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  • Setback to Tata Steel: ITAT refuses to grant stay on Recovery of Tax and Interest demands to Tune of Rs 1,223.83 cr [Read Order]
  • February 28, 2021
February 27, 2021
The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench condoned the delay in filing Miscellaneous Application as there was reasonable cause for non-appearance. The assessee, Rameshbhai V. Prajapat has submitted that a Miscellaneous Application has been made for recalling the order passed on 20th Feb 2018 ex-parte without considering its merit, and the said application was […]
February 26, 2021
The Income Tax Department initiated search under section 132 of the Income-tax Act, 1961 today in the case of a Gurugram based real estate Company, its promoters, directors and other group companies, covering a total of 20 premises.  The said Company is in the business of government contracts specialising in construction of roads, highways, bridges […]
February 26, 2021
The Ministry of Corporate Affairs (MCA) and Central Board of Indirect Taxes and Customs (CBIC), Ministry of Finance, here today signed a Memorandum of Understanding (MOU) for data exchange between the two organizations. The MoU was signed by Shri Manoj Pandey, Joint Secretary, MCA, and Shri B. B. Gupta, ADG, CBIC, in the presence of […]

  • Income Tax Refund - Pre-Validate your Bank Account - e-Filing Income Tax portal - Taxscan
  • Income Tax Refund: How to Pre-Validate your Bank Account on e-Filing Income Tax portal?
  • February 25, 2021
  • The Income Tax Refunds will only be credited to bank accounts that are pre-validated in the e-filing portal. Only pre-validated accounts can be used in the income-tax return while e-filing. If your bank is integrated with the e-filing portal, pre-validation can be done directly through Electronic Verification Code (EVC) and net-banking route. Conditions to Pre-Validate […]
  • Save your Income Tax - Financial Year - Taxscan
  • Know 10 Tips to Save your Income Tax this Financial Year
  • February 25, 2021
  • Apart from the fact that taxes are viewed as a financial burden, what could further add to the stress could be a lack of knowledge about tax-planning. A majority of taxpayers struggle with fitting the tax-saving piece in the puzzle of their finances. As a taxpayer, you may have multiple sources of income during your […]
Tata Steel - ITAT - recovery of tax - interest - taxscan
February 28, 2021

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench refused to grant stay on recovery of tax and interest demands to the Tune of Rs 1,223.83 crores. The assessee, Tata Steel has sought a stay on collection/ recovery of tax and interest demands aggregating to Rs 1,223.83 crores, in the matter of assessment under section 143(3) […]

ITAT - Capital Gain - Tax - 50C - Taxscan
February 27, 2021

The Income Tax Appellate Tribunal (ITAT) Bangalore, has deleted an addition made by the revenue department under section 50C of the Income Tax Act. The assessee, Ayi Vaman Narasimha Acharya, filed return of income declaring a total income of ₹ 18,83,160 for Assessment Year 2011-12. This return was accepted under section 143(1) and subsequently, the […]

Gujarat High Court - Service Tax Demand - personal hearing - Service tax - Taxscan
February 25, 2021
The Gujarat High Court quashed the Service Tax Demand as no opportunity of personal hearing was given by the concerned authority before passing the order. The writ applicant, Aditya R Parikh seeks to challenge the validity of the recovery notice dated 17th December, 2020 issued in Form GST DRC-16, inter alia, attachment of the factory premise of the writ applicant under Section 79 of the CGST Act, 2017. The order of attachment appears to be the consequences of the order
Electronic filing - Issuance of Preferential CoO - India Exports - India-Mercosur PTA - India-Thailand EHS - DGFT - Taxscan
February 25, 2021

The Director General of Foreign Trade (DGFT) notified the Electronic filing and Issuance of Preferential Certificate of Origin (CoO) for India’s Exports under India-Mercosur PTA and India-Thailand EHSfrom 25th February 2021. The DGFT informed that the electronic platform for Preferential CoO is being expanded further to add two more FTAs/PTAs to facilitate electronic application of […]

Customs Commissioner - Customs Broker License - forfeiting security deposit - imposing penalty - CESTAT - Taxscan
February 25, 2021

