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Tuesday, 25 January 2022

25 January 2022 Updates


Issue of Shares at a Premium by assessee to its non-resident holding company does not give rise to any income from an admitted International transaction and, thus, there is no occasion to apply Chapter X in such a case. After this judgment CBDT also accepted and did not file an appeal to the supreme court. 

Maharashtra AAR: No GST on recovery of amount of separate top-up insurance and parental insurance by employer from employees.

No export under GST if place of supply is within India. Case Name : In re International Inspection Services Private Limited (GST AAR Telangana) Appeal Number : TSAAR Order No. 33/2021.

No GST on cash discount for early payments by dealer, rules M.P. AAR. This ruling is contrary to the verdict of Kerala AAR.

The Ministry of New & Renewable Energy on Friday said households are free to get rooftop solar panels installed by themselves or by any vendor of their choice and a photograph of the installed system for distribution utility is sufficient to avail benefits or subsidy under the government scheme. Earlier under the rooftop solar scheme, the households were required to get that from the listed vendors only to avail the benefits and subsidy under the scheme. 
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All Financial Statements under CA '13 from F.Y. 2021-22 onwards need to be prepared with a lot of additional disclosures like Trade Payable/ receivable aging, Bank Borrowing related, Benami Property disclosure etc in terms of MCA Notification dt. 24/03/2021. Accordingly, ICAI issued the following Guidance Notes (Jan 22 Edition). 

.📌ICAI- Guidance Notes

❗Guidance Note on Division I - Non Ind AS Schedule III to the Companies Act 2013.

‼️Guidance Note on Division II - Ind AS Schedule III to the Companies Act 2013.

‼️❗Guidance Note on Division III to Schedule III to the Companies Act 2013 for NBFC that is required to comply with Ind AS.

All professionals, especially CA’s must go through the above and prepare financial statements accordingly.

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GST Updates

2️⃣ MP AAR- No GST on cash discount for early payments by dealer. (Mahavir Prasad Mohan Lal)

Contrary to Kerala AAR- Santhosh Distributor

3️⃣ Maha AAAR- ITC not available on GST paid on expenses incurred towards promotional schemes goods given as brand reminders.(Sanofi)

4️⃣ SC decided, No GST Evasion on Mere Non-Extension of Validity of E-Way Bill as Traffic blockage due to agitation responsible for not providing smooth passage of Traffic. (Satyam Shivam Papers)

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CBDT has set a record for search operations against 'undisclosed income' in FY22. With two months and a week left until the end of the fiscal year, the total 'undisclosed income' as per publicly available data is about Rs 32,000 crore (Rs 320 billion), far eclipsing the level set in FY19, when it was just under Rs 18,600 crore (Rs 186 billion).

Company to be treated as beneficial owner of  car purchased in the name of its Directors,  eligible for Depreciation held by  THE ITAT AHMEDABAD BENCH 'D' in the case of Income-tax Officer Vs. Anunay Fab (P.) Ltd. 

CBIC has recently enabled the new functionality on the GST portal for the taxpayer to find out contacts details of Tax Officials. This functionality will help to reduce the gap between the Tax Payer and Tax officers. Further, the said functionality shall be effective to use at the time of litigation, grievance, queries or concerns. etc.

Uttarakhand High Court has stayed the operation of a Circular issued by the Revenue Authorities, to the extent it inhibits refund claims for a period of two separate (not successive) financial years and requires filing of Refund in a chronological manner. The Bench has stayed para 8 of the Circular No. 125/44//2019-GST dated 18.11.2019. 

ICAI Convocation 2021-22 - Postponement of Convocation 2021-22 scheduled to be held at New Delhi till further orders.
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