News & Updates Latest Tax newsIncome Tax Portal Update: Dept releases New Tax Payment Summary Report in AIS Portal September 23, 2023The Income Tax Annual Information Statement (AIS) Portal has been updated with a New Feature to view Tax Payment Summary Report. This report is designed to provide an overview of taxes paid for a specific Assessment Year (AY) along with a breakup of Particulars like Self Assessment Tax, Advance Tax etc. Annual Information Statement (AIS) […] Athira KCESTAT quashes Refund of Excise Duty on Henna Powder and Henna Paste as Refund Application not filed within Time Limit under Proviso to Section 11C (2) of Excise Act [Read Order] September 23, 2023The New Delhi Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), quashed refund of the excise duty as the refund application was not filed within the time limit prescribed in the proviso to section 11C(2) of the Excise Act, 1944. The respondent, M/s. Prem Mehandi Center, is engaged in the manufacture of […] AswanAnti-corruption Bureau arrests Female GST Officer accepting Bribe of Rs. 4000 September 23, 2023On Wednesday, the Anti-Corruption Bureau (ACB) apprehended a woman Goods and Services Tax (GST) officer for allegedly receiving a bribe of Rs 4000. On September 13, the complainant submitted a request to the Business Tax Officer’s office to terminate the business tax for his company, Kalpdeep Industrial Security Services, which had remained inactive for two […] HaripriyaB. Com, CA, CA Inter Vacancy in HPE September 23, 2023The HPE invited applications for the post of Financial Analyst EMEA Reporting and VAT. Qualifications CA fresher preferred BCom or MCom grad with 5+ years of experience or CA inter with 5+ years of experience Responsibilities Performs data extraction and analyzes data to make recommendations. Handles financial business issues. Provides analytics to business initiatives Develops […] HaripriyaB. Com Vacancy in Accenture September 23, 2023The Accenture invited applications for the post of Finance Process & Ops Manager – Finance Operations. Qualifications B. Com Responsibilities • In this role you are required to identify and assess complex problems for area of responsibility• The person would create solutions in situations in which analysis requires an in-depth evaluation of variable factors• Requires […] HaripriyaGenuineness of Source of Cash Deposit having Direct Relationship with Withdrawal cannot be Questioned without any Shred of Evidences Adverse to Assessment: ITAT sets aside Revisional Order September 23, 2023The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that source of cash deposit in the instant case is having direct relationship with the immediate withdrawal before such deposits and doubting the genuineness of such deposit is without any shred of evidence adverse to the assessee is uncomprehensive to the core. The assessee Nanak […] HaripriyaGovt Grants Received in Lieu of FRP need not be Reduced from Cost of Capital Assets: ITAT [Read Order] September 23, 2023The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the government grants received in lieu of Financial Restructuring Plant (FRP) need not be reduced from the cost of capital assets. The case of the assessee, Gujarat Urja Vikas Nigam Ltd was reopened exercising revisionary jurisdiction finding the assessment order to be erroneous […] Athira KCESTAT confirms Service Tax Demand as Refund Claim not filed within One Year from Date of Payment of Service Tax [Read Order] September 23, 2023The Mumbai Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), confirmed the service tax demand as refund claim not filed within one year from date of payment of service tax The appellant, M/s. RJB Estate Pvt. Ltd, submitted a claim for refund of service tax of Rs.17,98,429/-. The appellant had entered into […] AswanMere reference of Assessee being a Contractor in Agreement does not Detract him from the Position of being a Developer: ITAT allows Benifits u/s 80IA(4) of IT Act [Read Order] September 23, 2023The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that, merely because in the agreement for development of infrastructure facility, the assessee is referred to as contractor or just because some basic specifications are laid down, it does not detract the assessee from the position of being a developer, nor will deprive the […] AswanPlea Challenging Constitutional Validity of Provisions on Resolution Professional: Bombay HC issues Notice to Attorney General of India [Read Order] September 23, 2023A Division Bench of the Bombay High Court issued notice to the Attorney General of India, R. Venkataramani, in a plea challenging the constitutional validity of provision on Resolution Professional. The Writ Petition was filed challenging the Order passed by the Disciplinary Committee of the Insolvency and Bankruptcy Board of India (for short “IBBI”). There is […] Aswan
