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Archive: 05 April 2023

Posts in 05 April 2023

Manual breast pump classifiable under CTH 39269090

April 5, 2023 1599 Views 0 comment Print

CESTAT Delhi held that manual breast pump has nothing to do with any medical or surgical procedures nor is it used by any medical practitioner hence the same is classifiable under CTH 39269090.

Review of declared price without any evidence that price is influenced is unsustainable

April 5, 2023 447 Views 0 comment Print

CESTAT Ahmedabad held that review of declared price without any evidence, to the effect that relation has influenced the declared price or to the effect that there was flow back of money from importer to related supplier, is unsustainable in law.

Remission available as variation is due to density of goods based on different temperature at time of loading unloading

April 5, 2023 360 Views 0 comment Print

CESTAT Ahmedabad held that remission of duty available as variation in KL is only due to density of the goods that due to different temperature at the time of loading and unloading.

Excess duty paid on difference between clearance value from factory & sale value from depot refundable

April 5, 2023 741 Views 0 comment Print

CESTAT Ahmedabad held that excess duty paid on difference between the clearance value from the factory and the sale value from the depot is refundable. Further, such refund cannot be rejected on ground that appellant has not followed provisional assessment.

Penalty imposed on company for not conducting 4 board meetings in a year

April 5, 2023 21666 Views 0 comment Print

ROC Delhi imposes penalty on Delhi based Private Limited Company for non-compliance of Section 118 of Companies Act, 2013 i.e. for not conducting 4 board meetings in a year. Facts: The Company had filed suo-motu an application for adjudication for violation of Section 118(10) of the Act, r/w Secretarial Standard -1, issued by ICSI, wherein […]

Quick Steps for Incorporation of a LLP using FiLLiP

April 5, 2023 6936 Views 0 comment Print

Discover quick steps for incorporating a Limited Liability Partnership (LLP) using FiLLiP on the MCA V3 portal. From login to essential details, this guide simplifies the process for new LLP incorporation, ensuring a seamless experience. Learn about designated partners, residency requirements, and crucial points to consider. Make your LLP incorporation hassle-free with Prakasha & Co.’s comprehensive guide.

Analysis of Chapter 6 of HBP 2023 – EOUs, EHTPs, STPs & BTPs

April 5, 2023 4170 Views 0 comment Print

This article is aimed at giving a comparative analysis of the new HBP provisions with the old provisions. In the new HBP 2023, the clarifications and instructions given under various occasions were summed up and provided for. Some of the provisions need further clarifications in due course of time.

FAQ on IND AS 1

April 5, 2023 2037 Views 0 comment Print

Q.1 What is IND AS 1? Ans. IND AS 1 is the Indian Accounting Standard that sets out the rules for presentation of financial statements. Q.2 Who is required to comply with IND AS 1? Ans. Companies in India that are listed on the stock exchange, as well as unlisted companies with a net worth of Rs. […]

Understanding IND AS 1 – Presentation of Financial Statements

April 5, 2023 55737 Views 0 comment Print

One of the key standards is IND AS 1 – Presentation of Financial Statements. This standard sets out the principles and requirements for the presentation of financial statements, which are the primary means of communicating financial information to users.

GST Refund: Assesses cannot be expected to wait till eternity for GST Tribunal formation

April 5, 2023 1377 Views 0 comment Print

Petitioner approached HC against order passed by appellate authority as GST Tribunal has not been constituted till date. Revenue contended that writ petition should not be admitted in wake of alternate remedy.

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