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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 […]
REs Shall Not Invest in AIFs With Direct or Indirect Downstream Investments in Its Debtor Companies | RBI
Circular No. RBI/2023-24/90 DOR.STR.REC.58/21.04.048/2023-24, Dated 19.12.2023 The Regulated entities (REs) make investments in units of AIFs as part of their regular investment operations. However, certain transactions of REs involving AIFs that raise regulatory concerns have come to RBI’s notice. In order to address concerns relating to possible evergreening through this route, RBI has advised REs […]
CBDT Notifies “POWERGRID Infrastructure Investment Trust” As Prescribed Mode of Investment u/s 11(5)
Notification No. 103/2023, dated 18-12-2023 Section 11(5) prescribes the mode in which the income of a trust or institution claiming income-tax exemption under various provisions shall be invested or deposited. These modes include immovable property, Central Government or State Government Securities, Government Savings Certificates, etc. Further, Rule 17C also lists various forms and modes of […]
[Opinion] The Conundrum of A Nominee Director
Harshit Jain – [2023] 157 taxmann.com 380 (Article) Research Question How have the conflicting duties of a Nominee Director put him in a position of dual loyalty and how it has been resolved by the courts of various countries? Is there any better possible solution in contrast to the current solution? Research Paper Introduction A […]
SC Cautions Courts to Avoid Showing Leniency in Granting Bail to Women in PMLA Cases, Regardless of Their Involvement
Case Details: Saumya Chaurasia v. Directorate of Enforcement - [2023] 157 taxmann.com 326 (SC) Judiciary and Counsel Details Aniruddha Bose & Bela M. Trivedi, JJ. Facts of the Case In the instant case, the Supreme Court turned down the bail plea of the appellant, who was the former Deputy Secretary and OSD in the Office […]
Saint Lucia’s Tax Inspectors without Borders (TIWB) programme launched in partnership with India
Publish Date : Friday, December 15, 2023 Attachments : 1. https://incometaxindia.gov.in/Lists/Press Releases/Attachments/1169/Press-Release-Saint-Lucias-Tax-Inspectors-without-Borders-TIWB-programme-launched-in-partnership-with-India-dated-15-12-2023.pdf source
Search Authorization Was Erroneous If Grounds Set Out in Authorization Were Not Borne Out From Information on Record | HC
Case Details: Bhagat Ram Om Prakash Agro (P.) Ltd. v. Commissioner Central Tax GST - [2023] 157 taxmann.com 258 (Delhi) Judiciary and Counsel Details Vibhu Bakhru & Amit Mahajan, JJ. Avi Singh, Tanuj Bhadana & Shikhar Garg, Advs. for the Petitioner. Atul Tripathi, V.K. Attri, Advs., Pawan Kumar & Rajesh Kumar, Superintendents for the Respondent. Facts of the Case In […]
[Opinion] Tax Exemption for Tea Warehousing – A High Court Victory for Agriculture
Yubaraj Chatterjee – [2023] 157 taxmann.com 280 (Article) Introduction In a landmark decision of Nutan Warehousing Co. (P.) Ltd. v. Commissioner Writ Petition No. 12775 Of 2019, the Bombay High Court has declared “tea” stored in warehouses to be an agricultural produce, exempting it from GST under Notification No. 12/ 2017-Central Tax (Rate). This ruling […]
ALP of Intra-group Services Cannot be Considered Nil If Services Were Backed by Agreement & Evidence | ITAT
Case Details: Pall India (P.) Ltd. v. DCIT - [2023] 157 taxmann.com 238 (Mumbai-Trib.) Judiciary and Counsel Details Pavan Kumar Gadale, Judicial Member & Prashant Maharishi, Accountant Member Dhanesh Bafna & Manish Garg for the Assessee. Amol Mahajan, ARs & Shyam Prasad, DR for the Respondent. Facts of the Case Assessee-company had entered into a multi-lateral service agreement with […]
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