Judgment:- The Gujarat Authority of Advance Ruling (AAR) ruled that no GST is levied on the amount representing employees’ portion of canteen charges. Facts of the case:- The Applicant, M/s Tata Motors Ltd. is recovering nominal amount on monthly basis to ensure the use of canteen …
In a major relief to Good Year India, the Income Tax Appellate Tribunal (ITAT), Delhi has allowed the Company’s plea to allow advertisement expenses incurred for the brand promotion. Facts of the case:- The assessee company is engaged in the manufacturing/trading of tyres and related products. …
India has completed its fourth year of implementation of Goods and Service Tax (GST) and the glitches are still faced by taxpayers, professionals, and even the GST department officials. One of the major difficulties is the technicalities under GST law including the process of matching and …
1. The Enforcement Directorate (ED) has arrested the Chartered Accountant who was allegedly involved in an Rs. 3269 Crore bank fraud case. 2. Raman Bhuraria, a Delhi-based Chartered Accountant was arrested on Friday for his “assistance and complicity” in the alleged fraud. Later in the day, …
(Prime Minister Shri Narendra Modi on August 2nd launched the digital payment solution e-RUPI, a cashless and contactless instrument for digital payment. Prime Minister said that the eRUPI voucher is going to play a huge role in making Direct Benefit Transfer (DBT) more effective in digital …
The Delhi High Court while refusing as many as 22 petitions by various Exporters and Importers refused to exempt Importers or Exporters from charges pertaining to ground rent, demurrage, container detention charges during the COVID-19 lockdown period. Facts of the case:- The petitioners, in these petitions, …
1. The Institute of Chartered Accountants of India (ICAI) sought public comments on the Exposure Draft of Disclosures regarding Subsidiaries without Public Accountability. “Indian Accounting Standards (Ind AS) are based on the IFRS Standards issued by the International Accounting Standards Board (IASB) of IFRS Foundation. The …
Judgment:- The National Company Law Appellate Tribunal (NCLAT) set aside all the unsavory observations/comments made by the Amaravati Bench of National Company Law Tribunal (NCLT). Facts of the case:- Mr. P. B. A. Srinivasan, Counsel for the Appellants, Chalasani Udaya Sankar, Ms. Sripathi Sreevana Reddy, Ms. …
Irrespective of the amount gained or lost, one must disclose capital gains or losses while filing Income Tax Return (ITR). What is Capital Gain? Capital gains are the profits accrued through the sale of capital assets. The 2 types of capital gains are long-term and short-term. …
Judgement:- The Madras High Court ruled that the Airport Authority of India (AAI) is liable to pay Land Tax as it is not part of the Central Government. Facts of the case:- Mr V.Ramesh, the counsel for the petitioner, AAI contended that it is a Statutory …