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Archive: February, 2023

Posts in February, 2023

High-Risk Non-PAN Transaction cases on Verification module of Insight portal

February 20, 2023 5022 Views 0 comment Print

In this regard, potential cases pertaining to AY 2016-17 and AY 2019-20 identified on the basis of risk assessment of verification reports uploaded in the STR module, have been disseminated to field formations with below mentioned case types on the Verification module of the Insight portal.

Unexplained cash expense addition unsustainable as cash book and cash receipts not doubted

February 20, 2023 1410 Views 0 comment Print

ITAT Ahmedabad held that addition towards unexplained cash unsustainable as cash expenses duly incorporated in books of accounts and cash book as well as cash receipts not doubted by the authority.

49th GST Council Meeting Decisions

February 20, 2023 10722 Views 0 comment Print

Master all the important details from the 49th GST Council Meeting Decisions in one place. Get the facts and statements from the Hon. Finance Minister’s press conference.

Recorded reasons for reopening can neither be improved nor substituted by an affidavit

February 20, 2023 1410 Views 0 comment Print

Bombay High Court held that issue of reopening of assessment has to be tested only on the basis of the reasons recorded, which reasons can neither be improved upon nor substituted by an affidavit or oral submissions.

Draft format of Power of attorney

February 20, 2023 46002 Views 0 comment Print

To furnish such indemnities as may be required by Bank and / or its duly constituted trustees in relation to effective release / reconveyance of properties mortgaged by the Grantor in favour of  Bank and / or its duly constituted trustees, as security for the facilities availed by the Grantor from

Draft Joint Venture Agreement

February 20, 2023 38373 Views 1 comment Print

Draft a secure Joint Venture Agreement with the help of XYZ Pvt Ltd and ABC. Learn all the components of the Agreement, understanding the responsibilities of both parties.

Accounting treatment of lease rent as per “IND AS 116 LEASES”

February 20, 2023 205008 Views 4 comments Print

Ind AS 116 sets out the principles for the recognition, measurement, presentation, and disclosure of leases. The objective is to ensure that lessees and lessors provide relevant information in a manner that faithfully represents those transactions.

GST AAR Ruling: HSN Classification & Tax Rate for Fortified Rice Kernels (FRK)

February 20, 2023 5739 Views 0 comment Print

Read the analysis and conclusion of the GST Advance Ruling (AAR) on the HSN classification and applicable tax rate for Fortified Rice Kernels (FRK) supplied by Brindavan Agrotech Private Limited.

MoHUA liable to pay GST on sale of commercial built-up space: AAAR

February 20, 2023 1743 Views 0 comment Print

In re NBCC (India) Limited (GST AAAR Delhi) Whether or not MoHUA, Government of India, is liable to pay GST on the sale of commercial built-up space? The appellant has contested that the construction activities and sale thereof are exempted from tax under Notification No. 12/2017- Central Tax (Rate) being in relation to a function […]

GST Amnesty Scheme proposed in 49th GST council meeting!

February 20, 2023 1665 Views 0 comment Print

GST Council Meeting held on 18th February 2023 recommended various GST amnesty schemes and certain changes in tax rates along with rationalization in Late Fees for Annual return were also proposed.

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