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No Relief to Assessee if He Failed to Place Clinching Evidence to Show That There Was No Income Derived by Him | HC
Case Details: Ravikumar Subhash Kalsi v. CIT - [2024] 162 taxmann.com 606 (Karnataka) Judiciary and Counsel Details V. Srishananda, J. Sachin M. Mahajan, Adv. for the Petitioner. Tirumallesh M. & Y.V. Ravi Raj Facts of the Case Assessee ran a vulcanizing shop. He used to collect money from landowners interested in digging a borewell. After rig […]
AA Was Justified in Rejecting CIRP Plea, as Documents Placed by Shareholders of CD Were Unsigned and B/s Showed Nil Loan | NCLAT
Case Details: Vijay Jain v. Laxmi Foils (P.) Ltd. - [2024] 162 taxmann.com 79 (NCLAT-New Delhi) Judiciary and Counsel Details Justice Ashok Bhushan, Chairperson & Barun Mitra, Technical Member Krishnendu Datta, Sr. Adv., Ashish Verma, Ms Salonee Keshwani & Rahul Gupta, Adv. for the Appellant. Facts of the Case In the instant case, the appellants, i.e. shareholders of the corporate […]
HC Directed Petitioner to Approach Income Tax Dept. Since Cash Seized Was Handed Over to Them as Per Their Requisition
Case Details: Centre C Edtech (P.) Ltd. v. Intelligence Officer - [2024] 162 taxmann.com 521 (Kerala) Judiciary and Counsel Details Dinesh Kumar Singh, J. Anil D. Nair, Telma Raju & Aditya Unnikrishnan, Advs. for the Petitioner. Ms Reshmita Ramachandran & Smt. Jasmine M.M., GPs. for the Respondent. Facts of the Case The petitioner was engaged in the business of providing […]
Facility to Register Machines by Manufacturers of Pan Masala and Tobacco is Made Available on GST Portal | GSTN Update
GSTN Update dated May 16th, 2024 The GSTN has issued an update to inform that facility to register the machines by manufacturers of Pan Masala and Tobacco have been made available on the GST Portal to file the information in Form GST SRM-I. All taxpayers dealing in those items may use the facility to file […]
[World Tax News] U.S. To Impose High Tariffs on Import of China-origin Goods and More
Editorial Team – [2024] 162 taxmann.com 541 (Article) 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. U.S. to impose high tariffs on import of China-Origin Goods The U.S. Trade Representative (USTR) released the Four-Year Review […]
No Question of Law Arises if Assessee Failed to Establish Basic Ingredients Required to Be Established u/s 68 | HC
Image Case Details: Balgopal Merchants (P.) Ltd. vs. Principal Commissioner of Income Tax - [2024] 162 taxmann.com 465 (Calcutta) Judiciary and Counsel Details T.S. Sivagnanam, C.J. & Hiranmay Bhattacharyya, J. J.P. Khaitan, Sr. Adv., Pratyush Jhunjhunwala, Ms Sretapa Sinha, & Samit Rudra, Advs. for the Appellant. Om Narayan Rai, Sr. Adv. Soumen Bhattacharjee, Adv. for the Respondent. Facts of the Case […]
CBDT Introduces Real-time Status Display for Taxpayers in AIS to Track Feedback Submitted by Them
Press Release, dated 13-05-2024 The Central Board of Direct Taxes (CBDT) has rolled out a new functionality in the Annual Information Statement (AIS) to display the status of the information confirmation process. The new functionality will help taxpayers check whether their feedback is acted upon by the Source/Reporting Entities. The following attributes shall be visible […]
SEBI Amends Stock Exchanges & Clearing Corporations Norms | Reduces Timeline for Payment of Regulatory Fee to 15 Days
Notification No. SEBI/LAD-NRO/GN/2024/174; Dated: 10.05.2024 SEBI has notified the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2024. An amendment has been made to Regulation 11 of the existing regulations, i.e. regulatory fee. It states that a recognised stock exchange must pay the Board within 15 days from the end of each […]
SEBI Prescribes Timeline for Payment of Annual Charge by Depositories
Notification No. SEBI/LAD-NRO/GN/2024/173, Dated: 10.05.2024 The SEBI has notified amendment in Regulation 9 i.e., Payment of annual charge of SEBI (Depositories and Participants) Regulations, 2018. Now, a depository shall make payment of the annual charge within fifteen days from the end of each month, a percentage of the annual custody charges received by it from […]
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