Home Highlights February 2013 Year 2013 This

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1. Direct tax collections for FY 2023-24 as of 17.06.2023 show net collections of Rs. 3,79,760 crore, a growth of 11.18% compared to the preceding year. - Gross collections...

2. Penalty u/s 271B - no tax audit conducted u/s 44AB - bonafide belief - When Gross profit is more than Rs.4 crores, it means the Gross Receipts were definitely more than...

3. Input tax credit on common services - Eligibility of Head Office to avail ITC - in the instant case, it is observed that the common input services received by the...

4. Tax collections increased from ₹ 6.38 Lakh Crore in year 2013-14 to almost ₹ 12 Lakh Crore this year 80% growth in tax base; number of returns filed...

5. Levy of GST on services provided by Head Office to its Branch Offices/Units - it is adequately evident that the impugned activities of providing facilitation services to...

6. Rs 10000 crore of tax fee bonds for power sector

7. Reopening of assessment u/s 147/148 - failure to issue notice u/s 143(2) - reopening of assessment is not valid as the Income Tax Department has power to conduct the...

8. Jurisdiction of Single Member Bench of the Income Tax Appellate Tribunal - Monetary limit Rs.50 lakhs for hearing Appeal - In the present case, the assessee returned...

9. GST revenue collections for February 2018 (received in February/March upto 26th March) stand at ₹ 85,174 crore; ₹ 14,945 crore collected as CGST, ₹...

10. Refund of amount deposited during Investigation - Payment was voluntary or under Coercion / Threat - The payment of Rs.2.5 Crores is supported by the letter of the...

11. Oppression and Mismanagement - increase in the paid-up capital from Rs.1 crore to Rs.2 crores in the Extraordinary General Body Meeting - Allegation of fraudulent...

12. Income taxable in India - Taxability of interest paid by the Indian branch office to the other overseas branches of the assessee - the fiction of hypothetical...

13. Evasion of Service Tax - Punishable offence - initiation of criminal proceedings - the power of arrest in Service Tax is available only if a person collects any amount...

14. Gross Direct Tax Collections up by 6.59 Percent During April-October 2012-13 and Stood at Rs. 3,02,810 Crore as against Rs. 2,84,081 Crore in the Same Period Last Year

15. Election of the office bearers of the Regional Council of ICSI - There is a distinction between the absence and the post fallen vacant. Regulation 92(2) shall be...