"25 April 2018" Archive

2 Crore e-way bills generated from 1st April till 24th April, 2018

E-waybill implemented for inter-State movement of goods across the country from 1st April, 2018. More than 2 Crore e-way bills have been successfully generated from 1st April till 24th April, 2018. 16 states and 1 Union Territory have also adopted E-way Bill for intra-State movement of goods. These include Puducherry (UT) and 16 statesnam...

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Empanelment with Dena Bank of CA Firms for Concurrent Audit

Dena Bank invites Applications for selection of CA Firms as Concurrent Auditors for the period July 2016 to June 2017. Members should submit their applications online on Bank website as per the format attached. The recipient/ respondent need not send the print out / hard copy of application....

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Registration U/s. 12AA cannot be denied for non-filing of returns and audited accounts

Sahid Munshi Ram Memorial Education Society Vs. CIT (ITAT Delhi)

Section 13 comes into play at the time of granting exemption under section 11 and not at the time of granting registration under section 12AA, therefore, CIT was not justified in denying registration on the ground that assessee trust had not got its account audited and not filed its return of income for preceding years....

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BCAS representation on Instructions on irregularities in Appellate Orders & processing of returns pushed to AOs by CPC

Representation regarding Instructions dated 8th March, 2018 relating to irregularities in Appellate Orders and Instructions dated 28th March, 2018 regarding processing of returns u/s 143(1) which are pushed to Assessing Officers [AOs] by CPC...

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No penalty for addition to Income based on mere credit card A/c entries

Sri Joy Barman Vs. Income Tax Officer (ITAT Kolkata)

Sri Joy Barman Vs. ITO (ITAT Kolkata) From the foregoing discussion we note that the addition has been made by the AO on account of unexplained money and cessation of liability on basis of lack of evidence. Though the assessee’s explanation in respect of the credit card transactions and cessation of liability in the absence […]...

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Section 80P: Interest on Surplus Fund invested in Short Term Deposits is Other Income

ITO Vs The New India Assurance Co. Ltd. Employees' Co-op. Credit Society Ltd. (ITAT Kolkata)

Hon’ble Supreme Court in the case of M/s. Totagars Co-operative Sale Society Ltd. is binding on the revenue authority for the proposition that the interest income arising out of surplus fund invested in short term deposits and securities is the income from other sources. ...

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Mere change of opinion not sustainable in the eyes of law in respect of reopening of the case: Hitachi Home case

Hitachi Home & Life Solutions (I) Ltd. Vs ACIT (ITAT Ahmedabad)

In Hitachi Home & Life Solutions (I) Ltd. vs. ACIT [ITA Nos. 3045/Ahd/2013 & 104/Ahd/2014, decided on 17.01.2017], briefly, the assessee being a company manufacturing/trading in air conditioners filed return of income on 20.12.2006 stating total income of Rs.15,62,01,340/-. It however returned nil income after adjusting carry forward loss...

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DGFT amends Transitional Arrangements in Foreign Trade Policy 2015-2020

Notification No. 05/2015-2020-DGFT [S.O. 1756(E)] 25/04/2018

Central Government hereby amends the provision in Para 1.05 (b) of the Foreign Trade policy (2015-20) on Transitional Arrangements as under:...

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DGFT amends Import policy of Yellow Peas from free’ to ‘restricted’

Notification No. 04/2015-2020-DGFT [S.O. 1755(E)] 25/04/2018

Import policy of Yellow Peas under Exim Code 0713 1000 is revised from free' to 'restricted' for a period of three month only vide Notification No. 04 /2015-2020 ...

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IT Services notified in Appendix 3D are only allowed for SEIS claim

Trade Notice No. 04/2018-DGFT 25/04/2018

It is being clarified that only the service categories which have been notified in Appendix 3D for SEIS are allowed for claim under SEIS. It is immaterial whether these notified services are delivered on an IT enabled platform or otherwise....

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