Sh. Vinod Jindal Vs DCIT (ITAT Delhi) Penalty under section 271AAA of the Act was imposed based on the additions made in the assessment order, aggregating to Rs.24,54,184/-. However, while deciding assessee’s quantum appeal, the Tribunal in ITA No. 839/Del/2017, dated 30.06.2022 has deleted addition of Rs. 1 lakh made on account of unexplained cash. […]
PPIs are instruments that facilitate purchase of goods and services, including financial services, remittance facilities, etc., against the value stored on such instruments. PPIs that can be issued in the country are classified under three types viz. (i) Closed System PPIs, (ii) Semi-closed System PPIs, and (iii) Open System PPIs.
Janardhan Gupta Vs DCIT (ITAT Delhi) ITAT find that as emanating from the facts narrated above, the revenue authorities have disallowed the assessee’s claim of cost of purchase and cost of improvement de hors any corroborative evidences. In our considered opinion, there is no infirmity in the orders of the authorities below as onus is […]
Umeshkuamr Harilal Shah Vs ITO (TDS) (ITAT Ahmedabad) It is undisputed fact that the assessee is not a manufacturer and the scrap which was sold by the assessee was not from the manufacturing activity. The decision of the Special Bench in case of Bharti Auto Product (supra) was observed that scrap means wasted which is […]
Sh. Milan Tiwari, Inspector of Chennai GST Zone had developed a Web-Application named as GST Doctor which is useful for efficient and holistic analysis of GST-Returns, Invoice-wise data etc. for the purpose of Audit; scrutiny of GST returns; and processing of GST Refunds.
Modified Interest Subvention Scheme for Short Term Loans for Agriculture and Allied Activities availed through Kisan Credit Card (KCC) during the financial years 2022-23 and 2023-24
It is advised that the overnight balances held by banks with RBI under SDF shall be eligible as ‘Level 1 High Quality Liquid Assets (HQLA)’ for computation of LCR.
Salient features of the Draft IRDAI (Expenses of Management of Insurers Transacting Health & General Insurance Business) Regulations, 2022 are as under – Regulations supersede the IRDAI (Expenses of Management of Insurers transacting General or Health Insurance business) Regulations, 2016
Draft IRDAI (Payment of Commission or Remuneration or Reward to Insurance Agents and Insurance Intermediaries) Regulations 2022 is revised to IRDAI (Payment of Commission) Regulation 2022.
Key changes being proposed in Draft IRDAI (EOM of Insurers Transacting Life Insurance Business) Regulations, 2022 are as under – Introduction of Objective Clause – To enable and give flexibility to the insurers to manage their expenses within overall limits based on their gross written premium to optimally utilize their resources for enhancing benefits to policyholders
