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Archive: 16 October 2023

Posts in 16 October 2023

Invocation of section 263 unjustified as order passed after considering information

October 16, 2023 666 Views 0 comment Print

ITAT Jaipur held that the assessment order passed by AO after considering the information filed during assessment proceedings cannot be said to be erroneous and prejudicial to the interest of the revenue. Every loss of revenue as a consequence of an order of the AO cannot be treated as prejudicial to the interests of the Revenue.

Long-term capital loss u/s 50B allowed as Form 3CEA filed during assessment proceeding

October 16, 2023 1398 Views 0 comment Print

ITAT Kolkata held that rejection of claim of long-term capital loss u/s 50B of the Income Tax Act unjustified as Form 3CEA filed during the assessment proceedings along with an affidavit mentioning reason for non-furnishing of Form 3CEA with return of income.

Clarification: Re-import of Unsold Exported Jewelry – DGFT

October 16, 2023 708 Views 0 comment Print

Read Policy Circular No. 05/2023-24 from DGFT regarding re-import of unsold jewelry. Get insights on changes in import policies for specific ITC (HS) codes.

RBI Clarification: Reporting Reverse Repo Transactions in Form ‘A’ Return

October 16, 2023 633 Views 0 comment Print

Get insights on RBI’s recent clarification on reporting Reverse Repo transactions for commercial banks in Form ‘A’ Return. Learn the new practice guidelines.

SEBI Master Circular for Stock Exchanges & Clearing Corporations

October 16, 2023 954 Views 0 comment Print

Discover the latest SEBI Master Circular for Stock Exchanges and Clearing Corporations issued in 2023. Understand the regulatory framework and its implications.

Addition towards LTCG sustained as no documentary evidence of lower sale consideration furnished

October 16, 2023 1722 Views 0 comment Print

ITAT Delhi held that addition towards long term capital gain sustained as assessee failed to furnish confirmation from the purchaser company as lower sale consideration was claimed by assessee.

Extended period without willful suppression of facts with an intent to evade tax not invocable

October 16, 2023 546 Views 0 comment Print

CESTAT Allahabad held that invocation of extended period of limitation under proviso to section 73(1) of the Finance Act unjustified in absence of any willful suppression of facts with an intent to evade the payment of tax.

Order to Expedite Verification of 80,000 Pending DRC-03 Challans in Jaipur Zone

October 16, 2023 7392 Views 0 comment Print

Comprehensive analysis of Office Order No. 22/2023 by Chief Commissioner CGST & Central Excise, Jaipur, addressing the pendency of 80,000 GST DRC-03s in Jaipur Zone.

GSTR-9 & GSTR-9C FY 2022-23: Applicability, Due Dates & Analysis

October 16, 2023 227748 Views 16 comments Print

Learn about GSTR-9 and GSTR-9C for FY 2022-23, including applicability, due dates, and a detailed analysis of various tables for annual returns and reconciliation statements.

Buy-Back of Shares by Private Companies: Procedure & Analysis

October 16, 2023 7557 Views 1 comment Print

Explore step-by-step procedure, conditions, and prohibitions for buy-back of shares by private companies in India. Understand the nuances of this process

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October 2023