MANU SHARMA

Kerala

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Articles

Gujarat HC Official Liquidator invites Applications

Jan 20, 2025 | taxscan.in | MANU SHARMA

The Official Liquidator at the High Court of Gujarat has announced an empanelment drive for Chartered Accountants ( CA ) and Chartered Accountant firms, calling for professionals with valid memberships and Certificates of Practice ( CoP ) from the Institute of Chartered Accountants of India ( ICAI ) to apply. Eligibility, Requirements Applicants are expected…Taxscan PremiumWhy should you subscribe?
Delhi HC says Joint Commissioner cannot grant Reassessment Approvals

Jan 20, 2025 | taxscan.in | MANU SHARMA

The Delhi High Court has clarified that the Supreme Court ruling in Union of India & Ors. v. Rajeev Bansal (2024) does not validate the authority of a Joint Commissioner to grant approval under Section 151 of the Income Tax Act, 1961 for initiating reassessment proceedings. Section 151 of the Act restricts the issuance of…Taxscan PremiumWhy should you subscribe?
Transfer Pricing Order Against Non-Existent Entity Invalid

Jan 18, 2025 | taxscan.in | MANU SHARMA

In a significant ruling, the Delhi High Court on January 17, 2025, dismissed an appeal by the Principal Commissioner of Income Tax against Vedanta Limited, holding that framing a transfer pricing order against a non-existent entity constitutes a fundamental flaw, not curable under the Income Tax Act, 1961, in confirmation with and conformity to the Maruti Suzuki ruling by the Supreme Court.
Delhi HC Quashes IT Additions Based on Historical Data

Jan 18, 2025 | taxscan.in | MANU SHARMA

A Division Bench of the Delhi High Court recently quashed several reassessment notices issued by the Assistant Commissioner of Income Tax (International Taxation) against Grid Solutions OY (LTD) for Assessment Years ( AYs ) 2013-14 to 2017-18. The court observed that reassessment proceedings could not be based on outdated or irrelevant facts obtained from prior years without establishing their relevance to the years under scrutiny.
CESTAT Rules Cost of Parts Supplied by Principal Manufacturer Not Part of Job Worker’s Assessable Value

Jan 18, 2025 | taxscan.in | MANU SHARMA

The Customs, Excise, and Service Tax Appellate Tribunal ( CESTAT ),Ahmedabad Bench, delivered a significant ruling, holding that assessable value of Job Work excludes costs of parts supplied by the principal manufacturer in the case involving Electronic Instrumentation and Control (Appellant) and the Commissioner of Central Excise and Service Tax, Ahmedabad (Respondent).
Location, Date Details Announced

Jan 18, 2025 | taxscan.in | MANU SHARMA

The Institute of Chartered Accountants of India ( ICAI ) has officially announced the schedule for its upcoming Convocation, which is set to take place on 6th February 2025. This prestigious event will celebrate the accomplishments of Members enrolled between June 16, 2024, and December 31, 2024, by awarding them Certificates of Membership or Certificates of Practice ( COP ). The Convocation will be conducted across multiple cities in different regions of India to ensure accessibility for Members.
RBI Relaxes FEMA Norms to Promote Cross-Border Transactions

Jan 18, 2025 | taxscan.in | MANU SHARMA

Top Stories The RBI also signed Memoranda of Understanding (MoUs) with the central banks of the United Arab Emirates, Indonesia, and the Maldives to encourage cross-border transactions in local currencies The Reserve Bank of India (RBI) has introduced a series of liberalized measures to enhance the use of the Indian Rupee (INR) and local/national currencies for cross-border transactions, including allowing Indian exporters to open accounts in any foreign currency overseas for settlement of...
ICAI to Host World Forum of Accountants 2025 in New Delhi

Jan 18, 2025 | taxscan.in | MANU SHARMA

The Institute of Chartered Accountants of India ( ICAI ) will host the prestigious World Forum of Accountants ( WOFA ) 2025 from January 31 to February 2, 2025, at the Yashobhoomi, India International Convention and Exhibition Centre ( IICC ) in New Delhi. The event is set to welcome over 8,000 delegates from more than 40 countries, making it the largest accounting festival in India.
CBIC Excludes GST on Renting of Immovable Property under RCM for Composition Taxpayers

Jan 17, 2025 | taxscan.in | MANU SHARMA

In a significant relief for composition taxpayers, the Central Board of Indirect Taxes and Customs ( CBIC ) has announced the removal of the Goods and Services Tax ( GST ) under Reverse Charge Mechanism ( RCM ) on the renting of immovable property for those availing the Composition Levy Scheme. This update was made…Taxscan PremiumWhy should you subscribe?
NFRA reveals Inspection Report of BSR & Co

Jan 16, 2025 | taxscan.in | MANU SHARMA

In 2024, the National Financial Reporting Authority ( NFRA ) carried out a follow-up inspection of M/s BSR & Co. LLP, a well-known Chartered Accountancy firm. This inspection is not just about pointing fingers; it is meant to ensure that the firm is doing the best job possible under India’s laws and professional standards.