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Archive: 07 September 2023

Posts in 07 September 2023

Live Webinar: GST – Journey, Challenges & Road Ahead by 3 Eminent Speakers

July 16, 2025 6348 Views 0 comment Print

Join TaxGuru’s live GST webinar on 26 July 2025, 6 PM. Experts discuss GST evolution, compliance issues, and reforms. Free on YouTube, open to all.

Valuation of Supply – Online Gaming And Casinos

September 7, 2023 1191 Views 0 comment Print

Explore the latest CBIC amendments in the Central Goods and Services Tax Rules, introducing Rule 31B and Rule 31C. Understand the valuation of supply in online gaming and casinos, unraveling the intricacies of money, digital assets, tokens, chips, and more. Stay informed on the impact of these changes for players and suppliers in the gaming industry.

Removal of scrap generated during manufacture without payment of duty for job work justified

September 7, 2023 672 Views 0 comment Print

CESTAT Chandigarh held that scrap generated during manufacture can be removed without payment of duty for job work and can be used as inputs.

Addition not sustained as non-accounting of expired stock doesn’t impact profitability

September 7, 2023 738 Views 0 comment Print

ITAT Chandigarh held that mere non-accounting of the expired stock as part of the opening stock would not have any impact on the profitability. Accordingly, addition thereof is liable to be deleted.

Penalty imposed u/s 270A is appealable before CIT(A)

September 7, 2023 9240 Views 0 comment Print

ITAT Raipur held penalty imposed u/s. 270A of the Income Tax Act clearly falls within the realm of orders appealable before the CIT(Appeals) u/s. 246A of the Income Tax Act.

Denial of benefit of VCES based on notice which is time barred is unjustified

September 7, 2023 402 Views 0 comment Print

CESTAT Delhi held that denial of benefit of Voluntary Compliance Encouragement Scheme, 2013 (VCES) based on the show cause notice which is time barred is unjustified.

Excise Duty: Penalty unwarranted as amount paid before issuance of notice

September 7, 2023 393 Views 0 comment Print

CESTAT Chennai held that imposition of penalty unwarranted as differential duty is already paid before issuance of show cause notice.

Understanding Section 68 of Income Tax Act: Unexplained Cash Credit Explained

September 7, 2023 10029 Views 1 comment Print

Unlock the intricacies of Section 68 of the Income Tax Act, unraveling the nuances of unexplained cash credits. Delve into its amendments, practical implications, and the onus it places on individuals, firms, and closely-held companies. Gain a comprehensive understanding to navigate the complexities of this crucial taxation aspect effectively.

25 FAQs on Auditor Checks and Reporting for Indian Companies

September 7, 2023 2814 Views 0 comment Print

Learn about key amendments in financial reporting, Schedule III, CARO, and more for Indian companies. Discover how auditors ensure compliance with updated regulations in 2022/2023.

Consideration received in convertible foreign exchange for services to Singapore company In India is export of service

September 7, 2023 900 Views 0 comment Print

Sun Microsystems vs. Commissioner of Central Excise & Service Tax -Consideration received in convertible foreign exchange for services to a Singapore company in India qualifies as ‘export of service.

Invocation of extended period alleging mere non-payment of duties unjustified

September 7, 2023 555 Views 0 comment Print

CESTAT Kolkata held that exemption under notification 25/2012-ST available as activities undertaken is covered within the ambit of works assigned under Article 243W of the Constitution to be carried out by the Municipalities. Further, mere non-payment of duties is not equivalent to collusion or wilful mis-statement or suppression of facts and accordingly extended period cannot be invoked.

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