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Archive: May, 2024

Posts in May, 2024

12 Unicorns, over 125 startups commit to onboarding ONDC

May 17, 2024 423 Views 0 comment Print

Read about the ONDC Startup Mahotsav organized by DPIIT, a platform where startups harness the Open Network for Digital Commerce (ONDC) with 12 Unicorns and 125+ startups onboarded.

No Section 56 addition When Assessee was not True Beneficiary but Only Facilitator

May 17, 2024 558 Views 0 comment Print

Tribunal concluded that assessee was not real beneficiary of transaction but merely acted as a facilitator. Therefore, additions made under section 56 of Act were deemed arbitrary and were overturned.

IBBI Suspends IP Registration for Failing to Conduct Asset Due Diligence

May 17, 2024 171 Views 0 comment Print

Read the detailed order by IBBI Disciplinary Committee regarding alleged contraventions by Manish Kumar Gupta in a corporate insolvency resolution process.

Incomplete & Inconsistent Test Reports: CESTAT remands case for fresh determination

May 17, 2024 183 Views 0 comment Print

Compelling imperative consequent upon contradictory reports cannot be ignored. For central excise authorities to assume anti­podal positions is neither becoming nor legally proper

Extended period of limitation cannot be invoked solely on audit queries & objections

May 17, 2024 579 Views 0 comment Print

CESTAT held that Department could not solely rely on audit queries and objections to invoke extended period of limitation. It reiterated that appellant, being a Private Limited Company, had its Profit/Loss Account and Balance Sheet accessible as public documents, thus undermining any allegation of suppression.

No Penalty Under Section 271(1)(c) When No Tax is Evaded

May 17, 2024 7095 Views 0 comment Print

Can penalty under Section 271(1)(c) be imposed if self-assessment tax was paid before notice u/s 148? Read the detailed analysis of Smt. Kavita Sachdev Vs ITO (ITAT Indore).

Inordinate delay in adjudication of a show cause notice is fatal to its validity

May 17, 2024 786 Views 0 comment Print

A detailed analysis of the Neelachal Ispat Nigam Ltd. Vs Union of India case from the Orissa High Court. Learn how prolonged adjudication delay can render decisions invalid.

EPFO Clarifies Claim Settlement Without UAN for Death Cases

May 17, 2024 579 Views 0 comment Print

EPFO allows processing of physical claims without Aadhaar in death cases to avoid delays, subject to verification and approval by OICs.

No GST Act Proceedings Against Purchaser for Supplier’s Non-Deposit: Uttarakhand HC

May 17, 2024 20436 Views 2 comments Print

Uttarakhand High Court ruling clarifies that under GST Act Section 74, purchasers aren’t liable if suppliers fail to deposit taxes. Full analysis provided.

SEBI (Listing Obligations & Disclosure Requirements) (Amendment) Regulations, 2024

May 17, 2024 6318 Views 0 comment Print

Stay informed about the latest amendments to SEBI’s Listing Obligations and Disclosure Requirements Regulations, effective December 31, 2024.

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