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  • No Audit on Books of Account u/s 44AB of IT Act due to Turnover Limitation: ITAT deletes penalty
  • June 10, 2023
June 1, 2023
In a disproportionate assets case, a customs officer and his family have been convicted by a CBI court in Kochi. The Calicut Customs deputy commissioner, P.R. Vijayan, along with his wife and three daughters, were found guilty by CBI Court-Ill, presided over by special judge KK Balakrishnan. Each of them has been sentenced to two […]
May 31, 2023
Learn about India’s football history and follow its evolution over the years with our comprehensive betting guide. We also provide helpful tips on how you can bet on Indian football for maximum success. Start making smarter bets today! The Evolution of Indian Soccer: How the Sport has Changed Over the Years Soccer, or soccer as […]
May 29, 2023
The Dubai Chapter of the Institute of Chartered Accountants of India (ICAI) has highlighted the role of the Indian Chartered Accountants (CAs) in the 49 Billion US Dollar Indo-UAE bilateral trade in the previous year, while outlining the growth roadmap for 2023-2024 driven by sustainable technology through innovation. Indian Chartered Accountants are playing a crucial […]


  • NRIs and PMLA Compliance Requirements - Reporting Transaction Details - TAXSCAN
  • NRIs and PMLA Compliance Requirements: What You must Know about Reporting Transaction Details
  • May 31, 2023
  • According to data from the United Nations, there are 272 million international migrants in the world, and 6.4% of them are Indian. NRIs (Non-Resident Indians) make a considerable economic contribution to India. It supports the Indian economy on a large scale, notably through increasing national savings, capital accumulation, investment, and other factors that lead to […]
  • GST Defaults - GST Amnesty Schemes - GST Amnesty - schemes, amnesty schemes - gst schemes - available GST Amnesty schemes - GST - GST amnesty schemes 2023 - taxscan
  • GST Defaults: Know the Amnesty Schemes available in 2023
  • May 26, 2023
  • The government has implemented various amnesty schemes at different times to offer benefits to taxpayers, particularly for those who have failed to file returns on time or have committed defaults under Central and State Goods and Services Tax Acts. Missing out compliance due dates are the worst nightmares of every practitioner. The difficulties in implementation […]
Audit on Books of Account - Books of Account - IT Act due to Turnover Limitation - ITAT deletes penalty - penalty - taxscan
June 10, 2023

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT) deleted the penalty for auditing the books of account under section 44AB of the Income Tax Act,1961 due to turnover limitation. Bangla Readymade Garments Mfg and Traders Welfare Association, the appellant assessee was an association of persons formed for looking after the interests of […]

Interest Expenses - Income  from Loans - Income - Loans - Loans and Advances - Disallowed - Income Tax Act - ITAT - Income Tax - taxscan
June 10, 2023

The Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) has recently held that the interest expenses incurred for earning income from loans and advances should not be disallowed under Section 57 of Income Tax Act, 1961. The assesee Ankit Ashok Savla after filing the return for the assessment year 2017-18. The case was selected for...

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Mining Services - Service Tax - CESTAT set aside Demand of Service Tax by Invoking Extended Period - CESTAT - CESTAT set aside Demand of Service Tax - Demand of Service Tax - Taxscan
June 9, 2023
The Kolkata bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that ‘Mining services’ are liable for service tax only with effect from 01/06/2017 and set aside the demand of service tax by invoking an extended period. M/s G. S. Atwal & Co. Engineers Pvt. Ltd., the appellant provided ‘Mining Services’ to the service recipients during the period 16.08.2002 to 31.10.2006, but did not pay service tax on such activities and also did not take any
Certificates being Issued by Qualified Professionals - Cost Accountants - Chartered Accounts - cannot be Rejected - corroborative Evidence - CESTAT - TAXSCAN
June 10, 2023

The Ahmedabad Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), ruled that Certificates when issued by qualified professionals like cannot be rejected for want of corroborative evidence. The appellant, Rajashree Polyfil, is engaged in the manufacture of Nylon Chips and Pet chips falling under Chapter 39 of the First Schedule to the...

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CESTAT Weekly Round-Up - Weekly Round-Up - CESTAT - Round-Up - Taxscan
June 10, 2023

This weekly round-up analytically summarises the key stories of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) reported at taxscan.in, from June 3 to June 9 2023. No evidence proves Unjust enrichment, Refund of Excess Paid Duty must be Credit to Consumer Welfare Fund: CESTAT Pr. Commissioner of Customs Central Tax vs Sachdev Overseas Fitness Pvt...

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  • 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 […]
Typographical Mistakes - NCLT - NCLAT - Typographical Mistakes in Order passed by NCLT - taxscan
June 9, 2023
The Delhi bench of the National Company Law Appellate Tribunal (NCLAT) set aside the order by National Company Law Tribunal (NCLT) since there were typographical mistakes in Order. TCR Trading Private Limited and Triage Industries Limited challenged the order passed by the NCLT. The TCR Trading Pvt. Ltd./ Transferor Company No. 1 is being proposed […]
IBBI - NCLAT’s vested Powers of Review and Recall - NCLAT -Review and Recall - Supreme Court Decisions - Supreme Court - taxscan
June 8, 2023
The Insolvency and Bankruptcy Board of India (IBBI) has released a note on the powers of review and recall vested with the National Company Law Appellate Tribunal, as per the  rulings of the Supreme Court of India and the decision of NCLAT in Union Bank of India (Erstwhile Corporation Bank) Vs. Dinkar T. Venkatasubramanian & […]
non-compliance of provisions - Resolution plan - IBC - NCLAT - taxscan   
June 7, 2023
The Chennai bench of the National Company Law Appellate Tribunal (NCLAT) held that the resolution plan was not approvable due to non-compliance with provisions under section 29A(G) read with section 240 A of the Insolvency and Bankruptcy Code, 2016. Mr. Guruprasad V Hishobkar, the appellant is the Promoter / Shareholder of Shree Ashraya Infra-Con Limited […]
MCA releases Filing steps and FAQs -FAQs - MCA - FORM 3 LLP - FAQs on FORM 3 LLP - taxscan
June 5, 2023
Following the replacement of  the Form 3 of Limited Liability Partnership (LLP), the Ministry of Corporate Affairs (MCA) has released the filing steps and Frequently Asked Questions (FAQs) on Form 3. The Form 3 has two purposes: the first is to document the initial LLP agreement (Purpose 1), and the second is to document any […]
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