The Customs, Excises, Service Taxes Appellate Tribunal (CESTAT), Delhi Bench held that the Customs Commissioner erred in revoking Customs Broker License, forfeiting the security deposit, and imposing a penalty. An offence report with a show cause notice was submitted by the Deputy Director, Directorate of Revenue Intelligence to the Commissioner mentioning that certain importers were […]

Policy and Guidelines - ICDs - CFSs - AFSs - CBIC - Taxscan
February 24, 2021

The Central Board of Indirect Taxes and Customs (CBIC) notified the Policy and Guidelines for setting up of Inland Container Depots (ICDs), Container Freight Stations (CFSs) and Air Freight Stations (AFSs). The Board had issued a new set of policy and guidelines for setting up of ICDs/CFSs/AFSs vide Circular No. 50/2020-Customs dated November 5, 2020. […]

CBIC - clarification on payment - AIDC - EOU - Taxscan
February 24, 2021

The Central Board of Indirect Taxes and Customs (CBIC) issued the  clarification on payment Agriculture Infrastructure and Development Cess (AIDC) by EOU under various situations and amendment to Circular no. 35/2016-Customs dated July 29, 2020. In case of EOU selling finished goods in DTA, BCD exempted on import of inputs used in such finished goods […]

December 7, 2020

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 […]

No plan - impose Property Tax - Union Territory of J&K - LG Manoj Sinha - opposition - Taxscan
October 20, 2020

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 […]

UAE - introduces - new version - eDirham system - pay Taxes - taxscan
October 13, 2020
The United Arab Emirates ( UAE ) has introduced the new version of eDirham system to pay Taxes. UAE tax registrants have until October 31 to register with the latest version of the eDirham platform, the Federal Tax Authority said. The FTA said it completed its preparations to join the third generation eDirham system, which […]
International Tax - UN Committee- Software payments - Royalties - Taxscan
September 16, 2020
The United Nations(UN) Committee of Experts on International Cooperation in Tax Matters has issued a discussion draft for comment on a proposed change in the UN Model Double Taxation Convention to include software payments in the definition of royalties. This change, proposed, would affect Article 12, paragraph 3, of the UN Model Convention Between Developed […]
tax revenues - US state - Michigan - Taxscan
September 14, 2020
The US state of Michigan could be set to become the most lucrative in America for tax revenues derived from casino gaming, according to new forecasts from MichiganSharp on Michigan’s potential iGaming revenues. Revenue projections of $250 million have been made across online casino and poker games, which could yield as much as $60 million […]

Bar - IBC - CIRP - CIRP Application Filed - Supreme Court - Taxscan
February 21, 2021
The Supreme Court held that Section 10A of the Insolvency and Bankruptcy Code (IBC) bars initiation of the Corporate Insolvency Resolution Process (CIRP) with respect to a default that occurred on or after March 25, 2020, even if the application for CIRP was filed before June 5, 2020, when Section 10A was inserted in the […]
MCA - amendments - companies - Taxscan
February 20, 2021
The Ministry of Corporate Affairs on February 19th has notified the amendments to the Companies (Specification of definitions details) Rules, 2014. As per the new amendment,the following classes of companies shall not be considered as listed companies:- Public companies which have not listed their equity shares on a recognized stock exchange but have listed their […]
SEBI - egistration of Kolar Sharex - Rajkumar C Basantani - Stockbroker - Taxscan
February 19, 2021
The Securities Exchange Board of India (SEBI) via 2 separate orders, has canceled the Certificate of Registration of Kolar SharexPvt Ltd. and one of its director, Shri Rajkumar C Basantani for violations of Regulations 9(d) & (f)SEBI (StockBrokers)Regulations with clauses A(1) and A(5) of Code of Conduct specified for stockbrokers under said regulations. In a […]
MCA - issue of share capital - section 62 - Taxscan
February 15, 2021
The Ministry of Corporate Affairs (MCA) on 11th February 2021 has published the Companies (Share Capital and Debentures) Amendment Rules, 2021 to further amend the Companies (Share Capital and Debentures) Rules, 2014. The Amendment brings in a new rule 12A which notifies the period for notice of issue of share capital under section 62. According to […]
Producer Companies Rules 2021 - MCA - implementation of Provisions - Producer Companies - Taxscan
February 13, 2021
The Ministry of Corporate Affairs (MCA) notified that the provisions related to Producer Companies under Chapter XXIA to be effective from February 11, 2021 as inserted by Companies (Amendment) Act, 2020. The objects of the Producer Company shall relate to all or any of the matters. Firstly, production, harvesting, procurement, grading, pooling, handling, marketing, selling, […]
MCA - Producer Companies Rules - taxscan
February 13, 2021
The Ministry of Corporate Affairs (MCA)  notified the Producer Companies Rules, 2021. The provisions of the new rules shall apply to a Producer Company as referred in clause (l) of section 378A of the Companies Act, 2013 As regards to the Change of place of registered office from one State to another, the MCA notified […]
Listing Norms - NIIT Technologies - Dispute - SEBI - Taxscan
February 11, 2021
The Securities Exchange Board of India (SEBI) has disposed of adjudication proceedings against NIIT Technologies Pvt Ltd. through a settlement order where the Company paid rupees 19.12 lakhs towards settlement charges. SEBI had conducted an investigation into the trading activities in the scrip of the company and found some violations of Equity Listing Agreement and […]
Liquidator - Income Tax Liabilities - NCLAT - IT Dept - Refund - TDS - Taxscan
February 11, 2021
The National Company Law Appellate Tribunal on Monday ruled that the liquidator of a Company under liquidation has no liability to fulfill the income tax obligations and therefore, the Income Tax department cannot claim TDS from a liquidator under the Insolvency and Bankruptcy Code (IBC). The liquidator of S Kumar Nationwide, Om Prakash Agarwal, had […]
MCA - CBIC - MoU for Exchange of data - Doing Business in India - Regulatory Enforcement - Taxscan
February 26, 2021

