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Archive: May, 2023

Posts in May, 2023

HC directs restoration of appeal on deposit of pre-deposit amount under Section 35F of Central Excise Tax, 1944

May 10, 2023 1158 Views 0 comment Print

Active Ads Vs State of West Bengal & Ors. (Calcutta High Court) HC find that this matter does not warrant to be heard on affidavits. The appeal was dismissed only on the ground of failure of the petitioner to make the pre-deposit. Taking a lenient view as to the default as the same will non-suit […]

Reassessment triggered on a change of opinion as to calculation of tax payable is invalid

May 10, 2023 774 Views 0 comment Print

HC find no substance in AO’s reason to believe that income chargeable to tax has escaped assessment in as much as there is no mention of any tangible material that led to his conclusion. The entire process is triggered on a change of opinion as to the calculation of tax payable by the assessee.

Retirement Income Optimization through Multiple Annuities to be available soon: PFRDA

May 10, 2023 780 Views 0 comment Print

In the interest of subscribers’ retirement income optimization and to provide them with a wider range of annuity options, PFRDA is pleased to inform that the choice of multiple annuities from the same ASP will be made available.

ex-parte Addition for Cash Deposits: ITAT restores Matter to AO

May 10, 2023 780 Views 0 comment Print

Baldev Kumar Vs ITO (ITAT Delhi) On perusal of the assessment order, it appears that the assessee has deposited cash amount to Rs.19,49,553/- in the savings bank account in Financial Year 2011-12 relevant to Assessment Year 2012-13 in question. The Assessing Officer attempted to make inquiry on the source of such cash deposits but however […]

Investment From Land Border Sharing Countries-Press Note-3 Dated 17.04.2020

May 10, 2023 17043 Views 0 comment Print

Get the latest on Indias FDI policy changes with Press Note-3 dated 17.04.2020. Explore the revised FDI rules concerning investment from land border-sharing countries amid the COVID-19 pandemic. Understand the new conditions, including the government route for specific entities, and the impact on foreign direct investment.

Cancellation of C-Forms with retrospective effect- HC remands matter back to AO

May 10, 2023 672 Views 0 comment Print

Thermoking Vs Commissioner of State Goods And Service Tax (Delhi High Court) In this case concessional rate of duty had been denied to the petitioner on the ground that the C-Forms, relied upon by the petitioner, had been cancelled by the concerned tax authorities in Haryana with retrospective effect. Mr. Rajesh Mahna submits that the […]

Interstate purchase of capital goods not affect Section 15(1) benefit under Karnataka VAT

May 10, 2023 573 Views 0 comment Print

Interstate purchase of capital goods by assessee shall not affect benefit under Section 15(1) of Karnataka Value Added Tax Act, 2003: HC

Classification of Chromecast with Google TV

May 10, 2023 1281 Views 0 comment Print

On examining the functions of ‘Google Chromecast’ and ‘Chromecast with Google TV’ as stated in the aforesaid paras vis-a vis the material information available in the public domain

Embracing the Synergy: How Internal Audit and Artificial Intelligence Propel Organizations Forward

May 10, 2023 1644 Views 0 comment Print

In the era of digital transformation, organizations are harnessing the power of technology to gain a competitive edge. One such technology revolutionizing the business landscape is artificial intelligence (AI).

Compliance with Form MSME-1: Ensuring Timely Payments to Micro & Small Enterprise Suppliers

May 10, 2023 11250 Views 0 comment Print

All companies that default or make delayed payments to their micro and small enterprise suppliers are obligated to file Form MSME-1. This form serves as an intimation to the Registrar of Companies regarding the payment default. However, medium enterprises are exempted from this requirement.

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