Prakash Corporates Vs Dee Vee Projects Limited (Supreme Court of India) Leave granted. 2. By way of this appeal, the appellant has challenged the order dated 09.07.2021, as passed by the High Court of Chhattisgarh at Bilaspur in WP No. 312 of 2021, whereby the High Court has upheld the order dated 22.06.2021, as passed […]
Petitioner would like to press for grant of interest as ITC under Rule 86A of the Central Goods and Services Tax Rules, 2017 could have been blocked only for a period of one year. He emphasises that in the present case the blocking has been done for two years.
UAE announces introduction of corporate tax w.e.f. 1 June 2023: 1. Corporate Tax has been introduced on net income or profit of corporations and other businesses. This is a federal tax and so applicable to across Emirates. 2. There is zero tax if taxable profits are upto AED 375,000 (to support startups and MSMEs) and […]
17 GST Proposals on 01.02.2022 The Amendments carried out in the Finance Bill, 2022, vide clause 99 to 113 will come into effect from a date to be notified and clause 114 to 123 will come into effect on the date of its enactment. 1. Additional Condition for availment of ITC u/s 16(2)- ITC can […]
Budget 2022 Highlights on Direct Tax: 30 Key Take Aways on Income Tax Proposals 1. Belated Return Term Re-introduced As Updated Tax Return: A new sub-section (8A) in section 139 is proposed to be introduced to provide for furnishing of updated return under the new provisions. an updated return of his income or the income […]
The Companies in India requires to prepare their financial statements in form of Schedule III to the Companies Act, 2013. Schedule III of Companies Act, 2013 came into force with effect from the 1st April, 2014 vide Notification S.O.902(E), dated 26th March 2014 and subsequently amended vide Notification G.S.R. 679(E), dated 4th September 2015, vide […]
Bechtel France SAS Vs DCIT (ITAT Mumbai) Facts: The taxpayer is a company incorporated in France and engaged in the business of procurement and construction. It had set up a project office at Mumbai with site offices at other locations in India to build certain refinery and certain complex. The Commissioner of Income-tax observed that there […]
Sushitex Exports (India) Ltd. & Ors. Vs Union of India & Anr. (Bombay High Court) 1. The order was passed on a plea by a company seeking quashing of a show cause notice which had not been adjudicated for 23 years and return of ₹2 crore which had been deposited by it under protest during […]
Recently Government of India promulgated Production linked Incentive scheme for various sectors to increase innovation and productivity and support Make in India initiative. In the chain of the said schemes, a new scheme is notified for Textile sector, vide Notified vide Notification No. 12015/03/2020-IT dated 24.09.2021 and published on 27.09.2021 in the Gazette of India, […]
Rashmi Motors Vs PCIT (Orissa High Court) 1. This matter is taken up by video conferencing mode. 2. It appears that a Division Bench of Allahabad High Court has in its judgment dated 30th September, 2021 in Writ Tax No.524 of 2021 (Ashok Kumar Agarwal v. Union of India) accepted the pleas challenging reassessment notice […]
