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Archive: 03 March 2023

Posts in 03 March 2023

RBI imposes Monetary Penalty on Amazon Pay (India) Private Limited

March 3, 2023 1101 Views 0 comment Print

RBI has imposed monetary penalty of ₹3,06,66,000/ on Amazon Pay (India) Private Limited (the entity) for non-compliance

Cyber Crime- Awareness and Security

March 3, 2023 23169 Views 0 comment Print

Learn about Cyber Crime, its types, ways, and how to protect yourself. Understand the seriousness of cybercrime and the role of cybersecurity professionals.

Amount spent on clinical trials outside approved-in-house facility eligible for weighted deduction u/s 35(2AB)

March 3, 2023 345 Views 0 comment Print

ITAT Mumbai held that the amount spent by the assessee on clinical trials outside the approved in-house facility is eligible for weighted deduction u/s 35(2AB) of the Act.

Service rendered to BCCI is not in nature of support of business & hence service tax not leviable

March 3, 2023 1560 Views 0 comment Print

CESTAT Chennai held that M/s. Board of Control for Cricket in India (BCCI) is not commercial organization and only organizing game of cricket. Therefore, any service rendered to BCCI-IPL by M/s. Tamil Nadu Cricket Association is not in the nature of support of business of BCCI. Accordingly, service tax demand not sustainable.

Buyer of goods not obliged to investigate manufacturing process of supplier

March 3, 2023 573 Views 0 comment Print

CESTAT Delhi held that CCR, or the Central Excise Rules or the Act places an obligation on the buyer of the goods to investigate that whether the process undertaken by the supplier amounts to manufacture or not and determine the duty thereon.

Himachal Pradesh Sadhbhawana Legacy Cases Resolution Scheme, 2023

March 3, 2023 3297 Views 0 comment Print

Government of Himachal Pradesh  on 03.03.2023 notifies the Himachal Pradesh Sadhbhawana Legacy Cases Resolution Scheme, 2023 which is applicable for (a) settlement of any additional demand pending for recovery pertaining to a financial year or any return period in respect of which assessment has been made, or (b) settlement of pending assessment and settlement of […]

Passing of adverse assessment order without grant of personal hearing is against principles of natural justice

March 3, 2023 1950 Views 0 comment Print

Madras High Court held that no personal hearing has been granted to the petitioner as contemplated under Section 75 (4) of the GST Act, 2017 and importantly adverse decision is taken by the respondent. Hence, impugned assessment order is liable to be quashed on the ground of violation of principles of natural justice.

When search is initiated, penalty is leviable u/s 271AAB and not under 271(1)(c)

March 3, 2023 1413 Views 0 comment Print

Jharkhand High Court held that when search is initiated, penalty is leviable under section 271AAB of the Income Tax Act. Accordingly, initiation of penalty proceedings u/s 271(1)(c) post initiation of search is unsustainable.

Deduction u/s 54 of Income Tax Act not available on sale of vacant plot

March 3, 2023 2781 Views 0 comment Print

ITAT Hyderabad held that sale of vacant plot is not eligible for deduction under section 54 of the Income Tax Act.

Delay caused by representative entrusted by non-resident is reasonable cause

March 3, 2023 870 Views 0 comment Print

ITAT Bangalore held that assessee being a non-resident entrusted the work to representative in India whose inaction caused delay of 36 days in filing of an appeal is reasonable cause to condone the delay.

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