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  • ITAT Approves Rs. 4.41 Crore Deduction u/s 37 for R&D Unit Operations u/s 35(2)(AB) of  Income Tax Act
  • May 18, 2024
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May 16, 2024
India and Russia have inked the Authorised Economic Operator ( AEO ) Mutual Recognition Agreement on 15th May 2024. The Chairman of central Board of Indirect Taxes and Customs ( CBIC ) Mr. Sanjay Kumar Agarwal and Mr. Ruslan Davydov, the First Deputy Head of the Federal Customs Service, Russia has signed the mutual recognition […]
May 7, 2024
The Union Finance Minister Smt. Nirmala Sitharaman administered Oath of Office to Justice (Retd.) Sanjaya Kumar Mishra as the first President of Goods and Service Tax Appellate Tribunal Appellate Tribunal ( GSTAT ). On September 15, the Center announced the establishment of 31 state benches for the GSTAT. Justice (Retd.) Mishra’s appointment is the beginning […]
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 […]


  • GST Rates - GST on Indian Diet - GST on an Average Indian Diet - Taxscan
  • How Much GST Do You Eat in a Day? Analysis of GST on an Average Indian Diet
  • May 16, 2024
  • An average Indian eats three meals a day. Ever wondered how much of your food budget goes to taxes? From your morning cup of chai to your late night snacks, every bite of your food contains a hidden ingredient – GST. In this article, we’ll break down the GST rates of common food items in […]
Income Tax Act - ITAT delhi - ection 35 (2) AB of the Income Tax Act - income tax updates - taxscan
May 18, 2024

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) granted deduction under Section 37 as Rs. 4.41 crore expenditure justified for Research and Development ( R&D ) unit operations under Section 35 (2) AB of the Income Tax Act, 1961. The revenue- assessee Deputy Commissioner of Income Tax had e-filed its return...

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ITAT Bangalore - ITAT news - tax news - tax update - Taxscan
May 18, 2024

The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) remitted the case to the Assessing Officer ( AO ) for fresh consideration stating that not every deposit during the demonetization period would fall under the category of unaccounted cash. The assessee, Narayanappa Munikrishnappa had deposited cash in his bank account during the...

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Calcutta HC - Default of Seller - Service Tax - Chartered Accountants - taxscan
May 18, 2024
The Calcutta High Court has held that there is no service tax liability on the service recipient for default of the seller. The adjudicating authority, without resorting to any action against the supplier ignored the tax invoices produced by the appellant as well as the certificates issued by the Chartered Accountants(CA), which are erroneous. The petitioner/assessee, Lokenath Construction Pvt ltd has challenged a show-cause notice issued by the West Bengal Goods and Service Tax (WBGST) authorities on the ground that
Delhi high court - Delhi HC dismisses Petition - Customs Act - tax news - taxscan
May 18, 2024

The Delhi High Court dismissed the petition seeking direction to adjudication of the Show Cause Notice ( SCN ) by the  Commissioner of Customs expediently  issued under Section 124 of the Customs Act, 1962. The court observed that the affidavit filed by the Commissioner of Customs does not prevent the lower ranked officers from issuing...

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CESTAT Allahabad - Workshop Services - Services deemed Taxable - Tax news - Taxscan
May 17, 2024

The Allahabad bench of the Customs, Excise & Service Tax Appellate Tribunal ( CESTAT ) viewed that the services availed at the workshop are taxable services, and held that no reversal is allowable on the amount out of Cenvat Credit availed at workshop under Rule 6(3) of Cenvat Credit Rules ( CCR ). The Appellants...

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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 […]
Ex-Director Ineligible to Submit Resolution Plan - MSME - Wilful Defaulter - NCLAT - TAXSCAN
May 18, 2024
The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) held that the ex-director is ineligible to submit resolution plan for Micro Small & Medium Enterprise (MSME) when the Corporate Debtor (CD) is the wilful defaulter. The present appeal has been filed under Section 61 of the Insolvency & Bankruptcy Code, 2016 (in […]
Amount - Share Application Money - Financial Debt - IBC - NCLT - TAXSCAN
May 17, 2024
The Kolkata Bench of the National Company Law Appellate Tribunal (NCLT) held that the amount given as share application money is not financial debt under the Insolvency and Bankruptcy Code, 2016 (IBC). The petition has been filed by Mittson Fille Enterprise, the Financial Creditor represented by its Partner, Mrs. Neha Choudhary under section 7 of […]
Delhi HC- Interim Relief - NFRA Penalties in Reliance Capital Audit Lapses to CAs and CA Firm - TAXSCAN
May 16, 2024
The Delhi High Court has refused to entertain the plea for interim relief in the writ petition filed against penalties imposed by the National Financial Reporting Authority (NFRA) on two Chartered Accountants and CA Firm, owing to the nature of misconduct and the observations in the NFRA Order. The Petitioners were aggrieved by the order […]
NCLAT - Liquidation Process - Liquidator fees - Auction of Assets - TAXSCAN
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 […]
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