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Archive: 09 January 2023

Posts in 09 January 2023

Postmortem of Union Budget 2024: A Comprehensive Webinar

July 18, 2024 4446 Views 3 comments Print

Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 18, 2024 3924 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Implementation of RoDTEP Committee report in relation to Anomalies etc

January 9, 2023 1503 Views 0 comment Print

The revised Appendix 4R, after incorporating changes recommended by the RoDTEP Committee in relation to apparent errors and anomalies in 432 HS Codes in the earlier notified RoDTEP rates/caps, is being notified and will be applicable for exports made from 16.01.2023 to 30.09.2023.

SARFAESI Act cannot be applied only on the reason that secured property has been shown as agricultural land in Revenue Records: SC

January 9, 2023 18711 Views 0 comment Print

The Hon’ble Supreme Court after considering the object and purpose of Section 31(i) of the SARFAESI Act that merely because in the revenue records the secured properties are shown as agricultural land is not sufficient to attract the said provision.

Deduction u/s. 80P available to entities registered under Karnataka Souharda Sahakari Act, 1997

January 9, 2023 1971 Views 0 comment Print

ITAT Bangalore held that deduction under section 80P of the Income Tax Act is duly available to the entities registered under Karnataka Souharda Sahakari Act, 1997.

Penalty u/s 271(1)(c) leviable as incomes not offered to tax with intention to evade tax

January 9, 2023 6045 Views 0 comment Print

ITAT Mumbai held that penalty under section 271(1)(c) of the Income Tax Act is leviable as incomes were not offered to taxation with a dishonest intention to conceal the income and evade tax.

Payment for consultancy service provided by university is exempt u/s. 10(23C)

January 9, 2023 1182 Views 0 comment Print

ITAT Mumbai held that exemption under Section 10(23C) of the Income Tax Act is available to the payments received for consultancy services provided by university.

Reasons should be recorded when Central Government opines non-imposition of anti-dumping duty and designated authority recommends imposition

January 9, 2023 672 Views 0 comment Print

The main grievance of the appellant, which is an Association of Indian Steel producer in India, is that despite the recommendation made by the designated authority in the final finding pursuant to the sunset review investigation that was initiated for imposition of anti-dumping duty on imports of colour coated/pre-painted flat products of alloy or non-alloy steel originated in or exported from China PR and European Union , the Central Government did not issue a notification for imposition of anti-dumping duty though three months expired from the date of publication of final finding.

Mode of settlement for trades executed on Request for Quote (RFQ) platform

January 9, 2023 561 Views 0 comment Print

It is clarified that, in addition to the existing payment mechanisms, payment mechanisms provided by banks/ payment aggregators authorised by Reserve Bank of India, from time to time, may be used for settlement of trades executed on the RFQ platform.

SOP for handling of Stock Exchange Outage and extension of trading hours thereof

January 9, 2023 756 Views 0 comment Print

Trading hours of stock exchanges are pre-defined and known to all market participants including the other Market Infrastructure Institutions (MIIs) to enable them to carry out activities related to continuous trading in securities.

General extension of due date for 45 e-forms under transition from V2 to V3 Portal

January 9, 2023 7737 Views 0 comment Print

Keeping in view the transition of Company forms from V2 to V3 Portal and its non availability for filing during the period starting from 07.01.2023 to 22.01.2023, the MCA has allowed additional time of 15 days, without levying additional fees, in cases where the due date for filing of the 45 e forms (excluding PAS-3) […]

Whether a registered person can claim ITC paid on CGST & SGST of other states where he is not registered?

January 9, 2023 3810 Views 0 comment Print

Explore the implications of Input Tax Credit (ITC) on CGST and SGST paid in states where a registered person is not located. Learn through a real-world example and a relevant case ruling. Understand the destination-based nature of GST and how it impacts ITC eligibility. Gain insights into the Storm Communications Private Limited case to navigate the complexities of claiming CGST in a different state. Delve into the nuances of GST regulations for a comprehensive understanding.

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