"January, 2023" Archive - Page 60

Consultation paper on ‘Blocking of Funds for Trading in Secondary Market’

In the last couple of years, Indian securities market has seen tremendous growth, both in terms of volumes as well as in terms of number of participants. This increasing participation with increase of new investors in securities market also puts greater onus on SEBI to make markets safer for its participants, with a special focus on retai...

Posted Under: SEBI |

Reassessment invalid if no fresh tangible material made available by petitioner

Ball Aerosol Packaging India Private Limited Vs ACIT (Gujarat High Court)

Ball Aerosol Packaging India Private Limited Vs ACIT (Gujarat High Court) In this case what emerges from the record is that no fresh tangible material distinct from what was made available by the petitioner during the assessment proceedings is emerging and specific queries which have been raised with regard to issues now raised have alrea...

Launch of electronic version of Supreme Court of Report (e-SCR) by SC of India

As directed by Hon'ble the Chief Justice, this is to convey for benefit of all the stakeholders that, Hon'ble the Supreme Court of India has launched a digital version of judgments of the Supreme Court of India as reported in 'Supreme Court Reports'....

Posted Under: SEBI |

Denial of benefit under SVLDRS stating that department decided to file appeal is unjustified

Om Prakash Kashyap Vs Union of India (Jharkhand High Court)

Jharkhand High Court held that benefit under SVLDRS scheme cannot be denied by the designated committee on the reason that department has decided to file an appeal against the OIO....

Addition of difference of share valued and valuation as per IT rules sustained as onus of proof not discharged

Sagitarius Securities Pvt Ltd Vs ITO (ITAT Delhi)

ITAT Delhi held that addition of difference between the share valued by the company and value determined as per IT Rules sustained as the assessee failed to discharge his onus of proof....

Non-appearance of supplier cannot be reason for treating purchases as unexplained expenditure

PCIT Vs Sanjay Dhokad (Bombay High Court)

Bombay High Court held that purchases cannot be treated as unexplained expenditure (i.e. fictitious purchases) merely because suppliers have not appeared before AO or CIT(A)....

Issuance of search warrant without recording ‘reasons to believe’ is bad in law

Musaddilal Gems and Jewels (India) Private Limited Vs Union of India (Telangana High Court)

Telangana High Court held that issuance of search warrant without recording the ‘reasons to believe’ is against the provisions of section 17 of the Prevention of Money Laundering Act (PMLA), 2002 and accordingly the same is liable to be set aside....

Statutory charge as per KGST Act & KVAT Act remains despite sale of property by Bank

Tahsildar (Rr) Vs Nizamudeen. (Kerala High Court)

Kerala High Court held that statutory charge created against dealers as per the provisions of KGST Act, 1963 and KVAT Act, 2003, prior to any mortgage made, against the dealer would remain intact, even if the property is sold by Bank....

Penalty imposed on company for carrying business activities on a fraudulent & unlawful purpose

No. ROC-GUADJ-Order/Sec. 454/AEGIS LIFESCIENCES /2022-23/6550 to 54 17/01/2023

Office of the Commissioner of CGST (Audit) vide letter dated 10.10.2022 has informed that M/s Aegis LifeSciences Pvt. Limited having GSTN 24AARCA8892L1ZS and Adgis Lifescience, Partnership concern having GSTIN 24AARCA8892L1ZS are still operating /running both partnership firm as well as Pvt. Limited Company under GST even after the change...

Importance of place of supply of goods and services

Determination of place of supply is very important as it helps to determine if the supply is intra-state or inter-state. In case supply is intra-state, CGST and SGST is payable whereas if the supply is inter-state IGST is payable. In case of intra-state supply (i.e., supply within a state or union territory), GST rate gets […]...

Posted Under: SEBI |

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December 2023