Cash in hand referred to in Section 2(ea)(vi) of the Act represents only the personal cash of the assessee emanating from his personal balance sheet. It nowhere contemplated the inclusion of cash which is held as business asset.
On June 01,2016, the Ministry of Corporate Affairs(MCA) published a notification regarding the constitution of National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal(NCLAT).
Attention of all the importers, exporters, customs brokers, and other stake holders is invited to Board Circular No 42/2017-Customs, dated 7th November 2017 on the above subject.
Kindly refer to this office letters F No DIT(R)/BIFR/2017-18/813 dated 03-10-2017 and F.No. DIT(R)/BIFR/2017-18/895 dated 17-10-2017 on the captioned matter.
Now prior to approval of a Resolution Plan, the Resolution Applicants, including promoters, will be put to a stringent test with respect to their credit worthiness and credibility; Amendments to the IBBI (Insolvency Resolution Process for Corporate Persons) Resolution Process, 2016 impose a greater responsibility on the Resolution Professionals and the Committee of Creditors in discharging their duties.
Since then a large number of paper ITRs have been digitized by the field. Some of these returns have resulted in refunds. It may be noted that except in few cases (super-senior citizens) all refund returns have to be electronically filed.
The functionality for processing of ITR e-filed returns transferred by CPC- ITR to ITBA for AY 2016-17 is available w.e.f. 31.10.2017 in Income Tax Business Application (ITBA).
Procedure regarding procurement of supplies of goods from DTA by Export Oriented Unit (EOU) / Electronic Hardware Technology Park (EHTP) Unit / Software Technology Park (STP) Unit / Bio-Technology Parks (BTP) Unit under deemed export benefits under section 147 of CGST Act, 2017 is described vide Circular No. 14/14 /2017 – GST, 6th November, 2017
Pressing Issues/ Suggestions: GST Returns- 1. The Revision option of central excise and service tax return should be activated till the due date of filing GST TRAN-1 i.e. 30th November 2017.
