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Archive: 05 January 2018

Posts in 05 January 2018

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices?

April 29, 2024 7014 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Join Live Webinar and get Book on Section 43B(h)

April 29, 2024 5073 Views 1 comment Print

Live Webinar with Book on Section 43B(h) (Financial Fitness) on 10th May 2024, 6:00 pm to 8:00 pm. CA Manoj Lamba will break down intricacies of Section 43B(h)

29,403 companies registered as LLP on all India basis in FY 2016-17

January 5, 2018 639 Views 0 comment Print

In FY 2016-17, 29,403 companies registered as LLP on all India basis The Limited Liability Partnership Rules, 2009 have been in force since 01.04.2009. The Limited Liability Partnership Rules provide for effectuating/implementing the provisions of Limited Liability Partnership Act, 2008. The Rules, inter-alia include procedures on incorporation of an LLP, its governance framework, relations interse […]

MCA Removes names of 2,26,166 defunct companies in 2017

January 5, 2018 1518 Views 0 comment Print

ROCs has removed the names of 2,26,166 companies as on 19.12.2017 from the register of companies by following the due procedure under Section 248 of the Companies Act, 2013.

Service of notice U/s. 148 by affixture at wrong address is bad in law

January 5, 2018 3522 Views 0 comment Print

Kolkata bench of Income Tax Appellate Tribunal (ITAT) recently quashed the re-assessment under section 147/148 of the Income Tax Act since service of notice by affixture was done at a wrong address.

No Service Tax on health care services by clinical establishments

January 5, 2018 94461 Views 0 comment Print

These 7 appeals are involving common dispute and are accordingly taken up together for disposal. 6 appeals are by assessees. One is by Revenue. The appellant assessees are engaged in health care services to the patients and they are managing well-known hospitals/medical centres in various places.

Royalty paid to Suzuki Motor Corporation Japan by Maruti Suzuki India Ltd. for use of licensed information is revenue expenditure

January 5, 2018 3963 Views 0 comment Print

Maruti Suzuki India Ltd. Vs ACIT (ITAT Delhi) The royalty paid to Suzuki Motor Corporation Japan by Maruti Suzuki India Ltd. for the use of licensed information held to be revenue expenditure

Mere addition to declared income during assessment proceedings would not ipso facto lead to imposition of penalty

January 5, 2018 2319 Views 0 comment Print

Assessee is not absolved of penalty because the additional income has been declared to buy peace. It must follow therefore that the above strategy (buy peace) by itself will not justify imposition of penalty, unless the requirement of the section under which the penalty is imposed are satisfied.

Draft of amendments to Ind AS 20, Accounting for Government Grants

January 5, 2018 2286 Views 0 comment Print

Following is the Exposure Draft of the Amendments to Ind AS 20, Accounting for Government Grants and Disclosure of Government Assistance, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India for comments.

RBI Introduces ₹ 10 banknote in Mahatma Gandhi (New) Series

January 5, 2018 993 Views 0 comment Print

The Reserve Bank of India will shortly issue Rs. 10 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India. The new denomination has motif of Sun Temple, Konark on the reverse, depicting the country’s cultural heritage. The base colour of the note is Chocolate Brown.

Tips paid by bank to casual workers on festive occasion is allowable expense

January 5, 2018 4878 Views 1 comment Print

In West Bengal State Co-operative Bank Ltd. v. DCIT, the Kolkata bench of Income Tax Appellate Tribunal in its recent order has held that the payment made by banks to casual workers on festive occasion can be allowed as deduction under section 37 of the Income Tax Act.

Chairman CBEC’s weekly newsletter dated 05.01.2018

January 5, 2018 1209 Views 0 comment Print

It has been decided that one representative of the rank of Commissioner or above from every zone shall attend every GST Council Meeting. In this regard Commissioner (GST) has already issued a letter dated 2nd January 2018.

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