Income Tax: CBDT notifies amendment in ITR forms for AY 2023-24 / FY 2022-23.
Income Tax: CBDT notifies amendment in ITR forms for AY 2023-24 / FY 2022-23. [Notification No. 8/2023-Income Tax| Dated: 28th February, 2023]
Income Tax: The Central Government notifies for the purposes of the income tax deduction under Section 10(46), ‘Insolvency and Bankruptcy Board of India’, New Delhi (PAN AAAGI0193K) (02.03.2023)
Income Tax: The Central Government notifies for the purposes of the income tax deduction under Section 10(46), ‘Insolvency and Bankruptcy Board of India’, New Delhi (PAN AAAGI0193K), a Board established by the Central Government, in respect of the specified income arising to that Board. [Notification No. 09/2023- Income Tax | Dated : 01st March, …
Judicial Corner – NCLAT Delhi recently held that the provisions of Code override other laws including law pertaining to excise duty (02.03.2023)
IBC NCLAT Delhi recently held that the provisions of Code override other laws including law pertaining to excise duty.
IRDAI: IRDAI issued various Product for Persons with Disabilities (PWD), Persons afflicted with HIV/AIDS, and those with Mental Illness (01.03.2023)
IRDAI: IRDAI issued various Product for Persons with Disabilities (PWD), Persons afflicted with HIV/AIDS, and those with Mental Illness. [IRDAI/HLT/CIR/MISC/58/2/2023 Dated:27.02.2023]
Article on ‘The Adani Saga – The Tumultuous Journey Of A Chequered Indian Entrepreneur In The Days Of Neoliberalism’ by CS Venkat R Venkitachalam, Chairman, Bizsolindia Services Pvt. Ltd (February 2023)
The Beginning: When a child was born to Shantaben Adani and Shantilal Adani on 24th June 1962, they named the boy Gautam. Presumably the naming was a clear recognition of a venerated godly figure born in India and went on to become famous around the world as Gautam Buddha. The child, thus named Gautam Adani …
From the Desk of the Chairman (March 2023)
Late Babasaheb Thackeray and his extended family have always considered Maharashtra as the family’s acquired inheritance (legitimate or otherwise) and have ruled it with or without monarchical salutations. Even when Shiv Sena won the elections for the Legislative Assembly, Babasaheb considered it below his dignity to become the state’s Chief Minister. He did not want …
Judicial Corner : High Court of Cuttack recently held that amount deposited consequent to any demand by department cannot be allowed as refund when assessee has neither produced any evidence to prove such deposit was made under protest nor made submission against such demand in Part B of Form DRC 01A; mere stating “liability is not acceptable” while paying any duty does not amount to duty paid under protest. (28.02.2023)
GST : High Court of Cuttack recently held that amount deposited consequent to any demand by department cannot be allowed as refund when assessee has neither produced any evidence to prove such deposit was made under protest nor made submission against such demand in Part B of Form DRC 01A; mere stating “liability is not …
Judicial Corner : High Court of Bombay held that relevant date for computation of limitation period for refund has to be determined first and only thereafter, it can be examined as to whether limitation period for refund in a particular case stand protected by Supreme Court’s decision for excluding period from 15-3-2020 to 2-10-2021 for computing limitation period. (26.02.2023)
GST : High Court of Bombay held that relevant date for computation of limitation period for refund has to be determined first and only thereafter, it can be examined as to whether limitation period for refund in a particular case stand protected by Supreme Court’s decision for excluding period from 15-3-2020 to 2-10-2021 for computing …
Judicial Corner : Hon’ble Delhi Tribunal recently held that no Service Tax can be levied on take-away/parcel food from restaurants as it would amount to sale of goods wherein, element of service such as dining facility, washing area and clearing of the tables are not involved. (Date : 27.02.2023)
SERVICE TAX : Hon’ble Delhi Tribunal recently held that no Service Tax can be levied on take-away/parcel food from restaurants as it would amount to sale of goods wherein, element of service such as dining facility, washing area and clearing of the tables are not involved.
Judicial Corner : Hon’ble Tribunal Delhi held that CENVAT credit cannot be denied if the credit on such services is already settled to be an eligible input service. (25.02.2023)
Central Excise : Hon’ble Tribunal Delhi held that CENVAT credit cannot be denied if the credit on such services is already settled to be an eligible input service.
