"09 March 2018" Archive

E-rickshaw Tyres classifiable as New pneumatic tyres of rubber; Taxable at 28% GST: AAR

In re Ceat Limited AAR Maharashtra

In re Ceat Limited (AAR Maharashtra) Applicant is engaged in the manufacturing of tyres of kind used in three-wheeled Electric-rickshaws which are used to transport goods and passengers over short distances. The applicant, M/s Ceat Ltd. has filed the application under section 97 of the Maharashtra Goods and Services Tax Act, 2017 and requ...

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Immovable Property introduction as capital in LLP- Tax will be computed on amount recorded in books of account of firm

Dy. CIT-9(1)(1) Vs. M/s Amartara Pvt Ltd (ITAT Mumbai)

Mumbai bench of Income Tax Appellate Tribunal (ITAT), recently upheld the book-value based taxation of partner on capital contribution of immovable property in the case of a Limited Liability Partnership (LLP) and proclaimed in its recently published order. ...

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GST payable on coaching services for entrance examination: AAR

In re Simple Rajendra Shukla (Authority For Advance Ruling)

In re Simple Rajendra Shukla (GST AAR Maharashtra) Whether Services related to providing coaching for entrance exam will come in the ambit of GST? FULL TEXT OF ORDER OF AUTHORITY OF ADVANCE RULING, MAHARASHTRA 1. The applicant Simmple Rajendra Shukla has filed the application under section 97 of the Maharashtra Goods and Services Tax Act,...

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Non-Adjustable Deposit for Acquisition of Membership paid to NSE is Capital Expenditure

M/s Abhipra Capital Limited Vs. Deputy Commissioner of Income Tax (Investigation) (Delhi High Court)

In the case of M/s Abhipra Capital Limited vs Deputy Commissioner of Income Tax (Investigation), the Delhi High Court held that amount paid to National Stock Exchange (NSE) as non-adjustable deposit for acquisition of membership cannot be treated as revenue expenditure and the same would be termed as capital expenditure. ...

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All apartments received under development agreement would become one house for claim of section 54F/54

Dr. Sudhir Naik (HUF) Vs. Income Tax Officer (ITAT Hyderabad)

Dr. Sudhir Naik (HUF) Vs. ITO (ITAT Hyderabad) Another contention is about claim of 54F/54. It was the contention that assessee has sold all the flats allotted to him and therefore, at the time of investing in the new house, he has no other house except this house. As seen from the agreements and the […]...

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Operationalization of “one time default intimation” to Shipping Lines by DPD importers at JNCH

Public Notice No. 36/2018-JNCH (09/03/2018)

Advance intimation is required to be submitted by importer through their official email id to shipping line at least 72 hours before expected arrival of the vessel informing the details such as Bill of Lading Number, Details of consignment, DPD client code allotted by Terminal operator & Preferred CFS and its Code (stacking code). Accordi...

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No Exemption U/s. 10(37) if no agricultural activity during last two years prior to date of acquisition of agricultural land

Ajesh Kumar Agrawal Vs. CIT (Rajasthan High Court)

Ajesh Kumar Agrawal Vs. CIT (Rajasthan High Court) What is to be considered is that for being granted benefit under sub-section (37) of section 10 of the Act, the land in question should have been put to agricultural use by the assessee for the preceding two years. Even if we accept the contention of the […]...

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DGFT Measures to expeditious clearance, proper assessment and reporting

Standing Order No. 06/2018 (09/03/2018)

Attention of all the officers working in the Assessment Groups and CFS/Docks under the jurisdiction of NS-I to V Commissionerates is invited to the following guidelines with regard to expeditious clearance of goods:...

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Bank Guarantee for extension of Warehousing Bonds as per CBEC Circular

Public Notice No. 37/2018-JNCH (09/03/2018)

As per the said Board’s Circular No. 21/ 2016-Customs, ‘security’ is to be furnished for seeking extension in warehousing period for storage of sensitive & non-sensitive goods by way of furnishing Bank Guarantee inter alia subject to certain conditions mentioned at Para 4 of the said Circular....

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3 Ways to Better Manage Multiple Fixed Deposits

Fixed deposit or term deposit has been a popular investment option since years. It gives assured returns and is considered as an ideal investment option especially for beginners who may or may not understand the highly volatile nature of other forms of investment options. Fixed deposits not only yield returns on the investments but also [...

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