"07 June 2017" Archive

Govt abolishes various Cesses in last 3 years for roll-out of GST

The Central Government in the last three General Budgets viz 2015-16, 2016-17 and 2017-18 has gradually abolished various cesses on goods and services in order to prepare the ground for smooth roll- out of Goods and Service Tax (GST) from 1st July, 2017. ...

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FCRA: Validation of Foreign Contribution bank accounts

Circular No. F. No. II/21022/58(0119)/2015/FC(MU) (07/06/2017)

It is, however, seen that a number of associations have not validated their foreign contribution designated accounts causing problems for the banks to comply with the provisions of FCRA 2010/FCRR, 2011. A list of such organizations is attached....

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TRO cannot attach property subjected to SARFAESI recovery proceedings

State Bank of India & Anr. Vs ITO (Orissa High Court)

Where properties attached by Tax Recovery Officer (TRO) had already been subjected to recovery proceedings by a secured creditor under SARFAESI Act, 2002, the attachment order was quashed in view of section 35 of SARFAESI Act which makes it clear that the Act would override other laws and would have effect notwithstanding anything inconsi...

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Advisory for Mobile update of GST applicant/Taxpayers in Aadhaar

F. No. 4(4)/57/145/2012/E&U/Pt. (07/06/2017)

Regarding difficulty in updating mobile number in Aadhaar data by the GST applicant/tax payers who are required to migrate to GST regime. The tax payers may use Aadhaar based e-sign facility to register themselves on the GST platform which requires Aadhaar OTP....

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Andhra Pradesh Good and services Tax Act, 2017

ACT No. 16 of 2017 (07/06/2017)

Provided that different dates may be appointed for different provisions of this Act and any reference in any such provisions to the commencement of this Act shall be construed as a reference to the coming into force of that provision....

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Busy in time-bearing assessments is not an excuse for delay: HC

Commissioner of Income Tax- 4 Vs Historic Infra con (Delhi High Court)

The mere fact that the Assessing Officer was busy in other time- bearing assessments can hardly be an excuse, particularly given the fact that under Section 260A of the Income Tax Act, 1961, the time period for filing of an appeal is 120 days. No other statute prescribes the time period of over three months. Moreover, there is no explanat...

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Damages for deprivation of use & occupation of profits is capital in nature not chargeable to tax

Col. Jaspal Singh Vs. ITO (ITAT Delhi)

This appeal of the assessee arises from the order of learned Commissioner (Appeals)-21, New Delhi vide order dated 16-9-2016 for the assessment year 2012- 13. The assessee has raised the following grounds of appeal...

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Deduction U/s. 80IB(10) cannot be denied merely for approval of Housing Project in Land Owner Name

ITO Vs Shree Narayan Associates (ITAT Ahemdabad)

The short reason for which deduction under section 80IB(10) has been declined to the assessee is that the assessee did not own the land on which the housing project, by the name of ‘Narayan Bungalows’, is built....

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Addition without allowing Cross-Examination of Witness relied upon is invalid

Shri. Amit Mehta (HUF), Vs ITO (ITAT Bangalore)

AO was not justified in making addition in the hands of assessee, without allowing the assessee to cross-examine Mr. Mukesh Choksi, whose statement was relied upon for making the above additions....

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RBI Second Bi-monthly Monetary Policy Statement, 2017- 18

Press Release : 2016-2017/3304 (07/06/2017)

Since the April 2017 meeting of the MPC, global economic activity has expanded at a modest pace, supported by firming growth in major advanced economies (AEs) and in some emerging market economies (EMEs) as well. ...

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