HC set aside demand raised by Revenue Department on the ground that rectification order under section 161 of CGST Act was passed without giving opportunity of being heard to assessee.
In present facts of the case, demand of Custom duty was dropped as Bill of Entries were in the name of some different entities but the penalties were confirmed as the Appellant were actively involved in import of the goods and undervalued the same.
Due diligence stands as a pivotal practice in business, finance, and investment, embodying a systematic approach to examining, evaluating, and comprehending different facets of a venture or transaction. Its aim is to inform and safeguard parties involved by providing insights into potential risks and benefits before committing resources, capital, or effort.
Through DGFT Trade Notice No 35/2021-22 dated 24.02.2022, it has been made mandatory for the exporters to file RCMC application through this common digital RCMC portal. EPCES has also on-boarded on this digital e-RCMC portal. Now the members can apply for new/renew RCMC for EPCES through this portal. Erstwhile, Registration cum membership certificate renewal process […]
The recently enacted Competition (Amendment) Act, 2023, marks a significant development in India’s competition law landscape by introducing two novel mechanisms, namely settlements and commitments.
Unregistered persons’ generally comprises of SME’s category. Their aim is always to reach to the next level of entrepreneurship world. Due to the exemption criteria set for different states, they are not registered under GST Act.
ITAT Delhi held that were sufficient evidence on record that the business activity of the company was still subsisting and the service of the Vice President are indispensable. Accordingly, salary paid to Vice President is allowable u/s. 37(1).
ITAT Mumbai held that under regular provisions of section 36(1)(vii) of the Act, the provision for doubtful debt being in the nature of diminution in value of asset, it also attracts explanation (i) of the section 115JB of the Act. Accordingly, addition of book profit sustained.
Karnataka High Court held that deployment of ATM and other assets, without transfer of possession and effective control, for provision of ATM management service to banks is outside the purview of Value Added Tax.
Delhi High Court held that the main attribute of an arbitration agreement is thus consensus ad idem to refer the disputes to arbitration. Mere use of the word ‘arbitration’ or ‘arbitrator’ is not enough to construe an agreement to be an arbitration agreement.
