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Archive: 03 January 2025

Posts in 03 January 2025

Webinar on Critical Issues in Faceless Assessments under Income Tax Act, 1961

February 14, 2025 5100 Views 0 comment Print

Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert CA Hari Agarwal, FCA.

NPCI Mandates Online Cancellation Facility for Banks

January 3, 2025 210 Views 0 comment Print

NPCI directs banks to enable online mandate cancellation by February 28, 2025, or face de-boarding from ONMAGS. Non-compliance risks participation in NACH.

Customs Issues Order on PQ Clearance for Processed Imports

January 3, 2025 579 Views 0 comment Print

Customs clarifies that processed plant products exempt from PQ clearance under specified categories do not require unnecessary NOCs, streamlining import processes.

Keeping application for VRS undecided for long time-SC allowed the same w.e.f. date of application

January 3, 2025 255 Views 0 comment Print

Hon’ble Allahabad HC allowed the writ petitions of the respondent, wh0 are doctor, and were terminated on ground of remaining absent from the service for along time. Before that all of the respondents applied for voluntarily retirement scheme (VRS). Order of termination was passed under article 311 (2) of the Constitution of India without holding any disciplinary enquiry. HC further held that clause (b) of the second proviso to Article 311(2) of the Constitution was not applicable.

Document Submission for Pending Shipping Bill Realization in DRISHTI Software

January 3, 2025 459 Views 0 comment Print

Learn the updated process for submitting documents in the DRISHTI Export Sale-Proceeds Monitoring System, including eBRCs and bank-certified statements.

Failure to respond to SCN but found correct on inspection: Delhi HC directed for fresh order

January 3, 2025 474 Views 0 comment Print

In a recent ruling Delhi HC quashed the order cancelling the registration of CGST after considering the report of GST-Inspector who observed that he firm was in fact functioning at the registered place of business and that sufficient stocks of goods had also been maintained.

Compulsory Mention of State Name on Tax Invoices for Services to Unregistered Recipients via ECO or Digital Platforms

January 3, 2025 1089 Views 0 comment Print

CBIC clarifies the need to mention the recipient’s state name on tax invoices for services supplied to unregistered recipients via ECO or digital platforms.

Deduction u/s. 37 for written-off of non-recoverable advances to employee allowed: ITAT Ahmedabad

January 3, 2025 816 Views 0 comment Print

ITAT Ahmedabad held that amount written-off towards non-recoverable advances given to employees which are incidental to business operations qualifies as deductible business expenses under section 37 of the Income Tax Act.

Refusing petitioner as deemed owner without looking into online record through GISTIN not sustainable-Allahabad HC

January 3, 2025 405 Views 0 comment Print

Writ petitions are filed challenging the order under Section 129(3) of the UPGST by which the claim of the ownership of the petitioner on the goods detained has been rejected and the same has been passed in the name of the driver of the vehicle.

Sale Value on date of agreement date to be considered u/s 50C (1st proviso): ITAT

January 3, 2025 891 Views 0 comment Print

On appeal before ITAT it was submitted that that the case of assessee has been squarely covered under First Proviso of Section 50C of the Act and thus the sale consideration fixed on date of agreement has to be considered as full valuation of consideration towards transfer of property.

Excise Refund can not be recovered without challenging refund order: CESTAT Chandigarh

January 3, 2025 438 Views 0 comment Print

Assessee was working under Notification No.56/2002-CE dated 14.11.2002 which provides for exemption from the duty of excise to specified goods cleared from industrial units in the State of Jammu & Kashmir to the extent of duty paid in cash by way of a refund mechanism, for a period of ten years from the date of publication of the notification or from the date of commencement of commercial production, whichever is later. During the scrutiny of ER-1 Returns

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