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Archive: March, 2023

Posts in March, 2023

Discharge Certificate under SVLDR Scheme issued: CESTAT dismisses appeal

March 30, 2023 1338 Views 0 comment Print

It is seen that Discharge Certificate in Form No. SVLDRS-4 under SVLDR Scheme 2019 has been issued to assessee. Appeal is dismissed as deemed to be withdrawn.

CESTAT deletes penalty as same was imposed without specifying reason

March 30, 2023 1947 Views 0 comment Print

Rishad Shipping And Clearing Agency Pvt. Ltd. Vs Commissioner of Customs (Export) (CESTAT Mumbai) CESTAT find that in para 29 of the Order-in-Original, the original authority has held that the appellant were liable for penalty under Section 117 of the Customs Act, 1962 and subsequently ordered imposition of penalty of 2.0 lakhs under Section 114(i) […]

Mutation is meant for identifying person primarily liable for payment of tax

March 30, 2023 1455 Views 0 comment Print

According to provisions of law, mutation is meant for the purpose of identifying person primarily liable for payment of tax. Mutation neither creates nor extinguishes title of any of parties to property.

ITAT delete section 271(1)(b) penalty as Show Cause Notice was vague

March 30, 2023 1614 Views 0 comment Print

Siddarthini Nanda Vs ACIT (ITAT Cuttack) A perusal of the show cause notice as also the satisfaction recorded by the AO in the assessment order, clearly does not mention the specific notice issued u/s.142(1) of the Act in respect of which non-compliance the penalty has been initiated. A perusal of the assessment order in all […]

Online Excise & Service Tax payment via ICEGATE e-Payment Gateway

March 30, 2023 5862 Views 0 comment Print

With effect from 01.04.2023 ICEGATE-e-Payment Gateway will be implementing Internet Banking also as an additional channel for making e-payment of Central Excise duty & Service Tax dues.

Trading in Stock Market – Simplified in layman language

March 30, 2023 2199 Views 1 comment Print

Explore the simplified world of stock market trading, including cash, futures, options, and commodities. Learn about different trading segments and strategies for risk management.

Internal Finance Control Under Companies Act 2013 From 01/04/2023 Onwards

March 30, 2023 435103 Views 5 comments Print

Discover the essentials of Internal Financial Controls (IFC) under the Companies Act 2013 effective from 01/04/2023 onwards. Get insights on limits and thresholds for applicability.

121 FAQ’s on Legislation of Prevention of Money Laundering (PMLA) 2002 

March 30, 2023 3567 Views 0 comment Print

Explore 121 FAQs on the Prevention of Money Laundering Act (PMLA) 2002 in India. Get insights into key chapters, definitions, and implications of this legislation.

Invocation of jurisdiction u/s 263 on same subject which was duly verified in reassessment proceeding unjustified

March 30, 2023 1566 Views 0 comment Print

ITAT Chennai held that AO duly verified the subject matter in re-assessment proceedings and concluded that LTCG declared by the assessee is genuine. Accordingly, setting aside the assessment order invoking revisional jurisdiction u/s 263 on the same subject matter unjustified.

Ex-parte appellate order without providing opportunity under faceless scheme is unjustified

March 30, 2023 1725 Views 0 comment Print

ITAT Allahabad held that passing an ex-parte appellate order without providing any opportunity even in case of faceless assessment proceedings unjustified as adherence to Principles of natural justice is one of the most important pillar of the effective judicial delivery system.

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