"07 September 2023" Archive

Valuation of Supply – Online Gaming And Casinos

The CBIC has vide Notification No.45/2023 Dt.06.09.2023 introduced the Central Goods and Services Tax (Third Amendment) Rules, 2023 which will come into force on a date that will be notified by the Central Government in the Official Gazette. The above mentioned amendment inserts two new rules i.e. Rule 31B and Rule 31C in the Central [&he...

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

YKK India Pvt Ltd Vs Commissioner of Central Excise (CESTAT Chandigarh)

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

Abhinav Malik Vs ITO (ITAT Chandigarh)

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)

South Eastern Coalfields Limited Vs ACIT (ITAT Raipur)

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

JMD Limited Vs Commissioner (CESTAT Delhi)

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

Annamalai Cotton Mills (P) Ltd Vs Commissioner of GST & Central Excise (CESTAT Chennai)

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

Understanding the nuances of taxation is essential for both individuals and firms. One such critical aspect is Section 68 of the Income Tax Act, 1961, which deals with unexplained cash credits. It holds significant implications for firms, individuals, and even closely-held companies. In this article, we will delve deep into Section 68, it...

25 FAQs on Auditor Checks and Reporting for Indian Companies

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....

CBIC’s New GST Rules: Valuation in Online Gaming & Casinos

Notification No. 45/2023-Central Tax, [G.S.R. 657(E)] 06/09/2023

CBIC's latest GST amendments on valuing online gaming & casino transactions. Learn about Rule 31B & Rule 31C and their impact on industry....

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

Sun Microsystems (I) Pvt. Ltd. Vs Commissioner of Central Excise & Service Tax, LTU, Bangalore (CESTAT Bangalore)

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....

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September 2023