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Archive: 10 March 2023

Posts in 10 March 2023

SEBI Clarification with respect to Qualified RTAs (QRTAs)

March 10, 2023 1983 Views 1 comment Print

An RTA shall be categorized as a QRTA if at any time during a financial year, the combined number of physical and demat folios being serviced by the RTA for listed companies exceeds 2 crore.

Search & seizure proceedings invalid in absence of reasons to believe: SC

March 10, 2023 13047 Views 0 comment Print

Basic premise of Section 105 & search proceedings is reasonable belief that some objective material exists on record to trigger searches

No GST on issuance of Prepaid Payment Instrument vouchers

March 10, 2023 7176 Views 0 comment Print

Held that, the issuance of vouchers is similar to pre-deposit instruments, which have no inherent value of their own and therefore, it does not fall under the category of supply of goods or services. Hence, vouchers being neither goods nor services, are exempted from the levy of tax.

State bound to cause conversion of leasehold right to ownership upon permission granted under proviso to section 281(ii)

March 10, 2023 4488 Views 0 comment Print

Orissa High Court held that in event petitioners obtain conversion, there will be better chance of recovery by revenue on proceeding with the attachment of land that would then be owned by the estate. However, upon the permission granted under clause (ii) of the proviso in section 281, State will be bound to cause the conversion

Once penalty u/s 271AAB applied in search addition, invoking provision of section 115BBE unjustified

March 10, 2023 2103 Views 0 comment Print

ITAT Jaipur held that once penal provisions under section 271AAB of the Income Tax Act are applied in case of search addition, invoking provision of section 115BBE is not in accordance with law and accordingly unsustainable.

Revenue appeal dismissed as tax effect is below prescribed monetary limit

March 10, 2023 2409 Views 0 comment Print

PCIT Vs Urmila RCP Projects Pvt. Ltd. (Jharkhand High Court) Jharkhand High Court dismissed the tax appeal filed by the revenue on the question of maintainability as the tax effect involved in the matter is much below the monetary limit as enumerated in Circular No. 3/2018, Dated: 11/07/2018 read with Circular No. 17 of 2019. […]

Value declared on import upheld as difference in comparable price justifiably explained

March 10, 2023 966 Views 0 comment Print

CESTAT Ahmedabad held that difference is value declared on import of non-calcined petroleum coke by the appellant i.e. Rs. 2871.15 as against the comparable imports price i.e. Rs. 3701.20 justified based on the nature of supplies and long-term contract of appellant with supplier.

Fresh return filing not required if already filed return is to be treated for reassessment

March 10, 2023 2427 Views 0 comment Print

ITAT Delhi held that if already filed return is to be treated for the purpose of re-assessment, then, filing of fresh return on receipt of notice under section 148 of the Income Tax Act is not required.

Validity of substantive addition in one year & protective addition in other year

March 10, 2023 1101 Views 0 comment Print

Microsoft Regional Sales Pte. Ltd. Vs ACIT (ITAT Delhi) While in the A.Y. 2018-19, the protective addition has been made in the hands of the assessee and the substantive addition has been made in the Mol Corporation during the A.Y. 2019-20, the substantive addition has been made in the case of assessee as the case […]

GST Key Year End Compliances – 360° View March 2023: Check List

March 10, 2023 11844 Views 0 comment Print

Stay compliant with GST regulations. Check out this comprehensive checklist for year-end GST compliances for FY 2022-23 and FY 2023-24.

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