comment Print

The volume of complaints received under the Ombudsman Schemes/ Consumer Education and Protection Cells during the year 2021-22 increased by 9.39 per cent over the previous year and stood at 4,18,184 during the reported period.

Non-compete fee taxable under business income

January 4, 2023 5232 Views 0 comment Print

ITAT Mumbai held that the amount of non-compete fee is taxable under section 28(va) of the Income Tax Act under the head ‘Income from Business & Profession’.

Cenvat credit of service tax paid during setting up of factory is duly available

January 4, 2023 795 Views 0 comment Print

CESTAT Ahmedabad held the eligible cenvat credit of service tax paid during setting up of the factory is duly available as without use of such service the appellant could not have possibly manufactured the excisable goods.

Transfer of assets and liabilities in group amounts to slump sale

January 4, 2023 4560 Views 0 comment Print

ITAT Bangalore held that where the assets and liabilities of an undertaking are sold as a group or lumped together such a sale would qualify as a slump sale Accordingly capital gain on the same should be computed as section 45 to 50 of the Income Tax Act.

A Guide to Reducing Your Personal Income Tax for Salaried person in India A.Y. 2023-24

January 4, 2023 13185 Views 1 comment Print

The Indian Income Tax Act, 1961 is the primary legislation governing taxation in India. It provides for all aspects of taxation, from levy and assessment to collection and recovery of taxes. Every financial year, changes in the Income Tax Act are notified and implemented by the government, for the purpose of making the tax system more efficient and equitable.

Demand under Pan Masala Packing Machines Rules unsustainable as number of machines remained same after replacement

January 4, 2023 1242 Views 0 comment Print

CESTAT Mumbai held that demand under the provisions of Pan Masala Packing Machines (Capacity Determination and Collection of Duty) Rules, 2008 unsustainable as number of installed machines before and after replacement of machines remained same.

Customs broker cannot be held liable for undervaluation of exported goods

January 4, 2023 699 Views 0 comment Print

CESTAT, Chennai, ruled that customs brokers cannot be held liable for the undervaluation of goods. The court held that the valuation of goods is determined by the contract between the exporter and importer, and customs brokers do not have any influence in this matter.

Foreign Tax Credit

January 4, 2023 3126 Views 0 comment Print

Do you know, there are two principles to tax income. One is Residence Based Taxation and other is Source Based Taxation. As per Residence based Taxation, the country taxes persons based on their residential status.

HC directs investigating officer to issue advance notice of 72 hours to effect arrest after investigation

January 4, 2023 1770 Views 0 comment Print

HC directed the investigating officer to issue advance notice of 72 hours to the assessee to effect the arrest if necessary, after investigation in a case. Further directed the assessee to co-operate in the matter and produce the materials as sought.

Writ petition not maintainable as alternative efficacious remedy by way of appeal before Appellate Authority was available

January 4, 2023 588 Views 0 comment Print

Mundkar Madhavaraya Prabhu Vs State of Karnataka (Karnataka High Court) Though several contentions have been urged by both sides in support of their respective claims, having regard to the availability of equally efficacious and alternative remedy by way of appeal before the First Appellate Authority, without expressing any opinion on the merits / demerits of […]

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