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Archive: December, 2023

Posts in December, 2023

TCS collected by dealer not includible in purchase value of vehicle: Kerala HC

December 22, 2023 1215 Views 0 comment Print

Explore the Kerala High Court judgment on TCS exclusion from vehicle purchase value. Assessing Authority directed to reassess tax. Details and implications here.

AO must explicitly mention grounds for imposing Section 271(1)(c) penalty

December 22, 2023 1239 Views 0 comment Print

Explore the Delhi High Court judgment on Penalty u/s 271(1)(c) of Income Tax Act for AY 2014-15. Detailed analysis and legal insights on inaccurate particulars. Read more.

Sale of re-possessed vehicles attracts VAT under DVAT Act: Delhi HC

December 22, 2023 702 Views 0 comment Print

Explore the Delhi High Court case: Indusind Bank vs. Dept. of Trade & Taxes. Constitutional validity of DVAT Act’s ‘dealer’ definition challenged. Court analysis and decision detailed.

Submission of return on issuance of bank guarantees for Trade Credits on CIMS

December 22, 2023 1323 Views 0 comment Print

Explore RBI’s latest circular on Trade Credit reporting shift to CIMS. Learn about changes, submission details, and the impact on Authorised Dealer Banks.

Rupee Drawing Arrangement: Submission of statement/return on CIMS Portal

December 22, 2023 2472 Views 0 comment Print

RBI circular mandates a transition from the XBRL site to Centralized Information Management System (CIMS), impacting all Authorised Dealer Category-I Banks.

Turbotech Engineering Ltd Penalized for late-filing of Financial Statement

December 21, 2023 636 Views 0 comment Print

Explore the adjudication order under Section 454 against Turbotech Engineering Ltd for non-compliance with Section 137 of the Companies Act, 2013. Detailed analysis, findings, and penalties.

Failure to Notify Form GSTR-2 Supports Petitioner’s Claim for Belated Returns

December 21, 2023 20013 Views 0 comment Print

Explore case of Tvl. Kavin HP Gas Gramin Vitrak vs Commissioner of Commercial Taxes. The petitioner’s belated GSTR-2 claims face challenges due to unnotified forms.

Guide to Company Registration in Florida: Procedures and Benefits

December 21, 2023 1461 Views 0 comment Print

Discover the procedural intricacies of initiating company registration in Florida. Learn the advantages, step-by-step process, and legal considerations for starting a business in the Sunshine State.

Recent Supreme Court Judgment on ITC Reversal: Suncraft Energy Case Analysis

December 21, 2023 72890 Views 1 comment Print

Explore the recent Supreme Court judgment on ITC reversal in the Suncraft Energy case under the West Bengal Goods and Services Tax Act. This in-depth analysis covers the facts, the Calcutta High Court ruling, and the Supreme Court’s decision, highlighting key implications for assessees. Understand the conditions for availing ITC, the role of GSTR forms, and the precedents set by the judiciary. Learn why the Supreme Court’s dismissal of the appeal and the absence of a contradictory well-reasoned judgment strengthen the position in favor of the assessee

CA guilty of misconduct: Cheques Given in Good Faith Inappropriately Encashed

December 21, 2023 5568 Views 0 comment Print

Delhi High Court upholds the decision of Disciplinary Committee of ICAI holding petitioner guilty of professional misconduct as cheques given by Society in good faith were inappropriately encashed.

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