• Headlines
  • Co-operative Society providing Financial Accommodation to members without RBI License for Banking Business is eligible for Exemption u/s 80P(2)(a)(I): ITAT [Read Order]
  • July 7, 2022
June 23, 2022
Income Tax Department carried out search and seizure operations on 16.06.2022 on a business group involved in retail and export sale of handicrafts, cash financing, purchase and sale of land and buildings, alongwith some bullion traders. The search operation covered more than 25 premises spread across Rajasthan and Mumbai. During the course of the search operation, […]
June 17, 2022
The Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI)hasannounced the launch of online batch 35 of the ‘Certificate Course on Indian Accounting Standards (Ind AS)’. The Batch will bestarting from 16th July 2022. “The ASB wishes to inform its Members that this course shall impart a ‘reasonable / working level’ […]
June 17, 2022
There were almost 12 million road accidents in the year 2019 alone. Out of the 12 million road accidents, over 6 million involved passenger cars. These statistics are enough to make anyone realize the potential risks and dangers of driving a car on the road. Road accidents are very common, and the common thing about […]


  • The Quandary of Standard Abatement - Gujarat High Court - GST - Taxscan
  • The Quandary of Standard Abatement
  • May 26, 2022
  • The Real Estate players have traveled a bumpy road as far as Indirect taxes are concerned. Right from the era of Sales tax, the sector has faced challenges probably like no other sector. When GST was introduced, the sector was hopeful of some respite – not in financial terms, but in terms of clarity of […]
  • Notice - Customs - recovery - Drawback - Non-Realisation - Exports Proceeds - Taxscan
  • Notice from Customs for recovery of Drawback on Non-Realisation of Exports Proceeds
  • May 17, 2022
  • Lot many exporters have started receiving notice from Customs department for recovery of Drawback as below : Notice Specimen : Sub: Non/Part Realization of Exports Proceed s for Drawback – reg. While monitoring the realization of exports proceeds for shipping bills filed between 01.04.2014 to 31.03.2018 through ADVAlT / RBI BRC module of CBlC, it […]
  • Pizza toppings - Bringing science into GST - Taxscan
  • Pizza toppings: Bringing science into GST!
  • April 4, 2022
  • One item on the Italian cuisine that everybody is fond of is of course PIZZA. This is also apparent from the fact that after the Haryana AAAR announced a GST ruling on classification of pizza toppings, ‘Pizza’ trended on Indian twitter. Thus, there remains no doubt on the popularity of pizza and the delight it […]
  • Representation Time in Company -Strike Off Notices -STK-1 - taxscan
  • Representation Time in Company’s Strike Off Notices (STK-1 & 5)
  • March 23, 2022
  • Introduction The action of striking off by the Registrar of Companies (ROC) has started again, and many of the corporates who have failed to file their annual returns have received the notice under Section 248 of the Companies Act, 2013 (hereinafter referred as “ 2013 Act”) in this regard. In the recent past, it was […]
ITAT Chennai - Co-operative Society - Financial Accommodation - members - RBI License - Banking Business - Exemption - ITAT - Taxscan
July 7, 2022

The Income Tax Appellate Tribunal (ITAT), Chennai Bench has held that the cooperative society providing financial accommodation to members without Reserve Bank of India (RBI) license for banking business is eligible for exemption u/s 80P(2)(a)(I). The assessee, Varathappam Palayam Primary Agricultural Co-op. Credit Society having “A” class Members as well as “B” class Members as […]

Cash Deposits - Business - Shroff - Undisclosed Income - ITAT - Taxscan
July 7, 2022

The Income Tax Appellate Tribunal ( ITAT ) Rajkot Bench presided by Ms. Annapurna Gupta, Accountant Member And Shri TR Senthil Kumar, Judicial Member has held that the cash deposits out of business of Shroff cannot be treated as undisclosed income u/s 68. The assessee, M/s.   is engaged in Shroff business and derives income from […]

