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Tuesday, October 10, 2023

NICAI UPDATES

 1. Condonation of delay for filing appeal before ITAT.


2. Jaipur Telecom (P) Ltd., 15/03/2023 (ITAT Jaipur) (Favour of Assessee)

3. The Supreme Court of India, in the case of Pankaj Bansal vs. Union of India & Ors., has laid down a crucial precedent that has wide-ranging implications for the functioning of the Enforcement Directorate (ED) in the country. The court’s decision underscores the importance of upholding the rights of the accused during arrest and ensuring that the ED acts in a fair and just manner.

4. The GST Council clarified that guarantees provided by corporations to their subsidiaries will attract an 18 per cent GST, while no tax will be levied if a personal guarantee is given by a director to the company. 

5. The GST Council came out with an amnesty scheme, giving taxpayers time till January 31, 2024, to file appeals against demand orders passed by tax officers till March 2023. As per the GST law, an assessee can file an appeal against an assessment order seeking taxes within three months of the tax officer passing such an order.

6. SEBI deadline for listed entities to meet a requirement under the Sebi (Listing Obligations and Disclosure Requirements) Regulations (LODR)--of sending physical copies of important documents to holders of non-convertible securities--has been extended for a fourth time.



CA (Dr) Raj Chawla

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