"03 June 2023" Archive

Zoho CRM: Simplifying Customer Relationship Management for Everyone

In the modern business landscape, maintaining strong relationships with customers is essential for success. This is where Customer Relationship Management (CRM) software plays a crucial role....

Posted Under: CA, CS, CMA |

Understanding how an M&A Process works

Mergers and acquisitions hold significant importance for businesses, making it crucial to ensure the success of these transactions. To achieve a seamless journey from initiation to completion and integration, it is essential to grasp the factors contributing to M&A triumph. Keys to Successfully Completing an M&A Deal An M&A de...

Posted Under: CA, CS, CMA |

Equalisation Levy: Provisions, Applicability & Implications for Non-Residents & E-commerce Operators

Understanding Equalisation Levy in India: Provisions, Applicability, and Implications for Non-Residents and E-commerce Operators Learn about Equalisation Levy in India, the first country to introduce this concept. Explore its provisions, applicability, rates, and examples. Understand the distinctions between specified services and supplie...

Posted Under: CA, CS, CMA |

Whether dues to landowners under Collaboration Agreements can be treated as ‘Operational Debt’ under IBC?

Mrs. Ajit Kaur Gill Vs Raheja Developers Limited (NCLT Delhi)

Ajit Kaur Gill Vs Raheja Developers Limited (NCLT Delhi) The said question was analyzed, in the matter Mrs. Ajit Kaur Gill vs. Raheja Developers Limited (dated 12th May, 2023), by Principal Bench of Hon’ble NCLT, New Delhi.  Basically, an application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (the Code), r/w ...

Posted Under: CA, CS, CMA | |

Services rendered to holding company under an agreement does not make service provider an intermediary

McDonalds India Pvt Ltd Vs Additional Commissioner, CGST Appeals – II, Delhi & Anr. (Delhi High Court)

HC ruled that provision of services by taxpayer to its holding company, as per terms of an agreement, does not categorize service provider as an intermediary....

Accounting for leases

Companies (Indian Accounting Standards) Amendment Rules 2023 have introduced changes regarding accounting for leases. The relevant standards include IndAS 116 (Leases) and IFRS 16 (Leases), which replace IAS 17. The rules specify the objective, scope, and recognition criteria for leases. They also provide guidance on identifying leases an...

Posted Under: CA, CS, CMA |

CESTAT quashes order as it lacked reasoning or findings to support its conclusion

Commissioner of Customs Central Excise Vs Cipla Ltd (CESTAT Mumbai)

Commissioner of Customs Central Excise Vs Cipla Ltd (CESTAT Mumbai) CESTAT observed that impugned order has been issued in a highly unusual manner, lacking any reasoning or findings to support its conclusion. Although the order appears detailed, it primarily consists of recording the submissions made by the assesses and the revenue, with ...

Electronic Repairs Services Outsourcing Pilot Initiated at ACC Bengaluru

Circular No. 14/2023-Customs 03/06/2023

CBIC Circular No. 14/2023-Customs dated 3rd of June, 2023 introduces the Electronic Repairs Services Outsourcing (ERSO) initiative. ERSO aims to extend the lifespan of defective or damaged electronic goods by allowing designated repair service entities in India to import and repair them before re-exporting. The circular outlines the regul...

100% Penalty Not Imposable if Duty, Interest & 25% Penalty Already Paid

Network Vs Commissioner of Central Excise (CESTAT Chandigarh)

Network Vs Commissioner of Central Excise (CESTAT Chandigarh) In the case of Network Vs Commissioner of Central Excise, CESTAT Chandigarh has ruled that imposing a 100% penalty is not justifiable when the duty liability, along with interest and 25% of the penalty, has already been paid upon receipt of the order. The appellants, who were [...

Limitation for GST Refund Application Starts from Online Filing, Not Manual Filing

Trafigura Global Services Pvt Ltd Vs Central Board of Indirect Taxes and Customs (Bombay High Court)

HC held that limitation period for GST refund application should be considered from date of online filing, not the date of manual filing...

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September 2023