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Archive: 21 May 2017

Posts in 21 May 2017

Arbitrator cannot Lift Corporate Veil: Delhi HC

May 21, 2017 3054 Views 0 comment Print

Decision of the arbitral tribunal to pierce the corporate veil is fundamentally flawed. It falls foul of the fundamental policy of Indian law that recognises that a company is an independent juristic person.

Salary denial for not opening Salary a/c with employers bank is illegal

May 21, 2017 3459 Views 0 comment Print

Petitioners insist that they should get salary through the existing account with the SBI itself without insisting them to open accounts with the IDBI. Therefore, denial of salary to the petitioners on the ground that they did not open account with IDBI bank is illegal.

GST- Composite Supply Vs Mixed Supply

May 21, 2017 13134 Views 0 comment Print

A new concept of supplying the goods together has been introduced in GST regime which will cover supplies made together irrespective of the fact whether they are related or not. Though the concept of bundled services was there under Service Tax Law which is similar to composite supply but the concept of mixed supply is totally […]

Section 50C applicable on sale value of depreciable asset

May 21, 2017 10965 Views 0 comment Print

Section 50C is a measure provided to bridge the gap as it was found that the assessee were not correctly declaring the full value of consideration or in other words resorting to the practice of under valuation. Further, the decision of Special Bench in the case of ITO vs. United Marines Academy (supra) has made it clear that section 50C will be applicable on the sale value of depreciable asset.

Bogus share capital: AO must scrutinise documents produced by assessee, addition cannot be done merely on report of investigation wing

May 21, 2017 2745 Views 0 comment Print

The Income Tax Appellate Tribunal’s (ITAT) order upholding the Appellate Commissioner’s opinion that the additions made in the course of reassessments were unsustainable, were challenged by the Revenue. The reassessment notice was issued to the assessee for AY 2002- 03 on the ground that information received from the Investigation Wing pointed to its being the beneficiary of the accommodation entries that were subjected to addition under Section 68.

No TDS On Salaries Reimbursed Under Secondment Agreement

May 21, 2017 3078 Views 0 comment Print

1] We have heard Mr. Pinto appearing on behalf of Revenue in support of this appeal. 2] In paragraphs 4.1 and 4.2 of this memo of appeal, the Revenue says that the facts are as under:- “4.1 The Assessing Officer, from the records noted that the Respondent Company had made payment of a sum of […]

Director of Visakhapatnam hotel arrested for failure to pay Service Tax

May 21, 2017 2559 Views 0 comment Print

Managing Director of a popular hotel of Visakhapatnam was arrested and remanded to judicial custody today for the failure to remit to the government an amount of Rs. 3 crores of service tax which was collected during the years 2011-16.

GST Rate Card for Services

May 21, 2017 22182 Views 12 comments Print

Right after the GST rates for goods, another meeting held on May 19, 2017 at Srinagar, Jammu & Kashmir, headed by Finance Minister Arun Jaitley, approved the GST rates for services. The rates for services were finalised the four- slab structure i.e. 5%, 12%, 18%, 28%. A larger number of fast- food joints, which are […]

EVM Hack Challenge by Election Commission of India

May 21, 2017 3321 Views 0 comment Print

EVMs can be opened and only visually inspected during Challenge-II as this is allowed during First Level Check (FLC). However, EVMs cannot be opened during Challenge- I as EVMs are always kept sealed after the Poll till counting in actual poll scenario.

All about Reverse Charge Mechanism under GST

May 21, 2017 293541 Views 48 comments Print

GST Council in its 14th meeting on 18th & 19th of May 2017 held in Srinagar, suggested the list of goods & services on which tax should be levied under Reverse Charge Mechanism (RCM). In all 12 services has been suggested by the Council to be notified by the government as services on which Reverse Charge Mechanism shall apply. Not only services but RCM is applicable on supply of goods also. In this article we will cover all the provisions related to RCM under GST. For the first time, we have drafted the article in form of question and answers. We have tried to cover all the aspects of RCM in these questions, so now let us start with our question answer session.

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May 2017