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  • Taxation and other Laws ( Relaxation and Amendment of certain provisions ) Act, 2020 not applicable for FY 2015-16: Bombay HC [Read Order]
  • May 8, 2024
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  • Taxation and other Laws ( Relaxation and Amendment of certain provisions ) Act, 2020 not applicable for FY 2015-16: Bombay HC [Read Order]
  • May 8, 2024
  • CST & VAT / GST
  • Unaware of GST Proceedings until Entire Tax Liability Recovered from Bank Account: Madras HC remands for Reconsideration [Read Order]
  • May 8, 2024
  • Headlines
  • ITAT upholds TNMM Method Over CUP for Benchmarking Export Transactions under Manufacturing Segment [Read Order]
  • May 8, 2024
  • Headlines
  • ITAT allows deduction u/s 54 of Income Tax Act w.r.t respect of New Residential House Property Purchased in Name of Wife [Read Order]
  • May 8, 2024
  • Headlines
  • ITAT directs readjudication regarding Prior Period Expenses after find out year of Crystallization [Read Order]
  • May 8, 2024
  • Headlines
  • ITAT upholds disallowance of Expenditure incurred out of Interest Income pertaining to various funds held by NABARD on behalf of GOI [Read Order]
  • May 8, 2024

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  • Union Finance Minister Administers Oath of Office to Justice (Retd.) Sanjaya Kumar Mishra as First President of GSTAT
  • May 7, 2024
CA May Final Financial Reporting - FR Exam MCQs Leaked - ICAI Exam - TAXSCAN
CA May Final Financial Reporting – FR Exam MCQs Leaked before end of ICAI Exam
May 3, 2024
The allegation of a leaked Multiple Choice Questions (MCQs) of an Institute of Chartered Accountants of India (ICAI) Exam – Financial Reporting [FR] of the May 2024 Final Exams has sparked heated discussions on Social Media, especially X, formerly Twitter. The discussion centers around a message in a telegram account named AIR1CA Guidance & Notes […]
PMLA - Unsuspecting Citizens - Delhi Court - ED - High-Handed - taxscan
S. 50 PMLA not to be Invoked against Unsuspecting Citizens: Delhi Court reprimands ED, calls act “High-Handed”
May 2, 2024
The Delhi Rouse Avenue Court criticized the Enforcement Directorate ( ED ) for its conduct, emphasizing that as an investigative body, it must abide by legal principles and avoid appearing overbearing towards ordinary citizens not under suspicion. Special Judge Vishal Gogne of Rouse Avenue Court rebuked the ED for using Section 50 of the Prevention […]
Aam Aadmi Party leader - Aam Aadmi Party - Money laundering case - Liquor policy scam - taxscan
Arrest by ED Over Liquor Policy Scam: Delhi HC Denies Bail Application of Former Deputy Chief Minister of Delhi
May 1, 2024
The Delhi High Court dismissed the second regular bail plea filed by Former Deputy Chief Minister of Delhi and Aam Aadmi Party leader in the money laundering and corruption cases connected to the liquor policy case. Enforcement Department have arrested him over the Liquor Policy Scam. Sisodia is presently in judicial custody in both cases. […]
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Columns

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  • Updated GST Portal Live Now: Know the Changes
  • May 8, 2024
  • Missed Timelines - Corporate Insolvency Proceedings - Trouble Maker - Distress Companies - taxscan
  • Missed Timelines of Corporate Insolvency Proceedings; A Trouble Maker to Distress Companies
  • May 2, 2024
  • The Insolvency Bankruptcy Code consolidates and amends the laws relating to re organisation and insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders. Corporate Insolvency Resolution Process ( […]
  • GST Compliance Calendar - Due Dates - Deadlines - taxscan
  • GST Compliance Calendar May 2024: Remember these Due Dates and Deadlines
  • May 1, 2024
  • This article offers the Goods and Services Tax Compliance schedule for May 2024. It furnishes essential details to businesses and professionals alike, elucidating the pertinent dates and tasks linked to GST filing and adherence. Deadline GST Return/Form Period 10.05.2024 GSTR – 7: Summary of Tax Deducted at Source (TDS) and remitted under GST regulations April […]
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Income Tax

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Taxation - Laws-Relaxation and Amendment - certain provisions-Act, 2020 - applicable - FY 2015-16 - Bombay HC - taxscan
Taxation and other Laws ( Relaxation and Amendment of certain provisions ) Act, 2020 not applicable for FY 2015-16: Bombay HC [Read Order]
May 8, 2024

