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No GST Shall be Levied on Entry Fees Collected from Visitors/Devotees/Pilgrims | AAR
Case Details: Authority for Advance Rulings, Rajasthan Shri Digamber Jain Sidhkut Chaityalaya Temple Trust, In re - [2024] 162 taxmann.com 291 (AAR-RAJASTHAN) Judiciary and Counsel Details Mahipal Singh & Mahesh Kumar Gowla, Member Sanjeev Jain, CA for the Applicant. Facts of the Case The applicant was engaged in religious activities aimed at advancing Jain religion and […]
GST Authority Can’t Pass Order for Insertion of Negative Balance in Credit Ledger of Assessee | Telangana HC
Case Details: Laxmi Fine Chem v. Assistant Commissioner - [2024] 161 taxmann.com 270 (Telangana) Judiciary and Counsel Details P. Sam Koshy & N. Tukaramji, JJ. S. Dwarkanath, Ld. Sr. Counsel & Siddharth Gilda, Ld. Counsel for the Petitioner. Swaroop Oorilla, Ld. Sp. Govt. Pleader, Rajesh Reddy, Ld. Counsel & Gadi Praveen Kumar, Ld. Dy. Solicitor General of […]
ADs Can Post and Collect Margins in India/Outside India for Derivative Contracts Entered With Non-Residents
Notification No. FEMA 399(1)/2024-RB; Dated: 30.04.2024 The RBI has notified the Foreign Exchange Management (Margin for Derivatives Contracts) (First Amendment) Regulations, 2024. An amendment has been made to Regulation 4 of the existing regulations. These shall come into force with effect from the date of their publication in the Official Gazette. As per the amended […]
SEBI Permits ‘360 ONE Distribution Services Limited’ to Use UIDAI’s e-KYC Aadhaar Authentication as Sub-KUA in Markets
Circular No. SEBI/HO/MIRSD/SECFATF/P/CIR/2024/36, Dated 06.05.2024 Earlier, Finance Ministry vide notification dated 30.04.2024 has notified ‘360 ONE Distribution Services Limited’ to conduct Aadhaar authentication under section 11A of the Prevention of Money-laundering Act, 2002. Now, SEBI has allowed the entity to use e-KYC Aadhaar Authentication services and on-boarding process of Unique Identification Authority of India in […]
[Opinion] The Verdict Under Scrutiny | The Saga of Madras High Court Decision for GST on Hostels
CA Yash Shah – [2024] 162 taxmann.com 113 (Article) The Madras High Court’s recent ruling exempting hostels from Goods and Services Tax (GST) in the case of Thai Mookambikaa ladies hostel has stirred controversy, prompting scrutiny and debate amongst the industry members. The decision, hailed by some as a win for affordable lodging, has left […]
HC Quashed Order Since AO Didn’t Ask Petitioner to Furnish Further Documents if Reply Was Found Unsatisfactory
Case Details: Biba Fashion Ltd. v. Government of NCT of Delhi - [2024] 161 taxmann.com 399 (Delhi) Judiciary and Counsel Details Sanjeev Sachdeva & Ravinder Dudeja, JJ. Dhananjai Shekhawat, Archit Jain, Rishab Singhla & Sandeep Goyal, Advs. for the Petitioner. Varun Vats, SPC for the Respondent. Facts of the Case The petitioner was engaged in the business of retail trading […]
SEBI Mandates Person or Entity Involved in Distribution of Portfolio Management Services to Get Registered With APMI
Circular No. SEBI/HO/IMD/IMD-PoD-1/P/CIR/2024/32; Dated: 02.05.2024 SEBI, in order to facilitate collective oversight of PMS distributors at the industry level, has decided that any person or entity involved in the distribution of portfolio management services must obtain registration with the Association of Portfolio Managers in India (APMI). This move aims to promote ease of doing business […]
[Opinion] Failure to File Return of Allotment in E-Form PAS-3 Results in Severe Penalties for the Company and Its Directors
Prof R Balakrishnan – [2024] 162 taxmann.com 62 (Article) 1. A brief about this case This is a case involving non-filing of the return of allotment with the Registrar of Companies in the prescribed e-form PAS- 3 which is required to be filed within 30 days from the date of allotment of shares pursuant to […]
Rectification Order Disallowing Carry Forward of Loss Without Granting Hearing Opportunity to Assessee is Invalid | HC
Case Details: Apollo Speciality Hospitals (P.) Ltd. v. DCIT - [2024] 162 taxmann.com 2 (Telangana) Judiciary and Counsel Details P. Sam Koshy & N. Tukaramji, JJ. Facts of the Case The petitioner filed a writ petition before the High Court challenging the order passed under section 154. The brief facts of the case are that […]
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