COMPANY LAW UPDATES
Failing to appoint an internal auditor may result in penalties and legal consequences for the company.: ROC
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INCOME TAX UPDATE
No additions can be made in respect of credit entry in assessee’s capital account for gift of jewelry received from relative: ITAT
INCOME TAX UPDATES
ITAT condoned delay in filing appeal as order wasn’t served at assessee’s address available at PAN/ITR database
GST UPDATES
Refund of ITC on account of inverted duty structure allowed where goods supplied under concessional rate notification: HC
COMPANY LAW UPDATE
Every company shall paint or affix its name, CIN and the address of its registered office, and keep the same painted or affixed, on the outside of every office or place in which its business is being carried upon.
GST UPDATES
Advance ruling rendered based on facts which are not correct is not valid; Appellate AAR remands matter to AAR for fresh consideration in view of change in facts.
GST UPDATES
Reimbursement of tree cut compensation and land compensation amount paid to farmers and land owners during the course of execution of work doesn’t amounts to GST if the applicant qualifies to be a pure agent.
INCOME TAX UPDATES
AO can’t ask Start-up to submit bank statements/ITRs of reputed NR investors to verify funds raised from them: ITAT
GST UPDATE
Bombay HC imposed cost on Revenue for SCN issued & order passed without any application of mind.
GST UPDATES
Power Sprayer (engine driven) is classifiable under tariff item 8424 89 90 and GST is payable at 18 per cent on supply of such goods.
INCOME TAX UPDATE
‘Solely’ in section 10(23C)(vi) means exclusively/only; This interpretation will apply prospectively to avoid disruptive effect: SC
GST UPDATES
ITC benefit to be passed as soon as same was availed since buyer can’t be asked to wait till completion of project: NAA
INCOME TAX UPDATES
ITAT rejects assessee’s story of getting credit from fabric sellers of unknown location; upholds Sec. 68 additions.
GST UPDATES
Solid Waste Management services falls under SAC No. 9994 in Group 99943 i.e., Waste treatment and disposal services and the same is not exempted from GST even if it is provided to the Government authority or a government entity.
GST UPDATES
Ready to eat Popcorns falls under tariff heading ‘1904’ (18% GST) as it is prepared by swelling the corn by a process of heating the same.
GST UPDATES
Taxpayer is not liable for paying any interest or penalty for Wrongfully availed transitional credit until and unless it is utilized for discharging the tax liability.
GST Updates
Dental Services (except bleaching of teeth and dental veneers for smile designing) shall be considered as healthcare services and are exempt from GST.