• February 6, 2024

As per Ind AS 115, an entity is required to consider all relevant facts and circumstances, such as the purpose of the activities undertaken by the counterparty, to determine whether the counterparty is a customer. The identification of the performance obligations in a contract can also have a significant effect on the determination of which […]

• February 5, 2024

Case Details: Ms Padma Rao v. Commissioner of Income-tax - [2024] 159 taxmann.com 30 (Delhi-Trib.) Judiciary and Counsel Details Yogesh Kumar U.S., Judicial Member & N.K. Billaiya, Accountant Member Ajay Vohra, Sr. Adv. Ms Saumya Meehrotra & Vivek Sharma, Advs. for the Appellant. V.K. Dubey, Sr. DR. for the Respondent. Facts of the Case Assessee was an individual who […]

• February 4, 2024

Notification No. IBBI/2023-24/GN/REG 110. Dated 31.01.2024 IBBI has notified amendment to the IBBI (Insolvency Professionals) Regulations, 2016 whereby a new clause 22A has been inserted in the First Schedule allowing insolvency professionals to resign from the assignment, subject to the recommendation of a) committee of creditors in a CIRP, b) consultation committee in liquidation process, […]

• February 3, 2024

Press Release dated January 31st, 2024 The gross GST revenue collected in the month of January, 2024 is Rs. 1,72,129 crores, which shows a 10.4% Year-on-Year growth over the revenue of Rs. 155,922 crores collected in January 2023. Notably, this is the second highest monthly collection ever and marks the third month in this financial […]

• February 2, 2024

Case Details: Deputy Commissioner of Income-tax, v. Sindhi Educational Society - [2024] 158 taxmann.com 659 (Chennai-Trib.) Judiciary and Counsel Details V. Durga Rao, Judicial Member & G. Manjunatha, Accountant Member P. Sajit Kumar for the Appellant. S. Sridhar for the Respondent. Facts of the Case The assessee was registered under section 12AA and had existed for 48 years, […]

• February 1, 2024

Case Details: Reckitt Benckiser India (P.) Ltd. v. Union of India - [2024] 158 taxmann.com 675 (Delhi) Judiciary and Counsel Details Manmohan, ACJ. & Dinesh Kumar Sharma, J. P. Chidambaram, Sr. Adv. R. Jawahar Lal, Siddharth Bawa, Anuj Garg, Mohit Sharma, Ms Harshita, Amar Dave, Amicus Curiae & Vikramaditya Bhaskar, Advs. for the Petitioner. & Others. Zoheb Hossain, Sanjeev Menon, Vivek Gurnani, Kavish Garach, Ms Abhipriya, Vivek Gaurav, Ms Sejal Aneja, Ms Manisha, Asheesh […]

• January 31, 2024

Table of Contents Details of Legal Entity Identifier (LEI) New ‘Schedule 115TD’ inserted for reporting of tax payable on accreted income Disclosure of information pertaining to the Capital Gains Accounts Scheme New Schedule 80GGC seeks details of contributions made to political parties New Schedule 80-IAC seeks details in respect of eligible start-up New Schedule 80LA […]

• January 30, 2024

The Institute of Chartered Accountants of India has requested its members to check the draft hosted panel for bank branch auditors’ consisting of Chartered Accountants/firms for the year 2023-24 prepared as per the RBI Norms dated 6th March, 2023 at https://app.meficai.org/draftPanel. The members would also be able to view the reasoning for the change in […]

• January 29, 2024

Case Details: Ingram Micro India (P.) Ltd. v. State Tax Officer - [2024] 158 taxmann.com 554 (Madras) Judiciary and Counsel Details Senthilkumar Ramamoorthy, J G. Natarajan, for the Petitioner. Mrs K. Vasanthamala, for the Respondent. Facts of the Case In the present case, the department issued show cause notice (SCN) to the petitioner with regard to non-payment […]