1. Central Board of Direct Taxes (CBDT) has instructed them not to carry out scrutiny of startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) for angel tax provisions as amended in Budget 2023-24.
2. Delhi high court has recently held that the extended period of ten years, for re-opening of Income-tax (I-T) assessments should be applicable only in cases involving serious tax evasion where evidence of concealing income is above Rs. 50 lakh.
3. Government has mandated private companies to get its shares and other securities dematerialized by September 30, 2024. Earlier this was required for listed companies and unlisted public companies. Please find GSAP alert in this regard.
4. High Court of Kerala has directed the Assessing Authority to reconsider the contentions of the petitioner relying on Circular No.183/15/2022-GST dated 27.12.2022 issued by the Government of India, Department of Revenue on the observation that the petitioner was denied the legitimate Input Tax Credit (ITC) solely based on the difference in the ITC.
5. Madras High Court has limited the powers of the GST Council in determining the classification of a product and held that the role of the GST Council is only recommendatory.
6. The Supreme Court said that economic offences like money laundering have become a real threat to the country's financial system with the advancements in technology including Artificial Intelligence [Tarun Kumar v. Assistant Director Directorate of Enforcement].
By CA.RAJ CHAWLA
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