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Bipul Kumar
Air India strategic disinvestment completed
The Air India strategic disinvestment transaction has been completed today with Government receiving a consideration of Rs 2,700 crore from the Strategic Partner (M/s Talace Pvt Ltd, a wholly owned subsidiary of M/s Tata Sons Pvt Ltd), retaining debt of Rs 15,300 crore in Air India and AIXL and transferring shares of Air India (100% … Continue reading “Air India strategic disinvestment completed”
Judicial updates (Tax Laws)- 27th Jan 2022
Claim of Assessee of Profit lower than 8% cannot be denied for mere non-submission of Tax Audit Report ACIT Vs Vairam Constructions (ITAT Chennai) dated 18/01/2022 Rs. 258 Crore illegal ITC availment case – HC refuses Bail to accused Paritosh Kumar Siingh Vs Senior Intelligence Officer (Chhattisgarh High Court) dated 18/01/2022 Income Tax Notice issued … Continue reading “Judicial updates (Tax Laws)- 27th Jan 2022”
Guidance note on Schedule III of companies Act, 2013 (Revised in January 2022 )-ICAI
Guidance note on Schedule III of companies Act, 2013 (Revised in January 2022 )-ICAI The Government of India has always been taking many initiatives to promote the Corporate Governance framework in India. It is a well-known fact that transparency is considered as one of the most important underlying factors to improve corporate governance. In this … Continue reading “Guidance note on Schedule III of companies Act, 2013 (Revised in January 2022 )-ICAI”
Process Flow for Filing Audit Forms, FAQs on Statutory Forms portal update 23 Jan 2022
Process Flow for Filing Audit Forms portal update 23 Jan 2022 https://www.incometax.gov.in/iec/foportal/sites/default/files/2022-01/Click%20Here_2.pdf FAQs on Statutory Forms portal update 23 Jan 2022 https://www.incometax.gov.in/iec/foportal/sites/default/files/2022-01/Click%20Here_1.pdf
No GST leviable on cash discount/ incentive/ schemes offered by supplier (AAR Madhya Pradesh -06 Jan 2022)
No GST leviable on cash discount/ incentive/ schemes offered by supplier (AAR Madhya Pradesh -06 Jan 2022)
CGST Bhiwandi Commissionerate arrests businessman for running fake ITC network (bogus billing of more than 63 Crores) Press Release Dated 22th Jan 2022
The officers of Bhiwandi Commissionerate of CGST Mumbai Zone have arrested a businessman was running a Fake GST Input Tax Credit racket. Acting on an intelligence from Central Intelligence Unit of Mumbai CGST Zone, the officers initiated coordinated action at different locations in Thane, Bhiwandi, Raigad and Mumbai and detected GST evasion of Rs … Continue reading “CGST Bhiwandi Commissionerate arrests businessman for running fake ITC network (bogus billing of more than 63 Crores) Press Release Dated 22th Jan 2022”
CBDT notifies E-advance rulings Scheme, 2022 vide Notification No. 07/2022 dated 18th January, 2022.
Advance Ruling means written opinion or authoritative decision by an Authority empowered to render it with regard to the tax consequences of a transaction or proposed transaction or an assessment in regard thereto. It has been defined in section 245N(a) of the Income-tax Act, 1961 as amended from time-to-time. “advance ruling” means— (i) a determination by … Continue reading “CBDT notifies E-advance rulings Scheme, 2022 vide Notification No. 07/2022 dated 18th January, 2022.”
MSME units are together capable of constituting a complete supply chain
There is tremendous potential for Indian engineering MSMEs to be integrated into the Global Value Chain due to their manufacturing cost advantage, said Mr B. B. Swain, Secretary, Ministry of MSME. Addressing the inaugural session of MSME Conclave organized by EEPC India yesterday, Mr Swain said that for the MSMEs to achieve high growth the … Continue reading “MSME units are together capable of constituting a complete supply chain”
Judicial updates -21st January 2022
SC in G.T. Girish Vs Y. Subba Raju (D) By LRs judgment dated 18th Jan 2022 held that Subordinate Legislation in the form of Statutory Rules is a ‘law’ u/s 23 of Indian Contract Act Matter involving large scale State Revenues should be disposed speedily Dalmia Refractories Limited Vs State of Tamil Nadu (Madras High … Continue reading “Judicial updates -21st January 2022”
New Rule 8AD: Computation of CG u/s 45(1B) not exempt u/s 10(10D) II CBDT Notification 18-01-2022
New Rule 8AD: Computation of CG u/s 45(1B) not exempt u/s 10(10D) II CBDT Notification 18-01-2022
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