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Archive: February, 2024

Posts in February, 2024

GST compliance for E-commerce operators and sellers

February 15, 2024 16155 Views 0 comment Print

Understand the latest GST amendments for e-commerce, including registration requirements for operators and sellers. Explore practical examples for clarity.

Protest Ends with Judicial Order & Activates Section 27(1B)(b) Refund Claim Limitation: CESTAT Chennai

February 15, 2024 1473 Views 0 comment Print

CESTAT Chennai clarifies the application of Section 27(1B) limitation for refund claims on duty paid under protest, aligning with legal precedents.

U S Taxation – Instructions for tax year – 2023

February 15, 2024 2031 Views 0 comment Print

Stay informed about U.S. taxation for the year 2023. Learn about Form 1040, Schedules, filing deadlines, and essential instructions. Ensure a smooth tax season.

Bill of Entry Amendment Before Final Assessment Valid u/s 149 of Customs Act

February 15, 2024 1245 Views 0 comment Print

Read about CESTAT Ahmedabad ruling in Indian Farmers Fertiliser Co Operative Ltd Vs C.C. Kandla, allowing amendment on bill of entry u/s 149 of Customs Act before final assessment.

Service Tax demand merely on Form 26AS Not Sustainable: CESTAT Kolkata

February 15, 2024 3501 Views 0 comment Print

Rishu Enterprise vs. CGST & Excise: CESTAT Kolkata rules service tax demand unjustified solely on Form 26AS. Detailed analysis of the case provided.

RBI 2024 Guidelines: Master Direction on Short-Term Commercial Paper & Debentures

February 15, 2024 2782 Views 0 comment Print

RBI’s Master Directions 2024 mandates guidelines for issuing Commercial Papers and NCDs up to one year, focusing on eligibility, investment, and compliance.

Provisions of IBC overrides provisions of State enacted law: NCLT Hyderabad

February 15, 2024 678 Views 0 comment Print

NCLT Hyderabad held that the provisions of the Insolvency & Bankruptcy Code, 2016 (IBC) override the provisions of the State enacted law, such as, Andhra Pradesh Revenue Recovery Act, 1864.

Loss or low profit cannot be reason for exclusion of comparables for computing ALP: ITAT Mumbai

February 15, 2024 783 Views 0 comment Print

ITAT Mumbai held that exclusion of comparables for the reason that those companies are loss making or low profit making is not correct. Accordingly, TPO directed to include these comparables and re-compute the Arm’s Length Price (ALP).

ITAT: Sale of Shares Capital Gains Not Sham, Deletes Section 69A Additions

February 15, 2024 2262 Views 0 comment Print

Delhi ITAT’s landmark ruling in Sarika Bindal vs. ITO establishes that capital gains from share sales cannot be deemed sham, safeguarding taxpayer rights.

Section 80P Deduction not eligible on FDR Interest from Bank of Baroda: ITAT Ahmedabad

February 15, 2024 1338 Views 0 comment Print

ITAT Ahmedabad rules deduction u/s 80P of the Income Tax Act not applicable to interest earned on FDRs from Bank of Baroda in a landmark case.

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