ITAT Delhi deletes addition on account of Client Code Modifications. Case Name : DCIT Vs Futurz Next Services Ltd. (ITAT Delhi) Appeal Number : ITA No.3556/Del/2016 Date of Judgment/Order : 04.01.2022
CBDT issues refunds of over Rs 1,54,302 crore to more than 1.59 crore taxpayers from 1st Apr 2021 to 10th January 2022,” the I-T department tweeted. This includes personal income tax refunds of Rs 53,689 crore to over 1.56 crore entities and corporate tax refunds of over Rs 1 lakh crore to more than 2.21 lakh businesses.
Insolvency and Bankruptcy Code (IBC) could soon see some strengthening, including a cross-border insolvency framework and measures to speed up resolution of cases, with the matter set to be taken up in the upcoming budget session of parliament, government insiders said.
The Supreme Court has said the award can be set aside under the Arbitration Act, if it is found to be contrary to the fundamental policy of Indian Law, interest of country, justice or morality or if it is patently illegal. The top court was hearing an appeal filed by Haryana Tourism Ltd against an order of the Punjab and Haryana High Court which set aside a 2005 award passed by the arbitrator as well as the order passed by the Additional District Judge, Chandigarh.
.
========>
.
Draft Panel - MEF 2021-22
👉Please visit at https://app.meficai.org/draftPanel to view the category and other information related to the said MEF Application.
👉In case you have any comments/ observations on the details and category displayed, please share the same at
https://app.meficai.org/complaints
👉latest by 23rd January 2022 thereafter no submission for the MEF 2021-22 will be considered.
.
========>
.
Annual Information System is Government New Experience introduction replacing in future Form 26 AS. Form 26 AS is Xray of Tax payers and ASI can be called MRI of Tax Payers. Many Pros and Cons are regularly being reported by the Tax Payers So Government of India in a Press Release declared that the AIS should be treated as informative now and will not be taken in Tax computation as the Data reported is by Third Party.
Reserve Bank of India has proposed a new investment category called Fair Value through Profit and Loss Account (FVTPL) for banks as part of a overhaul of classification, valuation and operations of banks' investment portfolios.
ICAI has extended the last date for compliance of CPE hours’ requirements for the Calendar Year 2021 from 31st December, 2021 to 28th February, 2022.
Requirement of completion of 20 Structured CPE hours which is mandatory to be completed by Members below 60 years holding COP for Calendar Year 2021, can be fulfilled through online mode (either through Digital Learning Hub or through Virtual CPE meetings including mandatory CPE hours on “Code of ethics” and “Standard on auditing”) till 28th February, 2022.
The CPE hours requirements to be complied with by various categories of members for the block period of three years (1.1.2020 to 31.12.2022) are available on www.cpeicai.org
ICAI Draft Bank Branch Auditors’ Panel(MEF) of Chartered Accountants/firms for the year 2021-22 has been hosted at https://meficai.org/
.
========>
.
GST Case Updates
1️⃣ Hon'ble Supreme Court Order Suspending Limitation Is Applicable For Refund Under GST Act – Bombay High Court (Saither Supply Chain).
2️⃣ Goa AAR - Sale of land with electricity poles, drainage line not to attract GST (Shantilal Real estate).
This is contrary to Gujarat AAR (Dipesh Anil kr Nayak).
3️⃣ Maha AAAR - Allocation, Recovery of HO employees salary cost from branches will attract GST.
The ruling also said the head office is not entitled to avail of tax credit on tax paid on common services.
.
========>
.
👉🏻Bombay HC sets aside rejection of refund claims by GST authorities*
(The Bombay High Court has quashed an order by the GST authorities that had rejected the refund claim of an assessee because it was filed after two years, a time limit set by the rules)
👇🏻 👇🏻 👇🏻
https://bit.ly/3nvObmE
👉🏻Draft Bank Branch Auditors' Panel of Chartered Accountants/firms for the year 2021-22
(The Draft Panel will be available up to Sunday, 23rd January, 2022. Complaints if any have to be lodged by then.)
👇🏻 👇🏻 👇🏻
https://bit.ly/3KtIQ9F
.
========>
.
👉🏻Delhi Man Arrested For Issuing Fake GST Invoices Worth Rs. 4,521 Cr(Scrutiny of tally data has shown that there are 636 firms being operated by this syndicate and the mastermind of the syndicate has accepted that they have issued only invoices in these firms and not supplied any goods against them)
👉Claim for GST dues filed by Commissioner CGST after implementation of resolution plan couldn’t have been considered. (NCLAT- New Delhi)
👉Banks pitch for reduction of tax-free fixed deposit tenure to 3 years.
👉RBI wants digital currency included under definition of 'bank note': FinMin.
👉Jurisdiction Of Authorities Under PMLA ( Prevention of Money Laundering Act, 2002) to Proceed Against Properties Of Corporate Debtor Ceases Once Liquidation Approved Under IBC: Delhi High Court.
🙂To stay safe in the fight against COVID-19, wear a mask, 🙂
.
==============>
.
📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝
Thanks for reading
