"20 April 2018" Archive

PFRDA prescribes New NPS Subscriber Registration Form

Pension Fund Regulatory and Development Authority prescribes New NPS Subscriber Registration Form – Additional Mandatory Requirements ...

Read More
Posted Under: Corporate Law |

Krishi Kalyan Cess not admissible as Input Tax Credit in GST Regime: AAR

No. GST-ARA-18/2017-18/B-25 05/04/2018

Whether accumulated credit by way of Krishi Kalyan Cess (KKC) as appeared in the Service tax return of Input Service Distributor (ISD) ON June 30, 2017 which is carried forward in the electronic credit ledger maintained by the company under CGST Act 2017, will be considered as admissible input tax-credit?...

Read More

Procedure of Conversion of Partnership Firm into Public / Private Company

In this Article, Author list out step by step procedure for conversion of Partnership firm into Company and benefits of Conversion....

Read More
Posted Under: Corporate Law |

Regulatory Requirement of Internal Control over Financial Reporting

ICFR (Internal Controls over Financial Reporting) in India is paradigm shift over reporting requirement of CARO by virtue of Indian Companies Act, 2013. It is mandatory for auditors to comment over design and operative effectiveness of the controls in case of listed and unlisted companies. Requirement is broadly similar to what is mandate...

Read More
Posted Under: Corporate Law |

Demand under Rule 14 cannot be made on ISD if he does not avail cenvat credit

Kansai Nerolac Paints Ltd. Vs Commissioner of GST, Mumbai Central (CESTAT Mumbai)

Kansai Nerolac Paints Ltd. Vs Commissioner of GST, Mumbai Central (CESTAT Mumbai) In this case  demand was raised from the input service distributor who has distributed the service credit to their respective factory on the ground that the input service viz. air travel agent service, is not admissible as the service related to business ac...

Read More

Service tax leviable on Consideration for providing Common facilities under ‘renting of immovable property’

M/s. A.B. Hotels Ltd. Vs. CST (CESTAT Delhi)

The Delhi bench of the CESTAT, on Monday, held that service tax is payable on the amount received for providing Common facilities under the head renting of immovable property through the same was received under a separate agreement. ...

Read More

Addition for Jewellery within limits prescribed by CBDT circular not sustainable

Smt. Ritu Bajaj Vs. The Dy. C.I.T (ITAT Delhi)

The jewellery found in possession of the Assessee and his family is within the normal limits of the jewellery which as per the Board’s Circular not to be seized during the search proceeding of the Income Tax Act. Moreover, in the case of Haroon Mohd. Unni Mumbai vs Department of Income Tax, the Assessing Officer conducting the search su...

Read More

Interest on home Loan availed of to repay earlier loan is allowable U/s. 24(b)

Akulu Nagaraj Gupta Subbaraju Vs. ITO (ITAT Bangalore)

If second borrowing has really been used to repay the original loan and this fact is proved to the satisfaction of AO, interest paid on the second loan would also be allowed as deduction under section 24....

Read More

Penalty under excise rule 26 can be imposed only on natural individual person

Apple Sponge and Power Ltd. Vs Commissioner of Service Tax, Audit-I (CESTAT Mumbai)

Penalty under Rule 26 can be imposed only on the natural individual person and not on the artificial person or company because the goods is handled by natural living person and not by an artificial entity. ...

Read More

Service Tax on Passenger Service Fees & other taxes levied by Airlines

M/s China Eastern Airlines Vs CST (CESTAT Delhi)

The dispute in the present appeal is relating to their liability to pay Service Tax on Passenger Service Fees (PSF) and other taxes (international taxes) collected by the airlines as part of consideration when the tickets are issued to the passengers....

Read More