"27 April 2017" Archive

Demand and Recovery Under CGST

Demand and Recovery procedures are basically for department to provide them a framework or methodology in order to raise a demand in the cases where any tax, interest or penalty are not paid and subsequent recovery in case of non-payment by the assessee....

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Analysis of appointment of Key Managerial Personnel

Characteristically, companies have various levels or hierarchies of employees with base levels starting from workers followed by supervisors, executives, managers, senior managers, general managers, to the top management usually consisting of functional directors and ultimately the managing director....

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Addition based on mere scribbling on Loose Papers cannot be sustained

Anuj Chawla Vs Commissioner of Income Tax (Delhi High Court)

This court is of the opinion that the material found was sketchy and insufficient to warrant a fresh valuation. In any case, the AO‟s order did not even go by the valuation report, but on an entirely different footing- not based on any principle at all. ...

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Interstate or Intrastate Supplies under Reverse Charge Provisions in GST

GST is a consumption / destination based tax wherein tax revenue should go to the state where goods/services have been consumed. In technical term such state is determined based on provisions of place of supply (POS) elaborated in Section 10, 11, 12 & 13 of the IGST Law....

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Anti Profiteering Measures in GST – A New Experiment

The GST law contains a unique provision on anti-profiteering measure as a deterrent for trade and industry to enjoy unjust enrichment in terms of profit arising out of implementation of Goods and Services Tax in India, i.e., anti-profiteering measure would obligate the businesses to pass on the cost benefit arising out of GST implementati...

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Don’t rely merely on Head Notes / Placitum of Law Journals: HC

MEMO No. 649/2017 (27/04/2017)

During the assessment of judgments of Judicial Officers, it is noticed that many Judicial Officers have reproduced the Head Note/Placitum from the relevant Journals relating to High Court/ Supreme Court judgments. Needless to mention that the Head Note is a creation of the Edition Board. ...

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Transfer of Shares to IEPF Authority

General Circular No. 03/2017 (27/04/2017)

All companies required to transfer shares to IEPF Authority under the aforesaid Rules shall transfer such shares, whether held in dematerialised form or physical form,to the demat account of IEPF Authority by way of corporate action....

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IBU in IFSC can act as a Trading Member of an exchange

Circular No. SEBI/HO/MRD/DSA/CIR/P/2017/34 (27/04/2017)

IFSC Banking Unit (IBU) set up in IFSC shall be permitted to act as a Trading Member of an exchange or a Professional Clearing Member of a clearing corporation in IFSC, without forming a separate company, ...

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DGFT includes Hazira Port for export promotion benefits

Public Notice No. 06/2015-2020-DGFT (27/04/2017)

Seaport located at Hazira (Surat) Port is included under in paragraph 4.37(a) of Hand Book of Procedures (2015-2020) for availing export promotion benefits under Chapter 4 of Foreign Trade Policy....

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10 Clarification on TRQ for Raw Sugar

Trade Notice No. 5 (27/04/2017)

This Office has received certain requests for clarifications on the TRQ for Raw Sugar as notified vide DGFT's Notification No 1 & 2 dated 5th April, and I3th April. The same having been considered is clarified as under...

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