CBIC Notification No. 52/2023 – Central Tax on October 26, 2023. This notification introduces changes to the CGST Rules, 2017 & amends Rule 28, Rule 142, Rule 159, FORM GST REG-01, FORM GST REG-08, FORM GSTR-8, FORM GST PCT-01 and FORM GST DRC-22. MINISTRY OF … Continue Reading →

Hon’ble ITAT Ahmedabad in case of ACIT Vs Pradip Overseas Ltd Date of Order: 04-10-2023 held that the Income Tax Settlement Commission has also passed order which is binding on the Revenue Department and the Assessing Officer has no power to reopen the assessment. … Continue Reading →

CBDT Circular No. 19/2023-Income Tax, Dated: October 23, 2023 Sub: Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10-IC for Assessment Year 2021-22 – Reg. In exercise of the powers conferred under section 119(2)(b) of the … Continue Reading →

The Ministry of Commerce & Industry’s Directorate General of Foreign Trade (DGFT) has released Policy Circular No. 06/2023-24 on October 19, 2023, addressing the implementation of Import Management Systems for IT Hardware. This circular provides important clarifications following DGFT Notification No. 23/2023 dated 03rd August … Continue Reading →

Hon’ble ITAT Mumbai in case of Ishwardas Satyanarayan Gupta Vs ITO (ITAT Mumbai) ITA No. 2058/MUM/2023 Date of Order: 15-09-2023held that the partner should be entitled to all the deductions which he was entitled while computing his share of profits in the firm including the … Continue Reading →

CBI Press Releases 17-10-2023 (View Source Document) FIVE YEARS RIGOROUS IMPRISONMENT TO THEN SUPERINTENDENT OF CENTRAL EXCISE & CUSTOMS FOR POSSESSING DISPROPORTIONATE ASSETS The Special Judge, CBI cases, Ahmedabad (Gujarat) has sentenced Shri Fauza Singh Pandher, then Superintendent, Central Excise & Customs (Preventive Branch), Daman … Continue Reading →

Hon’ble ITAT Ahmedabad in case of ACIT Vs Grand Polycoats Company Pvt. Ltd. (ITAT Ahmedabad) ITA No. 434/Ahd/2022 Date of Order: 03/10/2023 held that Gratuity Premium paid to LIC is allowable as business expenditure under section 37(1) of the Income Tax Act. The relevant para … Continue Reading →

Direct Tax Collections for F.Y. 2023-24 up to 9th October, 2023 show an increase over comparable period of last year Gross Direct Tax Collection higher by 17.95% Direct Tax Collection (net of refunds) higher by 21.82% Refunds amounting to Rs. 1.50 lakh crore issued during … Continue Reading →

CBDT Circular No. 17/2023 dated 09-10-2023 Sub: Order under section 119 of the Income-tax Act, 1961 – reg. Audit report in the case of a fund or trust or institution or any university or other educational institution or any hospital or other medical … Continue Reading →

GST Council recommends amendments in conditions of appointment of President and Member of the proposed GST Appellate Tribunals regarding eligibility and age GST Council recommends nil rate for food preparation of millet flour in powder form and containing at least 70% millets by weight when … Continue Reading →