The Ministry of Corporate Affairs (MCA) and Central Board of Indirect Taxes and Customs (CBIC), Ministry of Finance, here today signed a Memorandum of Understanding (MOU) for data exchange between the two organizations. The MoU was signed by Shri Manoj Pandey, Joint Secretary, MCA, and Shri B. B. Gupta, ADG, CBIC, in the presence of […]

State to refund - excessive stamp duty - interest - case failure - Bombay High Court - Taxscan
February 25, 2021
The Bombay High Court directed the State Government to refund the excess stamp duty within four weeks from the date of receipt of the application, failing which they will have to pay interest at the rate of 12% per annum. The Petitioners, Macrotech Developers Ltd., and Palava Dwellers Private Ltd. are engaged in the business […]
Investigating agency - trace trail - cryptocurrency transferred - crypto wallet - Bombay High court - anticipatory bail - Taxscan
February 23, 2021
The Bombay High court while refusing to grant anticipatory bail said that Investigating agency yet to trace trail of cryptocurrency transferred by accused to another crypto wallet. The applicant sought the anticipatory bail in connection with offence under sections 406, 409, 420, 120B, 109 and 201 of the Indian Penal Code , under sections 3 […]
ICMAI - conduct Corporate Laws Quiz - Company Secretaries - CS Students - Taxscan
February 18, 2021

The Corporate Laws Committee of the Institute of Costs Accountants of India (ICMAI) is conducting a Quiz on Corporate Law on the account of celebrating February 2021 as Corporate Law Month on all India basis. The link of the quiz will be made available to the members or students who have registered in the above […]

Simplified Master Class - Input Tax Credit - Legal & Practical Controversies - Nitya Tax - Forward - Taxscan
February 4, 2021

Taxscan in association with NITYA Tax Associates is pleased to announce our next program under Simplified series, a webinar on ‘Input Tax Credit – Concept and Practical Issues’. Input Tax Credit (ITC) is one of key elements of Goods and Services Tax (GST) regime and seamless flow of ITC has always been the objective of […]

Fox Mandal - International Tax Practice - Taxscan
September 9, 2020
Fox Mandal & Associates has appointed Mr. Sandip Mukherjee as Director, International Tax Practice. Sandip would operate from the Pune office and lead the international tax practice of the firm in Southern & Western India. His addition is a part of the firm’s strategic expansion of its Tax Advisory vertical. Sandip has spent about 27+ […]
November 9, 2017
The DMD Advocates has advised Infradigital Technologies Private Limited, a company promoted by Eros Labs Pte. Ltd. in selling its business undertaking engaged in the business of production and distribution of spiritual, devotional and religious audio-visual content and literature to Innertech Media Solutions Private Limited. Innertech is a portfolio company of Times Internet Limited. The business division was transferred […]
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