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Archive: 09 February 2023

Posts in 09 February 2023

Regulatory updates for the Month of January 2023

February 9, 2023 1638 Views 0 comment Print

Stay informed with the latest regulatory updates for January 2023. Explore changes in company law, securities law, and insolvency law. Get insights on amendments, filing requirements, and case laws.

Delay in filing an appeal not condoned as delay was beyond period of limitation

February 9, 2023 2409 Views 0 comment Print

NCLAT Chennai refused to condone the delay in filing of an appeal as in the presentation of the Appeal there was delay of 2 days, after 45 days, and the same is beyond a period of limitation.

Denial of deduction u/s 80P as return was not filed within due date is unjustified

February 9, 2023 3690 Views 0 comment Print

ITAT Rajkot held that the claim of deduction u/s 80P of the Act cannot be denied only on the basis that the assessee did not file its return of income within due date u/s 139(1) of the Income Tax Act.

Addition based on seized paper without corroborative evidence is untenable

February 9, 2023 1569 Views 0 comment Print

ITAT Mumbai held that addition merely on the basis of seized paper which is neither signed nor dated, without any corroborative evidence, is untenable in law.

Centralized services fees cannot be treated as Fee for Technical Services and hence not taxable

February 9, 2023 963 Views 0 comment Print

ITAT Delhi held that the centralised services fee received by the assessee cannot be treated as FTS under Article 12 of the India-Singapore tax treaty, hence not taxable in India.

Penalty imposed on company for not doing actuarial valuation for gratuity & leave encashment

February 9, 2023 2217 Views 0 comment Print

Auditor has reported that company has not complied with Accounting Standard 15 specified under section 133 of Act read with Rule 7 of Companies(Accounts) Rules, 2014, where no actuarial valuation is done for gratuity and leave encashment for the financial years 2017-18, 2018-19 and 2019-20. Hence the company has not complied with section 134(3)(f) of the Companies Act, 2013. Therefore, the company and every officer who is in default are liable for penal action under Section 134(8) of the Companies Act, 2013.

GST on export of pre-packaged & labelled rice upto 25 Kgs to foreign buyer

February 9, 2023 2631 Views 1 comment Print

In re D D International Pvt. Ltd (GST AAR Haryana) 1. Whether GST would be leviable on export of pre-packaged and labelled rice upto 25 Kgs, to foreign buyer? Yes 1. Whether GST would be applicable on supply of pre-packaged and labelled rice upto 25 Kgs, to exporter on ‘bill to ship to’ basis i.e., […]

No GST on bouquets made with dry parts of plants, foliage, flower buds & grasses

February 9, 2023 6765 Views 0 comment Print

AAR ruled that ‘Bouquets’ made with dry parts of plants, foliage, flower buds, grasses, and branches of plants which dried, bleached, dyed, and coloured and sold with plastic foil packaging will be classifiable under Tariff Item No. 06039000 or 06049900 of the Customs Tariff Act, 1975, and would be exempted from GST

Applicant cannot seek advance ruling in relation to supply where he is recipient of services

February 9, 2023 726 Views 0 comment Print

In re Anmol Industries Limited (GST AAR West Bengal) Finally, we proceed to appreciate the issue of admissibility of this application with reference to section 103 of the GST Act and for that purpose, we like to reproduce sub­section (1) of section 103 of the GST Act which reads as follows: “Applicability of advance ruling.— […]

GST on conversion of wheat provided by State Government into atta/fortified atta, for distribution 

February 9, 2023 1125 Views 0 comment Print

In re Somnath Flour Mills Private Limited (GST AAR West Bengal) What is the value of supply of services provided by the applicant for conversion of wheat provided by the State Government into atta/ fortified atta, for distribution by the State Government through Public Distribution System and what is the rate of tax applicable on […]

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