Supreme Court dismissed appeal against order passed by Securities Appellate Tribunal (SAT) wherein it was held that an entity listed on Stock Exchange platform was required to pay Exchange, listing fee till securities were listed on platform of Exchange, and suspension of trading in listed entity’s securities did not entitle company not to pay annual listing fee.
Enchante Jewellery Ltd. v. BSE Ltd. – [2023] 149 taxmann.com 427 (SC).
IFRS 9 – International Accounting Standards Board (IASB) has issued an exposure draft on ‘Amendments to the Classification and Measurement of Financial Instruments’, proposing amendments to IFRS 9 and 7. Comments from stakeholders are sought before 19-7-2023.
Section 29 of CGST Act – For the purpose of calculating any penalty for late filing of returns, period from date of filing of application seeking revocation of cancellation of its registration, to the date of its restoration, was liable to be excluded.
Ishwar Chand Prop. Bhagwati Trading Co. v. UOI – [2023] 150 taxmann.com 294 (SC).
Canteen Services – Lump sum amount of bonus received by applicant – service provider from service recipient for paying to service provider’s employees is to be taxed at same GST rate as applicable for main service being canteen service.
Foodsutra Art of Spices (P.) Ltd.., In re – [2023] 150 taxmann.com 259 (AAR – TELANGANA).
Rummy is predominantly a game of skill, not chance, whether played with stakes to not, and is not considered gambling. Show Cause Notice of INR 21,000 Cr. quashed, being illegal, arbitrary and without jurisdiction.
Gameskraft Technologies (P.) Ltd. v. DG – GST (I) – [2023] 150 taxmann.com 252 (Karnataka).
Section 69A – Unexplained Money, etc. – Transporter misappropriating bitumen entrusted for delivery is a thief and cannot be treated as ‘owner’ u/s 69A. Bitumen is not ‘Valuable article’ within the meaning of section 69A.
D. N. Singh v. CIT – [2023] 150 taxmann.com 301 (SC).
Section 194A applies with threshold of INR 40,000 if interest is paid under Mahila Samman Saving Certificate.
Notification No. 27/2023, dated 16-5-2023.
SC dismisses application filed by Revenue seeking clarification in Abhisar Buildwell Ruling (Only if incriminating material is found in a search or requisition, AO can assess or re-assess u/s 153A). Asks Revenue to file a review petition, looking into the importance of matter.
PCIT v. Abhisar Buildwell (P.) Ltd. – [2023] 150 taxmann.com 257 (SC).
Additional evidence cannot be admitted if it is in violation of Rule 46A or the assessee did not raise any additional ground for adjudication.
ITO v. Smt. Shahnaz Nurdin Azania – [2023] 150 taxmann.com 11 (Surat – Trib.).
Error of sending demand notice along with draft assessment order could not be cured u/s 292B.
CIT v. Cisco System Services B.V. – [2023] 149 taxmann.com 486 (Karnataka).