• September 19, 2023

Table of Contents Introduction Tribunal’s Ruling Buyback v. Reduction of Capital Distribution of Income Deemed Dividend v. Capital Gains Scheme is Not binding on AO Conclusion Position as of date 1. Introduction In a recent ruling, the Chennai ITAT has held that Cognizant Technology Solutions India (‘Cognizant’ or ‘assessee’) is liable to pay Dividend Distribution […]

• September 18, 2023

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. China extends reduced tax rate for third-party enterprises engaged in pollution prevention and control China’s Ministry of Finance, State Administration of Taxation, National Development and Reform Commission, […]

• September 17, 2023

Prof R Balakrishnan – [2023] 154 taxmann.com 274 (Article) 1. A brief on board report The Board’s Report is an important document prepared by the company every year and attached along with the financial statements and discloses the details of the company’s affairs as to what happened during the financial year that has ended, to […]

• September 16, 2023

Case Details: Nitin Verma v. Today Homes Noida (P.) Ltd. - [2023] 153 taxmann.com 588 (SC) Judiciary and Counsel Details Dr Dhananjaya Y. Chandrachud, CJI, Pamidighantam Sri Narasimha & Manoj Misra, JJ. Anurag Jain, Mrs Preeti Taneja, Advs., Ms Tina Garg, AOR & M.K. Ghosh, Adv. for the Petitioner. Adhish Sharma, Nitin Pandey, Advs. & Umesh Kumar Khaitan, […]

• September 15, 2023

Press Release: 2023-2024/910, Dated 12.09.2023 RBI has revised directions for the classification, valuation and operation of investment portfolio of commercial banks. The directions include principle-based classification of an investment portfolio, tightening regulations around transfers to/from held to maturity (HTM) category and sales out of HTM, and inclusion of non-SLR secs. in HTM subject to the […]

• September 14, 2023

Case Details: Vijay Agrawal v. Directorate of Enforcement - [2023] 153 taxmann.com 509 (HC-Delhi) Judiciary and Counsel Details Dinesh Kumar Sharma, J. Sidharth Aggarwal, Sr. Adv., Arjun Dewan. Shahryar Khan & Ms Arshiya Ghosh. Advs. for the Petitioner. Zoheb Hossain, Spl. Counsel, Vivek Gurnani & Baibav, Advs. for the Respondent. Facts of the Case In the instant case, the petitioner/the real estate […]

• September 13, 2023

Case Details: Manjula D. Rita v. Principal Commissioner of Income-tax - [2023] 153 taxmann.com 468 (Bombay) Judiciary and Counsel Details K.R. Shriram & Firdosh P. Pooniwalla, JJ. Ranit Basu, Ms Maitri Malde & Ms Nikita Ghungarde for the Petitioner. Suresh Kumar for the Respondent. Facts of the Case The deceased assessee was a director of a company. An assessment […]

• September 12, 2023

Publish Date : Monday, September 11, 2023 Attachments : 1. https://incometaxindia.gov.in/Lists/Press Releases/Attachments/1151/Press-Release-CBDT-to-undertake-Special-Campaign-3.0-for-Swachhata-and-disposal-of-pending-matters-dated-11-09-2023.pdf source

• September 12, 2023

Notification No. 45/2023-Central Tax, dated 06-09-2023 Following the 51st GST Council meeting, the CGST (Third Amendment) Rules 2023 introduce Rule 31B and Rule 31C under the CGST Rules for the valuation of supply by way of online gaming and actionable claims in casino respectively. Rule 31B provides that the value of online gaming, including online […]