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Admissibility of input tax credit on upfront lease premium

July 29, 2022 3960 Views 0 comment Print

Whether input tax credit can be claimed on upfront lease premium paid? If answer is affirmative, in what manner ITC can be availed?

GST exempt on Maintenance of Micro Compost Centres for Greater Chennai Corporation

July 29, 2022 1155 Views 0 comment Print

Work order received from Greater Chennai Corporation for Maintaining Micro Compost Centers and processing of wet waste’ are exempted from GST

GST on Supply of Medicines while providing health care services to Out-patients of hospital

July 29, 2022 4041 Views 0 comment Print

Supply of Medicines & consumables in the course of providing health care services to Out-patients of hospital is not a composite supply & hence taxable to GST

Addendum to SEBI Circular on Development of Passive Funds

July 28, 2022 534 Views 0 comment Print

Clause 2(IV)(A) of the aforesaid circular prescribed that in respect of units of ETFs, direct transaction with AMCs shall be facilitated for investors only for transactions above a specified threshold of INR 25 Cr.

Hawala Purchase: Only profit element can be taxed not entire Purchase

July 28, 2022 951 Views 1 comment Print

Navin Sirahmal Mukim Vs ITO (ITAT Pune) It is observed that the assessee allegedly purchased diamonds through the Hawala purchase bills and thereafter utilized the same in the manufacture of the jewellery. In such a situation, the entire amount of purchase bills does not requires addition but only the profit element because the diamonds must […]

Forgery should be proved by clear & cogent evidence: CESTAT sets aside Penalty

July 28, 2022 453 Views 0 comment Print

Diamond Creations Vs C.C.-Mundra (CESTAT Ahmedabad) Coming to the contention of revenue regarding forgery of the textile committee report, we do not find any reason to go into the detail as the fact that reports were forged does not impact the classification assuming the reports relied upon by the department are the original one as […]

Filing of declaration from lorry owner Lorry applicable from 01.06.2015 – Section 194(6)

July 28, 2022 1149 Views 0 comment Print

Shesh Dhar Chaube Vs ITO (ITAT Delhi) AO alleged that assessee has not filed any declaration from the lorry owner with regard to the number of vehicles owned by them. In this regard sub-section (6) of Section 194C is relevant which provide for the condition as to providing such declaration from the lorry owners. It […]

Requirements for Applying for November 2022 CA Exams

July 28, 2022 13836 Views 1 comment Print

Candidates who are planning to appear in the November 2022 exams are advised to check their status at the Self Service Portal (SSP) and be assured that they meet the eligibility criteria to be able to effortlessly fill the exam forms at SSP.

SEBI: Settlement of Running Account of Client’s Funds lying with Trading Member

July 27, 2022 1317 Views 0 comment Print

For clients, who have opted for Monthly settlement, running account shall be settled on first Friday of every month. If first Friday is a trading holiday, then such settlement shall happen on the previous trading day.

SEBI signs MoU with the Financial Regulatory Commission, Mongolia

July 27, 2022 423 Views 0 comment Print

SEBI and FRC, Mongolia have entered into a bilateral MoU for mutual co-operation and technical assistance. The MoU has been signed by Ms. Madhabi Puri Buch, Chairperson, SEBI and Mr. Bayarsaikhan Dembereldash, Chairman, FRC.

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