Public Policy
Current
Sec. 138 of NIA
Sec. 138 of the Negotiable Instruments Act – Courts below should frame issue after careful thought and application of judicial mind to avoid litigation travelling all the way upto Supreme Court.
Rajesh Jain v. Ajay Singh – [2023] 155 taxmann.com 179 (SC).
ICAI Guide
ICAI releases ‘Technical Guide on Reports of Audit u/s 12A/10(23C) of the Income-tax Act, 1961.’
IBBI Discussion Paper
IBBI releases a discussion paper for streamlining the Voluntary Liquidation Process.
Discussion Paper, dated 5-10-2023.
UDGAM
RBI adds 30 banks to UDGAM making 90% unclaimed deposits in ‘Depositor Education & Awareness Fund’ accessible.
Press Release 2023-2024/1048, dated 5-10-2023.
Sec. 17 of SARFAESI Act
Sec. 17 of SARFAESI Act – SC cannot ignore or supplant any express statutory provisions while exercising its powers of wide amplitude under Article 142 of Constitution of India.
Union Bank of India v. Rajat Infrastructure (P.) Ltd. – [2023] 155 taxmann.com 78 (SC).
Se. 129/130 of CGST Act
Intent to evade payment of tax is mandatory while issuing notice u/s 129 or 130 of CGST Act or while passing the order of detention, seizure or demand of penalty & tax.
Shyam Sel and Power Ltd. v. State of U.P. – [2023] 155 taxmann.com 145 (Allahabad).
52nd Meeting of GST Council
GST Council issues recommendations after its 52nd meeting.
Press Release dated 7-10-2023.
GSTN Advisory
Functionality to issue intimation under Form DRC-01C has been implemented on GSTN portal.
GSTN Advisory dated 6-10-2023.
Sec. 2(22)
Sec. 2(22) – Deemed Dividend – SLP dismissed against order of HC that sec. 2(22)(e) would not be applicable where assessee availed unsecured loan from its group company which was paid back with interest in the same year.
PCIT v. Suprabha Industries Ltd. – [2023] 154 taxmann.com 536 (SC).
CBDT Notification
Form 60 cannot be submitted by a company or Firm that is involved in a transaction specified under rule 114B (transactions in which quoting of PAN is compulsory).
Notification No. 88/2023, dated 10-10-2023.
Archive
Sec. 138 of NIA
Sec. 138 of the Negotiable Instruments Act – Courts below should frame issue after careful thought and application of judicial mind to avoid litigation travelling all the way upto Supreme Court.
Rajesh Jain v. Ajay Singh – [2023] 155 taxmann.com 179 (SC).
ICAI Guide
ICAI releases ‘Technical Guide on Reports of Audit u/s 12A/10(23C) of the Income-tax Act, 1961.’
IBBI Discussion Paper
IBBI releases a discussion paper for streamlining the Voluntary Liquidation Process.
Discussion Paper, dated 5-10-2023.
UDGAM
RBI adds 30 banks to UDGAM making 90% unclaimed deposits in ‘Depositor Education & Awareness Fund’ accessible.
Press Release 2023-2024/1048, dated 5-10-2023.
Sec. 17 of SARFAESI Act
Sec. 17 of SARFAESI Act – SC cannot ignore or supplant any express statutory provisions while exercising its powers of wide amplitude under Article 142 of Constitution of India.
Union Bank of India v. Rajat Infrastructure (P.) Ltd. – [2023] 155 taxmann.com 78 (SC).
Se. 129/130 of CGST Act
Intent to evade payment of tax is mandatory while issuing notice u/s 129 or 130 of CGST Act or while passing the order of detention, seizure or demand of penalty & tax.
Shyam Sel and Power Ltd. v. State of U.P. – [2023] 155 taxmann.com 145 (Allahabad).
52nd Meeting of GST Council
GST Council issues recommendations after its 52nd meeting.
Press Release dated 7-10-2023.
GSTN Advisory
Functionality to issue intimation under Form DRC-01C has been implemented on GSTN portal.
GSTN Advisory dated 6-10-2023.
Sec. 2(22)
Sec. 2(22) – Deemed Dividend – SLP dismissed against order of HC that sec. 2(22)(e) would not be applicable where assessee availed unsecured loan from its group company which was paid back with interest in the same year.
PCIT v. Suprabha Industries Ltd. – [2023] 154 taxmann.com 536 (SC).
CBDT Notification
Form 60 cannot be submitted by a company or Firm that is involved in a transaction specified under rule 114B (transactions in which quoting of PAN is compulsory).
Notification No. 88/2023, dated 10-10-2023.