Refund - Service Tax - Karnataka HC - taxscan
July 7, 2022
A division bench of the Karnataka High Court has held that Justice P.S. Dinesh Kumar and Mr. Justice Anant Ramanath Hegde has held that the limitation period cannot be invoked to deny the refund of service tax paid by mistake. The appellant, M/S Bellatrix Consultancy Services had entered into an agreement with a Professional Lien Search LLC, a Company based in the United States of America (USA), and providing support services to real estate property buyers in the USA. The
Packaging Drums - Cenvatable Input - Non-Excisable Goods - CESTAT - Excise Duty Demand - Taxscan
July 7, 2022

The Ahmedabad bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), has quashed a demand for excise duty holding that the empty packaging drums of cenvatable input are “non-excisable goods” for the purpose of the Excise law. The issue before Mr. Ramesh Nair (Judicial Member) was that whether the appellant is required to...

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CENVAT Credit - Bona Fide belief - Karnataka HC - taxscan
July 6, 2022

The division bench of the Karnataka High Court has held that an extended period of limitation cannot be invoked when CENVAT Credit availed on bona fide belief and acted in good faith. The assessee, M/S ABB Limited, is engaged in the business of manufacturing and clearance of turbochargers, electric motors, transformers, etc., and also engaged...

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Central Excise Act - CESTAT - demand of Duty - taxscan
July 6, 2022

The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Ahmedabad set aside demand of duty on the ground that buyer’s premises is not included under place of removal under the Central Excise Act. The appellants, Savita Oil Technologies Ltd are engaged in manufacture of excisable goods. During the scrutiny of their records, it was noticed...

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Payment - CVD - SAD - imports - CESTAT - refund - taxscan
July 6, 2022

The Customs, Excise, and Service Tax Appellate Tribunal (CESTAT), Chennai allowed refund on the ground that payment of CVD (Countervailing Duty) and SAD (Special Additional Duty) for imports made prior to 30. 06.2017. The appellants, M/s. ITCO Industries Ltd. obtained two advance authorizations dated 29.06.2016 and 05.01.2017 issued by the Additional Directorate General of Foreign […]

chennai-port-trust-taxscan
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 Tax Authority - UAE- Tax Registrants - Penalties re-determined - violating Tax Laws - Taxscan
January 25, 2022
The UAE Tax Authority has extended the grace period for UAE’s tax registrants to get their penalties re-determined for violating tax laws until December 2022. The earlier deadline for re-determination was December 31, 2021. The Federal Tax Authority (FTA) clarified that tax registrants who had not met the necessary conditions to benefit from the administrative […]
Banks - Cash Withdrawal from ATM - RBI - Taxscan
June 11, 2021
The Reserve Bank of India (RBI) has allowed the banks to hike the fee charged on cash withdrawal beyond the permitted free Automated Teller Machine (ATM) transaction limit from Rs 20 to Rs 21 per transaction, with effect from January 1, 2022. The Regulatory Bank had constituted a Committee in June 2019 under the Chairmanship […]
OECD - report - Inheritance Taxation - OECD Countries - Taxscan
May 18, 2021
The Organisation for Economic Co-operation and Development (OECD) has released the report on Inheritance Taxation in OECD Countries. The purpose of the report is to Compare and assess inheritance, estate and gift taxes across OECD countries and Explore the role that these taxes could play in raising revenue, addressing inequalities and improving the efficiency of […]



