"09 February 2023" Archive

SCN issued without reasons/allegations violates Principles of Natural Justice

Surender Kumar Jain Vs Principal Commissioner & Anr. (Delhi High Court)

A SCN must clearly state the allegations that concerned noticee has to meet, being the essence of a SCN, any notice that does not qualify this criterion, cannot be considered as a SCN, which are not meant to be issued mechanically to comply with a formality, but to serve the principles of natural justice and to enable the concerned author...

Rationalization of Income Tax Appeals to Appellate Tribunal

Stay updated on Income Tax Appeals with key changes in Section 253. Explore amendments, including new provisions for penalty orders and enabling cross-objections, effective from April 1, 2023. ...

Clarification in respect of compliance by first-time issuers of debt securities

Circulars No. SEBI/HO/DDHS/DDHS-RACPOD1/CIR/P/2023/028 09/02/2023

Clarification in respect of the compliance by the first-time issuers of debt securities under SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 with Regulation 23(6)...

A glance of new insertion section 43B(h) – Payment to Micro or Small enterprise

Explore the new Section 43B(h) inserted by Finance Bill 2023 in the Income Tax Act. Learn about timely payments to micro and small enterprises, consequences of non-compliance, and effective dates. Stay informed with key insights from this update....

SEBI revamps buyback methods and provisions relating to buybacks

SEBIs latest regulations reshape buyback methods. Explore changes in buyback calculations, methods, compliance, filing requirements, time limits, and more. Stay informed with Affluence Advisory....

MCA Imposes Penalty of Rs. 13 Lakh for non-submission of Balance Sheet

Order No.07/01/Adjudication-137/Nature gold Nidhi/2022/1080 to 1083 09/02/2023

Read about the penalties imposed on Nature Gold Nidhi Limited for non-compliance with the Companies Act, 2013. Learn about the violations, fines, and the appeal process...

Reverse CIRP on Real Estate Companies

Explore Reverse CIRP in Real Estate: No provision in IBC, Umang Realtech case introduction, non-precedent status, challenges, and recent project-wise resolutions in Supertech & Ansal Properties cases....

No section 69A addition for sales already admitted as revenue receipt

Sh. Balwinder Kumar Vs ITO (ITAT Amritsar)

Sh. Balwinder Kumar Vs ITO (ITAT Amritsar) Ld. A.O cannot blow hot and cold at the same time by partly rejecting the books of accounts and partly accepted the books of accounts, which is bad-in-law. If the AO rejected the books of accounts, then he can’t rely on the same books of accounts for opening […]...

GST Fake ITC: HC grants anticipatory bail to petitioner as he cooperated with police

Luv Vs State of Haryana (Punjab and Haryana High court)

GST Fake ITC: : High Court grants anticipatory bail to petitioner as he cooperated with the police and has handed over his laptop, voice sample and sample of his signatures to the police and is not required by the police for any further investigation....

GST: De-freezing of Bank account – HC set-aside order for non-application of mind by Sessions Judge

Durgashakti Foods Private Limited Vs State of Maharashtra (Bombay High Court)

Durgashakti Foods Private Limited Vs State of Maharashtra (Bombay High Court) The main allegation was that monthly returns required to be submitted under the GST Act were not submitted within time for the period mentioned in the report. The investigating officer in the investigation freezed the Bank account of the company. The petitioner,...

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