A Division bench of the Bombay High Court has held that the Taxation and Other Laws (Relaxation and Amendment of certain provisions) Act, 2020 is not applicable for FY 2015-16. The petitioner is engaged in information technology consulting, software development and business process services. Respondent no.1 is the Assistant Commissioner of Income Tax and Jurisdictional […]

ITAT - TNMM - Over CUP - Benchmarking Export Transactions - Manufacturing Segment - taxscan
ITAT upholds TNMM Method Over CUP for Benchmarking Export Transactions under Manufacturing Segment [Read Order]
May 8, 2024

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) upheld Transactional Net Margin Method ( TNMM ) over Central Processing Unit ( CPU ) benchmarking export transactions under manufacturing segment  The LANXESS India Private Limited was a company engaged in the business of manufacture and trading of chemical and chemical intermediates. The […]

ITAT - deduction - Income Tax Act - New Residential House Property Purchased - Name of Wife - taxscan
ITAT allows deduction u/s 54 of Income Tax Act w.r.t respect of New Residential House Property Purchased in Name of Wife [Read Order]
May 8, 2024
ITAT - ITAT Mumbai - Income Tax - Income tax news - Prior period expenses - taxscan
ITAT directs readjudication regarding Prior Period Expenses after find out year of Crystallization [Read Order]
May 8, 2024
Income tax news - NABARD - Indian government - Disallowance of expenditure - TAXSCAN
ITAT upholds disallowance of Expenditure incurred out of Interest Income pertaining to various funds held by NABARD on behalf of GOI [Read Order]
May 8, 2024
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Service Tax

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CESTAT - Refund - Service Tax - Cancelled Bookings - Flats - taxscan
CESTAT allows Refund of Service Tax Paid on Cancelled Bookings of Flats [Read Order]
May 5, 2024
The Mumbai Bench of the Customs, Excise and Service Tax Appellate Tribunal ( CESTAT ) allowed the refund of service tax on cancelled bookings of flats. Facts of the case in brief are that the Appellant is in the business of providing construction of residential complex service. The Appellant have received booking in respect of the apartments being constructed by it. The Appellant had accordingly collected the booking amount and had discharged the applicable Service Tax in respect of such
GST - GST raid - Shahjahanpur GST raid - Tractor agency fraud - Vineet Tractor Agency - taxscan
Shahjahanpur GST Raid reveals ₹1.2 Cr Goods and Services Tax Fraud at Tractor Agency
April 29, 2024
No Service Tax leviable - Online Ticketing Platform - Book My Show - Receiving Consideration from Card Companies - CESTAT - TAXSCAN
No Service Tax leviable on Online Ticketing Platform under support of Book My Show not Receiving Consideration from Card Companies: CESTAT [Read Order]
April 27, 2024
CESTAT - CESTAT Kolkata - Service Tax - Service Tax Demand - TAXSCAN
Technical Assistance for Manufacture of Aircraft and Engines not IPR-Services: CESTAT quashes Service Tax Demand [Read Order]
April 27, 2024
Central Govt - Time Limit - File Refund Claim - Service Tax - Exported Goods - CESTAT - Refund - TAXSCAN
Central Govt Extended Time Limit to File Refund Claim of Service Tax on Exported Goods: CESTAT allows Refund [Read Order]
April 23, 2024
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CST & VAT / GST

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  • Unaware of GST Proceedings until Entire Tax Liability Recovered from Bank Account: Madras HC remands for Reconsideration [Read Order]
  • May 8, 2024
Updated GST Portal- Know the Changes - taxscan
GST RCM liability Mismatch Occurs - Inadvertent - Filing GSTR 3B - Madras HC - Remands for Reconsideration - TAXSCAN
Retrospective - Settlement - Settlement us 245C(5) of IT Act - Madras HC - TAXSCAN
SCN - GST Demand Order - Madras HC sets aside Order, directs - Initiate Proceedings - accordance with Law - taxascan
GST - Madras High Court -GSTR 2A - GSTR 3B - GSTR
MP Commissioner - Commercial Tax designates GST Officers - Carry out Functions - MP GST Act - effective - taxscan
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Excise & Customs

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Delhi HC - Customs Circular - SCN - Solar Power Plants - MOOWR License - 65 of Customs Act - taxscan
Delhi HC quashes Customs Circular and SCN restricting setting up of Solar Power Plants under MOOWR License u/s 65 of Customs Act [Read Order]
May 7, 2024

The Delhi High Court has quashed a Customs Circular and Show Cause Notice ( SCN ) that imposed restrictions on the establishment of Solar Power Plants under the Manufacturing and Other Operations in Warehouse (MOOWR) License as per Section 65 of the Customs Act. The MOOWR scheme serves as a duty deferment initiative permitting manufacturers...

