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Archive: January, 2023

Posts in January, 2023

ITAT upheld 100% Disallowance for Bogus/Hawala Purchase by Govt Civil Contractor

January 6, 2023 2991 Views 0 comment Print

In the present case, it has been categorically established that, the amount of bogus purchases ₹64,33,495/- is debited to P&L by fictitious tax invoices

Exception to Trust cannot be denied merely for delay in filing audit report in prescribed form

January 6, 2023 6708 Views 0 comment Print

ITAT held that assessee cannot be denied benefit of exemption for which it is entitled merely on the lapse of procedural requirement i.e. delay in filing audit report in prescribed form.

ADD on Fishing Net originating in or exported from China extended

January 6, 2023 876 Views 0 comment Print

Seeks to extend levy of ADD on Fishing Net originating in or exported from China PR till  9th July, 2023, unless revoked, superseded or amended earlier vide Notification No. 01/2023-Customs (ADD) Dated: 6th January, 2023. MINISTRY OF FINANCE (Department of Revenue) New Delhi Notification No. 01/2023-Customs (ADD) Dated: 6th January, 2023 G.S.R. 12.(E).— Whereas, the […]

CIT(E) cannot Impose Conditions on his own While granting Section 80G Registration

January 6, 2023 1500 Views 0 comment Print

CIT(E) lacked jurisdiction to impose any conditions on his own (other than what is stipulated in law) while granting approval under section 80G of Income Tax Act

SEBI issues Operational Circular for Credit Rating Agencies

January 6, 2023 3120 Views 0 comment Print

SEBI has operationalized SEBI Intermediary Portal (https://siportal.sebi.gov.in) for the intermediaries, inter alia for CRAs, to submit all the registration applications online.

Demand & Recovery under GST – Relevant Forms – Section 73 & 74

January 6, 2023 5484 Views 1 comment Print

Navigate through the GST provisions for demand and recovery under Sections 73 & 74. Understand the circumstances leading to tax recovery, penalties, and adjudication. Explore the prescribed forms for communication, summary of show cause notices, intimation of payments, and other crucial aspects of the recovery process. Stay compliant and informed with the relevant forms and procedures.

Royalty Collection Contractor – Levy of GST- Constitutional Validity of Condition in notfn 14/2018-CT(R)

January 6, 2023 12528 Views 0 comment Print

Explore the constitutional validity of conditions attached to the levy of GST on Royalty Collection Contractors. Delve into the analysis of Entry No. 65B of Notification No. 14/2018-Central Taxes (Rate) and understand the implications of the GST exemption for Excess Royalty Collection Contractors. Stay informed with insights and expert views on this matter.

AMCs may provide management & advisory services to FPIs operating from IFSC

January 6, 2023 804 Views 0 comment Print

AMCs may also provide management & advisory services to FPIs operating from IFSC – Such FPI shall be allowed to invest in mutual fund schemes other than schemes in Thematic category

Amendments to para 2.56 of Handbook of Procedure & addition of agencies to Appendix 2G

January 5, 2023 1821 Views 0 comment Print

One Photo of Inspector shall be captured with empty container in the background having only one door closed (door with container number) and container number shall be clearly readable in that photo. Another photo of Inspector shall be captured with sealed container with same container number on the door clearly readable.

Relaxation from compliance with certain provisions of SEBI (LODR) Regulations, 2015

January 5, 2023 3531 Views 0 comment Print

The notice of AGM published by advertisement in terms of regulation 47 of the LODR Regulations shall disclose the web-link to the annual report so as to enable shareholders to have access to the full annual report.

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