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  • ICAI releases Exposure Draft of Guidance Note on Reports on Audit u/s 12A/10(23C) of Income Tax Act for Public Comments
  • May 5, 2024
  • Headlines
  • ICAI releases Exposure Draft of Guidance Note on Reports on Audit u/s 12A/10(23C) of Income Tax Act for Public Comments
  • May 5, 2024
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  • Delhi HC directs to dispose Refund Application of Rs 44,94,004/-within Four Weeks besides interest on delayed refunds [Read Order]
  • May 5, 2024
  • Headlines
  • Reassessment Proceedings of already concluded Reassessment: Delhi HC quashes order passed u/s 148(A)(d) of Income Tax Act [Read Order]
  • May 5, 2024
  • Headlines
  • Refund Application of Rs. 2,74,37,701/-. : Delhi HC directs to dispose Application within Four weeks. [Read Order]
  • May 5, 2024
  • CST & VAT / GST
  • Delhi HC directs re adjudication with respect to order passed u/s 73 of CGST Act on account of failure to follow natural justice principle [Read Order]
  • May 5, 2024
  • CST & VAT / GST
  • Retrospectively Canceled GST registration: Delhi HC modifies Canceled Registration from date of  issue of Show Cause Notice [Read Order]
  • May 5, 2024

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  • CA May Final Financial Reporting – FR Exam MCQs Leaked before end of ICAI Exam
  • May 3, 2024
PMLA - Unsuspecting Citizens - Delhi Court - ED - High-Handed - taxscan
S. 50 PMLA not to be Invoked against Unsuspecting Citizens: Delhi Court reprimands ED, calls act “High-Handed”
May 2, 2024
The Delhi Rouse Avenue Court criticized the Enforcement Directorate ( ED ) for its conduct, emphasizing that as an investigative body, it must abide by legal principles and avoid appearing overbearing towards ordinary citizens not under suspicion. Special Judge Vishal Gogne of Rouse Avenue Court rebuked the ED for using Section 50 of the Prevention […]
Aam Aadmi Party leader - Aam Aadmi Party - Money laundering case - Liquor policy scam - taxscan
Arrest by ED Over Liquor Policy Scam: Delhi HC Denies Bail Application of Former Deputy Chief Minister of Delhi
May 1, 2024
The Delhi High Court dismissed the second regular bail plea filed by Former Deputy Chief Minister of Delhi and Aam Aadmi Party leader in the money laundering and corruption cases connected to the liquor policy case. Enforcement Department have arrested him over the Liquor Policy Scam. Sisodia is presently in judicial custody in both cases. […]
GSTR 9 C Filing - Kerala HC - TAXSCAN
No Late Fee for GSTR 9 C Filing: Kerala HC [Read Order]
April 29, 2024
In a recent judgment, the Kerala High Court, that no late fee can be levied for late filing of GSTR-9C for the financial years 2017-18, 2018-19, and 2019-20. The judgment would be a significant relief to taxpayers who are in crisis regarding the late filing of GSTR-9C. Notices were already issued for late fees despite […]
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Columns

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  • Odisha GST Department imposes Penalty on Infosys for Claiming Ineligible ITC: What is Ineligible GST ITC
  • May 3, 2024
  • Missed Timelines - Corporate Insolvency Proceedings - Trouble Maker - Distress Companies - taxscan
  • Missed Timelines of Corporate Insolvency Proceedings; A Trouble Maker to Distress Companies
  • May 2, 2024
  • The Insolvency Bankruptcy Code consolidates and amends the laws relating to re organisation and insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders. Corporate Insolvency Resolution Process ( […]
  • GST Compliance Calendar - Due Dates - Deadlines - taxscan
  • GST Compliance Calendar May 2024: Remember these Due Dates and Deadlines
  • May 1, 2024
  • This article offers the Goods and Services Tax Compliance schedule for May 2024. It furnishes essential details to businesses and professionals alike, elucidating the pertinent dates and tasks linked to GST filing and adherence. Deadline GST Return/Form Period 10.05.2024 GSTR – 7: Summary of Tax Deducted at Source (TDS) and remitted under GST regulations April […]
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Income Tax

