"12 April 2018" Archive

Deemed Dividend applicable if Assessee diverted amount received for procuring Import Licenses for Share purchase

Commissioner of Income Tax Vs. M/s Prasidh Leasing Limited (Delhi High Court)

While hearing the case of Commissioner of Income Tax vs M/s Prasidh Leasing Limited, the Delhi High Court ruled that Provisions of Deemed Dividend applicable when Assessee diverted Advance amount received for procuring import licenses for purchase of shares under Section 2(22)(e) of the Income Tax Act 1961....

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Loan sourcing fees paid is allowable as revenue expenditure

Dy. CIT Vs Citicorp Maruti Finance Ltd. (ITAT Mumbai)

Brief facts are, the assessee a non–banking finance company (NBFC) is engaged in hire, purchase, finance and loan business. For the assessment year under dispute, the assessee filed its return of income on 31-10-2007, declaring loss of Rs. 12,06,02,070. ...

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Reassessment not valid if time to issue notice U/s. 143(2) not expired

Venkata Siva Reddy Nellore Vs ITO (ITAT Hyderabad)

The learned Commissioner (Appeals) is not justified in rejecting the contention of the appellant that since the reason on which the proceedings under section 147 ceased to exist, the assessing officer is not justified in making additions on other issues....

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Due-diligence of NBFC (Non Banking Financial Company).

NBFC remains for a non-banking financial company registered under section 45-I of Reserve Bank of India Act, 1934. This is an essential piece of financial service Industry in the nation, creating and deploying fund for infrastructure to micro and small-medium sized industries in India. Its a somewhere part of the alternative source of fun...

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Posted Under: Income Tax |

E-Way Bill Registration separate from Registration on GST Portal

Yes. All the registered persons under GST need to register on: www.ewaybillgst.gov.in using GSTIN. GSTIN is entered, the system sends an OTP to registered mobile number, registered with GST Portal. After authentication, the system generates username and After generation of username and password, you may proceed to make entries to generate...

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Posted Under: Income Tax |

Accounts and Records including Accounting Ledgers under GST

Maintenance of books of accounts and necessary supporting and relevant records are highly essential requirements for proper management and control of the business operations. This will facilitate the correct receipt and payment of cash and other transactions entered by the company. It is mandatory to maintain the books of accounts under I...

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Posted Under: Income Tax |

Checkpoints for Websites of Listed Entities

Every Listed company shall have a functional website containing the basic information about the Listed entities. It shall disseminate the following information as per SEBI (Listing Obligation and Disclosure Requirement) Regulation 2015)...

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Posted Under: Income Tax |

No excise duty on fatty acids, Wax & gum emerging during manufacture of refined vegetable oil

M/s Ricela Health Foods Ltd. Vs CCE (CESTAT Delhi)

The Central Excise Division Bench of the Tribunal while considering the appeals Nos. 653/2012 and 3585/2012 filed by M/s Ricela Health Foods Ltd. and M/s J.V.L. Agro Industrial Ltd., noticing conflicting judgments of two coordinate benches on the same dispute...

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No TDS liability on Fee for transponder service not in the nature of royalty

United Home Entertainment Private Limited Vs The Dy. Commissioner of Income Tax (ITAT Mumbai)

United Home Entertainment Private Limited Vs DCIT (ITAT Mumbai) Fee for transponder service paid by the assessee to Intelsat was not in the nature of royalty and that the same was not taxable in India, and thus the remittance did not warrant any deduction of tax at source. FULL TEXT OF THE ITAT JUDGMENT The […]...

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Enable Replacing Authorised Digital Signature of Deceased Director in GSTN Portal: Petition file in HC

M/s SRKM Steel Pvt. Ltd. Vs The State of Assam (Gauhati High Court) A petition has been filedon the ground of technical glitch in the Goods and Services Tax Network (GSTN) wherein the petitioner, M/s SRKM Steel Pvt. Ltd, was unable to replace Authorised Digital Signature of the Deceased Director with the Digital Signature of […]...

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Posted Under: Income Tax |

GST payable on Long Term Lease Premium of Land

Builders Association of Navi Mumbai Vs Union of India (Bombay High Court)

Any lease or letting out of a building, including commercial, industrial or residential complex for business, either wholly or partly is a supply of service. It is settled law that such provisions in a taxing statute would have to be read together and harmoniously in order to understand the nature of the levy, the object and purpose of it...

