"22 January 2023" Archive

Interest not payable In absence of condition precedent in Section 11AA of Central Excise Act, 1944

AFT Tobacco Pvt. Ltd Vs Commissioner (CESTAT Delhi)

CESTAT held that interest is payable for default in depositing the tax by the due date voluntarily or after determination of the amount of duty under Section 11A of Central Excise Act, 1944....

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Foreign Tax Credit under DTAA cannot be denied for Delay in filing Form 67

Rohan Hattangadi Vs CIT (A) (ITAT Mumbai)

Rohan Hattangadi Vs CIT (A) (ITAT Mumbai) From Rule 128, it is evident that the assessee has to file Form 67 on or before the due date of furnishing the return of income as per section 139(1) of the Act, which the statement specifies as mandatory and not directory as per the word ‘shall’ used […]...

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Penalty cannot be imposed under Rules 26 of Central Excise Rules, 2002 on employee of Company

Hubergroup India Pvt Ltd Vs C.C.E. & S.T.-Daman (CESTAT Ahmedabad)

Hubergroup India Pvt Ltd Vs C.C.E. & S.T.-Daman (CESTAT Ahmedabad) As regard, penalty imposed on Shri. Suresh Nair employee of the appellant’s Company. I find that the issue of correct calculation of Cenvat Credit on the invoice issued by the 100% EOU was always in dispute, therefore, mala fide cannot be attributed to the employee [...

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ITAT disallows rent expenses due to non-exitance of rent agreement

Miracle Cars India Pvt Ltd. Vs DCIT (ITAT Chennai)

Miracle Cars India Pvt Ltd. Vs DCIT (ITAT Chennai) The undisputed facts are that the agreement between the assessee and M/s. DRS Industries Ltd., dated 30.06.2010 did not materialize and consequently, the dealership of Skoda cars sales & services has not been transferred to the assessee. Further, the rent agreement in respect of premi...

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GSTR-1 PDF to EXCEL Extraction Tool

Instructions to use GSTR-1 PDF to EXCEL Extraction Tool 1. Kindly check your EXCEL version before using this tool it  shall be 2016,2019,2021 or office 365. 2. Save all GSTR-1 Final PDFs in a separate folder on your desktop, not in cloud storage (Eg. Google Drive, One Drive etc.) 3. Don’t save any other files […]...

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Posted Under: Excise Duty |

India’s Economic Potential discussed at World Economic Forum

The World Economic Forum (WEF) held its annual meeting in January 2023 and brought the economic success of India to the forefront of the global economic stage. The forum used this opportunity to examine India’s potential for continued growth, the need for increased financial security, the importance of reforming labor practices and the ...

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Posted Under: Excise Duty

India’s promising outlook at IMF 2023

The 2023 annual meeting of the International Monetary Fund (IMF) is expected to be one of the most important talks in recent history concerning the current state of the world economy. With global economic growth at a standstill, discussions of policy and reforms will feature heavily at the event. India is expected to be one […]...

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Posted Under: Excise Duty |

Streamlining the GST system for 2023-24 with expected Changes

The Goods and Services Tax (GST) is an integral taxation mechanism of the Indian economy. In an effort to ensure its effectiveness and continued compliance, it is important to revise the GST budget for 2023-24. This article reviews the proposed changes to the GST of this budget, examining their implications on the effectiveness of the [&h...

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Posted Under: Excise Duty |

Legal Aspects of Private Placement of Securities

As per Section 42 of the Companies Act, 2013 A Company may make private placement of securities only to select group of persons who have been identified by board (herein referred as (Identified Persons). Explanation 1 of Section 42 states that 'Private Placement' means any offer or invitation to subscribe or issue of securities to a selec...

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Posted Under: Excise Duty

Save income tax on Salary Income

Hello folks, financial year end is near by and it is that time of the year where employees started to think about the tax planning on their salaried income. I will explain in a simplified manner regarding how to pay zero taxes and claim full refund of the TDS deducted u/s 192. 1. Understand the […]...

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Posted Under: Excise Duty |

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