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ICAI - Exposure Draft - Guidance Note - Reports on Audit - Income Tax Act - Public Comments - taxscan
ICAI releases Exposure Draft of Guidance Note on Reports on Audit u/s 12A/10(23C) of Income Tax Act for Public Comments
May 5, 2024

The Institute of Chartered Accountant on 29 th April 2024 released the exposure draft of guidance note on reports on audit under Section 12A/10(23C) of Income Tax Act, 1961 for Public Comments. In October, 2023, the Direct Taxes Committee of ICAI had come out with a Technical Guide on “Reports of Audit under section 12A/10(23C) of […]

Reassessment Proceedings - Reassessment - Delhi HC - order - Income Tax Act - taxscan
Reassessment Proceedings of already concluded Reassessment: Delhi HC quashes order passed u/s 148(A)(d) of Income Tax Act [Read Order]
May 5, 2024

In a significant case, the Delhi High Court quashed the order passed under Section 148(A)(d) of Income Tax Act and observed  that the reassessment proceedings of the assessment year 2015-16 had already concluded. The petitioner Akshita Jindal received an a notice under Section 148 of the Act on 31 March 2021 for the same AY...

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Appeal Pending - Assessment Order - Income Tax Act - Kerala HC - Demands - Stayed until Disposal - Stay Petition - taxscan
Appeal Pending against Assessment Order passed under Income Tax Act: Kerala HC orders Demands to be Stayed until Disposal of Stay Petition [Read Order]
May 4, 2024
Kerala HC - Assessment Order - GST Act - Procedure for Compounding Scheme - TAXSCAN
Kerala HC quashes Assessment Order under GST Act for not following Procedure for Compounding Scheme [Read Order]
May 4, 2024
Assessing Authority Adjudicating Issue Afresh - Remand from Appellate Authority - ignore Time Limit - Income Tax Act - Kerala HC - taxscan
Assessing Authority Adjudicating Issue Afresh on Remand from Appellate Authority, cannot ignore Time Limit under Income Tax Act: Kerala HC [Read Order]
May 4, 2024
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Service Tax

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GST - GST raid - Shahjahanpur GST raid - Tractor agency fraud - Vineet Tractor Agency - taxscan
Shahjahanpur GST Raid reveals ₹1.2 Cr Goods and Services Tax Fraud at Tractor Agency
April 29, 2024
Vineet Tractor Agency in Shahjahanpur was raided by the Special Investigation Branch of GST Bareilly Zone on Friday. The investigation confirmed large-scale financial irregularities. After discovering tax evasion of Rs 1.2 crore, they deposited Rs 32 lakh and were given seven days to deposit the remaining Rs 90 lakh. The SIB (Special Investigation Branch) team arrived at the dealer's establishment at 12 noon on Friday. The mobile phones of all present individuals were confiscated, and no one was permitted to
No Service Tax leviable - Online Ticketing Platform - Book My Show - Receiving Consideration from Card Companies - CESTAT - TAXSCAN
No Service Tax leviable on Online Ticketing Platform under support of Book My Show not Receiving Consideration from Card Companies: CESTAT [Read Order]
April 27, 2024
CESTAT - CESTAT Kolkata - Service Tax - Service Tax Demand - TAXSCAN
Technical Assistance for Manufacture of Aircraft and Engines not IPR-Services: CESTAT quashes Service Tax Demand [Read Order]
April 27, 2024
Central Govt - Time Limit - File Refund Claim - Service Tax - Exported Goods - CESTAT - Refund - TAXSCAN
Central Govt Extended Time Limit to File Refund Claim of Service Tax on Exported Goods: CESTAT allows Refund [Read Order]
April 23, 2024
CESTAT - CESTAT Ahmedabad - SCN - show cause notice - service tax - taxscan
Second SCN issued demanding Service Tax on Operation of Heavy Water Plant: CESTAT quashes SCN [Read Order]
April 23, 2024
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CST & VAT / GST

