ITAT Kolkata held that addition u/s 68 unwarranted as AO failed to conduct an independent enquiry post submission of documents by the assessee relating to identity, genuineness of the transaction, and credit-worthiness of the subscribers.
ITAT Pune held that penalty under section 271AAA of the Income Tax Act leviable as assessee failed to substantiate the source as well as the manner of the undisclosed income.
ICAI president shares Latest accomplishments and significant events of the accounting profession. He further share details of recent international engagements and expansion of the ICAI network, meetings with prominent stakeholders and the promotion of research and financial reporting excellence, how the profession is adapting to evolving technologies and shaping the future of accounting. ICAI President’s […]
Securities and Exchange Board of India (SEBI) has issued a Master Circular (SEBI/HO/MRD/MRD-PoD-1/P/CIR/2023/82) dated June 01, 2023, addressing Electronic Gold Receipts (EGRs). The circular consolidates previous circulars related to EGRs, including frameworks, risk management, guidelines for vault managers and depositories, etc. It rescinds previous circulars but ensures that actions taken or applications made under those […]
Andhra Pradesh High Court held that issuance of notice in Form GST ASMT-10 under rule 99 of A.P. Goods and Services Tax Rules, 2017 read with Section 61 of A.P. Goods and Services Tax Act, 2017 by Deputy Commissioner without authorization of Chief Commissioner lacks authorization and hence liable to be quashed.
Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 39/2023 – Customs (N.T.) on June 1, 2023, regarding the exchange rates for import and export transactions. These rates will come into effect from June 2, 2023. GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS […]
CESTAT Delhi held that denial of CENVAT Credit due to procedural irregularities/ lapses is unsustainable in law. Substantive benefit cannot be denied due to procedural irregularities/ lapses.
Amendment to section 56(2)(viib) of Act extending the applicability of section to issue of shares to non-residents has been made applicable from 01.04.2024 (relevant to the FY 2023-24) and considering that notification is yet to be notified
Financial Intelligence Unit-India (FIU-IND) is a statutory body established by the Government of India in 2004. It serves as the central national agency responsible for receiving, processing, analyzing, and disseminating information related to suspect financial transactions. The FIU-IND plays a crucial role in coordinating and strengthening efforts against money laundering and financing of terrorism, both nationally and internationally.
Supreme Court, in the present Supertech Ltd matter, adopted lower risk of injustice even if ultimately in the aforesaid appeals, the Hon’ble Supreme Court may find otherwise or choose any other course.
