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Archive: 06 July 2023

Posts in 06 July 2023

TDS not deductible on rental or ocean freight for ships as covered by Article 8 of India-Korea DTAA

July 6, 2023 1527 Views 0 comment Print

ITAT Chennai held that payment of rental or ocean freight for ships is covered by Article 8 of India-Korea DTAA. Accordingly, the assessee is not liable to deduct TDS and therefore, disallowance invoking provisions of section 40(a)(i) of the Income Tax Act unsustainable.

Order framed in name of non-existing entity is liable to be quashed

July 6, 2023 453 Views 0 comment Print

ITAT Delhi held that assessment order framed in the name of a non-existing entity is non-est and liable to be quashed. Accordingly, initiation of proceedings u/s 263 based on such assessment order is liable to be set aside.

Transfer of land from subsidiary to holding is not covered u/s 45 hence claim of LTCG not allowable

July 6, 2023 642 Views 0 comment Print

ITAT Delhi held that in view of provision of 47(v) of the Act the transaction of transfer of land from subsidiary to holding company is not covered u/s. 45 of the Act. Accordingly, when the transaction does not falls within ambit of section 45, then any claim of long term capital loss/profit cannot be allowed.

No condition under CCR Rule 5 of mandatory Registration for Refund of Accumulated Credit

July 6, 2023 351 Views 0 comment Print

Whether it be registration or centralized registration, when there was no mandatory provision in the Rules regarding registration, the Cenvat Credit could not be denied, the three authorities committed a serious error in rejecting the claim for refund on the ground which was not existence in law.

IBBI Caution IP: Liquidation Value Discrepancies & Representation Matters

July 6, 2023 549 Views 0 comment Print

ead the Order by the Insolvency and Bankruptcy Board of India (Disciplinary Committee) cautioning an Insolvency Professional regarding liquidation value discrepancies and the need to be careful in representing matters before AA and NCLAT. Disciplinary Committee concludes that if there were factual discrepancies affecting the distribution of the resolution plan, Mr. Pramod Kumar Sharma should have filed an application before the Hon’ble NCLAT for rectification. The Committee advises Mr. Sharma to exercise caution when representing matters before AA and Hon’ble NCLAT.

Exchange Rates for Imported & Exported Goods with effect from 07th July, 2023

July 6, 2023 2346 Views 0 comment Print

CBIC released latest notification (No. 50/2023 -Customs) announcing the updated exchange rates for foreign currencies concerning imported and exported goods. This article provides the revised exchange rates for various currencies and their equivalent values in Indian rupees. Stay informed about the current exchange rates to ensure accurate financial transactions and compliance with customs regulations.

Preventing Flow of Suspicious Items During Elections: CBIC SOP

July 6, 2023 1473 Views 0 comment Print

Read the CBIC’s standard operating procedure (SOP) to prevent the flow of suspicious cash, illicit liquor, drugs/narcotics, freebies, and smuggled goods during elections. Learn how coordination among law enforcement agencies ensures fair elections.

Law of Limitation, Arbitration and Share Trading Disputes

July 6, 2023 1545 Views 0 comment Print

The share trading disputes are dealt with by the Stock Exchanges under the regulatory framework designed by the Securities and Exchange Board of India (SEBI). The law of limitation plays a crucial role in the setup.

Income tax Circular No. 11 of 2023- Corrigenda Circular No. 10 of 2023

July 6, 2023 2580 Views 0 comment Print

Circular No. 11 of 2023 issued by the Government of India Ministry of Finance provides corrigenda to Circular No. 10 of 2023. The corrigenda rectify certain references in the circular related to section 206C of the Income Tax Act.

Notification No. 47/2023- Income Tax | Dated: 6th July, 2023

July 6, 2023 3315 Views 0 comment Print

The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes has issued Notification No. 47/2023, bringing further amendments to the Income Tax Act 1961. These amendments have been made in exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act. The notification replaces a specific row […]

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