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Archive: January, 2023

Posts in January, 2023

Section 40A(3) not applicable if single transaction not exceeds threshold limit

January 18, 2023 1491 Views 0 comment Print

ACIT Vs Cellbiz Services (ITAT Kolkata) CIT(A) has categorically mentioned that the cash book, purchase register and all individual invoices where cash transaction had taken place have been thoroughly checked and it is found that not a single such transaction actually exceeded the threshold limit of Rs.20,000/-. In view of the aforesaid factual finding given […]

UPVAT: Tax justified on difference in stock for sales not recorded in books found during survey

January 18, 2023 948 Views 0 comment Print

Sumiti Alloys Pvt Ltd Vs Commissioner Commercial Tax U.P (Allahabad High Court) HC find that the Tribunal has recorded a categorical finding of fact which needs no interference by this Court as there was difference in the stock found by the survey team on the premises of the assessee on the basis of which the […]

UPVAT: Penalty proceeding cannot be initiated merely based on truck driver statement

January 18, 2023 2124 Views 0 comment Print

Statement of a truck driver cannot be the basis for initiating penalty proceedings. Statement of truck driver which has been recorded by officer of department is not corroborated by any proof and said statement cannot be relied upon for initiating penalty proceedings.

Ways To Exchange Money For Cryptocurrency With Bank Card

January 18, 2023 726 Views 0 comment Print

In the Cryptocurrency market, you will find a lot of firms, which will assist you to convert your Crypto to cash. Or you can do the opposite by converting fiats to Cryptocurrencies.

Draft Explosives (Amendment) Rules, 2022

January 17, 2023 2064 Views 0 comment Print

Third Party Inspection Agency means a professional organization recognized by Chief Controller of Explosives to carry out inspection and safety audit of major accident hazards premises as defined under the Manufacture, Storage and Import of hazardous Chemicals Rules, 1989, and having minimum three persons with minimum qualification of masters degree in chemistry or bachelors degree in chemical engineering from a recognized university and minimum experience of ten years in manufacturing and handling of Explosives

Streamlining of Halal Certification Process for Meat and Meat Products

January 17, 2023 1263 Views 0 comment Print

With the aim of streamlining the Halal certification process for export of meat and meat products from India, the draft guidelines on Halal certification for export of meat and its products are proposed.

RCM under GST on Goods & Services

January 17, 2023 174096 Views 5 comments Print

Understand RCM of GST on Goods and Services with CGST Act 2017. Learn about the Forward Charge and Reverse Charge Mechanisms. Sec 9(3) and Sec 9(4) explained.

Value Addition To Companies by Appointing A Full Time Company Secretary

January 17, 2023 2241 Views 0 comment Print

COMPANY SECRETARY – A vital link between the company & its Board of Directors & shareholders. Values addition through legal compliances & filing of returns. Maintains Statutory Registers at the registered office.

Cancelled GST registration can be restored upon fulfilment of conditions

January 17, 2023 3312 Views 1 comment Print

HC held that cancellation of GST Registration due to non-filing of returns can be revoked if assessee files pending returns and pays the taxes, fines, interest along with fee due.

Cancellation of GST Registration without proper explanation is not sustainable

January 17, 2023 1833 Views 0 comment Print

HC held that revocation of GST registration without any explanation and only reason that returns were filed late is not sustainable for cancellation of GST registration.

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