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Archive: April, 2023

Posts in April, 2023

GST Return forms and consequences of delay in filing GST returns

April 28, 2023 14226 Views 0 comment Print

Explore the crucial GST return forms in India, from GSTR 1 to GSTR 9C. Learn about the due dates, consequences of delay, and relevant sections. Stay compliant to avoid interest and late fees.

Department bound by clarification issued by Apex Court in case of LG Electronics

April 28, 2023 1845 Views 0 comment Print

Manish Lakhotia Vs Income Tax Officer (Calcutta High Court) The petitioner is aggrieved by the order dated 7th February, 2023 passed by the Assessing Officer directing the petitioner to pay 20% of the tax demand and then file stay petition for granting stay on tax demand. The petitioner submits that the petitioner filed an application […]

HC set-aside Section 148 notice as notice issued without any new tangible material

April 28, 2023 2613 Views 0 comment Print

HC held that issuance of a notice under Section 148 in absence of any new tangible material was nothing but an attempt to review earlier order of assessment passed by A.O.

Section 271C penalty cannot be levied for mere delayed payment of TDS  

April 28, 2023 3039 Views 0 comment Print

No penalty is envisaged under Section 271C of the Income Tax Act for non-­deduction and for belated remittance /payment/deposit of the TDS.

Tariff Notification No. 32/2203-Customs (N.T.) Dated: 28th April, 2023

April 28, 2023 1251 Views 0 comment Print

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver – Notification No. 32/2203-Customs (N.T.) Dated: 28th April, 2023 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) New Delhi Notification No. 32/2203-Customs (N.T.) | Dated: 28th April, 2023 S.O. 1967(E).—In exercise of the powers conferred by sub-section […]

ICAI imposes fine on 4 Chartered Accountants for Professional Misconduct

April 28, 2023 7848 Views 0 comment Print

Ordered for removal of name of CA. Pradeep Kumar Manglik from Register of Members for a period of 3 (Three) months and also imposed a fine of Rs. 1,00,000

New TRQ Applications under tariff head 7108 under India-UAE CEPA for FY 2023-24

April 28, 2023 2253 Views 0 comment Print

New applications for TRQ for imports under tariff head 7108 under India-UAE CEPA for FY 2023-24 are invited from the date of this Public Notice up to 7th May 2023.

Introduction of ISD– Buy-back on NEAPS platform

April 28, 2023 1452 Views 0 comment Print

SEBI vide its aforesaid referred circular introduced ISD for the following events in XBRL (Extensible Business Reporting Language) format with effect from May 02, 2023: ISD for Buy-back of equity shares through tender offer ISD for Buy-back of equity shares from the open market

Valuation of closing stock at realization value considering rust stock – ITAT remands matter back to AO

April 28, 2023 2652 Views 0 comment Print

GK Steel & Wire Products Vs ITO (ITAT Delhi) The main contention of the assessee is that the value of the opening stock of the assessee has gone down resulting in gross loss of Rs.25,32,724/-. The ld. Counsel submits that this is because due to rust stock and the sales realization was lower than the […]

Deemed dividend addition cannot be made in the hands of payer of loan

April 28, 2023 933 Views 0 comment Print

Assessee is not a recipient but payer of loan. Hence, as per provisions of Section 2(22)(e) of Income Tax Act, assessee was not liable to tax

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