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Setting up of Aaykar Sewa Kendras in Pr. CCIT regions in FY 2018-19

File No. 48/1/2018/ASK/P.IX/DOMS/54 (12/04/2018)

Kind reference is invited to the fact that the CBDT has decided to expand the umbrella of its offices having Aayakar Sewa Kendra in F.Y 2018-19 for the purposes of having a more responsive tax administration....

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Review of All Industry Rates (AIR) of Duty Drawback for year 2018

F.No.609/27/2018-DBK (12/04/2018)

Request for views/suggestions and data for review of All Industry Rates (AIR) of Duty Drawback for the year 2018- It is to inform that the Government proposes to review the All Industry Rates (AIRs) of Duty Drawback for the year 2018 with reference to the incidence of Customs and Central Excise duties on goods manufactured for export....

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For invoking section 14A r.w. rule 8D, AO had to mandatorily record his satisfaction

DCB Bank Ltd. Vs Asstt. CIT (ITAT Mumbai)

At the outset, the learned Authorised Representative submitted that the issue raised by the revenue in second ground of appeal stands covered by the decision of the co-ordinate Bench in assessee’s own case in ITA No. 615/Mum/2014 (AY-2010-11) order dated 4-11-2015 ...

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Seizure of goods for not carrying E-way bill before the applicability of the same is illegal

Proactive Plast (P.) Ltd. Vs State of U.P. (Allahabad High Court)

Proactive Plast (P.) Ltd. v. State of U.P. (Allahabad High Court) Rule 138 of the Rules framed under the Central G.S.T. provides that till such time E-Way bill system is developed and approved by the Council, the Government by notification may specify the documents which are to be carried with the consignment of goods. In […]...

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North East Industrial Development Scheme (NEIDS), 2017

F. No. 10(6)/2016-DBA-II/NER. (12/04/2018)

The scheme may be called North East Industrial Development Scheme (NEIDS), 2017. The scheme will cover States of Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura....

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Investments by FPIs in Government and Corporate debt securities

Circular No. SEBI/IMD/FPIC/CIR/P/2018/70 (12/04/2018)

It has been decided to revise the CDIL and the limit for investment by FPIs in Government Securities and State Development Loans (SDL), for the Financial Year 2018-19, as follows:...

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Performance disclosure post consolidation/ Merger of Mutual Fund Schemes

Circular No. SEBI/HO/IMD/DF3/CIR/P/2018/69 (12/04/2018)

Currently, there are no specific guidelines governing the depiction of performance of the surviving scheme, pursuant to merger of schemes. Further, it is observed that Mutual Funds adopt varied practices, such as disclosing the weighted average performance or performance of surviving schemes, while making such disclosures....

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Interest rate on Small Savings Schemes for 01.04.2018 to 30.06.2018

RBI/2017-18/160 DGBA.GBD. 2573/15.02.005/2017-18 (12/04/2018)

Interest rates on Small Savings Schemes for first quarter of financial year 2018-19 starting 1st April , 2018 shall remain unchanged from those notified for fourth quarter of FY 2017-18...

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LRS for Resident Individuals – daily reporting of transactions

RBI/2017-18/161 A.P. (DIR Series) Circular No. 23 (12/04/2018)

In order to improve monitoring and also to ensure compliance with the LRS limits, it has been decided to put in place a daily reporting system by AD banks of transactions undertaken by individuals under LRS, which will be accessible to all the other ADs....

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CBDT notifies revised DTAC between India and Kazakhstan

Notification No. 20/2018-Income Tax [S.O. 1589(E)] (12/04/2018)

S.O. 1589(E).—Whereas the Protocol, amending the Convention between the Government of the Republic of India and the Government of the Republic of Kazakhstan for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital with Protocol signed at New Delhi, India on the 9th December...

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GST on supply of food and drinks in educational institutions

i. GST rate on supply of food and drinks in a mess or canteen in an educational institution attracts GST at 5% without INPUT Tax Credit (ITC). ii. If schools up to higher secondary level supply food directly to students, then the same are exempt from GST....

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Posted Under: Income Tax |

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November 2020