"14 March 2023" Archive

SEBI (Foreign Portfolio Investors) (Amendment) Regulations, 2023

Notification No. SEBI/LAD-NRO/GN/2023/128 14/03/2023

These regulations maybe called the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2023....

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Non-Submission of reply to SCN cannot be a valid ground for cancellation of GST Registration

Agarwal Construction Company Vs Commissioner State Tax And 2 Others (Allahabad High Court)

HC set aside cancellation order of GST Registration of assessee on the grounds that non-submission of reply to Show Cause Notice cannot be a ground for cancellation of GST Registration....

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AO cannot invoke rule 8D(2)(ii) of Income Tax Rules without examining claim made by assessee

Principal Commissioner of Income Tax Vs Century Enka Limited (Calcutta High Court)

Calcutta High Court held that invocation of provisions of rule 8D(2)(ii) of the Income Tax Rules by AO without examining the accounts of the assessee and without examining the claim made by the assessee is unjustified....

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Possibility suggestion to convert charitable Trusts  into Section 8 Company

Possibility-suggestion to convert charitable Trusts / Registered Society (ies) into Section 8 (i.e. Non-profit company) under the provisions of the Companies Act, 2013 Background and Requirement to operate educational institutions As per requirements of AICTE and CBEC all institutions affiliated with them for providing education should n...

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Posted Under: SEBI |

MSME Registration Benefits – Tax and Others

MSME registration helps the Micro, Small and Medium (MSME) industries to obtain various benefits provided by the government for their growth. In a developing country like India, MSME industries are the backbone of the economy. When these industries grow, the country’s economy grows and flourishes. These industries are also known as smal...

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Posted Under: SEBI |

NGO – Section 8 Company under Companies Act, 2013

Section 8 companies, also known as Non-Profit Organizations (NPOs), are a type of company registered under Section 8 of the Companies Act, 2013. These companies are formed for promoting commerce, art, science, sports, education, research, social welfare, religion, charity, protection of the environment, or any other similar objectives. Th...

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Posted Under: SEBI |

Burden of proving that ITC claim is correct lies upon purchasing dealer claiming such ITC: SC

Whether the second Appellate Authority as well as the High Court were justified in allowing the Input Tax Credit (ITC) wherein invoices were produced and payments made online for purchases made from sellers who were not registered/failed to pay tax?...

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Posted Under: SEBI |

Refund denial for Subsequent Addition of GSTIN in Refund Form by exporter of Appellant – HC directs re-adjudication

Apex Formulations Pvt Ltd Vs Union of India (Madras High Court)

Apex Formulations Pvt Ltd Vs Union Of India (Madras High Court) The petitioner exported certain goods through valid Exporter and, therefore, applied for refund under Rule 89(5) of the Central/Gujarat Goods and Service Tax Rules, 2017 in the prescribed format. The petitioner also submitted documents in support of the refund claim. The said...

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Reassessment proceedings without issuance of notice u/s 143(2) is bad in law

S A Syncon Infrastructure Services Pvt. Ltd. Vs ACIT (ITAT Delhi)

ITAT Delhi held that reassessment proceedings without issuance of notice under section 143(2) of the Income Tax Act is bad in law and liable to be quashed....

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Telangana HC quashes Order passed in Mechanical Exercise of Power

NSPIRA Management Services Private Limited Vs DCIT & ACIT (Telangana High Court)

NSPIRA Management Services Private Limited Vs DCIT & ACIT (Telangana High Court) From a perusal of the impugned order dated 16.12.2022, it is seen that respondent No.1 had followed instructions of the Central Board of Direct Taxes (CBDT) dated 31.07.2017 to the effect that where outstanding demand is disputed before the appellate auth...

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April 2023