M/s. Vaghasiya Exports Vs Pr. CIT (ITAT Mumbai) Ld. AO was clinched with the issue of suspicious purchases made by the assessee from various entities of tainted group. In fact, it is the only addition made in the assessment order. Specific queries were raised requiring the assessee to substantiate the purchases under suspicion. The assessee […]
It has been observed that Indian banking customers are being targeted by a new type of phishing attack using ngrok platform. The malicious actors have abused the ngrok platform to host phishing websites impersonating internet banking portals of Indian banks.
Explore the penalty imposed on Malwa Remedies Pvt Ltd for violating Section 12 of Companies Act. Detailed analysis, implications & appeal process provided.
Advisory on GSTR1 Filing (11th August 2021) Currently, the Taxpayers are seeing the below statuses for GSTR1, after uploading of JSON file from the of Tool: 1. Processed with Error or 2. In Progress This is due to the fact that many offline utilities used by Taxpayers are not filling the Table 12-HSN wise summary […]
Where the Company has traded or invested in Crypto currency or Virtual Currency during the financial year, the following shall be disclosed:- a. profit or loss on transactions involving Crypto currency or Virtual Currency b. amount of currency held as at the reporting date, c. deposits or advances from any person for the purpose of trading or investing in Crypto Currency/virtual currency.
Vide Notification No. 91/2021-Income Tax | Dated: 10th August, 2021 CBDT establishes 7 Interim Boards for Settlement Headquartered at Delhi, Kolkata, Mumbai and Chennai. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 91/2021-Income Tax | Dated: 10th August, 2021 the S.O. 3216 (E).—In pursuance of the powers conferred […]
Seeks to levy anti dumping duty on imports of Phthalic Anhydride (PAN) originating in or exported from China PR, Indonesia, Korea RP and Thailand for a period of five years. MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 9th August, 2021 Notification No. 43/2021-Customs (ADD) G.S.R. 543(E).—:—Whereas, in the matter of “Phthalic Anhydride” […]
State Bank of Patiala Vs Commissioner, Central Excise and Central Goods and Service Tax (CESTAT Delhi) Appellant urges that the show cause notice is misconceived, as prima facie giving of loans is not an output service, rather money in real terms somewhat akin to goods, goes out of the bank when the loan is advanced. […]
Brace Iron & Steel Pvt. Ltd. Vs Addl. CIT (ITAT Delhi) A.O. disallowed the payment of up-front fee of Rs.1,10,82,175/-on the ground that the assessee was required to pay the same as a lump sum one time non-refundable fee for processing of the loan prior to the execution of the Loan Agreement, therefore, it is […]
It is clarified that change in the terms of a derivative contract on account of change in reference rate necessitated due to transition from LIBOR to an alternative reference rate shall not be treated as restructuring of the derivative contract provided all other parameters of the original contract remain unchanged.
