Monday, 6 March 2023

6 March 2023 News and Updates

📰✓ Corporate Snippets ✓

📝 FY23 fiscal deficit: FinMin monitoring daily receipts, expenses in March
📝 Food companies, FSSAI, health institutions differ over front pack labelling proposal
📝 Quality control: Govt to issue measures to stop imports of sub-standard goods
📝 Centre saved $27 bn in schemes using DBT method, says Economic Affairs Secy
📝 Chennai-based Computer Age Management Services acquires majority stake in Think Analytics
📝 Bank of Baroda reduces home loan rate by 40 bps to 8.5% until March 31
📝 India's oil buy from Russia surges, now more than one-third of total imports
📝 Pfizer sells leasehold rights of 54-acre land parcel in Thane to Vidhi Research
📝 IndiGo looks to enable codeshare connectivity to US, Canada
📝 Agritech firm DeHaat's FY-23 revenue set to rise by over 80% to INR 2,300 Cr 
📝 DAO EvTech earmarks Rs 100 crore investment in Tamil Nadu, to hire 2,000 people
📝 Atmanirbhar push: INR 7,000 Cr PLI boost for toys, bicycle components soon
📝 Essar group returns to steel business with $8-billion investment
📝 Fitment panel to examine compensation cess structure for pan masala
📝 Square Yards raises INR 112 Cr from HNIs for office space in Hyderabad
📝 RIL, First Solar, Shirdi Sai bid for 15.5 Gw end-to-end solar manufacturing
📝 HCL Tech to double semiconductor biz in 4 yrs, needs 2 yrs to build fab
📝 Aiming to double India portfolio to $8 bn in 3-4 yrs: CapitaLand India CEO
📝 Bank of Ceylon, SBI, Indian Bank talk benefit of rupee trade in Colombo
📝 Govt. likely to lower rail freight rates for coastal shipping of coal
📝 Bond traders request RBI to shift to multiple price auctions of Govt. debt
📝 Kotak Mahindra Bank to create vertical for mid-market firms
📝 Indian Navy successfully test-fires the BrahMos supersonic missile
📝 Flexi work model is here to stay, was around even before Covid: Infosys
📝 Centre may extend ECLGS for MSMEs by six month
📝 NBFCs expect up to 30 bps rise in borrowing cost in FY-24 
📝 Finolex looks to expand non-agriculture segment business
📝 BSNL fast-tracks 4G site installation, targets April launch
📝 Bank credit to retail, wholesale trade jumps 16% in February: RBI data
📝 UPI: P2M transactions jump 119% YoY in February 2023
📝 Holi sales to generate INR 25,000 Cr business this year: CAIT
📝 Mustard prices seen falling below MSP on bumper crop prospects
📝 CGA asks departments to avoid last-minute spending rush
📝 Agriculture exports up 10% to $21.8 bn in April-January
📝 India’s per capita income doubles since 2014-15
📝 Saudi Arabia raises oil prices for Asia and Europe for April
📝 Infra, manufacturing push to help economy scale $7 tn peak
📝 Zetwerk raises ₹100 cr debt led by Edelweiss
📝 Centre may ease AT-I bond valuation rules
📝 Mark Mobius sees India as best investment alternative to China
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ICAI have come up with new mediclaim scheme with ICICI Lombard for new as well as Super TOP UP option with extra benefits for CAs, you can refer this at https://cmpbenefits.icai.org/
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Income Tax Updates: -
1.The Delhi High Court ruled that the Income Tax Department cannot offset TDS that has not been deposited by the deductor (employer) in the Central Government Account against the refund due and payable to the assessee because it is prohibited by Section 205 of the Income Tax Act, 1961. In this case, the assessee raised issue before the court that the outstanding demand for AY 2012-13, raised due to TDS, was not deposited by the employer with the Central Government, and that the refund due to him for AY 2015-16 was not paid to him, but was instead set-off against the said demand. (Sanjay Sudan vs ACIT, date of order 17.02.2023)
2.The ITAT bench of Chandigarh has deleted the addition u/s 69 and observed that as per the plain reading of section 69, it is clear that AO is under a legal obligation to give reasons for not accepting the explanations offered by the assessee. He cannot simply reject submissions of the assessee in summarily manner without any speaking order stating that 'it is an afterthought'. It is well settled position of law that the AO is expected to appreciate the reasonable explanation offered to him, the evidences produced before him about the nature and source of investment and he cannot make the additions merely on surmises, conjectures as well as without any supporting evidence. (ITA No. 569/Chd/2022)
Regards
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GST Refund claim cannot be Denied for want of Electronic Filing Based on CBIC Circular When Rules Allow Manual Filing: Andhra Pradesh HC* [Read Order]

Read More: https://www.taxscan.in/gst-refund-claim-cannot-be-denied-for-want-of-electronic-filing-based-on-cbic-circular-when-rules-allow-manual-filing-andhra-pradesh-hc-read-order/258980/
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CBDT has issued a corrigendum to its Notification G.S.R. 95(E), dated 14.02.2023 issued to notify new ITR-7 applicable for the Assessment Year 2023-24. The corrigendum is issued to correct minor errors/omissions in the ITR forms.

Delhi High Court in a case has held that the revision powers conferred under section 264 of the Income-tax Act, 1961, on the CIT were very wide and could give relief to the taxpayer in a case where the taxpayer detected mistakes due to which he was over-assessed. 

Further, it held that when a substantive law confers a benefit on the taxpayer under a statute, it could not be taken away by the adjudicatory authority on mere technicalities. Furthermore, it held that the Tax Officer should not take advantage of any error or mistake that a taxpayer committed. – [TS-163-HC-2016(Delhi)]

Government plans to rope in more industry partners to increase the pace of training under its flagship SAMARTH scheme for skill development in the textile sector. The government aims to make the country's textile sector worth USD 250 billion by 2030 from USD 150-155 billion at present.

GSTN has onboarded four new IRPs (Invoice Reporting Portals) for reporting e-invoices in addition to NIC-IRP. As a result, the beta launch of a new e-Invoice portal (www.e invoice.gst.gov.in), has been done where taxpayers can find comprehensive information on e-invoice compliance in a user-friendly format, such as check your enablement status, self-enable themselves for invoicing, search for IRNs, web links to all IRP portals – all the relevant links/information in one convenient location. Taxpayers can log in to the new e-invoice portal using their GSTN credentials for select services pertaining to their GSTIN profiles.

CBIC issued Circular No. 214/1/2023-Service Tax dated February 28, 2023 regarding Leviability of Service Tax on the declared service “Agreeing to the obligation to refrain from an act, or to tolerate an act or a situation, or to do an act" under clause (e) of section 66E of the Finance Act, 1994.

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Revenue to takes steps to Reduce Litigation amid Delay in GST Tribunal Constitution after Bombay HC [Read Order]

Read More: https://www.taxscan.in/revenue-to-takes-steps-to-reduce-litigation-amid-delay-in-gst-tribunal-constitution-after-bombay-hc-read-order/259001/
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GST Refund claim cannot be Denied for want of Electronic Filing Based on CBIC Circular When Rules Allow Manual Filing: Andhra Pradesh HC [Read Order]

Read More: https://www.taxscan.in/gst-refund-claim-cannot-be-denied-for-want-of-electronic-filing-based-on-cbic-circular-when-rules-allow-manual-filing-andhra-pradesh-hc-read-order/258980/
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