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Charges levied by Foreign Bank Not Taxable under Banking & other Financial Services

September 11, 2023 705 Views 0 comment Print

CESTAT Chennai rules that Kadri Mills (CBE) Ltd. is not liable to pay tax on banking charges deducted by foreign banks. The article provides a comprehensive analysis of the judgment.

GST: Calcutta HC stays Section 61 notice over jurisdiction issue

September 11, 2023 1587 Views 0 comment Print

Calcutta High Court allows Gopeshwar Iron & Steel’s appeal, staying a notice under Section 61 of the CGST Act, 2017. Discover why jurisdiction matters in this intricate tax case.

Section 153A: No Addition Without Incriminating Evidence in Unabated Assessment

September 9, 2023 1512 Views 0 comment Print

ITAT Chennai in Estate of Late Smt. Jayanthi Krishnamurthy Vs ACIT held that no addition could be made under section 153A in absence of incriminating evidence resulting from a search, especially if assessment is unabated.

Chlorinated Paraffin Wax (liquid form) classifiable under Sub Heading 3824 90 & CBIC  clarification has a retrospective effect

September 9, 2023 369 Views 0 comment Print

Analysis of CESTAT Ahmedabad decision in Gujarat Alkalies and Chemicals Ltd vs C.C.E. & S.T., focusing on retrospective effects of CBEC clarification on excise tax for Chlorinated Paraffin.

Reassessment can be initiated only on approval from specified authority & should not be based on change of opinion

September 9, 2023 4143 Views 0 comment Print

Exploring Siemens Financial Services vs DCIT Bombay High Court case that clarified role of specified authority in reassessment approvals and impermissibility of changes in opinion.

ICSI urges to allow CS in practice to be independent director of a company  

September 8, 2023 4422 Views 1 comment Print

ICSI requests amendments to Sections 204 & 149(6)(e)(ii)(A) of Companies Act,, to enable Company Secretaries in practice to be Independent Directors

ICSI Proposes New Mechanism for Charge Creation Post 120 Days

September 8, 2023 17196 Views 0 comment Print

ICSI suggests an amendment in Section 77 of Companies Act, 2013. It aims to allow charge registration beyond 120 days with ad valorem fees.

New Export Obligation Monitoring SOP for EPCG & Advance Authorization

September 8, 2023 1995 Views 0 comment Print

Learn about SOP for monitoring Export obligation fulfillment under EPCG and Advance authorization schemes by Chennai Customs.

Clarify on admission of Indian Trusts as partners in LLPs: KSCAA

September 7, 2023 12423 Views 2 comments Print

KSCAA seeks clarification from MCA regarding the eligibility of Indian trusts as partners in Limited Liability Partnership (LLP) firms.

Loss cannot be denied by treating Revised Return as Original Return & CIT not liable for cost if no malafide action proved

September 6, 2023 933 Views 0 comment Print

Khadi Grammodhyog Prathisthan Vs Asst. Director of Income CPC (ITAT Jodhpur) The case of Khadi Grammodhyog Prathisthan Vs Asst. Director of Income CPC (ITAT Jodhpur) revolves around the denial of current year losses by treating a revised tax return as an original return. This appeal arises from an order dated 14.02.2023, issued by the National […]

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