The Income Tax Appellate Tribunal (ITAT), Mumbai bench has recently allowed a deduction claim of Tech Mahindra and held that the export profits kept in the EEFC account are the income of the business undertaking for which, deduction under section 10A of the Income Tax Act, 1961. The assessee has earned interest income on fixed […]
In a setback to DSIIDC, the Delhi Bench of Income Tax Appellate Tribunal (ITAT) ruled that the CIT(A) empowered to revise assessment order on failure of Assessing Officer to make proper inquiry. The assessee, DSIIDC Ltd. is a State Corporation. During the year under consideration, the Corporation is acting as a Developing and Collecting agency […]
The Government notified the last Date for Submitting applications for Script-based FTP Schemes and the validity period of Duty Credit Scrips. The Government empowered under Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with Para 1.02 of the Foreign Trade Policy, 2015-20 and the enabling para 3.13 of the FTP, inserted […]
The Delhi Bench of Customs, Excise and Service Tax Appellate Tribunal (CESTAT) said that the Custom Broker to verify genuineness of importer-exporter code, IEC number, identity of client to prevent facilitation of export prohibited goods. The appellant, M/s CSB Logistics is a custom broker under Regulation 11 of CBLR, 2013 to verify antecedent and correctness […]
In a major relief to the Mahatma Gandhi University, the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Delhi Bench ruled that the burden of Proof lies on Revenue to prove the intention of the taxpayer to evade Excise Duty. The appellants, M/s. Mahatma Gandhi University of Medical Sciences and Technology are registered under the […]
The Central Board of Indirect Taxes and Customs (CBIC) has eased the availability of containers for exporters. In order to continue the emphasis on enhancing the availability of containers has decided that the field formations also take the 3 measures. To begin with, dispose expeditiously the unclaimed or uncleared or seized or confiscated goods including […]
A two-judge bench of the Madras High Court has denied the benefit of exemption of urban land tax to Chennai Port Trust under the provisions of the Tamil Nadu Urban Land Tax Act of 1996. While considering an appeal filed by the State, Chief Justice Amreshwar Pratap Sahi and Justice Senthilkumar Ramamoorthy ruled that the […]
The Lieutenant Governor (LG) of Jammu and Kashmir, Manoj Sinha while Putting speculations to rest said that the Union Territory administration would not levy any property tax on the people in Jammu and Kashmir. Earlier this month, the Union home ministry had empowered the union territory’s administration to impose the property tax following an amendment […]
The Andhra Pradesh High Court granted interim bail to Persons accused of Money Laundering by creating forged documents for transactions in banks. The petitioner, Bhimendra Kumar Goyal has sought bail who is alleged of an offense under Section 3 read with 4 of Prevention of Money Laundering Act, 2002. In pursuance of the conspiracy created […]
Tuesday15th June, our next webinar under our SIMPLIFIED banner on the subject ‘Denial of IGST Refund / Rebate to Advance Authorization Holder – Way Forward’ will be held between 5:00 PM and 7:00 PM. CA. NAVJOT SINGH will be our guest speaker for this webinar aimed at professionals and students alike. He has been an […]
Next Saturday, on 5th June, Taxscan is will be conducting the next program under our SIMPLIFIED banner. The Webinar will be on SEBI’s Proposed changes to the Framework of Promoters, Promoter Group & Independent Directors. CS Gaurav Pingle will be the speaker at this webinar aimed at professionals and students alike. Gaurav Pingle is an […]
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