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ITC can be claimed on invoices. HC dropped the notice
Details of the case In the case of M/s Surya Business Private limited Vs the State of Assam, it was held that tax paid by the TP but was not appearing in 2A shall not be disallowed. Citations Suncraft Energy Private Limited and another vs.
CA Shafaly GirdharwalFeb 13, 2024“Finance Ministry Dismisses Karnataka’s Claims of Tax Distribution Discrimination”
The Finance Ministry has issued a rebuttal to the Karnataka government’s allegations of discrimination in the distribution of central taxes, dismissing them as incorrect and misleading. This response comes shortly after the state’s Congress party staged a protest in the national capital. In a statement,
High Court Upholds Income Tax Search; Condemns Misconduct
Heading 1: Validity of Income Tax Search Upheld The Gujarat High Court has upheld the validity of search and seizure operations conducted by the Income Tax (I-T) department at the residence and office of lawyer Maulik Sheth. The search, carried out between November 3 and
NCLT Bengaluru Bench Emphasizes Finality in Resolution Plan Approval Process
NCLT Bengaluru Bench: Resolution Plan Approval Process Must Not Lead to Endless CIRP In a recent ruling, the National Company Law Tribunal (NCLT) Bengaluru Bench addressed the case of Parag Finlease Pvt. Ltd. vs. Mr. Ratnakar Shetty, the Resolution Professional (RP) of Unishire Lifestyle Dwellings
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Resolution Plan Approval by NCLT Renders Pending Service Tax Refund Appeal Abated, Rules CESTAT Chandigarh In a recent decision, the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) Chandigarh ruled on the matter of Ballarpur Industries Ltd. vs. CCE & ST, Panchkula. The tribunal held
Merely entry in Form 26AS does not make it taxable, Revenue will have to prove income
In a recent ruling by the Income Tax Appellate Tribunal, Nagpur Bench, the appeal of Mr. Sanjay Kisan Chopde against the Income Tax Department for the assessment year 2014-15 was meticulously examined and adjudicated upon. The tribunal’s detailed order addressed a crucial matter concerning the
Understanding the Impact of MSME Section 43B: Ensuring Timely Payments and Tax Compliance”
Clarification on MSME Section 43B Impact: Payments made or due to vendors registered under MSME, as defined in the Micro, Small and Medium Enterprises Development (MSMED) Act 2006, are affected. To encourage timely payments to micro and small enterprises, such payments now fall under section
“Unlocking Tax Relief: OTS & ‘Mera Bill’ Drive for Ludhiana Residents”
In a bid to ease the tax burden on residents and facilitate smoother transactions, the taxation department of the state government has launched a comprehensive awareness campaign promoting its one-time settlement (OTS) scheme for GST payments and the innovative ‘Mera Bill’ app. Officials within the
“High Court Grants Mercedes-Benz Interim GST Relief”
In a recent development, the Bombay High Court has granted an interim stay on the demand for GST dues on expatriate salary payments by Mercedes-Benz, providing a temporary relief to the auto giant. This decision, handed down by a Division Bench comprising Justices G.S. Kulkarni
“Valuation Report Disclosure Debate in Insolvency”
In a recent ruling by the National Company Law Appellate Tribunal (NCLAT) in the case of Kineta Global Ltd. v. IDBI Bank Ltd. & Ors., the issue of disclosing valuation reports to prospective resolution applicants has stirred debate within the legal and financial community. The
Chandigarh Mayor Election Controversy: High Court Intervenes Amid Fraud Claims”
The recent election of Manoj Sonkar, a Bharatiya Janata Party (BJP) candidate, as the Mayor of Chandigarh has been marred by controversy, with allegations of fraud and irregularities prompting legal challenges and scrutiny from the judiciary. The Punjab and Haryana High Court has taken cognizance
Important FAQ’s on 43B
Q1: When does the amendment become effective? A1: The amendment applies from FY 2023-24, corresponding to AY 2024-25. Q2: What defines an MSME? A2: MSME classification is based on investment and turnover, with Micro units having up to Rs.1 crore investment and Rs.5 crore turnover,