The Central Board of Direct Taxes (CBDT) has issued an order extending due dates for various compliance forms including the Quarterly statement in Form No. 15CC, Equalization Levy Statement in Form No.1, the Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64D and the Statement of […]
The Apex Court has upheld the cancellation of Trust Registration for receiving Bogus Donations. In a survey conducted on an entity named School of Human Genetics and Population Health, Kolkata under Section 133A of the Act, it was prima facie observed that the Trust was not carrying out its activities in accordance with the objects […]
The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Ahmedabad Bench reduced the Penalty imposed on persons accused of smuggling Rough Diamonds into India. The officers of DRI acting on specific information, intercepted Appellants Jorabhai and Shri Premabhai at Surat and recovered 48637.525 carats of Rough Diamonds of Zimbabwe origin valued at Rs. 10,16,68,077/- (market […]
The Madras High Court ruled that the Arm’s Length Price (ALP) and resultant excess profit to be treated as deemed income under ‘other sources’. The assessee/respondent, M/s.Tweezerman (India) Private Limited is a manufacturer of beauty products such as Tweezers, cuticle pushers, etc, and is 100% Export Oriented Unit (EOU). The Assessing Officer made a reference […]
The Madurai Bench of the Madras High Court permitted provisional release of cargo as directing Importer to furnish Cash Security towards redemption fine, penalty would be harsh as the show-cause notice is yet to be adjudicated. The Appellant, Custom Commissioner has sought to quash the proceedings of the third appellant / The Assistant Commissioner of […]
The Customs, Excise, and Service Tax Appellate Tribunal (CESTAT), Kolkata bench slammed the service tax department for rejecting refund claims on flimsy grounds and observed that such practices would defeat the purpose if rebate schemes which would ultimately result in trapping the exporters under unnecessary litigations. The Company, M/s Nupur Viniyog Private Limited, filed a […]
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 Karnataka High Court granted the bail to the person accused of misusing the Public Funds and reinvesting money in other businesses. The petitioner, Nanjundaiah is allegedly the Founder/Director of Kanva Souhardha Co-operative Credit Limited and has filed the Bail Application on the ground he has not at all committed any offence except he is a […]
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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