"07 July 2023" Archive

Legal Absurdity of Income Tax Notices Issued to Deceased Individuals

In the realm of taxation, legal absurdities occasionally surface, leaving individuals puzzled by the intricacies of the law. One such perplexing scenario arises when income tax notices are issued to deceased individuals. Common sense suggests that the deceased should be exempt from such obligations, but the legal implications surrounding ...

Posted Under: Income Tax |

RERA: Importance of Year End Reconciliation under Various Statues

Understand the significance of Year-End Reconciliation in the Real Estate sector under RERA. Explore key aspects like project registration, financial management, compliance checklists, and reconciliation with stakeholders. Ensure accurate reporting to comply with legal, regulatory, and accounting requirements....

Posted Under: Income Tax |

Means of Finance / Source of Funds under RERA 2016

RERA is a central law aimed at regulating and Development of the Indian real estate sector and safeguarding the interests of home buyers. RERA Act lays down strict norms for the promoters (builders and developers) to ensure transparency and accountability in their transactions with Allottees (customers and other stakeholders)....

Posted Under: Income Tax |

10 Essential Tips for Getting a Personal Loan Approved

When it comes to obtaining a personal loan, understanding the factors that influence loan approval can significantly increase your chances of success. Whether you need funds for a major purchase, debt consolidation, or an unexpected expense, these ten essential tips will guide you through the process and enhance your chances of getting yo...

Posted Under: Income Tax |

Alleged Undervaluation of Lamination Pouch Imports – Bail Granted in Mumbai DRI Case

Rajesh Kumar Vaishnav Vs Intelligence Officer, Directorate of Revenue Intelligence (Bombay High Court)

Read the full judgment and order of the Bombay High Court granting bail to Rajesh Kumar Vaishnav in the DRI case involving undervaluation of imported lamination pouches. Analysis of the court's decision and implications of the case....

Penalty u/s 271D and 271E leviable as reasonable cause for accepting loan and advances in cash not explained

Sri Sai Balaji Gas Cylinder Pvt. Ltd. Vs ACIT (ITAT Chennai)

ITAT Chennai held that penalty u/s 271D and 271E of the Income Tax Act duly leviable as reasonable cause for accepting loans and advances in cash in contravention of provisions of Sec.269SS & 269TT not explained....

Master Circular: Issuing & Listing Non-convertible & Municipal Securities, CP

Master Circulars No. SEBI/HO/DDHS/PoD1/P/CIR/2023/119 07/07/2023

Stay updated with comprehensive regulations by SEBI on the issue and listing of Non-Convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities, and Commercial Paper....

Service tax not payable on construction service to Municipal Corporation under Jawaharlal Nehru National Urban Renewal Mission

Malani Construction Co Vs C.C.E. & S.T.-Rajkot (CESTAT Ahmedabad)

CESTAT Ahmedabad held that services of Construction of residential complex to the Municipal Corporation of Surat under Jawaharlal Nehru National Urban Renewal Mission which is not liable to service tax....

Transportation of mineral taxable under ‘GTA service’ and not ‘mining service’

Rashleela Enterprises Pvt Ltd Vs Commissioner (CESTAT Delhi)

CESTAT Delhi held that services such as handling and transportation of mineral from pithead to specific locations would be a post-mining activity and would be taxable under cargo handling service or GTA service and not under mining services...

Reopening of assessment without tangible material is unsustainable

SLS Energy Pvt Ltd Vs ITO (Bombay High Court)

Bombay High Court held that reopening of assessment under section 147 of the Income Tact Act unsustainable as there is no reason to believe that income has escaped assessment nor there is any tangible material....

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