SEBI Issues Updated Master Circular on ‘Issue & Listing of NCS, Securitized Debt, Security Receipts, & CPs’
Circular No. SEBI/HO/DDHS/DDHS-PoD-1/P/CIR/2024/54, Dated 22.05.2024 SEBI vide notification dated August 9, 2021 notified SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021. SEBI issued multiple circulars covering procedural and operational aspects. In order to enable the stakeholders to have an access to all the applicable circulars/ directions at one place, the provisions of the circulars […]
Tribunal Reduced Penalty Amount for FEMA Violations as Amount Imposed Was Excessive Compared to Contraventions
Case Details: Shri Satpal Singh Vig @Pali v. Joint Director, Directorate of Enforcement – [2024] 162 taxmann.com 713 (SAFEMA – New Delhi) Facts of the Case In the instant case, Respondent received specific information that the appellant was receiving and accepting bets on scores and outcomes of cricket matches and other sporting events on behalf […]
ICMAI Issues an Updated Version of CAS-2 (Revised 2024), Replacing CAS-2 (Revised 2015)
The Cost Accounting Standards Board of the Institute of Cost Accountants of India (ICMAI) has issued an updated version of the Cost Accounting Standard (CAS)-2 (Revised 2024) on Capacity Determination, replacing CAS-2 (Revised 2015). The objective of this standard is to bring uniformity and consistency in the principles and methods of determination of capacity with […]
Failure of AO to Provide Personal Hearing in Spite of an Express Request Vitiated Assessment Order | HC
Case Details: Tvl. M.S. Enterprises v. State Tax Officer – [2024] 162 taxmann.com 263 (Madras) Judiciary and Counsel Details Senthilkumar Ramamoorthy, J. D. Vijayakumar for the Petitioner. V. Prashanth Kiran, Govt. Adv. (Tax) for the Respondent. Facts of the Case The petitioner was a registered person under GST. It received a show cause notice (SCN) and submitted […]
ICAI Releases an Exposure Draft on the Proposed Merger & Demerger Guidelines for Public Comment
The Committee for Aggregation of CA Firms (CACAF) of ICAI has proposed an exposure draft on the Merger & Demerger guidelines for public comment. The CACAF invites comments on the mentioned specific question as well as any aspect of this Exposure Draft. This exposure draft contains the proposed amendments in mergers and demerger guidelines and […]
No Relief to Assessee if He Failed to Place Clinching Evidence to Show That There Was No Income Derived by Him | HC
Case Details: Ravikumar Subhash Kalsi v. CIT – [2024] 162 taxmann.com 606 (Karnataka) Judiciary and Counsel Details V. Srishananda, J. Sachin M. Mahajan, Adv. for the Petitioner. Tirumallesh M. & Y.V. Ravi Raj Facts of the Case Assessee ran a vulcanizing shop. He used to collect money from landowners interested in digging a borewell. After rig […]
AA Was Justified in Rejecting CIRP Plea, as Documents Placed by Shareholders of CD Were Unsigned and B/s Showed Nil Loan | NCLAT
Case Details: Vijay Jain v. Laxmi Foils (P.) Ltd. – [2024] 162 taxmann.com 79 (NCLAT-New Delhi) Judiciary and Counsel Details Justice Ashok Bhushan, Chairperson & Barun Mitra, Technical Member Krishnendu Datta, Sr. Adv., Ashish Verma, Ms Salonee Keshwani & Rahul Gupta, Adv. for the Appellant. Facts of the Case In the instant case, the appellants, i.e. shareholders of the corporate […]
HC Directed Petitioner to Approach Income Tax Dept. Since Cash Seized Was Handed Over to Them as Per Their Requisition
Case Details: Centre C Edtech (P.) Ltd. v. Intelligence Officer – [2024] 162 taxmann.com 521 (Kerala) Judiciary and Counsel Details Dinesh Kumar Singh, J. Anil D. Nair, Telma Raju & Aditya Unnikrishnan, Advs. for the Petitioner. Ms Reshmita Ramachandran & Smt. Jasmine M.M., GPs. for the Respondent. Facts of the Case The petitioner was engaged in the business of providing […]
Facility to Register Machines by Manufacturers of Pan Masala and Tobacco is Made Available on GST Portal | GSTN Update
GSTN Update dated May 16th, 2024 The GSTN has issued an update to inform that facility to register the machines by manufacturers of Pan Masala and Tobacco have been made available on the GST Portal to file the information in Form GST SRM-I. All taxpayers dealing in those items may use the facility to file […]
[World Tax News] U.S. To Impose High Tariffs on Import of China-origin Goods and More
Editorial Team – [2024] 162 taxmann.com 541 (Article) World Tax News provides a weekly snippet of tax news from around the globe. Here is a glimpse of the tax happening in the world this week. 1. U.S. to impose high tariffs on import of China-Origin Goods The U.S. Trade Representative (USTR) released the Four-Year Review […]