"19 May 2023" Archive

Trust Deed – Agreement of Trust

Agreement of Trust This Agreement of Trust is hereby entered into by and among the following individuals, who shall collectively be referred to as the “Trustees”: No Status of person Name Address Age 1 First Trustee (also mention designation of trustee like President, Secretary, Vice president, etc.) Adult 2 Second Trustee Adu...

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Posted Under: Corporate Law |

Impact of GST on Software sales

GST on Software sales - Whether it is a goods/service and composite/mixed supply and If supplied outside India, whether treated as export ?...

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Posted Under: Corporate Law |

Section 234E late fee is not always mandatory and can be waived

Kanta Govind Singh Vs ACIT CPC TDS (ITAT Ahmedabad)

Kanta Govind Singh Vs ACIT CPC TDS (ITAT Ahmedabad) Assessee, aged 85 years, purchased property from non-residents joint owners. TDS was deducted u/s 195 at lower rates as the sellers obtained lower tax certificates. Sale consideration was paid on 20.06.19 & TDS was also paid on the same day though assessee could have paid the [&helli...

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ITAT allows rectification of Mistake by Assessee in treating Capital receipts as revenue receipt

DCIT Vs Kashmir Steel Rolling Mills (ITAT Amritsar)

DCIT Vs Kashmir Steel Rolling Mills (ITAT Amritsar) The undisputed facts in the present case are that the assessee claimed excise duty refund and interest subsidy as revenue receipt in the return of income and the assessment order was passed on 17.12.2009. The Hon’ble Jurisdictional High Court of J & K in the case of […]...

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IBBI suspends IP for 2 years for contravention of provisions of IBC 2016

Order No. IBBI/DC/171/2023, Dated : 19.05.2023 19/05/2023

Since, no discussion was done on the fees of RV, the IBBI DC found IP in contravention of section 208(2)(a) of the Code, regulation 7(2)(a), (h) and (i) of the IP Regulations, regulation 31A(1)(a) of Liquidation Regulations read with clauses 2, 3 and 14 of the Code of Conduct and Board Circular dated June 12, 2018....

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When there is no mens rea, no demand will sustain on ground of limitation

Bhootpurva Sainik Kalyan Sangh Vs Commissioner of Central Excise & Service Tax (CESTAT Kolkata)

CESTAT held that, there should be mens rea to evade payment of service tax for demand of service tax and penalty beyond period of limitation....

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Duty demand in terms of rule 8 of Valuation Rules unsustainable as higher duty already paid

SAIL, Alloy Steel Plant Vs Commissioner of Central Excise (CESTAT Kolkata)

CESTAT Kolkata held that demand of excise duty in terms of rule 8 of the Valuation Rules not sustainable as correct higher duty already paid in terms of rule 4 of the Valuation Rules....

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No Service Tax liability on liquidated damages

The CESTAT, Chennai in the case of M/s. Bharat Heavy Electricals Limited v. The Commissioner of G.S.T and Central Excise [Service Tax Appeal No. 41500 of 2019 dated April 26, 2023] held that recovery of liquidated damages from defaulting party cannot be said to be towards any service, since the purpose of imposing damages is […]...

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Posted Under: Corporate Law |

TCS on foreign remittance through Liberalised Remittance Scheme – FAQs

Frequently Asked Questions #FAQs w.r.t. Tax Collection at Source (TCS) on foreign remittance through the Liberalised Remittance Scheme....

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Waiver of mandatory pre-deposit not accepted instead three months further time granted

Nava Raipur Atal Nangar Vikas Pradhikaran Vs Union of India (Chhattisgarh High Court)

Chhattisgarh High Court held that waiver of mandatory pre-deposit under section 35-F of the Central Excise Act 1944 not accepted. However, alternative prayer to grant extension of time limit for pre-deposit accepted and three months further time is granted....

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May 2023