"10 March 2023" Archive

SEBI Clarification with respect to Qualified RTAs (QRTAs)

Circulars No. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/36 10/03/2023

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....

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

Union of India & Ors. Vs  Magnum Steel Ltd. (Supreme Court of India)

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

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No GST on issuance of Prepaid Payment Instrument vouchers

Premier Sales Promotion Pvt Limited Vs Union of India (Karnataka High Court)

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....

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

Ramavtar Agarwal Vs State of Odisha (Orissa High Court)

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...

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

Sandeep Sethi Vs DCIT (ITAT Jaipur)

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....

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Revenue appeal dismissed as tax effect is below prescribed monetary limit

PCIT Vs Urmila RCP Projects Pvt. Ltd. (Jharkhand High Court)

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. […]...

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

C.C. Jamnagar Vs Shree Cement Limited (CESTAT Ahmedabad)

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....

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

Raj Kumar Prop Vs DCIT (ITAT Delhi)

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....

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

Microsoft Regional Sales Pte. Ltd. Vs ACIT (ITAT Delhi)

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 […]...

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

In this article, the paper writer has summarized the various provisions to be followed under GST law since many changes and amendments are being made in the GST law every day, there are compliances to be followed on a monthly, quarterly, half-yearly & yearly basis. The author has mainly focused on compliances in the form […]...

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April 2023