Judicial Corner – GST (23.02.2023)
GST: High Court of Bombay held that GST Registration shall not be cancelled until any there is any gross violation. The right to carry on trade or profession cannot be curtailed contrary to the constitutional guarantee and further the State would suffer loss of revenue and the ultimate goal under GST regime will stand defeated …
DGFT: DGFT has amended the import policy of Cashew Kernels (23.02.2023)
DGFT: DGFT has amended the import policy of Cashew Kernels: ITC (HS) Code Description Import Policy Existing Import Policy Revised Import Policy 8013210 Cashew Kernel, Broken Prohibited However, import is free if CIF value is above Rs. 680/- per KG 1. However import is free if CIF value is above Rs. 680/- per KG. 2. …
DGFT: DGFT has amended the import policy of Cashew Kernels (23.02.2023) Read More »
Customs: CBIC has amended Circular No. 26/ 2016 of Customs relating to Public Warehousing Licensing Regulations, 2016 (23.02.2023)
Customs: CBIC has amended Circular No. 26/ 2016 of Customs relating to Public Warehousing Licensing Regulations, 2016, Private Warehousing Licensing Regulations, 2016 and Special Warehousing Licensing Regulations, 2016 to give time limit of 45 days for completion of antecedent verification of the applicant from receipt of application. [Circular-No-05-2023, Dated 21st February, 2023]
Customs: New column 25A for details of Ex Bond Bill of Entry Number, Ex Bond Bill of Entry Date, Shipping Bill Number and Shipping Bill date are inserted in the format of “Form A”(23.02.2023)
Customs: New column 25A for details of Ex Bond Bill of Entry Number, Ex Bond Bill of Entry Date, Shipping Bill Number and Shipping Bill date are inserted in the format of “Form A” (i.e., Form to be maintained by the warehouse licensee of the receipt, handling, storing and removal of the warehoused goods) [Circular-No-04-2023, …
Judicial Corner – GST (22.02.2023)
GST Hon’ble High Court of Bombay held that, Chairman and Managing Director cannot plead for exemption from appearance before GST authority when any summons is issued under GST Act to them as they are aware of facts and circumstances as they have signed and verified the petition on oath which implies that they are in …
RBI: RBI has issued notification that all Reserve Bank of India (Financial Statements – Presentation and Disclosures) Directions, 2021 shall be applicable to State Cooperative Banks and Central Cooperative Banks.(21.02.2023)
RBI has issued notification that all Reserve Bank of India (Financial Statements – Presentation and Disclosures) Directions, 2021 shall be applicable to State Cooperative Banks and Central Cooperative Banks. [Notification no RBI/2022-23/181 DOR.ACC.REC.No.103/21.04.018/2022-23, Dated 20thFebruary, 2023]
RBI: RBI has issued guidelines for calculation of Capital Adequacy Ratio and the amount available for payment of dividend by Asset Reconstruction Companies (ARCs) who are qpreparing their financial statements as per Ind AS. (21.02.2023)
RBI has issued guidelines for calculation of Capital Adequacy Ratio and the amount available for payment of dividend by Asset Reconstruction Companies (ARCs) who are qpreparing their financial statements as per Ind AS. [Notification no RBI/2022-23/182 DOR.ACC.REC.No.104/21.07.001/2022-23, Dated 20thFebruary, 2023]
Judicial Corner – GST – 21.02.2023
Minor discrepancy in description of vehicle in e-way bill could not attract proceedings for detention of goods and penalty as there was no intention on part of dealer to evade tax, therefore, orders for detention and penalty were to be set aside by the High Court of Allahabad. High Court of Calcutta held that Appellate …
Judicial Corner : Central Excise – 20.02.2023
Central Excise: Interest on refund of pre-deposit @6% duly entitled from date of deposit till the date of refund when demand is set aside
Income Tax: CBDT notifies ITR-7 for Assessment Year 2023-24, ie, Financial Year 2022-23 (15.02.2023)
Income Tax: CBDT notifies ITR-7 for Assessment Year 2023-24, ie, Financial Year 2022-23 [Notification No. 05/2023-Income Tax dtd 14th February 2023]
