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PCIT approval for re-opening only by putting signing was without application of mind -SC dismissed SLP PCIT approval for re-opening only by signing was without application of mind –Supreme Court dismisses SLP of the Income Tax Department In a recent judgment, Hon’ble Supreme Court has dismissed the …
National Payments Corporation of India (NPCI) has increased the UPI per transaction limit to Rs. 5 lakhs for tax payments with effect from 15th September 2024 UPI per transactions limit has been increased to Rs. 5 lakhs for tax payments. Earlier, in 2021. NPCI w.e.f. 14th December 2021 …
Re-assessment concluded prior to Supreme Court judgment in Ashish Agarwal can not be opened afresh In a recent judgment, Hon’ble Delhi High Court has held that Income Tax Department was not justified in issuing notices afresh seeking to reopen the proceedings u/s 147 which had been concluded prior …
ICES to be used at International Courier Terminals to process export related payments CBIC has extended export related payment benefits for exports made through courier mode. The courier import and export shipments are handled on the Express Cargo Clearance System (ECCS) for clearance at the notified International Courier …
Allahabad High Court warns GST authorities using pressure tactics by issuing advisory letters In a recent judgment, Hon’ble Allahabad High Court has warned the GST authorities using pressure tactics by issuing advisory letters and quashed the letter issued advising petitioner to make voluntary payments without issuing any show …
CBIC issues circular clarifying certain issues as per the recommendation of GST Council 54th meeting. CBIC has issued CGST Circulars to implement the recommendation of GST Council 54th meeting. The GST Council has inter alia recommended for: 1. To clarify that where the inputs were initially imported without …
Foreign Exchange (Compounding Proceedings) Rules, 2024 notified. Monetary limit enhanced for jurisdiction of officials of RBI/ED Ministry of Finance has notified the Foreign Exchange (Compounding Proceedings) Rules, 2024. The said rules replaces 2000 Rules and have become effective from 12.09.2024 As per the 2024 rules, Director of Enforcement …
ITAT quashed disallowance u/s 40A(3) as assessee never operated any bank account In a recent judgment, ITAT Delhi quashed disallowance u/s 40A(3) where assessee never operated any bank account for running the business, it was held that invoking provisions of section 40A(3) overlooking the business expediency and also …
MCA notifies the Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2024. MCA prescribes conditions for merger or amalgamation when the transferor foreign company incorporated outside India is a holding company and the transferee Indian company is a wholly owned subsidiary company incorporated in India MINISTRY OF CORPORATE AFFAIRS …
Bar Council of India may now invest funds in Private Sector Banks BAR Council of India has amended its Rule to authorise it to invest its funds in Scheduled Commercial Public Sector and/or Private Sector Banks in India. BAR COUNCIL OF INDIA NOTIFICATION New Delhi, the 24th August, …
