"September, 2023" Archive - Page 10

Contract involving both service and transfer of property in goods is classifiable under works contract

Para Enterprises Private Limited Vs Commissioner of Service Tax (CESTAT Chennai)

CESTAT Chennai held that nature of service involving both service as well as transfer of property in goods/material is classifiable under ‘works contract. Hence re-classifying the same under erection, commission and installation is unsustainable in law....

NIFTY 50 Index: A Snapshot of India’s Leading Market Indicator

Explore the NIFTY 50 Index, India's prominent market indicator, its composition, history, and why it remains a favored choice for investors. Learn about its rebalancing, key sectors, and more....

Posted Under: Service Tax |

MCA Extends AGM via VC/OAVM for Companies: Latest Update

Get latest on MCA extension for conducting Annual General Meetings (AGMs) through Video Conferencing or Audio-Visual Means (OAVM) until September 30, 2023. Learn about compliance and implications....

Posted Under: Service Tax |

Order passed without mentioning DIN is invalid despite subsequent communication

PCIT Vs Tata Medical Centre Trust (Calcutta High Court)

The case revolved around an order issued under Section 263 of Income Tax Act. The issue at hand was whether absence of the DIN in order rendered it invalid, despite subsequent communication....

Reassessment of income other than income for which AO had formed a reason is unjustified

Digamber Jain Atikshaya Keshtra VPO Bada Vs ITO (ITAT Jaipur)

ITAT Jaipur held that reassessment of income under section 147 of the Income Tax Act other than income in respect of which AO has formed a reason to believe that the income has escaped assessment is unsustainable in law....

TNMM is most appropriate Method for international sale of finished goods

DCIT Vs Ampacet Speciality Products Private Limited (ITAT Pune)

ITAT Pune held that in view of huge quantitative differences, Comparable Uncontrolled Price (CUP) method cannot be applied. Hence, Transactional Net Margin Method (TNMM) is applicable in respect of international transaction of ‘Sale of Finished Goods’....

Aadhaar Authentication for Visitors to Prison Inmates: New Guidelines

Notification No. S.O. 4261(E) 29/09/2023

Ministry of Home Affairs authorizes Aadhaar authentication for visitors to prison inmates on a voluntary basis. Learn about guidelines and compliance requirements....

CBIC Reduces Excise Duty on Diesel Exports wef 30th September 2023

Notification  No. 33/2023-Central Excise, [G.S.R. 701(E).] 29/09/2023

CBIC reduces Special Additional Excise Duty on export of Diesel to Rs. 5.00 per litre from earlier rate of Rs. 5.5 per litre with effect from 30th day of September, 2023. MINISTRY OF FINANCE (Department of Revenue) New Delhi Notification  No. 33/2023-Central Excise | Dated: 29th September, 2023 G.S.R. 701(E).—In exercise of the powers ...

CBIC Amends Excise Duty on Petroleum Crude & ATF wef 30th September, 2023

Notification No. 32/2023-Central Excise, [G.S.R. 700(E).] 29/09/2023

CBIC amends Notification  No. 18/2022-Central Excise, dated the 19th July, 2022 to increase the Special Additional Excise Duty on production of Petroleum Crude to Rs. 12,100 per tonne from earlier Rs. 10,000 per tonne and reduce the Special Additional Excise Duty on export of ATF to Rs. 2.50 per litre from earlier Rs. 3.5 per litre [&he...

CBDT notifies National Farmers Welfare Program Implementation Society: section 10(46)

Notification No. 85/2023-Income Tax, [S.O. 4282(E).] 29/09/2023

CBDT's recent notification (No. 85/2023) outlines tax exemption for the 'National Farmers Welfare Program Implementation Society.' Discover the income sources covered and conditions here....

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