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  • February 28, 2024

[Opinion] Issues in Taxation of Undisclosed Income

CA V K Subramani – [2024] 159 taxmann.com 671 (Article) Progressive rate of taxation of income is in vogue on the principle that a person with higher income can afford to pay income-tax at a higher rate in contrast to another person with lesser income who may be subjected to lower rate of tax. Of […]

  • February 27, 2024

Claim of Bank-Secured Creditor Would Prevail Over Claim of Sales Tax Dept.

Case Details: Madhaviben Jitendrabhai Rupareliya v. State of Gujarat - [2024] 159 taxmann.com 642 (HC-Gujarat) Judiciary and Counsel Details Nirzar S. Desai, J. Monal S Chaglani for the Petitioner. Jay Trivedi for the Respondent. Facts of the Case In the instant case, ‘Helios’ availed various financial facilities from respondent No. 4 bank (R4) by mortgaging the subject […]

  • February 25, 2024

RBI Includes ‘Clearing Corporation of India Ltd’ as a Financial Information Provider Under Account Aggregator Framework

Circular No. RBI/2023-24/125 DoR.FIN.REC.77/03.10.123/2023-24; Dated: 22.02.2024 The RBI Retail Direct Scheme was launched on Nov 12, 2021 to facilitate retail investors to invest in Government Securities. The Scheme enables individuals to open Retail Direct Gilt Accounts with the Bank and access the Government Securities market. Now, to enable aggregation of financial information on Government Securities […]

  • February 24, 2024

Govt. Notifies the List of Reporting Entities to Perform Aadhaar Authentication Service Under the Aadhaar Act

Notification S.O. 810(E) dated 20.02.2024 The Ministry of Finance has notified 24 reporting entities that shall comply with the standards of privacy and security under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016. Further, these entities are permitted to perform authentication under the Aadhaar Act for the purposes of […]

  • February 23, 2024

Compensation Received for Hardship Faced Due to Vacating Flat for Redevelopment Is Capital Receipt | ITAT

Case Details: Ajay Parasmal Kothari vs. Income Tax Officer - [2024] 159 taxmann.com 570 (Mumbai - Trib.) Judiciary and Counsel Details Kuldip Singh, Judicial Member & S. Rifaur Rahman, Accountant Member Ashwin Chhag for the Appellant Ashish Kumar Deharia for the Respondent Facts of the Case The assessee had a flat in a building. During […]

  • February 22, 2024

[Opinion] Discontinuation of Electoral Bond Scheme | A Major Blow Before 2024 General Elections?

Kapil Gupta – [2024] 159 taxmann.com 526 (Article) Before the advent of Lok Sabha elections this year, the Supreme Court of India has recently delivered a ground-breaking judgement in the case of Association for Democratic Reforms Versus Union of India dated February 15, 2024, whereby the hon’ble court has held that political contribution by way […]

  • February 21, 2024

No Retrospective Cancellation of GST Registration of Deceased Person Without Any Non-compliance on Record | HC

Case Details: R. Trading Co. v. Commissioner of Delhi Goods and Services Tax - [2024] 159 taxmann.com 267 (Delhi) Judiciary and Counsel Details Sanjeev Sachdeva and Ravinder Dudeja, JJ. Rakesh Kumar, Subhash Chandra Gupta, Akul Mangla and Shailender Verma, Advs. for the Petitioner Ms. Shagufta H. Badwar, Ms. Samridhi Vats, Advs. and Rajeev Aggarwal, Additional Standing Counsel for the Respondent. Facts of the […]

  • February 20, 2024

Expense Incurred to Construct Bridge on a Culvert in Front of Shop to Provide Access to Customers Is Capital in Nature | ITAT

Case Details: Joginder Singh vs. ACIT - [2024] 159 taxmann.com 425 (Amritsar - Trib.) Judiciary and Counsel Details Anikesh Banerjee, Judicial Member & Dr M.L. Meena, Accountant Member Rohit Kapoor and V.S. Aggarwal for the Appellant Bharat Bhushan Garg for the Respondent Facts of the Case For the relevant assessment year, the assessee constructed a concrete bridge on the […]

  • February 19, 2024

MCA Operationalises Central Processing Centre (CPC) for Corporate Filings to Promote Ease of Doing Business | Press Release

Press Release dated February 16th, 2024 MCA has operationalised the Central Processing Centre (CPC) for centralised processing of corporate filings without requiring any physical interaction with the stakeholders to promote ease of doing business. The Ministry said 12 forms have begun to be processed at CPC from Feb 16 which will be followed by other […]

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