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Archive: 15 March 2023

Posts in 15 March 2023

Extended period not invocable in absence of suppression of facts with intend to evade payment of tax

March 15, 2023 897 Views 0 comment Print

CESTAT Chennai held that extended period of limitation not invocable as there is no suppression of facts with the intend to evade payment of tax. Accordingly, order dismissed on the grounds of limitation.

Petitioner-dealer has due right to cross-examine the selling dealer

March 15, 2023 759 Views 0 comment Print

Orissa High Court held that petitioner-dealer has right to cross-examine the selling dealers, however, as more than two decades elapsed it might not be practical. Accordingly, assessment would stand completed at the figures disclosed in the return of petitioner-dealer.

Fresh adjudication needed as claim of deduction u/s 80P dismissed without considering merits of case

March 15, 2023 1086 Views 0 comment Print

ITAT Pune held that as NFAC dismissed the claim of deduction u/s 80P on legal issue without considering the case on merits, matter remanded back for fresh adjudication.

TDS on RSU on Vesting & Capital Gains Tax on Sale of Vested RSU – A CRITIQUE

March 15, 2023 27024 Views 2 comments Print

Presently RSU (Restricted stock unit also known as Sweat Equity) allotted by a foreign grand parent company, free of cost to employee of Indian subsidiary, is being taxed as ‘perquisite’; and for the purpose, the FMV of the ‘vested units’, as on the date of vesting, is considered as the taxable perquisite value.

ITC Reconciliation Tool

March 15, 2023 12342 Views 3 comments Print

The time lag must be taken into account for the purchase reconciliations ever since the introduction of GSTR Form 2A and GSTR Form 2B. Even though Forms GSTR-2A and GSTR-2B show the same information, they differ in a number of ways. The distinction between the two forms is outlined below: 1. Statement type: The GSTR-2A […]

Establishment of Liaison Office in India by Foreign Entities

March 15, 2023 7773 Views 0 comment Print

Establishing a liaison office in India by foreign entities involves various steps and compliance requirements. Learn about the permissible activities, eligibility criteria, registration process, and annual compliance for setting up a liaison office in India.

What are driving forces for growth of Mergers & Acquisitions in India?

March 15, 2023 6009 Views 0 comment Print

Explore the driving forces behind the growth of mergers and acquisitions in India, including economic liberalization, consolidation, and globalization. Discover the benefits and strategies behind successful mergers and acquisitions for sustained market growth.

Technology Transfer: Striking a balance of IPR & Competition

March 15, 2023 1905 Views 0 comment Print

IPR and the Competition Law are two independent regimes that share a common objective but employ different strategies to get there. They were developed as a result of changes throughout time. IPR’s dominant position itself does not violate the Competition Law

GST Refund on Account of Supplies made to SEZ Unit/Developer (Without Payment of Tax)

March 15, 2023 4545 Views 1 comment Print

Article discuss about practical implication of claiming of refund for ITC available in Electronic Credit ledger for input and input services used in making supplies to SEZ Unit / Developer if no GST has been charged on invoice.

Section 54 Exemption from Tax on Sale of House

March 15, 2023 8568 Views 0 comment Print

Learn about Section 54 exemption from capital gains tax on the sale of a house property as per the Finance Act 2023. Understand eligibility, conditions, limits, consequences, and revocation of the exemption.

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