Tax
AO Bound To Grant Advance Tax Credit That Was Left By The Taxpayer: ITAT
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that the AO is bound to grant the credit of advance tax that was left by the taxpayer.The bench of Sandeep Singh Karhail (Judicial Member) and B.R. Baskaran (Accountant Member) has observed that the inadvertence on the part of the assessee to claim the credit for the advance tax while filing its return of income or filing the revised return of income in this regard does not absolve the AO from its statutory duty as per Section...
Revamped Income Tax Department Website Launched To Enhance Taxpayer Experience
The Income Tax Department has unveiled its newly revamped national website, www.incometaxindia.gov.in, with an aim to elevate the taxpayer experience and embrace technological advancements. The inauguration of the upgraded website took place at the 'Chintan Shivir,' organized by the Directorate of Income Tax (Systems) in Udaipur.The inauguration ceremony was graced by the presence of Shri. Nitin Gupta, Chairman of the Central Board of Direct Taxes (CBDT).With a user-centric approach, the...
Ministry Of Commerce & Industry Implements Stricter Measures To Prevent Misclassification Of Rice Exports
In an effort to curb the misclassification of rice exports and ensure transparency in the international trade of rice, the Ministry of Commerce & Industry has introduced additional safeguards for the export of Basmati rice. The move comes as part of the government's ongoing efforts to check domestic prices and secure food supplies within the country. The announcement comes after the prohibition of non-Basmati white rice exports on July 20, 2023.Recent data indicates that rice exports have...
Ministry of Commerce and Industry Issues Quality Control Order for Domestic Gas Stoves
The Ministry of Commerce and Industry, through its Department for Promotion of Industry and Internal Trade (DPIIT), has taken a decisive step towards ensuring consumer safety and product quality by announcing the "Domestic Gas Stoves for use with Piped Natural Gas (Quality Control) Order, 2023."This move comes under the authority granted by the Bureau of Indian Standards Act, 2016, and aims to regulate the manufacturing and usage of Domestic Gas Stoves for use with Piped Natural Gas (PNG).By...
Ministry Of Commerce And Industry Notifies Quality Control Order For Cookware And Utensils
The Ministry of Commerce and Industry has taken a substantial step towards enhancing consumer safety by unveiling the Cookware and Utensils (Quality Control) Order 2023. This order, designed to regulate the quality of cookware and utensils, enforces adherence to specific Indian Standards, introduces certification and enforcement mechanisms, and establishes penalties for non-compliance.Under the authority of sections 16, 17, and 25 of the Bureau of Indian Standards Act, 2016 (11 of 2016), the...
No Nutritional Info On Label Except Energy Content: FSSAI Announces Crucial Amendment To Alcoholic Beverages Regulations
The Food Safety and Standards Authority of India (FSSAI) has unveiled a pivotal amendment to the Alcoholic Beverages Regulations, a move that is set to reshape the landscape of the industry. The amendment, which was initially proposed on May 17, 2022, in accordance with section 92 of the Food Safety and Standards Act, 2006, has now reached its final form after careful consideration of public suggestions and objections.In line with the notification, the amendment introduces significant changes to...
Tax Cases Weekly Round-Up: 20 August To 26 August, 2023
Supreme CourtSupreme Court Recalls Judgment Holding That No Indirect Taxes Can Be Levied On Duty-Free Shops At AirportsCase Title: Commissioner of CGST and Central Excise Mumbai East vs Flemingo Travel Retail LtdCitation: 2023 LiveLaw (SC) 673The Supreme Court has recalled its Division Bench judgment dated 10 April 2023, where the top court had ruled that Duty-Free Shops situated in the arrival or departure terminals of Airports are outside the customs frontiers of India and therefore, they...
CBDT Allows Income Tax Exemption To Unique Identification Authority Of India
The Central Board of Direct Taxes (CBDT) has granted income tax exemption to the Unique Identification Authority Of India.‘Unique Identification Authority of India’ is a statutory Authority established under the provisions of the AADHAAR Act, 2016 by the Government of India.The CBDT has notified the tax exemption in respect of grants/subsidies received from the Central Government, fees/subscriptions including RTI Fee, Tender Fee, Sale of Scrap, PVC card, etc.; Authentication, Enrolment and...
DGGI Can’t Be Stopped From Taking Intelligence-Based Enforcement Action When Investigation By Other Authority Is Going On: Delhi High Court
The Delhi High Court has held that the Directorate General of Goods and Service Tax Intelligence (DGGI) cannot be stopped from taking intelligence-based enforcement action when investigations by other authorities are going on.The bench of Justice Vibhu Bakhru and Justice Amit Mahajan has observed that if any of the authorities have found it necessary to investigate the petitioner based on certain information, the investigation cannot be stopped or interdicted on account of an investigation...
SEBI Mandates Additional Disclosures By Foreign Portfolio Investors
The Securities and Exchange Board of India (SEBI) has issued a circular aimed at promoting heightened transparency among Foreign Portfolio Investors (FPIs) meeting specific criteria. This initiative comes as a response to concerns regarding concentrated equity portfolios and potential misuse of the FPI route for regulatory circumvention.The circular highlights the observation that certain FPIs maintain a concentrated portion of their equity portfolio within a single investee company or corporate...
Bombay High Court Quashes Reopening Of Assessment After 4 Years In The Absence Of Concealment By Assessee
The Bombay High Court has quashed the reopening of the assessment after 4 years in the absence of concealment by the assessee.The bench of Justice K. R. Shriram and Justice Firdosh P. Pooniwalla observed that where the assessee has fully disclosed all the material facts, it is not open for the Assessing Officer to reopen the assessment on the ground that there is a mistake in the assessment. What is recorded is that the petitioner wrongly claimed certain deductions to which he was not entitled....
SEBI Notifies Modification In Cyber Security, Cyber Resilience Framework Of Stock Exchanges, Clearing Corporations & Depositories
In a recent development, the Securities and Exchange Board of India (SEBI) has announced a notable modification in the Cyber Security and Cyber Resilience framework for Stock Exchanges, Clearing Corporations, and Depositories. SEBI's latest circular dated August 24, 2023, revises certain aspects of the existing cybersecurity guidelines. These changes stem from previous circulars, specifically SEBI/CIR/MRD/DP/13/2015 dated July 06, 2015, and SEBI/HO/MRD1/MRD1_DTCS/P/CIR/2022/68 dated May 20,...