"23 January 2023" Archive

Section 234A interest not chargeable if Assessee filed return within due date

Bokaro Power Supply Co. Pvt Vs Addl. CIT Special Range(ITAT Delhi)

Bokaro Power Supply Co. Pvt Vs Addl. CIT Special Range(ITAT Delhi) In the written submissions the assessee has agitated regarding charging of interest of Rs. 48,069/- u/s. 234 A of the Act and submitted that the company has electronically uploaded form 3CEB on 30th November 2015 as well as the Income Tax Return on same […]...

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Availment & passing of fake/ineligible ITC – HC Grants bail to accused

Gaurav Kakkar Vs Directorate General of GST Intelligence (Rajasthan High court)

Prosecution case against petitioner is that he created fake firms for availment and passing of fake/ ineligible Input Tax Credit (ITC) to facilitate existing beneficiary firms....

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Provisions of section 56(2)(viia) cannot be invoked on buyback of own share

DCIT Vs TPS Infrastructure Ltd (ITAT Delhi)

ITAT held that provisions of section 56(2)(viia) of are applicable only in cases where purchased share become property in the hands of buyer company and, if shares are of any other company....

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Sales tax subsidy for development of industries is capital receipt

DCIT  Vs  s Vinati Organics Ltd (ITAT Mumbai)

If purpose of incentive or subsidy was to enable assessee to set up a new unit or to expand existing unit then receipt of subsidy was of capital in nature....

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TDS of Firm credited in PAN of Partner – ITAT directs assessee to apply under section 199 read with Rule 37BA

Nirav Bipinbhai Vaghasiya Vs ITO (ITAT Surat)

Nirav Bipinbhai Vaghasiya Vs ITO (ITAT Surat) ITAT find that in the return of income the assessee claimed refund of TDS reflected in his Form-26AS. The CPC denied such refund in its intimation dated 08.10.2018. The assessee filed application for rectification under section 154. In the application under section 154, the assessee claimed su...

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Analysis of Companies (Appointment & Qualifications of Directors) (Amendment) Rules, 2023

MCA vide its Notification dated January 20th , 2023, has notified Companies (Appointment and Qualifications of Directors) (Amendment) Rules, 2023. Earlier, the directors were required to inform the concerned companies about their disqualification under section 164(2) only but now a declaration regarding disqualification under section 164(...

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Posted Under: Income Tax |

Representation Regarding Restriction for Claiming ITC

Putting the responsibility on the shoulders of the buyers or the Chartered Accountant or Cost Accountant of the supplier is incorrect. The GST authorities are so unequipped that they can catch the persons who have not paid the taxes....

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Posted Under: Income Tax | ,

Analysis of Inter-Corporate Loans & Investments by Companies under Companies Act 2013

As you all know that inter corporate loans and investments play a vital role in flow of funds to group companies which face financial crisis. As per Section 186(1) of Companies Act 2013 a company can make investment through not more than 2 layers of investment companies but having certain exceptions. This provision is not […]...

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Posted Under: Income Tax |

Nidhi (Amendment) Rules, 2023

Notification G.S.R. 35(E) 20/01/2023

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 20th January, 2023 G.S.R. 35(E).—In exercise of the powers conferred by sub-section (1) of section 406 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules, further to amend the Nidhi Ru...

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Weekly newsletter from Chairman, CBIC dated 23/01/2022

DO No. 60/CH(IC)/2022 23/01/2023

As Customs officers, we are all members of a special international community with many shared objectives and common goals. Our engagement with our international partners has always been special. It was in keeping with this commitment that the Customs Cooperation Fund (India) was established at the World Customs Organization (WCO) in 2019....

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