Annexure Supplied With Notice Containing Details for Reassessment is Sufficient to Submit Response By Assessee | HC
Case Details: Samriddhi Industries v. Central Board of Direct Taxes – [2023] 155 taxmann.com 546 (Madhya Pradesh) Judiciary and Counsel Details Sheel Nagu & Hirdesh, JJ. Mukesh Agrawal & Ayush Gupta, Advs. for the Petitioner. Siddharth Sharma & Shubham Manchani, Advs. for the Respondent. Facts of the Case Assessing Officer (AO) issued a notice under section 148A(b), providing reasons […]
[World Tax News] Kuwait Set to Launch New Corporate Tax Initiative Across All Entities and More
Editorial Team – [2023] 156 taxmann.com 303 (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. Kuwait set to launch a new corporate tax initiative across all entities Kuwait is gearing up for a tax […]
SEBI Introduces a Procedural Framework for Dealing with Unclaimed Amounts Lying With InvITs, REITs & Specified Entities
Circular No: SEBI/HO/DDHS/DDHS-RAC-1/P/CIR/2023/178, Dated: 08.11.2023 SEBI with an objective to uniform the process of claiming unclaimed funds by investors has specified a procedural framework for dealing with unclaimed amounts lying with InvITs, REITs and entities having listed non-convertible securities. Further, the norms w.r.t the manner of claiming such unclaimed amounts by investors has also been […]
RBI Permits Non-resident Investment in Government-issued SGBs via ‘Fully Accessible Route’ for F.Y. 2023-24
Circular No. RBI/2023-24/81 FMRD.FMID.No. 04/14.01.006/2023-24, Dated 08.11.2023 Earlier, the RBI vide. Circular Dated 30.03.2020 notified Fully Accessible Route (FAR), through which certain specified categories of Central Government securities were opened fully for non-resident investors without any restrictions, apart from being available to domestic investors as well. The RBI has now decided to also designate all […]
Demand Issued on Ground of Non-payment of Tax by Supplier Can’t Sustain Since Recipient Was Composition Dealer | HC
Case Details: Rama Brick Field v. Additional Commissioner, Grade-2 – [2023] 156 taxmann.com 252 (Allahabad) Judiciary and Counsel Details Piyush Agrawal, J. Suyash Agarwal for the Petitioner. C.S.C. for the Respondent. Facts of the Case In the present case, the petitioner who had opted for composition scheme for the period of 1-10-2017 to 21-3-2019 received a notice […]
[Opinion] Controversies Regarding “Anonymous Donations” To Charitable Organisations
CA Dindayal Dhandaria & CA Naveen Kumar Dhandaria – [2023] 156 taxmann.com 261 (Article) Introduction Section 115BBC of the Income Tax Act, 1961 (“the Act“) was inserted by Finance Act, 2006 w.e.f. 1-4-2007. Finance (no.2) Act, 2009, w.e.f. 1-4-2010 provided some relief by exempting anonymous donations to the extent of 5% of total income or […]
No Sec. 40A(3) Disallowance if Cash Payment Was Made Due to Freezing of Bank Account by Govt. Agency | ITAT
Case Details: Shashikala Ram Kumar vs. ASST CIT – [2023] 156 taxmann.com 204 (Hyderabad-Trib.) Judiciary and Counsel Details Rama Kanta Panda, Vice President & K Narasimha Chary, Judicial Member A. Srinivas, AR for the Appellant. Ms Sheetal Sarin, DR for the Respondent. Facts of the Case The assessee, carrying on the business of tours and travels, filed its […]
Income-tax (Twenty-Seventh Amendment) Rules, 2023
Publish Date : Tuesday, October 31, 2023 source
Weekly Round-up on Tax and Corporate Laws | 30th October to 4th November 2023
This weekly newsletter analytically summarises the key stories reported at taxmann.com during the previous week from 30th October to 4th November 2023, namely: (a) Govt. allows Indian Companies to list abroad directly; (b) No Section 12AA registration to a Bar Association if it isn’t registered as a trust/institution with statutory authorities; (c) 5% GST to be levied […]
Non-refund of ‘EMD’ on Rejection of Tender Wouldn’t Amount to Operational Debt; CIRP Rightly Reject | NCLAT
Case Details: Supreme Transport Organization (P.) Ltd. v. Maharashtra Airport Development Company Ltd. – [2023] 155 taxmann.com 362 (NCLAT-New Delhi) Judiciary and Counsel Details Justice Ashok Bhushan, Chairperson & Barun Mitra, Technical Member Sonam Sharma & Ms Riddhi Jain, Advs. for the Appellant. Facts of the Case In the instant case, the appellant company claimed that it had […]