Herbal Smokes Classified as Tobacco Product, Not Ayurvedic Medicine Issue: Whether “Aorom Herbal Smokes” should be classified as an Ayurvedic medicine under Heading No. 3004 or as a tobacco product under Heading No. 2402 90 10 for GST purposes. Facts: The appellant manufactures and supplies “Aorom Herbal Smokes.” An Advance Ruling classified the product under… Read More »
Mobilization Advance in EPC Contract Treated as Consideration for GST; Time of Supply is Date of Receipt Issue: In an EPC contract for construction services, when is the Goods and Services Tax (GST) payable on the mobilization advance received by the contractor? Facts: The appellant, an EPC contractor, receives a mobilization advance from the Government… Read More »
3 IMPORTANT INCOME TAX CASE LAWS 17.02.2025 Sr NO Case Law Title Brief Summary Citation Relevant Section and Act 1 Hiralal H Malu v. Deputy Director of Income-tax (Investigation) Tax Authorities and Bank Held Responsible for Lost Seized Jewelry; Investigation Ordered Click Here Section 132B Income Tax Act, 1961 2 City Corporation Ltd. v. Assistant… Read More »
Penalty u/s 271D Deleted for Cash Payment Received for Sale of Land Issue: Whether the penalty imposed under Section 271D of the Income-tax Act, 1961, for accepting cash payment exceeding the prescribed limit in violation of Section 269SS, is valid when the payment was received for the sale of immovable property (plots of land) as… Read More »
Reassessment Notices Quashed for Being Issued to Non-Existent Company due to Merger Issue: Whether reassessment notices issued under Section 148 of the Income-tax Act, 1961, are valid when they are addressed to a company that has ceased to exist due to a merger. Facts: The assessee-company merged with its wholly-owned subsidiary, AFTPL, with effect from… Read More »
Tax Authorities and Bank Held Responsible for Lost Seized Jewelry; Investigation Ordered Issue: Who is responsible for the loss of seized jewelry when it goes missing from a bank locker where it was stored by tax authorities, and what recourse does the legal heir of the deceased assessee have? Facts: Jewelry was seized from the… Read More »
NPS Vatsalya scheme pension plan for kids (under 18 years old). What is NPS Vatsalya? It’s a new pension plan specifically for kids (under 18 years old). The idea is to start saving for retirement early. Parents or guardians manage the account for the child. It was launched in September 2024, and many accounts have… Read More »
ICAI releases the revised edition 2025 of FAQs on SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Download Frequently Asked Questions on Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Revised January 2025 Edition)
Accounting for CSR Expenditures : ICAI releases revised edition 2025 of technical guide Contents Introduction 1 Objective and Scope 1 Definitions 2 Recognition and Measurement of CSR Expenditure in Financial Statements 4 (a) Expenditure in Cash (i) Whether Provision for Unspent Amount required to be created? (ii) Whether the Excess Amount spent is allowed to… Read More »
ICAI releases revised edition 2025 of FAQs on the Limited Liability Partnership (LLP) Act, 2008 ICAI has released the revised edition of the FAQs on the Limited Liability Partnership (LLP) Act, 2008, updated in January 2025. This guide provides essential insights into the LLP framework, covering key amendments, LLP formation, governance, partner responsibilities, and financial… Read More »