CBIC released Notification No. 44/2023 – Customs on 15th June, 2023. This notification supersedes the previous Notification No. 39/2023-Customs(N.T.) and provides the updated exchange rates for converting foreign currencies into Indian rupees and vice versa for imported and exported goods. The new rates will come into effect from 16th June, 2023. Government of India Ministry […]
CBDT issued a notification on June 15, 2023, designating Special Courts for Economic Offences in the state of Jharkhand. The notification identifies the specific courts and areas assigned for handling cases related to income tax and undisclosed foreign income and assets.
In the case of Patel Ambalal Haridas – HUF Vs ITO, ITAT Ahmedabad orders re-evaluation of land value under section 50C, pointing to a failure to consider the Jantri value and Valuation Report. The case impacts how land value is assessed for capital gains tax purposes.
Orissa High Court grants interim relief in Nilamadhaba Enterprises vs CT & GST Officer, staying tax demand due to the absence of a GST Appellate Tribunal.
Delhi High Court mandates reassessment in Praveen Bansal vs ITO, emphasizing fair hearing and verification of claims under Section 148A(b) of the Income Tax Act.
ITAT Chennai’s upholds entitlement of assessee to interest on tax refund under Section 244A, emphasizing principles of fairness and equity
ITAT Chennai quashed a penalty on cash payment of defaulted EMI, arguing that case presented a ‘reasonable cause’ under Section 273B.
CESTAT Chandigarh overturns dismissal of Johnsons Controls-Hitachi’s appeal by Commissioner of CGST on limitation grounds, citing lack of evidence for order passed and served date being the same.
Read about the notification issued by the Ministry of Corporate Affairs, exempting specific transactions from the provisions of Section 14 of the Insolvency and Bankruptcy Code, 2016. The exemptions include Production Sharing Contracts, Revenue Sharing Contracts, Exploration Licenses, Mining Leases, and related transactions.
Stay updated with IRDAI’s latest regulatory overhaul as they repeal various redundant circulars to enhance clarity and reduce compliance complexity for insurance intermediaries and insurers
