"10 October 2023" Archive

IRDAI’s Amendment to AML/CFT Guidelines 2022 – Key Changes

Ref: IRDAI/IID/CIR/MISC/177/10/2023 10/10/2023

IRDAI issues a circular amending 2022 Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) guidelines. Learn about key changes here....

Assessment of Startup Companies involving application of section 56 (2)(viib)

F. No. 173/149/2019-ITA-1 10/10/2023

Notification regarding Income-tax Act Section 56(2)(viib) and assessment of Startup Companies. Clarifications for assessing recognized Startups....

RBI FAQS on Infrastructure Finance Companies (IFCs)

Explore RBI's frequently asked questions (FAQs) on Infrastructure Finance Companies (IFCs), covering their definition, exposure limits, risk weight, and more....

Posted Under: Corporate Law |

Confirmation of duty demand unjustified in absence of any loss of revenue

Ozone Pharmaceuticals Limited Vs Commissioner of Central Excise & Service Tax (CESTAT Kolkata)

CESTAT Kolkata held that confirmation of demand of duty unjustified if in the totality of the facts and circumstances of the case, no actual loss has been caused to the revenue. Thus, duty demand set aside in absence of any loss of revenue....

Enhancement of value unsustained as same price for various other consignments accepted by department

Panchagni Energies Pvt Ltd Vs C.C.-Mundra (CESTAT Ahmedabad)

CESTAT Ahmedabad held that enhancement of value unsustainable as approximately same price for various other consignments imported at same time and have same quantity were accepted by the department....

Transportation of goods by air/sea to place outside India being export of service is outside service tax net

Commissioner of CGST & Central Excise Vs Tierra Logistics Pvt. Ltd. (CESTAT Kolkata)

CESTAT Kolkata held that the place of provision of the service of transportation of goods by air/sea from a place in India to a place outside India, will be a place outside the taxable territory. Thus, such service being within the purview of Export of Service Rules will be outside the service tax net....

Other services naturally bundled with principal service of transportation is classifiable under GTA service

Laxmi Narayan Transport Vs Commissioner of CGST & Central Excise (CESTAT Kolkata)

CESTAT Kolkata held that composite contract involving transportation of goods and loading/unloading, packing/unpacking, etc. will be treated as a contract for transportation only as the other services are naturally bundled together with the principal service of transportation. Accordingly, service tax leviable under GTA service and not un...

Charge of clandestine removal cannot be imputed without independent investigation

Shree Shyam Pipes Pvt. Ltd Vs Commissioner of Central Excise (CESTAT Allahabad)

CESTAT Allahabad held that charge of clandestine removal cannot be imputed in absence of any evidence or in absence of an independent investigation. Accordingly, demand unjustified....

Corpus donations being capital in nature is not taxable

DCIT Vs Saraswati Education Sansthan (ITAT Ahmedabad)

ITAT Ahmedabad held that corpus donations are capital in nature and hence cannot be added to the income of the assessee and hence not taxable....

TDS u/s. 194H not deductible as payments to gateway providers are not brokerage

Knowledge Hut Solutions Pvt. Ltd. Vs DCIT (ITAT Bangalore)

ITAT Bangalore held that the payments made to gateway providers are not brokerage and TDS u/s. 194H of the Income Tax Act is not liable to be deducted....

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