"16 May 2023" Archive

Director’s Remuneration & Depreciation cannot be disallowed for temporary suspension of business 

Devkripa Textile Mills (P) Ltd. Vs ACIT (ITAT Jodhpur)

Devkripa Textile Mills (P) Ltd. Vs ACIT (ITAT Jodhpur) Briefly the facts of the case are that the assessee company is engaged in manufacturing of synthetic fabrics on job work basis for other parties. It is also engaged in trading of synthetic fabrics during the year. It filed its e-return on 27.10.2015 declaring total loss […]...

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ESBTR Challan Payments: Simplifying Tax Payment Processes in India

In India, tax payments play a vital role in supporting the country’s economic development. With the advancement of technology, the Indian government has introduced various online payment systems to make the process more convenient and efficient for taxpayers. One such method is the Electronic Secured Bank and Treasury Receipt (ESBTR...

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Posted Under: Income Tax |

Why is it Essential To Determine A Person’s Residential Status Under Income Tax Act?

Why is it Essential To Determine A Person’s Status As Resident, Ordinarily Resident And Not Ordinarily Resident Under The Income Tax Act? As we all must be aware about that an individual’s income taxability is depends upon his residential status, which is to be determined on an year to year basis. Let us first see, […]...

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Posted Under: Income Tax |

POSH Act 2013- Ensuring a Safe Work Environment for Women

The Prevention, Prohibition, and Redressal of Sexual Harassment at Workplace Act 2013, also known as the POSH Act, is a comprehensive legislation enacted in India to protect women from sexual harassment in the workplace. Its primary objective is to prevent such incidents from occurring, provide a mechanism for redressal of complaints, and...

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Posted Under: Income Tax |

MCA imposes penalty for not disclosing Related Party Transactions in Form MBP-4

Order No. ROC-Gui/Adi. Order/Sec. 189/2023/915 To 919 16/05/2023

MCA imposes penalty on Adani Power Limited for not entering the details of Related Party Transactions in the register of contract in form No MBP-4 The Registrar of Companies, Gujarat, Dadra & Nagar Haveli, has recently imposed penalties on Mr. Gautam Adani (Chairman and Director), Mr. Vneet Jain (Wholetime Director), and Mr. Rajesh Sh...

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GST interest not payable on credit component (ITC)

Voltech O And M Services Private Ltd. Vs Superintendent of GST And Central Excise (Madras High Court)

HC held that Section 50 of the GST Act can be applied demanding interest only in cases of belated cash payment towards GST, but not on input tax credit available all the while with the department to the credit of the assessee....

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No penalty if no intention to evade service tax & for tax paid before issue of notice

Assam Company India Limited Vs Commissioner of Service Tax (CESTAT Kolkata)

Assam Company India Limited Vs Commissioner of Service Tax (CESTAT Kolkata) Revenue has not brought any evidence to prove that the Appellant has not paid service tax with an intention to evade payment of service tax. On the contrary, the records clearly shows that the moment the liability was pointed out, the Appellant has paid […]...

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Section 80G Registration cancellation- ITAT allows one more opportunity on principles of natural justice

Dr. Shivajirao Jondhale Research Foundation Vs CIT (ITAT Mumbai)

Dr. Shivajirao Jondhale Research Foundation Vs CIT (ITAT Mumbai) ITAT observed that the ld. CIT(E) has issued e-notice to the assessee for the purpose of uploading informations/details pertaining to the date of commencement of the activity, date of expiry of provisional registration, details of any other law applicable for achievement of ...

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Extended period of limitation cannot be invoked if issue on merit decided in favour of Assessee

Rajasthan Digital Tiles (P) Ltd. Vs Commissioner, Central Excise & CGST (CESTAT Delhi)

Facts regarding non payment of duty by the appellant or in other words the amount retained of sales tax collected from the customer, came to the notice of the Department only through the audit of the records conducted by the Audit Officer....

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Comparative Chart – Foreign Investment Sector – India and Bhutan

Introduction: Foreign direct investment (FDI) plays a significant role in the economic development of countries. In this article, we will compare the foreign investment sectors in two countries: India and Bhutan. Both countries have their own policies and regulations governing foreign investment, which impact the sectors open to foreign i...

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Posted Under: Income Tax |

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May 2023