"11 May 2017" Archive

Quoting of Aadhaar on PAN Application / ITR not apply to individual who does not possess Aadhaar number

Notification No. 37/2017-Income Tax [S.O. 1513 (E)] (11/05/2017)

Provisions of section 139AA shall not apply to an individual who does not possess the Aadhaar number or the Enrolment ID and is:-(i) residing in the States of Assam, Jammu and Kashmir and Meghalaya; (ii) a non-resident as per the Income-tax Act, 1961; (iii) of the age of eighty years or more at any time during the previous year;...

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Triple Talaq: Constitutional Rights Can’t be Infringed: Allahabad HC

Aaqil Jamil And 2 Others Vs State Of U.P. And Another (Allahabad High Court)

Talaq by a Muslim husband to his wife cannot be made in a manner which may infringe her fundamental rights guaranteed under Article 14 and 21 of part III of the Constitution....

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Loss on Foreign Cars Sale used in Business is ‘Business Loss

K. D. Madan Vs ITO (Madras High Court)

Loss suffered by the assessee on the sale of foreign is quantified at a figure of Rs. 51,6,108/-. The only question that remains is to determine the nature of loss. In view of the categoric finding of the Commissioner of Income Tax (Appeals) that has attained finality, to the effect that the foreign cars were utilised in the business of t...

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Interest cannot be disallowed without proving utilisation for non-business purposes

DCIT Vs Sardar Baldeo Singh Bhatia (ITAT Raipur)

In our considered view, without proving the nexus between the borrowed funds and its utilisation for non-business purposes, no dis allowance of interest expenditure can be made....

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TDS not payable for mere mismatch in data due to Technical Flaws

DCIT Vs Bhilai Steel Plant (ITAT Raipur)

Appellant has been held liable as assessee in default merely due to technical flaws. Demand has been raised merely due to fault of system and in view of the CBDT's Instruction No.5/2013 dated 08.07.2013, the demand cannot be sustained. ...

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Govt mandates Aadhaar for Atal Pension Yojana

S.O. 1512(E) (11/05/2017)

An individual eligible for receiving the benefits under the Scheme of Atal Pension Yojana (APY) is hereby required to furnish proof of possession of Aadhaar number or undergo Aadhaar authentication....

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GST: Place of Supply of Goods or Services Part – II

Continuing with the discussion, today we shall discuss the changes made in the section 10. It is newly added clause in the draft GST law for determining place of supply of services where location of service provider or the location of service receiver is outside India....

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Posted Under: Income Tax |

ROC clarifies on acceptance of deposits without deposit insurance contract

G.S.R. 454(E) (11/05/2017)

Provided that the companies may accept deposits without deposit insurance contract till the 31st March, 2018 or till the availability of deposit insurance product, whichever is earlier....

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Jobwork under GST

Job-work sector constitutes a significant industry in Indian economy. The manufacturing industries now-a-days stick to their core competencies and get most jobs done on outsourced basis. Here we are analyzing the position of Job Worker under GST regime....

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Posted Under: Income Tax |

Tax liability under Expenditure Tax on raising of a composite bill upon conclusion of hotel stay

Commissioner of Income Tax Vs Adyar Gate Hotel Ltd. (Madras High Court)

High Court held that under Expenditure Tax Act 1987 chargeable expenditure would be incurred only upon raising of a composite bill upon conclusion of hotel stay and not earlier....

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Uploading of information of Import Advance List on JNCH DPD Portal

Public Notice No. 61/2017-JNCH (11/05/2017)

Uploading of certain information of Import Advance List (IAL) by shipping lines on JNCH DPD Portal ( www.dpdjnch.com ) for the purpose of DPD Clients -Reg....

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Detailed procedure for clearance of Waste Paper

Public Notice No. 60/2017-JNCH (11/05/2017)

(i) At the time of assessment, the Group AO will give DPD instruction instead of Examination Order. (ii) At the time of assessment, the CB/Importer will produce a No Use Bond with a condition stipulated therein that all such containers cleared under DPD will be placed before jurisdictional Central Excise for examination before opening the...

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Anti-dumping duty, on Hot Rolled Flat Products of alloy or non-alloy

Notification: No. 17/2017-Customs (ADD) (11/05/2017)

Seeks to levy definitive anti-dumping duty, on Hot Rolled Flat Products of alloy or non-alloy steel originating in or exported from China PR, Japan, Korea RP, Russia, Brazil or Indonesia for a period of five years (unless revoked, superseded or amended earlier) from the date of imposition of the provisional anti-dumping duty, that is, 8th...

