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HC Set Aside Assessment Order Due to Lack of Reasons and Details of Demand Raised
Case Details: Jogesh Kumar Dehury v. Additional CT & GST Officer - [2023] 151 taxmann.com 193 (Orissa) Judiciary and Counsel Details B.R. Sarangi & M.S. Raman, JJ. A.K. Mohanty, Adv. for the Petitioner. Diganta Dash for the Respondent. Facts of the Case In this petition, the assessee had challenged the assessment order passed by the GST authority […]
Classification of Changes to the Inventory of Scrap under the Statement of P&L as per Schedule III
A company engaged in manufacturing of super alloys generates a significant amount of scrap. It has been estimated that 95% of the generated scrap can be reused in the production process, while the remaining 5% is sold in the open market. The company recognizes the net increase or decrease in scrap stock as “Consumption of […]
e-advance rulings (Amendment) Scheme, 2023
Publish Date : Monday, June 12, 2023 source
Sec. 54B Exemption not Valid for Seaside Land Claimed as Agricultural Use: ITAT
Case Details: Keshav Sunderam Rajam v. Income-tax Officer (International Taxation) - [2023] 150 taxmann.com 386 (Chennai-Trib.) Judiciary and Counsel Details V. Durga Rao, Judicial Member & G. Manjunatha, Accountant Member S.V. Venkateshwaran, FCA for the Appellant. AR V. Sreenivasan, Addl. CIT for the Respondent. Facts of the Case Assessee, a Non-Resident, sold land adjacent to the sea that […]
Revision of exceptions to monetary limits for filing appeals deferred under provisions of Section 158AB
Publish Date : Wednesday, May 31, 2023 source
RBI Extends Priority Sector Lending Target Deadline for Urban Cooperative Banks (UCBs)
Circular No. RBI/2023-24/42 DOR.CRE.REC.18/07.10.002/2023-24, Dated 08.06.2023 With a view to easing the implementation challenges faced by UCBs, the RBI has decided to extend the phase-in time for achieving targets by an additional period of two years. Further, UCBs would not be required to contribute to the Rural Infrastructure Development Fund (RIDF) or other eligible funds […]
Notification No. 36/2023 [F. No. 500/PF9/S10(23FE)/FT&TR-II(2)] / SO 2501(E)
Publish Date : Wednesday, June 7, 2023 source
Decoding Input Tax Credit (ITC) under GST
Table of Contents Relevant Notification Relevant Circulars Relevant Case Laws Check out Taxmann's GST Law & Practice is unique/concise book on the GST Laws (i.e., Statutory Portion & Case Laws). What sets it apart is the 'unique way of presenting' the compendium of 'updated, amended & annotated' text of the CGST & IGST Acts along […]
IBBI Seeks Public Comments on Simplifying Enrolment Process for Ease of Entry in Insolvency Profession
IBBI discussion paper 2, Dated 07.06.2023 The IBBI with an objective to ease the entry in the Insolvency Profession has floated discussion papers on simplifying the enrolment and registration process. The key proposals include Simplification of Enrolment of membership and registration process, modification in exam and Pre-Registration Educational Course (PREC) requirements, streamline the exit process. […]
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