Fetching of BE details from ICEGATE Portal
GSTN advisory on the functionality has been released on 17.09.2021 so as to provide relief to importer of goods.
Insertion of Rule 12F in the Income Tax Rules 1962
The prescribed income tax authority in accordance with the Rule should not be below the rank of Income tax officer (ITO). Also, the aforementioned authority should be so authorized by the CBDT.
Fiction Created By One Provision Cannot Be Super-Imposed On Another Provision
No deduction under section 54F can be denied in pursuance of fiction that has been established under section 27
Amendment To Section 72A To Incentivize Erstwhile PSUs
Incentives under the Income Tax Act have been provided in case of amalgamation of an erstwhile PSU which became so by reason of its strategic disinvestment.
Validity of Restriction on Refund Under Inverted Tax Rate Structure If Input And Output Are Same
Section 168(1) can be invoked only for the purpose of clarification in relation to the provisions of the CGST Act in order to ensure proper implementation of the relevant provisions.
Whether Order of Magistrate Is Suffice For Attracting Penalty Under Section 271D?
The onus of proving that the provisions contained in Section 269SS have been violated rests with the A.O. The Assessing officer is liable to prove that the amount of loan or deposit was accepted by other than the means prescribed. Only then the penalty can be imposed.
Clarification On Extended Timeline In Relation To Revocation Application Under GST
Issue of Clarification by CBIC with respect to the extended timeline for filing application for revocation of cancellation of GST registration.
Deemed Authentication of Documents For Faceless Assessment
New Rule 14C has been inserted to simplify the procedure of authentication for the electronic records furnished in the course of faceless assessment.
Is Stamp Duty To Be Paid On Conversion of Partnership Firm To LLP?
In case of conversion of partnership firm to an LLP form, the transfer of assets is by operation of law. The transfer being pursuant to statutory vesting, no other separate instrument of transfer is needed
Applicability Of CSR
Provisions of section 135 of the Companies Act, 2013 provide the criteria based on which it is determined whether a company falls within the purview of mandatory compliance with the Corporate Social Responsibility related expenditure.
