CBIC Extends Time Limit for Passing Order u/s 73 for FY 2018-19 & 2019-20 | Notification

Notification No. 56/2023 – Central Tax dated December 28th, 2023 The Government has extended the time limit for passing order under Section 73 for FY 2018-19 and FY 2019-20 till 30-04-2024 and 31-08-2024 respectively. Earlier, the said time limits were extended till 31-03-2024 and 30-06-2024 respectively vide Notification No. 09/2023-Central Tax, dated 31-03-2023. Notably, the […]

[Opinion] The Ripple Effects of Central Bank’s Lexical Shift

Harshith Sharma – [2023] 157 taxmann.com 626 (Article) Indian legislative framework is often characterized by a domino effect, wherein an amendment in one sphere of law obliquely or otherwise resonates across various legislative realms. The Central bank’s recent subtle shift in nomenclature, substituting “interest” with “charges,” not only reaffirms this intricate interplay but also serves […]

HC Directed Dept. to Refund Amount Since Tax & Penalty During Detention Could Not Be Collected Twice

Case Details: Nitin v. Union of India – [2023] 157 taxmann.com 543 (Delhi) Judiciary and Counsel Details Vibhu Bakhru & Amit Mahajan, JJ. Virendra Kumar, Adv. for the Petitioner. Shekhar Vyas, Neha Warrier, Archana Surve, Anurag Ojha, Vipul Kumar & Subham Kumar, Advs. for the Respondent. Facts of the Case The petitioner, being a transporter, was engaged to transport dried areca nuts […]

Assessee Entitled to Get 6% Interest on Refund of Excess Amount of Equalisation Levy | HC

Case Details: Group M Media India (P.) Ltd. v. Deputy Commissioner of Income-tax, International Tax – [2023] 157 taxmann.com 487 (Bombay) Judiciary and Counsel Details K.R. Shriram & Dr Neela Gokhale, JJ. Dharan V. Gandhi & Ms Aanchal Vyas for the Appellant. Devvrat Singh for the Respondent. Facts of the Case The assessee had filed a statement of […]

Sec. 11 Relief Can’t Be Denied Without Assessing If Assessee’s Activities Were Trade, Commerce, or Business-Related

Case Details: Media Research Users Council vs. Asst. Director of Income Tax – [2023] 157 taxmann.com 470 (Mumbai-Trib.) Judiciary and Counsel Details Amit Shukla, Judicial Member & Gagan Goyal, Accountant Member P. Pardiwala, Niraj Sheth & Gunjan Kakkad for the Appellant. Smt Mahita Nair for the Respondent. Facts of the Case Assessee, registered under Section 12AB, falls within the “advancement […]

REs Shall Not Invest in AIFs With Direct or Indirect Downstream Investments in Its Debtor Companies | RBI

Circular No. RBI/2023-24/90 DOR.STR.REC.58/21.04.048/2023-24, Dated 19.12.2023 The Regulated entities (REs) make investments in units of AIFs as part of their regular investment operations. However, certain transactions of REs involving AIFs that raise regulatory concerns have come to RBI’s notice. In order to address concerns relating to possible evergreening through this route, RBI has advised REs […]