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Archive: 07 February 2023

Posts in 07 February 2023

Addition based on unsigned/ unstamped/ unregistered Satakhat unsustainable

February 7, 2023 2823 Views 0 comment Print

ITAT Surat held that addition on the basis of un-signed/un-stamped Satakhat, which has not been registered and which is found from CD of computer of person, unsustainable.

Revision u/s 263 without satisfying twin conditions is unsustainable

February 7, 2023 2001 Views 0 comment Print

ITAT Chandigarh held that invocation of revisionary jurisdiction under section 263 of the Income Tax Act without satisfying twin conditions i.e. that the order of the AO must be erroneous and prejudicial to the interest of revenue is unsustainable in law.

An incentive or benefit extended by Government should not be denied on technical ground

February 7, 2023 1602 Views 0 comment Print

The Government of West Bengal notified West Bengal Industrial Promotion Assistance to Industrial Enterprises (scheme) with effect from 01.01.2010 with the object to encourage manufacturing goods in West Bengal and to take care of the financial needs for expansion of their capacity, modernization and improving their marketing capabilities.

Writ Court can interfere & quash a show cause notice if it is an order by itself & issued with a pre-meditated mind

February 7, 2023 6195 Views 0 comment Print

HC set aside the show cause notices on the ground that writ court can interfere if the show cause notice is an order by itself and not a show cause notice and it is pre-meditated then the Courts are entitled to interfere with the said order.

7 new features in ICAI UDIN portal

February 7, 2023 4122 Views 0 comment Print

UDIN Directorate have provided new features in the portal, not only to enhance the users’ experience but also to accommodate the modern contemporary requirements. Some of the salient features implemented, are as under: 1. GUI (Graphical User Interface) based user dashboard for the Members: The interface among others will present the summary UDIN statistics for […]

12% GST payable on setting of Naval Communication Network for Indian Navy on Supply from 1.4.19 to 31.12.21

February 7, 2023 1026 Views 0 comment Print

In re Sterlite Technologies Limited (GST AAAR Maharashtra) The supply under the contract for setting of Naval Communication Network for Indian Navy from 1.4.2019 to 31.12.21 are held as falling under entry at serial number 3(vi)(a) of Notification No.11/2017-Central Tax (Rate) dated 28.06.2017 and accordingly taxable at 6% under CGST and 6% under SGST or 12% […]

EPS 95 – Higher Pension Vs EPF – Comparative Analysis

February 7, 2023 117405 Views 58 comments Print

Supreme Court allowed employees to opt for a higher pension within 4 months from the date of judgment i.e. on or before 3rd March 2023.

Income Tax Rates for FY 2023-24 (AY 2024-25)

February 7, 2023 648189 Views 4 comments Print

This article summarizes Income Tax Rates, Surcharge, Health & Education Cess, Special rates, and rebate/relief applicable to various categories of Persons viz. Individuals (Resident & Non Resident), HUF, Firms/LLP, Companies, Co-operative Society, Local Authority, AOP, BOI, artificial juridical persons for income liable to tax in the Financial Year 2023-24 (Assessment Year 2024-25) as proposed in Finance Bill, 2023

Appellant cannot be treated as Local Authority merely for registration as Local Authority with Income Tax & GST Department

February 7, 2023 1050 Views 0 comment Print

In re Indian Hume Pipe Company Ltd (GST AAAR Karnataka) The Appellant has also taken pains to emphasise that BWSSB has been registered with the Income Tax Department and the GST Department as a ‘local authority’; that when both the departments have acknowledged the status of BWSSB as a local authority and accordingly granted them […]

Income Tax- What is New Provision of 43B For Micro & Small Enterprises

February 7, 2023 9660 Views 2 comments Print

Section 43B is applicable only in relation to ‘Micro and Small Enterprises’ and Medium Enterprises have been kept out of effect of this

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