No Retrospective Cancellation of GST Registration of Deceased Person Without Any Non-compliance on Record | HC
Case Details: R. Trading Co. v. Commissioner of Delhi Goods and Services Tax – [2024] 159 taxmann.com 267 (Delhi) Judiciary and Counsel Details Sanjeev Sachdeva and Ravinder Dudeja, JJ. Rakesh Kumar, Subhash Chandra Gupta, Akul Mangla and Shailender Verma, Advs. for the Petitioner Ms. Shagufta H. Badwar, Ms. Samridhi Vats, Advs. and Rajeev Aggarwal, Additional Standing Counsel for the Respondent. Facts of the […]
Expense Incurred to Construct Bridge on a Culvert in Front of Shop to Provide Access to Customers Is Capital in Nature | ITAT
Case Details: Joginder Singh vs. ACIT – [2024] 159 taxmann.com 425 (Amritsar – Trib.) Judiciary and Counsel Details Anikesh Banerjee, Judicial Member & Dr M.L. Meena, Accountant Member Rohit Kapoor and V.S. Aggarwal for the Appellant Bharat Bhushan Garg for the Respondent Facts of the Case For the relevant assessment year, the assessee constructed a concrete bridge on the […]
MCA Operationalises Central Processing Centre (CPC) for Corporate Filings to Promote Ease of Doing Business | Press Release
Press Release dated February 16th, 2024 MCA has operationalised the Central Processing Centre (CPC) for centralised processing of corporate filings without requiring any physical interaction with the stakeholders to promote ease of doing business. The Ministry said 12 forms have begun to be processed at CPC from Feb 16 which will be followed by other […]
IBBI Amends Insolvency Process for Corporate Persons Norms | Mandates Opening of a Separate Bank Account By IRP/RP
Notification No. IBBI/2023-24/GN/REG113 dated: 15.02.2024 The IBBI has notified the Insolvency Resolution Process for Corporate Persons (Amendment) Regulations, 2024. A new Reg. 4D has been inserted which mandates the opening of a separate bank account for each real estate project by the Interim Resolution Professional (IRP) or the Resolution Professional (RP). Further, the IP must […]
ICAI Issues Guidance Note on Audit of Banks | 2024 Edition
The Institute of Chartered Accountants of India (ICAI) has issued a revised Guidance Note on Audit of Banks (2024 Edition). This guidance note deals with the audit aspect of change in the nature, volume and spread of transactions of banks. Apart from this, the non-traditional functions of banks, e.g., foreign exchange activities, merchant banking, portfolio […]
IBBI Issues Directions w.r.t Reporting/Sharing of Information in the Voluntary Liquidation Process of FSPs
IBBI Circular No. IBBI/LIQ/67/2024 dated 13.02.2024 The IBBI regulations allow the Financial Service Providers (FSPs) to undergo a voluntary liquidation process after obtaining prior permission of the appropriate regulator. However, some FSPs have commenced the liquidation without notification/prior permission. Therefore, IBBI has directed that liquidator shall declare that corporate person has obtained prior permission from […]
RBI Hikes Ceiling on Remuneration for Non-Executive Directors of Private Banks From 20 Lakhs to 30 Lakhs Per Annum
Circular No. RBI/2023-24/121 DoR.HGG.GOV.REC.75/29.67.001/2023-24, Dated 09.02.2024 According to the circular dated 26.04.2021, the ceiling of Rs. 20 lakh per annum was specified in respect of remuneration of Non-Executive Directors (NEDs), other than the Chair of the Board. Considering the crucial role of NEDs in the efficient functioning of bank Boards and its various Committees and […]
HC Set Aside Order Demanding Tax On Post-Supply Volume Discount Being Not Includible in Transaction Value
Case Details: Supreme Paradise v. Assistant Commissioner – [2024] 159 taxmann.com 143 (Madras) Judiciary and Counsel Details C. Saravanan, J. S. Sathyanarayanan & Ms K.M.C. Arunmokan, for the Petitioner. Ms Amirtha Poonkodi Dinakaran, Government Adv. for the Respondent. Facts of the Case The petitioner was engaged in the retail sale of mobile phones. The GST Authorities had issued […]
Income Tax Dept. Conducts Search Operations in Chhattisgarh on Politically Exposed Person
Press Release, dated 08-02-2024 The Income-tax Department initiated search and seizure operations in the case of a Politically Exposed Person (PEP), his close associates and a few Government officials on 31/01/2024. Incriminating documents related to the illegal grabbing of land by the close associates of the PEP have also been found. Similarly, the undue influence […]
RBI Keeps the Policy Repo Rate Under the Liquidity Adjustment Facility (LAF) Unchanged at 6.50 %
Press Release: 2023-2024/1826, Dated 08.02.2024 The RBI’s Monetary Policy Committee (MPC) at its meeting today on 08.02.2024 decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50 %. Further, the standing deposit facility (SDF) rate remains unchanged at 6.25 % and the marginal standing facility (MSF) rate and the […]