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Archive: 16 January 2023

Posts in 16 January 2023

Remuneration payment to Whole Time Directors of Public unlisted Companies – Series 1

January 16, 2023 9354 Views 1 comment Print

Clause 78 of Section 2 of Companies Act, 2013 defines ‘Remuneration’ which means any money or its equivalent given or passed to any person for services rendered by him and includes perquisites as defined under Income-tax Act, 1961.

Commissioner (A) not empowered to issue notice u/s 73(1) of the Finance Act

January 16, 2023 2208 Views 0 comment Print

CESTAT Delhi held that Commissioner (Appeals) did not have the power to issue the notice under section 73(1) of the Finance Act. Accordingly, order passed thereon deserved to be set aside.

Addition unsustainable as primary onus discharged but inquiry u/s 133(6) not carried by AO

January 16, 2023 2418 Views 0 comment Print

Gujarat High Court held that once the primary onus is discharged by the assessee, it is the assessing officer who will need to make an inquiry under Section 133(6). Addition unsustainable in absence of such inquiry.

Entire receipt cannot be treated as income, in absence of material, presumptive net profit of 8% should be considered

January 16, 2023 2595 Views 0 comment Print

ITAT Surat held that addition of entire contractual receipt is unsustainable in law as the entire receipt cannot be treated as income. In absence of any material to show net profit rate, presumptive net profit rate of 8% is to be considered as estimated income.

Addition based on bald statement u/s 153A is unsustainable in law

January 16, 2023 531 Views 0 comment Print

ITAT Delhi held that addition merely on the basis of bald statement under section 153A of the Income Tax Act without any incriminating material is unsustainable in law.

SC Judgement in Checkmate Services on disallowance for Late deposit of Employee’s Contribution of EPF/ESI

January 16, 2023 18807 Views 0 comment Print

There is a marked distinction between the nature and character of the two amounts – the employer’s liability is to be paid out of its income whereas the second is deemed an income, by definition, since it is the deduction from the employees’ income and held in trust by the employer. This marked distinction has to be borne while interpreting the obligation of every assessee under Section 43B.

Port Authority certificate not Mandatory to avail section 80IA(4) deduction

January 16, 2023 429 Views 0 comment Print

Assessing Officer, however, denied the benefit on the ground that the assessee had failed to furnish a certificate from the concerned Port Authority certifying that the structure was a part of the Port, which it considered mandatory in view of the Board’s notification dated 23rd June 2000 followed by Circular No.10 of 2005 dated 16th December 2005.

Govt reduce SAED on Diesel to Rs. 3.50 per litre

January 16, 2023 912 Views 0 comment Print

Vide Notification No. 04/2023-Central Excise Dated 16th January, 2023 Government reduces Special Additional Excise Duty on Diesel to Rs. 3.50 per litre with effect from 17th day of January, 2023 from existing Rs. 5 per litre. MINISTRY OF FINANCE (Department of Revenue) New Delhi Notification No. 04/2023-Central Excise | Dated 16th January, 2023 G.S.R. 24(E).— In exercise […]

SAED on production of Petroleum Crude & export of ATF reduced

January 16, 2023 891 Views 0 comment Print

Government reduces Special Additional Excise Duty on production of Petroleum Crude to Rs. 1900 per tonne from 2,100 per tonne and to Rs. 3.50  per litre from Rs. 4.50 per litre on export of Aviation turbine Fuel vide Notification  No. 03/2023—Central Excise Dated: 16th January, 2023. MINISTRY OF FINANCE (Department of Revenue) New Delhi Notification No. […]

Master Direction – RBI (Acquisition and Holding of Shares or Voting Rights in Banking Companies) Directions, 2023

January 16, 2023 3795 Views 0 comment Print

Any person who intends to acquire shares or voting rights in a banking company beyond the limit for which approval was obtained from the Reserve Bank, is required to apply to the Reserve Bank for prior approval to increase their aggregate holding in the banking company.

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