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Between the head offices and local entities of foreign airline operators from GST, India can waive the supply of services. GST notices have been received from foreign airlines with offices in India over the past few months for not filing the tax on the import of services via Indian entities from their head offices. Under […]
A GST SCN of Rs 288 crore for FY 2020 has been received by ICICI Lombard General Insurance Company Ltd. In the 4th quarter of FY24, ICICI Lombard General Insurance Company’s topline increased by 1.29 percent and the profit has swelled 18.89 percent YoY. The revenue increased by 3.13 percent and the profit grew by […]
The Delhi High Court in a decision has set aside an order for an alleged excess claim of Goods and Services Tax ( GST ) Input Tax Credit( ITC ) for the FY 2018-2019. The applicant has contested the order on 15th March 2024 which was issued without regarding the answer furnished via the applicant […]
Receipts via a foreign entity from the provision of software services to oil companies in India being like business profits are not chargeable in India in the absence of its Permanent Establishment (PE) during the relevant AYs, Delhi ITAT ruled. Section 44BB of the Income Tax Act includes a unique provision for the calculation of […]
A petition filed by a firm against the penalty, interest levied on it, and reversal of ITC on inward supplies of goods by non-existent firms has been dismissed by the Allahabad High Court. The passed order of the additional commissioner in the same concern has been carried by the court. The court witnessed that the […]
A series of recommendations have been listed by the study via the Institute of Energy Economics and Financial Analysis (IEEFA) and JMK Research for the country to reach its target of 500 gigawatts (GW) of renewable energy capacity by 2030. To reduce the pressure on developers’ balance sheets and raise affordability a decrease in the […]
In the case of the income tax refund fraud of Rs 263 crores, the Enforcement Directorate arrested an Indian businessman. On May 16, 2024, the ED, Mumbai Zonal Office arrested Rajesh Brijlal Batreja under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. An investigation based on FIR registered by CBI under various […]
A judgment has been furnished by the Income Tax Appellate Tribunal (ITAT) Delhi on 17th May 2024, in the matter of Saroj Sangwan Vs Income Tax Officer (ITO), addressing critical issues surrounding Section 148 of the Income Tax Act. The same case, related to the AY 2011-12, examines the procedural virtue and jurisdictional control of […]
The CBDT’s order has been quashed by the Bombay High Court rejecting the application filed by CG Power and Industrial Solutions Ltd asking for the condonation of delay in filing income returns based on the recast of accounts under NCLT’s order. Any assessment order passed u/s 143(3) or 144C as well as the resulting notices […]
