"08 November 2017" Archive

Linkage of Aadhaar number to Insurance Policies is mandatory

IRDAI/SDD/MISC/CIR/248/11/2017 08/11/2017

Linkage of Aadhaar number to Insurance Policies is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017....

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CBEC increases customs duty on Peas and Wheat to 50% and 20%

Notification No. 84/2017-Customs [G.S.R. 1376 (E)] 08/11/2017

(i) increase rate of basic customs duty on Peas (Pisum sativum) from present Nil rate to 50%. (ii) increase rate of basic customs duty on wheat from 10% to 20%....

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Assessment under GST Laws

The word Assessment is comprehensive and can comprehend the whole procedure by ascertaining and imposing liability on taxpayer. The word Assessment cannot be given a restricted meaning (ITO V. Guruswamy 34 ITR 601 SC)....

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Posted Under: Corporate Law |

GSTR-4 online upload functionality available for those who opted for composition

Form GSTR-4 online upload functionality is now available to taxpayers for uploading of their quarterly returns. Earlier Excel based GSTR-4 Offline tool was provided to taxpayers, to prepare their Form GSTR-4 offline....

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Posted Under: Corporate Law |

Method favourable to taxpayer should be adopted cannot be contended If statute is unambiguous

Bimal Kishore Paliwal & Ors. Vs. Commissioner Of Wealth Tax (Supreme Court of India)

ZIf two reasonable constructions of taxing statute are possible, that construction which favors the assessee must be adopted. The above proposition cannot be read to mean that under two methods of valuation if the value which is favorable to assessee should be adopted....

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Delhi High Court held certain ICDS & Part of them Ultra Vires

Chamber of Tax Consultants & Anr Vs. Union Of India & Ors (Delhi High Court)

Section 145 (2), as amended, has to be read down to restrict power of the Central Government to notify ICDS that do not seek to override binding judicial precedents or provisions of the Act. The power to enact a validation law is an essential legislative power that can be exercised, in the context of the Act, only by the Parliament and no...

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GST on GTA: Clarification from Ministry of Finance on 3 Issues

F.No. 349/91/2017 -GST (Pt.II)/238-8/11/2017 08/11/2017

Clarification from the ministry of finance for the GTA business on the following topics: - 1. Inter-branch transaction 2. Sale of the 2nd hand truck 3. Definition of person for vertical registration ...

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Section 2(22)(e) does not extend to, or broaden concept of, a shareholder

CIT Vs. Madhur Housing And Development Company (Supreme Court of India)

CIT Vs. Madhur Housing And Development Co (Supreme Court) The impugned judgment and order dated 11.05.2011 has relied upon a judgment of the same date by a Division Bench of the High Court of Delhi in ITA No. 462 of 2009 in the case of CIT Vs. Ankitech Pvt Ltd . Having perused the judgment […]...

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Statutory time limit is applicable to claim of refund of service tax paid mistakenly

Commissioner of Central Excise and Service Tax Vs. M/s. Cannanore Handloom Exports (CESTAT Bangalore)

The Bangalore bench of the CESTAT, last week ruled that limitation cannot be invoked for denying refund of service tax paid by assessee by mistake under the provisions of Finance Act, 1994....

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Service Tax paid through Banking Channel cannot be deemed as Unexplained

ITO Vs. Shri Ravindra Pratap Thareja (ITAT Jabalpur)

Assessee has paid the service tax amount through banking channel. Challans of the payment of tax were placed on record before the assessing authority. The source of alleged service tax amount is well explained in the books of account. ...

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