"31 July 2023" Archive

Share of Partnership Profit Not Taxable for Firm’s Non-Payment of taxes

Jayesh Tokershi Shah Vs DCIT (ITAT Mumbai)

"ITAT Mumbai upholds tax exemption for share of profit from partnership firm, rejects addition u/s 68 due to non-payment of taxes by the firm. Read the full ruling....

Weekly newsletter from Chairman, CBIC dated 31/07/2023

DO No. 15/CH(1C)/2023 31/07/2023

It is with a deep sense of satisfaction and fulfilment that I demit office today after putting in 38 long years in this glorious Service. I have been particularly fortunate to have had the opportunity to serve the nation and you as Chairman of the Board in the final leg comprising almost two years....

Section 44AD: Production supervisor can adopt Presumptive Taxation scheme

Mehjabeen Masood Khan Vs ITO (ITAT Mumbai)

ITAT Mumbai rules in favor of a production supervisor, declaring no illegality in adopting presumptive tax under section 44AD. Full analysis of the case....

Conversion of Shipping Bills cannot be denied for non-examination of goods

Regin Exports Vs Commissioner of Customs (CESTAT Chennai)

CESTAT Chennai grants approval for the amendment of shipping bills in the case of Regin Exports. The rejection of the request by the authorities is set aside, citing the absence of examination as an insufficient reason for denial....

Uncorroborated Statements: No Basis for CHA License Revocation

VNMS Ayyachamy Nadar & Bros Vs Commissioner of Customs (CESTAT Chennai)

CESTAT Chennai allows the appeal by VNMS Ayyachamy Nadar & Bros against the order of the Commissioner of Customs. The revocation of the CHA license is set aside, and a partial forfeiture of the security deposit is upheld....

SEBI Master Circular for Online Resolution of Disputes in Indian Securities Market

SEBI/HO/OIAE/OIAE _IAD-1/P/CIR/2023/145 31/07/2023

SEBI introduces a comprehensive master circular for online dispute resolution in the Indian securities market. Learn about the ODR Portal, conciliation, arbitration, and more....

ITAT Mumbai Imposes Cost of Rs. 5000 on Non-Compliant Assessee

Jerry John Mendonca Vs ITO (ITAT Mumbai)

ITAT Mumbai allows the appeal by Jerry John Mendonca against the order of the Ld. CIT(A) for AY 2011-12. The ITAT imposes a cost of Rs. 5,000 on the assessee for non-compliance, to be paid to the PM Relief Fund....

Appeal Clarification: Non-Constitution of GST Tribunal – Trade Circular 20T/2023

Trade Circular No. 20T of 2023 31/07/2023

Maharashtra State Tax Commissioner issues a trade circular clarifying the appeal process regarding the non-constitution of the GST Tribunal as directed by the Bombay High Court....

Allocation of Jurisdiction among Competent Authorities – Benami Property Act

Notification No. 04 of 2023 [G.S.R. 571(E)] 31/07/2023

Read latest notification (No. 04/2023) from Ministry of Finance, Department of Revenue, allocating jurisdiction among Competent Authorities under Benami Property Transactions Act....

Notification of Goods/Services for Export on Integrated Tax Payment & Refund

Notification No. 01/2023 – Integrated Tax, [G.S.R. 578(E).] 31/07/2023

Ministry of Finance notifies goods and services eligible for export on payment of integrated tax and refund claim. List of exempted goods specified....

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