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Bipul Kumar


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”

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”

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