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CBIC - List 34A and List 34B - Appendix - Customs Notification - taxscan
CBIC amends List 34A and List 34B in Appendix of Customs Notification 50/2017 [Read Notification]
May 7, 2024

The Central Board of Indirect Taxes and Customs ( CBIC ), vide notification no. 25/2024 -Customs dated 6th May 2024 has amended the List 34A and List 34B of Customs Notification 50/2017 dated 30th June 2017. In the said notification, in the Annexure to the Table, for List 34A and List 34B, and the entries...

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Banking

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  • RBI enhances Individual Housing Loan limits and credit to Commercial Real Estate – Residential Housing [Read Circular]
  • January 2, 2023
  • MCA - Booklet - BE(A)WARE - Fraudulent Schemes - taxscan
  • MCA releases Booklet ‘BE(A)WARE’ on Measures to Overcome Fraudulent Schemes
  • November 16, 2022
  • The Ministry of Corporate Affairs ( MCA ) has released a booklet titled “BEWARE” for the public to overcome the fraudulent schemes. There has been a surge in usage of digital modes of payment in the recent years. This gained further momentum during the Covid-19 induced lockdowns. While enhancing customer convenience, it also furthered the […]
  • GST - Crypto - CBIC - Working - Framework - TAXSCAN
  • GST on Crypto: CBIC Working on Defining Legal Framework
  • November 14, 2022
  • In a significant move, the Central Board of Indirect Taxes and Customs (CBIC) is working on defining a legal framework for applying goods and services tax (GST) on crypto or virtual digital assets appears to be around the corner, with the working on an agenda paper on the topic. The board has been interacting with […]
  • Govt - Rupee settlement - Export - Promotion Schemes - taxscan
  • Govt allows Rupee Settlement in Export Promotion Schemes [Read Notification]
  • November 10, 2022
  • In a major relief to the exporters, the Ministry of Commerce and Industry has notified the change in the Foreign Trade Policy 2015-2022  comes after the Reserve Bank of India had, on 11th July 2022, issued guidelines for the settlement of international trade in Indian rupees. Following this, the central government has made changes to […]
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Corporate Laws

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NCLAT - Liquidation Process - Liquidator fees - Auction of Assets - TAXSCAN
Fees Paid to Liquidator to be Paid under Regulation 4(2)(b) of Liquidation Process Regulations on Realization and Distribution of Proceeds from Auction of Assets: NCLAT [Read Order]
April 22, 2024
The New Delhi Bench of the National Company Law Appellate Tribunal ( NCLAT ) observed that the fees paid to Liquidator to be paid under Regulation 4(2)(b) of the Insolvency and Bankruptcy Board of India ( Liquidation Process ) Regulations, 2016 on realization and distribution of proceeds from auction of assets. The counsel for the […]
IBBI - IBBI misconduct cases - case digest - IBBI regulatory actions - taxscan
Case Digest on IBBI Misconduct Stories
April 9, 2024
The Insolvency and Bankruptcy Board of India ( IBBI ) is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies ( IPA ), Insolvency Professionals (IP) and Information Utilities (IU) in India. It was established on 1 October 2016 and given statutory powers through the Insolvency and Bankruptcy Code, which Lok Sabha […]
Failure - Liquidation Process - Failure to Provide Assistance in Liquidation Process by Insolvency Professional - taxscan
Failure to Provide Assistance in Liquidation Process by Insolvency Professional: IBBI suspends Registration for 2 Years [Read Order]
March 20, 2024
The Insolvency And Bankruptcy Board of India(IBBI) found that the Insolvency Professional(IP) failed to assist in the liquidation process and suspended the registration for 2 Years. Show Cause Notice (SCN) was issued to an Insolvency Professional (IP) registered with the Insolvency and Bankruptcy Board of India (Board/IBBI) and a Professional Member of the Indian Institute […]
IBBI - Insolvency and Bankruptcy Board of India - CIRP Regulations - CIRP - corporate insolvency resolution process - Taxscan
IBBI amends CIRP Regulations w. e. f from 15th February 2024
March 12, 2024
The Insolvency and Bankruptcy Board of India has amended corporate insolvency resolution process ( CIRP ) regulations with effect from 15th day of February, 2024. Procedures for Voting: The CoC is empowered to decide the period of opening of electronic voting window with a minimum of twenty-four hours and a maximum of seven days with […]
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