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CBIC Extends Time Limit for Passing Order u/s 73 for FY 2018-19 & 2019-20 | Notification
Notification No. 56/2023 – Central Tax dated December 28th, 2023 The Government has extended the time limit for passing order under Section 73 for FY 2018-19 and FY 2019-20 till 30-04-2024 and 31-08-2024 respectively. Earlier, the said time limits were extended till 31-03-2024 and 30-06-2024 respectively vide Notification No. 09/2023-Central Tax, dated 31-03-2023. Notably, the […]
MCA’s New Demat Rule for Private Companies – Impact | Compliance | Practical Insights
Table of Contents Relevant Provisions in the Companies Act, 2013 Relevant Provisions in the Companies Rules Extant Provisions Applicable to Public Cos. Made Applicable to Not Small Cos. 1. Relevant Provisions in the Companies Act, 2013 1.1 Section 29 of the Cos. Act, 2013 – Public offer of securities to be in dematerialised form (1) […]
[Opinion] The Ripple Effects of Central Bank’s Lexical Shift
Harshith Sharma – [2023] 157 taxmann.com 626 (Article) Indian legislative framework is often characterized by a domino effect, wherein an amendment in one sphere of law obliquely or otherwise resonates across various legislative realms. The Central bank’s recent subtle shift in nomenclature, substituting “interest” with “charges,” not only reaffirms this intricate interplay but also serves […]
HC Directed Assessee to Avail Appellate Remedy Against ITC Disallowed by Dept. Due to Allegation of Circular Trading
Case Details: M&Arun Tex v. State Tax Officer - [2023] 157 taxmann.com 566 (Madras) Judiciary and Counsel Details Krishnan Ramasamy, J. G. Natarajan for the Petitioner. T.N.C. Kaushik & A.G. Satyanarayana for the Respondent. Facts of the Case The petitioner was engaged in buying and selling of yarn. The department conducted search at its premises and issued notice […]
HC Directed Dept. to Refund Amount Since Tax & Penalty During Detention Could Not Be Collected Twice
Case Details: Nitin v. Union of India - [2023] 157 taxmann.com 543 (Delhi) Judiciary and Counsel Details Vibhu Bakhru & Amit Mahajan, JJ. Virendra Kumar, Adv. for the Petitioner. Shekhar Vyas, Neha Warrier, Archana Surve, Anurag Ojha, Vipul Kumar & Subham Kumar, Advs. for the Respondent. Facts of the Case The petitioner, being a transporter, was engaged to transport dried areca nuts […]
CCI Invites Feedback on Draft Competition Commission of India (Calculation of Turnover or Income) Regulations, 2023
Press Release Dated 22.12.2023 The Competition Commission of India (CCI) seeks comments on the draft of CCI (Determination of Turnover or Income) Regulations, 2023. The Competition (Amendment) Act, 2023, amended Section 27, 48 and Section 64 of the Act, consequent to which the CCI is required to frame regulations regarding the manner of determining turnover […]
Bail Couldn’t Be Granted to Assessee Who Was Tampering With Evidence and Influencing Witnesses | HC
Case Details: Badha Ram v. Intelligence Officer - [2023] 157 taxmann.com 477 (Kerala) Judiciary and Counsel Details Mohammed Nias C.P., J. Facts of the Case In the present case, the assessee was arrested since the GST department during search operation found that petitioner had suppressed huge turnover of Rs. 34.15 crores for years 2021-22 to […]
Assessee Entitled to Get 6% Interest on Refund of Excess Amount of Equalisation Levy | HC
Case Details: Group M Media India (P.) Ltd. v. Deputy Commissioner of Income-tax, International Tax - [2023] 157 taxmann.com 487 (Bombay) Judiciary and Counsel Details K.R. Shriram & Dr Neela Gokhale, JJ. Dharan V. Gandhi & Ms Aanchal Vyas for the Appellant. Devvrat Singh for the Respondent. Facts of the Case The assessee had filed a statement of […]
Sec. 11 Relief Can’t Be Denied Without Assessing If Assessee’s Activities Were Trade, Commerce, or Business-Related
Case Details: Media Research Users Council vs. Asst. Director of Income Tax - [2023] 157 taxmann.com 470 (Mumbai-Trib.) Judiciary and Counsel Details Amit Shukla, Judicial Member & Gagan Goyal, Accountant Member P. Pardiwala, Niraj Sheth & Gunjan Kakkad for the Appellant. Smt Mahita Nair for the Respondent. Facts of the Case Assessee, registered under Section 12AB, falls within the “advancement […]
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