Month: September 2024

National Savings Scheme 1987 and 1992 shall bear no interest w.e.f. 01.10.2024. The Finance Ministry has issued Notification No. G.S.R. 537(E) and Notification No. G.S.R. 538(E) both dated 29th August, 2024 providing that the balances at the credit of the subscribers of the National Savings Scheme 1987 and …

Information from Investigating Wing cannot be sole basis for forming belief that income escaped assessment – High Court In a recent judgment, Hon’ble Delhi High Court has held that information received from Investigating Wing cannot be the sole basis for forming a belief that income of the assessee …

Revision u/s 263 arising from tax auditors observation upheld as AO did not examine the matter In a recent judgment, ITAT Chennai has upheld revisionary proceedings u/s 263 which stemmed from observation of Tax Auditor that there was remission of trading liability u/s 41(1)(a) of the Act and …

H.P. State Cooperative Bank Ltd invites applications from CA firms for concurrent audit for FY 2024-25 EOI for Selection & Empanelment of Chartered Accountant Firms for Concurrent Audit of Bank’s Branches for FY 2024-2025 The H.P. State Cooperative Bank Ltd. has invited applications from practicing firms of Chartered …

Prosecution u/s 276B for delay in deposit of TDS quashed by High Court in the light of CBDT circulars In a recent judgment, Hon’ble Bombay High Court has quashed prosecution u/s 276B for delay in deposit of TDS in the light of CBDT Circular/Instructions stating that when TDS …

Implicating Customs Brokers as co-noticee in a routine manner, in matters involving interpretation of statute, must be avoided – CBIC Customs Brokers’ Associations had given representations to CBIC in respect of implicating Customs Brokers as co-noticee in the show cause notices issued to importers/exporters in matters involving interpretative …

For imported goods, it is impossible to claim CENVAT credit and hence custom duty exemption can not be denied. Supreme Court dismissed SLP  In a recent order, Hon’ble Supreme Court has dismissed Special Leave Petition (SLP) of the Custom/Excise Department against the order of the CESTAT holding that …

High Court grants bail to ITC scam accused as GST liability was yet to be not determined. In a recent judgment, Hon’ble High Court of Punjab & Haryana granted bail to ITC scam accused as GST liability was yet to be determined and the assessee was not habitual …

Banking Laws (Amendment) Bill 2024 – Amendments related to auditor’s remuneration to be decided by bank The Banking Laws (Amendment) Bill 2024  has bene presented in Lok Sabha. It proposes certain amendments to provisions related to auditor’s remuneration. As per Statement of Objects and Reasons of the Banking …

List of 402 transfers/postings made in the grade of PCIT / CIT by CBDT  CBDT has issued officer order making eight transfer / Postings in the grade of Principal Commissioner of Income Tax / Principal Director of Income Tax. Further, three transfer/postings has also been made in the …