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Sunday, December 17, 2023

NICAI UPDATES




1. Delhi High Court upholds deletion of additions for jewellery, paintings & wrist watches. Case Name : PCIT Vs Nirmal Kumar Minda. 

2. ITAT Mumbai directs the Assessing Officer to consider stamp duty value on allotment date for Section 56(2)(vii)(b) under Income Tax Act. Case Name : Rekha Singh Vs ITO (ITAT Mumbai)

3. Central Board of Indirect Taxes and Customs has asked its field officers to not treat every case of expat salary by Indian subsidiaries of multinationals like Northern Operating System (NOS), which drew a GST notice following a Supreme Court verdict. 

4. The Board, in a circular, asked officers to not apply the court verdict mechanically. The move may provide relief to the companies facing notices from GST authorities and approached High Courts over the issue. However, experts said the board should have specified the cases where the GST would not apply.

5. BHARATIYA SAKSHYA (SECOND) BILL, 2023 (Bill No. 175 of 2023) is introduced in Lok Sabha on 12th December 2023. The bill seeks to replace Indian Evidence Act, 1872. Earlier bill presented was withdrawn by Home Minister Amit Shah.

6. RBI  has clarified that it has not issued any instructions or requirement to get Certificate of Know your customer by CA if client is known to him - RTI Reply by RBI to CA Nitin Hargude , Kolhapur. This is all strategy of Bankers to shift responsibility on CA with very vast clauses which are beyond purview of our attest function.




By CA Raj Chawla


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