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Archive: 22 February 2024

Posts in 22 February 2024

Government incentive/Subsidy towards Investment Promotion is capital receipt

February 22, 2024 2343 Views 0 comment Print

ITAT Chennai’s ruling on government subsidies as capital receipts in DCIT Vs Saint-Gobain India Pvt. Ltd., impacting investment promotion.

Correct application of ‘source’ principle: Ardmore Construction Ltd v HMRC [2018] EWCA Civ 1438

February 22, 2024 903 Views 0 comment Print

Analyzing the Ardmore Construction Ltd v HMRC case on the UK’s “source” principle in taxation, highlighting the court’s stance on income origin for tax purposes.

Decoding ITC: A Comprehensive Guide under GST

February 22, 2024 2301 Views 0 comment Print

Learn about the financial implications of late payments to MSME vendors under the MSMED Act and Finance Bill, 2023, and how it affects tax deductions.

Protecting Directorial Integrity: SC’s recent verdict on liability post-resignation

February 22, 2024 1596 Views 0 comment Print

Supreme Court’s verdict on Rajesh Viren Shah vs. Redington clarifies former directors’ liability post-resignation, setting a crucial precedent for corporate governance.

Change of Opinion Does Not Justify Assumption of Escaped Taxable Income

February 22, 2024 813 Views 0 comment Print

Uncover the Bombay High Court’s stance on reassessment based on change of opinion in the Mira Bhavin Mehta Vs ITO case. Key insights and legal implications.

Dec 2023 Result Analysis: Institute of Cost Accountants – Intermediate & Final Exams

February 22, 2024 3654 Views 0 comment Print

Explore the detailed analysis of Dec 2023 exam results by The Institute of Cost Accountants of India. Insights on pass percentages for Intermediate and Final Examinations

Important Penal Aspects Related with GST

February 22, 2024 4908 Views 0 comment Print

Explore the legal consequences of GST non-compliance, including penalties, fines, and prosecution proceedings. Stay informed to avoid financial repercussions under the GST Act

ITC cannot be Rejected Solely on Supplier’s retrospective GST Registration Cancellation

February 22, 2024 14754 Views 0 comment Print

Explore a case where Input Tax Credit (ITC) was reversed due to supplier’s GST registration cancellation. Learn about implications and legal insights.

Section 149 of Customs Act allows amendment in Bill of Entry without a strict time limit

February 22, 2024 7347 Views 0 comment Print

The court noted that the Customs Authority’s refusal was based on an incorrect interpretation of the law and failed to recognize the Supreme Court’s directive that allows for the amendment of documents under Section 149 of the Customs Act without a strict time limit.

ICSI Advisory: Beware of CSMEMBERS.IN | Official Notice

February 22, 2024 2877 Views 0 comment Print

Read the official advisory from the Institute of Company Secretaries of India (ICSI) regarding CSMEMBERS.IN. Verify the authenticity of information and services provided on the portal.

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