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HC Quashes Order Rejecting Refund Claim Without Issuing SCN and Providing Opportunity of Hearing to Assessee
Case Details: Omkareshwar Embroideries Ltd. v. Union of India - [2024] 162 taxmann.com 453 (Gujarat) Judiciary and Counsel Details Bhargav D. Karia & Niral R. Mehta, JJ. Sanket Gupta & Anand Nainawati for the Petitioner. Utkarsh R Sharma for the Respondent. Facts of the Case The petitioner was engaged in the manufacturing of grey fabrics. The rate of […]
Accounting of Pre-construction Expense Pending Fund Approval From Parent Company Under Ind AS Framework
A Ltd. herein referred to as “the company” is engaged in the business of crude oil. The company is subsidiary of Oil Industry Development Board (OIDB). To enhance its storage capacity, company plans to construct strategic crude oil storages. The construction cost were provided by parent company. The company has estimated that construction expense would […]
IBBI Proposes to Standardize the Liquidation Progress Report | Seeks Public Comments on the Draft Format
Regulation 15 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, mandates the submission of progress reports by the liquidator during the liquidation process. The liquidator is required to submit the valuation report to the Adjudicating Authority and the Board. Further, the report is to be shared with the Stakeholders’ Consultation Committee […]
SEBI Introduces a ‘Special Call Auction Mechanism’ for Price Discovery of Scrips of Listed Investment Companies
Circular No. SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/86; Dated: 20.06.2024 SEBI observed that the scrips of a few listed investment companies (ICs) and investment holding companies (IHCs) are traded infrequently and at prices significantly lower than the book value disclosed by these companies in their latest audited financial statements. Moreover, these companies generally have no day-to-day operations and invest in […]
Relief u/s 54 Allowable Even if Sale Deed Wasn’t Registered if Assessee Had Executed Agreement to Sale | ITAT
Case Details: Umesh Sumanlal Shah vs. Income Tax Officer - [2024] 163 taxmann.com 578 (Ahmedabad-Trib.) Judiciary and Counsel Details Ms Suchitra Kamble, Judicial Member & Narendra Prasad Sinha, Accountant Member Parin S. Shah, AR for the Appellant. C.S. Sharma, Sr. DR for the Respondent. Facts of the Case Assessee filed its return of income for the relevant […]
[World Tax News] OECD Publishes Guidance to Ensure Consistent Implementation & Application of Global Minimum Tax and More
World Tax News provides a weekly snippet of tax news from around the globe. Here is a glimpse of the tax happening in the world this week. 1. OECD publishes guidance to ensure consistent implementation & application of Global Minimum Tax The OECD/G20 Inclusive Framework on BEPS (Inclusive Framework) released supplementary elements relating to the […]
[Opinion] Let’s Reassess the Efficacy of New Reassessment Scheme
Dr. Rakesh Gupta & Adv (CA) Somil Agarwal – [2024] 163 taxmann.com 499 (Article) Finance Act, 2021 has brought out sea changes in the scheme of reassessment. Justice Shah termed the new scheme of reassessment in the famous case of Ashish Agrawal as ‘game changer’. Position of law in the matter of reopening which more […]
Classification of Mortgage Guarantee Contract as Financial Guarantee and Its Revenue Recognition
A company issuing mortgage guarantees on housing loans primarily provides loss default guarantees to financial institutions. These guarantees are triggered when a borrower defaults and the loan becomes a Non-Performing Asset (NPA). The company then pays the Equated Monthly Instalment (EMI) until the loan is settled, reducing its obligation monthly. Under Ind AS 109, these […]
NCLT Rightly Initiated CIRP as CD’s Post-hearing Objections to Debt Assignment’s Stamp Duty Were Unjustified and Late
Case Details: Loramitra Rath v. JM Financial Asset Reconstruction Co. Ltd. - [2024] 163 taxmann.com 485 (NCLAT- New Delhi) Judiciary and Counsel Details Ashok Bhushan, Chairperson, Barun Mitra & Arun Baroka, Technical Member Saswat K. Acharya & Dhananjay Bhaskar Ray, Advocates for the Appellant. Utsav Mukherjee & Vikalp Wange, Advocates for the Respondent. Facts of the Case […]
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