"08 November 2023" Archive - Page 5

One Director, One DIN: Legal Framework & Implications on Multiplicity of DIN

Learn about the Director Identification Number (DIN) system in India, its provisions, the prohibition on holding multiple DINs, and the consequences of non-compliance....

Posted Under: Company Law |

Lower TDS Rate Application Rejection Requires a Well-Reasoned Order: HC

Shreyash Retail Private Ltd Vs DCIT TDS Circle (Delhi High Court)

In a recent Delhi High Court ruling, it is established that rejecting a lower TDS rate application necessitates a well-reasoned order. Explore case of Shreyash Retail Private Ltd vs. DCIT TDS Circle....

2- Factor Authentication for e-Way Bill and e-Invoice System

2 Factor Authentication is mandatory for taxpayers with AATO Rs 20 Crore and above from 20th November 2023. Users are requested to register for 2FA and also create sub-users so that EWB activities are managed without any problem. Please read the note for more information. National Informatics Centre 2- Factor Authentication for e-Way B...

Posted Under: Company Law | ,

Timely Closure: Significance of Rule 20(1) in GST Registration Cancellation

Understand the significance of Rule 20(1) in GST registration cancellation. Explore the intricacies of revoking cancelled registrations, including timelines for application submission, proper officer responses, and the disposal of revocation applications. Learn about Rule 20(1) requirements and its impact on maintaining accurate GST datab...

Posted Under: Company Law |

No addition u/s 69A on the basis of statement recorded during survey if there was no supporting evidence

DCIT Vs Parshwa Associates (ITAT Mumbai)

Addition under section 69A was not justified as AO had not brought on record any material in support of the addition made by him nor he provided any basis for arriving at the basis, particularly when all the 30 flats had not been sold during the year relevant to AY 2017-18, therefore, there was no basis for arriving at the conclusion that...

Assessment order passed without mentioning of DIN was invalid and should be deemed to have never been passed

Rhone Associates Pvt Ltd Vs ACIT (ITAT Delhi)

Since there was no DIN mentioned in the assessment order which was contrary to the CBDT Circular No.19/2019 dated 14th August 2019, therefore, the jurisdiction assumed was invalid as generation of DIN subsequently and generation of intimation to be sent to assessee were of no consequence for the purpose of assessment and raising the deman...

Debit and Credit in Banking and Accounting

Dive into the world of debit and credit in banking and accounting. Learn what these terms mean, how they affect transactions, and their historical significance....

Posted Under: Company Law |

No Interest payable to assessee on accumulated Cenvat credit lying unutilized

Ad2Pro Global Creative Solutions Pvt. Ltd. Vs Commissioner of Service Tax (CESTAT Chennai)

Interest was not payable accumulated CENVAT credit lying unutilized as in case of export of services under Rule 5 of the CENVAT Credit Rules, 2004, assessee was free to take back the credit of not sanctioned / partially sanctioned refunds....

Cash Excluded from Goods for Seizure in GST Cases: Gujarat HC

Bharatkumar Pravinkumar And Co. Vs State of Gujarat (Gujarat High Court)

Detailed analysis of Gujarat High Court's judgment in Bharatkumar Pravinkumar & Co. vs. State of Gujarat regarding seizure of cash under GST Act....

No Recovery Without Rule 88C Compliance for GSTR-1 vs. GSTR-3B Difference

Caterpillar India Pvt. Ltd. Vs Assistant Commissioner (Madras High Court)

Madras High Court case highlights importance of complying with Rule 88C of the CGST Rules to effect recovery based on difference in GSTR-1 and GSTR-3B. Madras High Court allowed the writ petition in M/s. Caterpillar India Pvt. Ltd. v. The Assistant Commissioner Chennai, ruling that no recovery could be effected without complying with rule...

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