"07 January 2023" Archive

Transaction charges incurred wholly and exclusively for business is allowable expenditure

N.K. Proteins Pvt. Ltd Vs DCIT (ITAT Ahmedabad)

ITAT Ahmedabad held that the transaction charges are actually additional cost of funds raised for the purpose of business Hence expenditure incurred on account of the same was wholly and exclusively for the purpose of business....

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Date of service and not dispatch is to be considered for period of limitation

Shree Cement Limited Vs Commissioner Central Excise & CGST (CESTAT Delhi)

CESTAT Delhi held that period of limitation should be calculated from the date when the order was served and not from the date when order was dispatched....

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Health Warning on both sides of tobacco product packages covering 85% of display area

Instruction No. 2/2023 07/01/2023

Section 7 of the Act provides for specified Health Warning on all tobacco product packs. These rules have been amended time to time, for display of specified health warning on both sides of the tobacco product packages covering 85% of the principal display area....

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Implementation of E-Waste (Management) Rules, 2022

Instruction No.1/2023 07/01/2023

Port and Custom Authorities have to take necessary action inter-alia to verify the import or export with respect to Extended Producer Responsibility, to Inform the Ministry and Central Pollution Control Board of any illegal traffic and take action against importer for violations under the Indian Ports Act, 1908 or the Customs Act, 1962. T...

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Compensation from Goa Government for cancellation of plot is capital receipt

PCIT Vs Pawa Infrastructure (P) Ltd (Delhi High Court)

Delhi High Court held that compensation received from Government of Goa on cancellation of plot is capital receipt and hence not taxable....

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Post Incorporation Compliances of LLP And Closure of LLP

ANNUAL COMPLIANCES TO BE DONE BY LLP I am sharing small write up of post incorporation compliances of LLP and closure of LLP. 1. FORM-3 IS FILED FOR EXECUTION OF AGREEMENT BETWEEN THE PARTNERS. The partners of the LLP are required to execute the LLP agreement and file the same to ROC within 30 days […]...

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Posted Under: Income Tax |

Confirming penalty for expiry of e-way bill without dealing with contention raised is bad in law

Rivigo Services Private Limited Vs The State of Jharkhand and Others (Jharkhand High Court)

Jharkhand High Court held that impugned order passed, confirming penalty for expiry of e-way bill, without proper application of mind and without dealing with the contention raised by the petitioner is against the violation of principles of natural justice and hence bad in law....

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Tax on Distribution of assets to partners/ Retirement & Dissolution Tax on Partnership Firms

For a long distribution of assets on dissolution or otherwise has been a cause of litigation and there were several judgements which were contrary to the other, giving taxpayers a gully to escape the wrath of tax on such distributions. To plug such leakages in revenue legislature vide Finance Act, 2021 inserted section 9B and […]...

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Posted Under: Income Tax |

Monthly (January 2023) Legal Obligations + Legal updates for India

Monthly (January 2023) Legal Obligations + Legal updates  for India under Income Tax Act, 1961,  Goods and Services Tax (GST) 2017, FEMA, 1999, ESI, 1948, Provident Fund, 1952, Companies Act, 2013, LLP Act 2008. Author explains which obligation needs to be discharged, Form or challan to be filled or filed, Period for which obligation ne...

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Posted Under: Income Tax |

Business Valuation in India: Regulations, Requirements & Case Studies

Business and financial valuation determine the economic value of a business, financial asset, or liability. It is an essential tool in various legal, regulatory, and commercial contexts in India and helps stakeholders make informed decisions and assess the fair value of assets or liabilities. In this post, we will explore the regulations ...

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Posted Under: Income Tax |

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January 2023