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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”

GST updates NACIN (Presentation)

GST updates NACIN •This Presentation covers the GST changes/observations/ press releases released by CBEC since the last updateon 04.12.2021. It supplements the earlier GST Updates. •This presentation is based on CGSTAct/Rules/Notifications, except the provisions related solely to SGST provisions. Similar parallel provisions in State Laws may be referred to as required Download https://documentcloud.adobe.com/link/review?uri=urn:aaid:scds:US:9cd26dfe-8b96-3e25-8a7a-263e5630729b

CCI imposes penalty on maritime transport companies for indulging in cartelisation (Lesser penalty approx. INR 24.23 Cr, INR 10.12 Cr, and INR 28.69 Cr) (CCI Press Release 24 Jan 2022)

The Competition Commission of India (‘CCI’) passed a final order against four maritime transport companies namely Nippon Yusen Kabushiki Kaisha (‘NYK Line’), Kawasaki Kisen Kaisha Ltd. (‘K-Line’), Mitsui O.S.K. Lines Ltd. (‘MOL’) and Nissan Motor Car Carrier Company (‘NMCC’) for indulging in cartelisation in the provision of maritime motor vehicle transport services to automobile Original Equipment … Continue reading “CCI imposes penalty on maritime transport companies for indulging in cartelisation (Lesser penalty approx. INR 24.23 Cr, INR 10.12 Cr, and INR 28.69 Cr) (CCI Press Release 24 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”

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