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Archive: 25 October 2023

Posts in 25 October 2023

Bank Account Attachment in GST Must Follow Law: Delhi High Court

October 25, 2023 1032 Views 0 comment Print

Delhi High Court ruled that attaching bank accounts in GST cases cannot be based on mere assumptions, and the law must be followed.

Section 35(2AB) Deduction cannot be denied for failure of authority to send intimation

October 25, 2023 921 Views 0 comment Print

In the PCIT vs. Schaeffler India Ltd. case, the Gujarat High Court upholds section 35(2AB) deduction, stating that delayed intimation doesn’t negate it.

Form 10IC: One-Time Filing for Concessional Tax Rate under Section 115BAA

October 25, 2023 1371 Views 0 comment Print

Explore the ITAT Delhi’s decision in Concentrix Daksh Services vs ACIT case. Understanding the applicability of concessional tax rates and the misconceptions.

Supreme Court’s Directive on Speedy Justice Delivery

October 25, 2023 726 Views 0 comment Print

Yashpal Jain Vs Sushila Devi & Others (Supreme Court of India) Introduction: The case of Yashpal Jain Vs. Sushila Devi & Others is a reflection of the challenges the legal system faces due to inordinate delays in the resolution of cases. It underscores the urgent need for timely justice delivery and the consequences of prolonged litigation. […]

Cash Shortfall in Survey vs. Books: No Addition Allowed

October 25, 2023 603 Views 0 comment Print

Explore Almech Enterprises Vs. ACIT case. Learn why a cash shortfall in a survey compared to books doesn’t warrant an addition under section 69C of the Income Tax Act.

UDIN Archiving: ICAI’s Phase-wise Server Load Relief

October 25, 2023 1176 Views 0 comment Print

Learn about the archiving of UDINs by the Institute of Chartered Accountants of India. Discover the phased approach to ease server load and access archived UDINs

CGST Mumbai Busts Rs. 263 Crore Fake GST Invoice Racket

October 25, 2023 1485 Views 0 comment Print

CGST Mumbai South Commissionerate arrests a fake GST invoice racketeer, uncovering a Rs. 263 Crore fraud involving Rs. 7.66 Crores fake GST Input Tax Credit. Details here.

RBI Directions 2021: Presentation of Unclaimed Liabilities to DEA Fund

October 25, 2023 525 Views 0 comment Print

Explore the RBI latest directions on presenting unclaimed liabilities transferred to the Depositor Education and Awareness (DEA) Fund in financial statements. Learn more

RBI Directive: Appointment of Whole-Time Directors in Banks

October 25, 2023 693 Views 0 comment Print

Explore the Reserve Bank of India directive on appointing Whole-Time Directors in private sector banks and wholly-owned subsidiaries of foreign banks, aimed at enhancing corporate governance

No addition on account of royalty in absence of technical knowledge, skill in terms of Article 12(4)(b) of India-Singapore DTAA

October 25, 2023 384 Views 0 comment Print

Receipts from providing information technology related support services could not be considered as royalty and/fees for technical services as while running the services, assessee had not made available any technical knowledge, experience, skill in terms of Article 12(4)(b) of the DTAA and as such, receipts in question were not FTS liable to tax in India.

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