IBBI - IPA - Regulations - taxscan
July 7, 2022
The Insolvency and Bankruptcy Board of India (IBBI) notified on Tuesday that disciplinary proceedings against IPA are to be conducted as per IBBI (Inspection & Investigation) Regulations, 2017. A notification issued by the Board on 4th July stated that the IBBI (Insolvency Professional Agencies) (Amendment) Regulations, 2022 to further amend the IBBI (Insolvency Professional Agencies) […]
Financial Services Institutions - Board-level Appointments - PSBs - Financial Institutions - taxscan
July 2, 2022
The Ministry of Finance has notified the establishment of a Financial Services Institutions Bureau (FSIB) for the purpose of recommending persons for appointment as whole-time directors and non-executive chairpersons on the Boards of financial services institutions and for advising on certain other matters relating to personnel management in these institutions. As per a notification issued […]
MCA - LLPs - Taxscan
June 30, 2022
The Ministry of Corporate Affairs (MCA) has extended the last date for filing form-11 by the Limited Liability Partnerships (LLPs). A notification issued on Wednesday said “In continuation of MCA General Circular no. 04/2022 dated 27.5.2022 on the captioned subject, it has been decided to further extend the timeline and allow LLPs to file e-Form […]
SEBI - Second Amendment - Regulations - taxscan
June 23, 2022
The Government has notified the Securities and Exchange Board of India (Employees’ Service) (Second Amendment) Regulations, 2022. The notification issued on Wednesday stated that “in the Table below the Schedule, in column 3, the words, numbers and symbols, Bachelor’s Degree in Engineering (electrical/ electronics/ electronics and communication/ information technology/ computer science)/ Masters in Computers Application/ […]
MCA - Penalty - NFRA - Rules - Taxscan
June 22, 2022
The Ministry of Corporate Affairs (MCA) has notified that the non-compliance with the National Financial Reporting Authority Rules, 2018 would attract a penalty of not exceeding Rs. 5,000. A notification issued on Friday amended the existing rules and inserted a clause prescribing a punishment in case of non-compliance with the said rules. As per the […]
IBBI - Insolvency Resolution Process - Corporate Persons Regulations 2016 - Taxscan
June 15, 2022
The Insolvency and Bankruptcy Board of India (IBBI/Board) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2016 (CIRP Regulations) on 14th June, 2022. The amendment provides the operational creditors to furnish extracts of Form GSTR-1, Form GSTR-3B and e-way bills, wherever applicable along with the application filed […]
IBBI - Grievance and Complaint Handling Procedure Regulations - IBBI (Inspection and Investigation) Regulations - Taxscan
June 15, 2022
With a view to putting in place, a streamlined and swift complaint handling procedure, the Insolvency and Bankruptcy Board of India notified the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2022 and the Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2022 to amend the Insolvency […]
MCA - amends - Companies (Removal of Names of Companies from the Register of Companies) Rules - taxscan
June 13, 2022
The Ministry of Corporate Affairs vide notification dated 9 th June 2022 has amended the provision of the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016. Pursuant to the said amendment, now the Registrar may call for further information/document if the Registrar finds that the application in Form STK-2 (Application […]
IGST - Compensation Cess - Advance Authorisation - EPCG - EOU scheme - Taxscan
July 5, 2022

After the 47th GST Council meeting decisions are out, the Directorate General Of Foreign Trade (DGFT) has notified the exemption of Integrated Goods and Service Tax (IGST) and Compensation Cess under Advance Authorisation, EPCG and EOU scheme by amending the Foreign Trade Policy 2015-20. “Integrated Tax and Compensation Cess under Advance Authorization as per Para […]

Finance Ministry - Application - Insurance Act - IFSCs - SEZ - Taxscan
July 5, 2022
The Ministry of Finance has notified the applicability of the Insurance Act on the newly notified International Financial Services Centre (IFSC) and Special Economic Zone (SEZ). As per the notification issued on Monday, the provisions contained in sections 29, 32B, 32C, 32D, 64C, 64D, 64E, 64F, 64G, 64H, 64J, 64K, 64L, 64M, 64N, 64-O, 64R, […]
CA Exam Paper Leak Case - Delhi Court - Accused - Taxscan
June 29, 2022
After 15 years of legal battle, the Delhi Court has finally convicted three persons accused of leakage of question papers of the Common Proficiency Test (CPT) conducted by ICAI in the year 2007. For the first time in 57 years, question papers of the Common Proficiency Test (CPT), the first level of examination for the […]
Webinar - Denial of IGST Refund - Rebate to Advance Authorization Holder - Taxscan
June 11, 2021

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 […]

Webinar - SEBI - Proposed changes - Promoters, - Promoter Group - Independent Directors - Taxscan Premium Users - Gaurav pingle - taxscan
May 20, 2021

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 […]

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 […]