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CCI Invites Feedback on Draft Competition Commission of India (Calculation of Turnover or Income) Regulations, 2023
Press Release Dated 22.12.2023 The Competition Commission of India (CCI) seeks comments on the draft of CCI (Determination of Turnover or Income) Regulations, 2023. The Competition (Amendment) Act, 2023, amended Section 27, 48 and Section 64 of the Act, consequent to which the CCI is required to frame regulations regarding the manner of determining turnover […]
Bail Couldn’t Be Granted to Assessee Who Was Tampering With Evidence and Influencing Witnesses | HC
Case Details: Badha Ram v. Intelligence Officer - [2023] 157 taxmann.com 477 (Kerala) Judiciary and Counsel Details Mohammed Nias C.P., J. Facts of the Case In the present case, the assessee was arrested since the GST department during search operation found that petitioner had suppressed huge turnover of Rs. 34.15 crores for years 2021-22 to […]
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 […]
CBDT Notifies “POWERGRID Infrastructure Investment Trust” As Prescribed Mode of Investment u/s 11(5)
Notification No. 103/2023, dated 18-12-2023 Section 11(5) prescribes the mode in which the income of a trust or institution claiming income-tax exemption under various provisions shall be invested or deposited. These modes include immovable property, Central Government or State Government Securities, Government Savings Certificates, etc. Further, Rule 17C also lists various forms and modes of […]
[Opinion] The Conundrum of A Nominee Director
Harshit Jain – [2023] 157 taxmann.com 380 (Article) Research Question How have the conflicting duties of a Nominee Director put him in a position of dual loyalty and how it has been resolved by the courts of various countries? Is there any better possible solution in contrast to the current solution? Research Paper Introduction A […]
SC Cautions Courts to Avoid Showing Leniency in Granting Bail to Women in PMLA Cases, Regardless of Their Involvement
Case Details: Saumya Chaurasia v. Directorate of Enforcement - [2023] 157 taxmann.com 326 (SC) Judiciary and Counsel Details Aniruddha Bose & Bela M. Trivedi, JJ. Facts of the Case In the instant case, the Supreme Court turned down the bail plea of the appellant, who was the former Deputy Secretary and OSD in the Office […]
Saint Lucia’s Tax Inspectors without Borders (TIWB) programme launched in partnership with India
Publish Date : Friday, December 15, 2023 Attachments : 1. https://incometaxindia.gov.in/Lists/Press Releases/Attachments/1169/Press-Release-Saint-Lucias-Tax-Inspectors-without-Borders-TIWB-programme-launched-in-partnership-with-India-dated-15-12-2023.pdf source
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