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  • Delhi HC directs re adjudication with respect to order passed u/s 73 of CGST Act on account of failure to follow natural justice principle [Read Order]
  • May 5, 2024
Retrospectively Canceled GST registration - Delhi HC - Canceled Registration - Show Cause Notice - taxscn
Filing of Form - 21CC Refund Application - KVAT Appellate Tribunal - Kerala HC - State Tax Officer - taxscan
GST Refund Claim - Forged Documents - Hyderabad Central Crime - arrests 5 GST Officials - taxscan
Remission of GST - Time Extended - filing return - Bar Attached Hotels - Kerala HC - Review Petition - taxscan
Kerala HC - Assessment Order - GST Act - Procedure for Compounding Scheme - TAXSCAN
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Execution of PoA - Petitioner - Bedridden - Kerala HC - Re-Export Seized Gold Ornaments - taxscan
Execution of PoA as Petitioner is Bedridden: Kerala HC directs to Re-Export Seized Gold Ornaments [Read Order]
May 3, 2024

The Kerala High Court directed to re-export the seized gold ornaments given the position that the Power of Attorney was executed as the petitioner is bedridden. The Customs Authorities seized the gold items weighing two bangles (88.75 Grams) and one gold chain (62.95 Grams) on 01.08.2023 at the Cochin International Airport from the petitioner. It […]

Anti Dumping Duty - CBIC - EVA Sheets - Ethylene Vinyl Acetate - Import from China - Customs notification - taxscann
CBIC continues to Levy Anti Dumping Duty on EVA Sheets for Solar Module imported from China for 5 years
May 3, 2024

The Central Board of Indirect taxes and Customs ( CBIC ), vide notification 05/2024-Customs (ADD) dated 14th March 2024 has decided to continue to levy the Anti Dumping Duty ( ADD ) on Ethylene Vinyl Acetate ( EVA ) Sheet For Solar Module from China for next 5 years. The designated authority, through notification number 7/12/2023-DGTR […]

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Banking

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  • RBI enhances Individual Housing Loan limits and credit to Commercial Real Estate – Residential Housing [Read Circular]
  • January 2, 2023
  • 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 […]
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Corporate Laws

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NCLAT - Liquidation Process - Liquidator fees - Auction of Assets - TAXSCAN
Fees Paid to Liquidator to be Paid under Regulation 4(2)(b) of Liquidation Process Regulations on Realization and Distribution of Proceeds from Auction of Assets: NCLAT [Read Order]
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 […]
IBBI - IBBI misconduct cases - case digest - IBBI regulatory actions - taxscan
Case Digest on IBBI Misconduct Stories
April 9, 2024
The Insolvency and Bankruptcy Board of India ( IBBI ) is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies ( IPA ), Insolvency Professionals (IP) and Information Utilities (IU) in India. It was established on 1 October 2016 and given statutory powers through the Insolvency and Bankruptcy Code, which Lok Sabha […]
Failure - Liquidation Process - Failure to Provide Assistance in Liquidation Process by Insolvency Professional - taxscan
Failure to Provide Assistance in Liquidation Process by Insolvency Professional: IBBI suspends Registration for 2 Years [Read Order]
March 20, 2024
The Insolvency And Bankruptcy Board of India(IBBI) found that the Insolvency Professional(IP) failed to assist in the liquidation process and suspended the registration for 2 Years. Show Cause Notice (SCN) was issued to an Insolvency Professional (IP) registered with the Insolvency and Bankruptcy Board of India (Board/IBBI) and a Professional Member of the Indian Institute […]
IBBI - Insolvency and Bankruptcy Board of India - CIRP Regulations - CIRP - corporate insolvency resolution process - Taxscan
IBBI amends CIRP Regulations w. e. f from 15th February 2024
March 12, 2024
The Insolvency and Bankruptcy Board of India has amended corporate insolvency resolution process ( CIRP ) regulations with effect from 15th day of February, 2024. Procedures for Voting: The CoC is empowered to decide the period of opening of electronic voting window with a minimum of twenty-four hours and a maximum of seven days with […]
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