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Notification No. 46/2017-Customs (N.T.) Dated: 11.05.2017

Notification No. 46/2017-Customs (N.T.) [S.O. 1504 (E)] (11/05/2017)

Appointment of common adjudication Authority in case of M/s Beanstalk Brand Consultancy, New Delhi...

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Notification No. 45/2017-Customs (N.T.), Dated: 11.05.2017

Notification No. 45/2017-Customs (N.T.) (11/05/2017)

In exercise of powers conferred by section 157 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 142/2016-Customs (N.T.) dated the 29th November, 2016 published in the Gaze...

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Green Pathway to Development

Adhering to the objectives of the National Forrest Policy the MoEFFC has set out the road map to increase the forest cover to 33 percent of the geographical area. Green India Mission aims to reforest barren land with the annual target of increasing the forest quality and cover in 5 million hectares....

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Posted Under: Income Tax |

Notification No. 44/2017-Customs (N.T.) Dated 11th May, 2017

Notification No. 44/2017-Customs (N.T.) [S.O.1511 (E)] (11/05/2017)

Amendment to notification 62/94 –Customs (N.T), dated 21.11.1994 so as to allow unloading of imported goods and loading of export goods or any class of such goods at Dharma Port, Odisha...

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Submission of Statutory returns (SLR-Form VIII) in XBRL platform

RBI/2016-17/302 Ref: DBR.CO.No.Ret.BC/66/12.07.144/2016-17 (11/05/2017)

It has been decided to move the reporting of SLR from PCRPCD to XBRL (Extensible Business Reporting Language) platform. You are therefore advised to submit the returns (Form VIII) in XBRL from the month of April 2017....

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Introduction of digital filing as a step to paperless Supreme Court

The Prime Minister, Shri Narendra Modi, today uploaded the Integrated Case Management Information System on the Supreme Court website, which marks the introduction of digital filing – a step towards paperless Supreme Court....

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Posted Under: Income Tax |

In disputed matter evidence can be taken from video graphing: EPFO

H.O. NO. C-I-1(4)2017/Capital Dyeing/3274 (11/05/2017)

EPF Department in order to avoid disputes relating to number of employees employed by the employer and if there is no co-operation from employer or its agent / manager / any person in such circumstance, department has to utilise recording of panchanama by video graphing and insisting for installation of CCTV in and around factory premises...

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Penalty notice without proper application of mind is invalid

Siddhi Home Makers Vs ITO (ITAT Mumbai)

Where Assessing Officer issued two notices for imposition of penalty namely, one u/s 274 r.w.s. 271(1)(c) and second u/s 274 r.w.s 271AAA in cases where search u/s 132 of the Act has been initiated, then such notices issued by AO are untenable in law....

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Truck terminus cannot be treated as building for providing resting /toilet facility

Guwahati Metropolitan Development Authority Vs Commissioner of Income Tax (Gauhati High Court)

Gotanagar Truck Terminus is a plant and not building, for the purpose of claiming depreciation under Section 32 read with Section 43 of the IT Act. Consequently the assessee is held entitled to depreciation at the rate of 25% as prescribed for plant and not at 10%, as applicable for building....

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Defect in notice u/s 274 do not vitiates penalty proceedings; Addition for Bogus purchases U/s. 69C?

Earth moving Equipment Service Corporation Vs Deputy Commissioner Of Income Tax (ITAT Mumbai)

Mere defect in the notice u/s 274 do not vitiates the penalty proceedings and no prejudice was caused to the assessee by non- marking of appropriate clause. Addition for Bogus purchases cannot be made under Section 69C as 'unexplained expenditure' if purchase are duly disclosed and payments are made through banking channels. The fact t...

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GST Impact on Banking Sector

Currently, No Service Tax is payable on income earned by way of interest income as the same is excluded by way of Entry (n) of Negative List. As per Entry (n) of Negative List, Services by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount....

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Posted Under: Income Tax |

GST Transaction Analysis: Supplies under Reverse Charge Mechanism

Under GST, RCM is applicable to both supply of certain Goods and or services as notified by the Government. RCM is also applicable for supplies received from unregistered suppliers also. Persons who are required to pay tax under reverse charge has to compulsorily register under GST...

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Posted Under: Income Tax |

Sarkar 3: Bombay HC Directs RGV to Give Scriptwriter Credit for Story

Nilesh Girkar Vs Ram Gopal Varma & Ors (Bombay High Court)

Ram Gopal Varma will ensure that in film Sarkar 3 releasing on Friday, 12th May 2017 credit is given to Mr Nilesh Girkar in exactly the following manner: Based on a story written by Nilesh Girkar...

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