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Archive: 09 May 2018

Posts in 09 May 2018

HC issues Notices on Petition Challenging Constitution Of GST Tribunals

May 9, 2018 4341 Views 0 comment Print

Gujarat High Court has issued notice to the Union of India, Gujarat State government and the Goods and Service Tax Council on a petition moved by CA Prateek Gattani and Abhishek Chopra challenging the constitution of the Central as well as State Appellate Tribunals.

Depreciation was to be reduced to arrive at profits eligible for deduction U/s. 80-IA

May 9, 2018 3531 Views 0 comment Print

Plastiblends India Ltd. Vs Addl. CIT (Supreme Court of India) Section 80-IA is a code by itself, it contains the provision for special deduction which is linked to profits. In contrast, Chapter IV of the Act, which allows depreciation under Section 32 of the Act is linked to investment. This Court has also made it […]

Actionables arising out of notification of 28 sections by MCA

May 9, 2018 2286 Views 1 comment Print

MCA vide notification S.O. 1833(E) dated May 7, 2018 has notified 28 Sections in Phase III. The same has been notification has been published in official gazette and is effective from May 7, 2018. This article discusses immediate actionables to be ensured by companies.

Services of managing agent rendered to a foreign company are not technical services U/s. 80-O

May 9, 2018 450 Views 0 comment Print

The Appellant failed to prove that he rendered technical services to the Sumitomo Corporation and also the relevant documents to prove the basis for alleged payment by the Corporation to him. The letters exchanged between the parties cannot be claimed for getting deduction under Section 80-O of the IT Act.

Disallowance u/s 14A unsustainable in absence of exempt income

May 9, 2018 2379 Views 0 comment Print

When assessee had not earned any exempt income during the relevant assessment year, disallowance under section 14A could not be made.

How to manage finances – PDF Tips for Accounting

May 9, 2018 20409 Views 0 comment Print

If you run a small business, a startup or if you prefer to manage your personal finances by yourself, make sure you learn all the necessary accounting hacks. Accounting is a very important aspect of everyone’s finances, whether personal or business ones. Even if you hire an accountant to manage your books, you should still […]

SC on validity of Second (Fresh) Notice U/s. 158BD

May 9, 2018 918 Views 0 comment Print

Tapan Kumar Dutta Vs. CIT (Supreme High Court) On a conjoint reading of Sections 158BC and 158BD, it is clear that no satisfaction to the effect that undisclosed income belongs to the searched person is necessary before issuing the notice under Section 158BC against the searched person as Section 158BC speaks of a condition that […]

Components of boilers cleared as parts but essential to put into operation the boilers, would be classifiable under sub-heading 8402.10

May 9, 2018 717 Views 0 comment Print

The issue arising in this appeal is whether the essential components/parts of a boiler cleared by the assessee would attract duty under sub-heading 8402.10 of the first schedule of Central Excise Tariff Act, 1985 or sub-heading 8402.90 of the said schedule.

Central Sales Tax (Bombay) (Amendment) Rules, 2018

May 9, 2018 3477 Views 0 comment Print

1. These rules may be called the Central Sales Tax (Bombay) (Amendment) Rules, 2018. 2. In rule 9A of the Central Sales Tax (Bombay) Rules, 1957 (hereinafter referred to as “the principal Rules”), for clause (b) the following clause shall be substituted, namely:—

12% GST Payable on Rapeseed / Soya oil based dielectric transformer fluid: AAR

May 9, 2018 2682 Views 0 comment Print

What is the correct Harmonized System of Nomenclature (HSN) code and the applicable GST rate for our products MIDEL eN 1204 (rapeseed oil based dielectric transformer fluid) and MIDEL eN 1215 (soya oil based dielectric transformer fluid) in terms of Notification No. 1/2017-Central Tax (Rate) dated 28 June 2017?

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