"14 May 2018" Archive

Civil Suit not Maintainable after initiation of SARFAESI Proceedings: SC

M/s Sree Anandhakumar Mills LTD. Vs M/s Indian Overseas Bank & ORS. (Supreme Court of India)

Though the case has a chequered history and the facts are long the matter lies within a short compass. The core question is one relating to the maintainability of the suit, viz., O.S. No.106 of 2009 filed by the second respondent – Nandini seeking partition wherein the order of injunction was passed....

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Late fees for GSTR-3B waived if TRAN-1 submitted but not filed

Notification No. 22/2018-Central Tax (14/05/2018)

CBIC waives late fee payable for failure to furnish  FORM GSTR-3B by the due date for each of the months from October, 2017 to April, 2018, for the class of registered persons whose declaration in FORM GST TRAN-1 was submitted but not filed on the common portal on or before the 27th day of December, […]...

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Allowability of deduction U/s. 80P(2)(a)(i) to Co-operative society engaged in providing credit facilities to members

Jodhpur Sahakari Bhoomi Vikas Bank Ltd. Vs ITO (ITAT Jodhpur)

These appeals preferred by the assessee emanates from the order of learned Commissioner (Appeals)-2, Jodhpur for assessment year 2008-09 vide order dated 19-11-2015; assessment year 2010-11 vide order dated 20-11-2015...

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Section 54EC exemption cannot be claimed on Sale consideration of Property seized by IT Dept.

Jatender Singh Marvaha Vs D.DI.T (ITAT Kolkata)

Both AO & CIT-A have denied the claim of exemption of Rs.40,00,000/- for want of proper evidence showing the capital gains were invested in specified bonds i.e provided by the Government of India, National Highway Authority Bonds (NHAI). The deduction u/s. 54EC of the Act is permissible if the amount representing the long term capital gai...

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Late fees waiver for those who were unable to file GSTR-3B due to technical issues of TRAN-1 filing

Notification No. 22/2018 – Central Tax (14/05/2018)

Council, hereby waives the late fee payable under section 47 of the said Act for failure to furnish the return in FORM GSTR-3B by the due date for each of the months from October, 2017 to April, 2018, for the class of registered persons whose declaration in FORM GST TRAN-1 was submitted but not filed on the common portal on or before the ...

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Corporate Insolvency Resolution Process by Financial Creditor

India’s banking industry is in the throes of a crisis. Bad debts are piling up at banks. Freeing up this money is crucial for the banking sector to go about its business. There were many laws dealing with insolvency for Companies as well as for individuals. But most of them were either dating from the British Raj or failing to recover l...

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Posted Under: Fema / RBI |

Benefits of registering Nidhi Company in India

The literal meaning of Nidhi is ‘Treasure’ and in financial market, however, Nidhi Company means a company which tries to cultivate the habit of saving by accepting deposits and providing loans amongst its members. Hence, the nature of the company is exactly the same as it sense and starting a Nidhi company is undoubtedly will be a go...

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Posted Under: Fema / RBI |

Registration U/s. 12AA & sanction u/s 80G(5)(vi) cannot be declined for non-allowability of exemption claimed by the Assessee

Shiv Public School Managing Committee Vs. CIT (Exemptions) (ITAT Delhi)

Shiv Public School Managing Committee Vs. CIT (Exemptions) (ITAT Delhi) 1. Briefly stated the facts necessary for adjudication of the controversy at hand are : the application moved by the assessee society for registration under section 12AA of the Income-tax Act, 1961 and for according sanction u/s 80G(5)(vi) of the Act have been reject...

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List of notified sections of Companies (Amendment) Act, 2017 till 07.05.2018

Various sections of Companies(Amendment) Act, 2017 had been notified by the Government.The note summarizes the sections which have been notified till date....

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Posted Under: Fema / RBI |

Taxation of Car, On crossroads of GST

Since the GST law has came into force various notifications and amendment has been made on issue of old car sale. GST rate which is levied and its ITC provisions depend on what type of passenger vehicle we purchase i.e. 2-Wheeler/4-Wheeler/Bus etc. Let us discuss this in detail....

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Posted Under: Fema / RBI |

TDS u/s 194H not deductible on Cash Discounts to Customers for Bulk purchase of Goods

EPCOS India Pvt. Ltd. Vs. ITO (ITAT Kolkata)

EPCOS India Pvt. Ltd. Vs. ITO (ITAT Kolkata) Briefly stated facts are that the assessee in the present case is a private limited company and engaged in the business of manufacturing and sale of soft ferrite components, DC and AC capacitors, metalized films etc. The assessee in the year under consideration has claimed expenses under [&hell...

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Section 54: Prior to amendment on 1-4-2015 no restriction on number of residential property

Ravi Shankar Vs Asstt. CIT (ITAT Mumbai)

As Prior to assessment year 2015-16 no restriction was placed by the legislature in respect of investments in the residential houses that an assessee could make for claiming deduction under section 54 of the Act. We thus are of the view that the claim of deduction raised by the assessee under section 54 in respect of investment made towar...

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On bogus purchases reasonable GP rate would be applied and added to assessee’s income, and not entire bogus purchases

New Consolidated Construction Company Ltd. Vs Dy. CIT (ITAT Mumbai)

New Consolidated Construction Company Ltd. Vs DCIT (ITAT Mumbai) The assessee conceded that to buy peace of mind he was ready to accept the percentage as consistently applied by the Tribunal in other cases. When a query was put to the revenue he also fairly agreed for a reasonable percentage. ITAT held that Profit rate […]...

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Non recovery of debtors for almost 3 years is sufficient reason to write off and claim as revenue loss

General Capital and Holding Company Pvt. Ltd Vs. Income Tax Officer (ITAT Ahmedabad)

In the case between General Capital and Holding Company Pvt. Ltd vs Income Tax Officer, Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) held that deduction under Section 80G of the Income Tax Act 1961 is allowable in the year of actual payment as well as that of getting the necessary donation receipt....

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Conditional exemption from E-Way Bill in Kerala for Intra-State Goods Movement

Notification No. 3/2018–State Tax (14/05/2018)

Kerala Government exempts movement of All goods within the state Irrespective of value from E-Way Bill requirement if i. supply of such goods should be by a registered person using a sales van. ii. the documents prescribed under Rule 56(18) should be carried in the sales van. ...

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Addition U/s. 69 justified if assessee cannot furnish any explanation regarding source of receipt of money

K.L. Prasada Rao Vs. ITO (ITAT Visakhapatnam)

Where assessee could not furnish any explanation regarding source of receipt of money, except saying that it was loan borrowed from parties, the addition made by the AO under section 69 was justified....

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Customs Brokers Licensing Regulations, 2018

Notification No. 41/2018-Customs (N.T.) (14/05/2018)

(1) These regulations may be called the Customs Brokers Licensing Regulations, 2018. (2) They shall come into force on the date of publication in the Official Gazette. (3) These regulations shall apply to, a Customs Broker who has been licensed and such other persons who have been employed or engaged by a licensed Customs Broker under the...

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Anti-dumping duty on imports of Peroxosulphates (Persulphate) from China to continue till 14.05.2019

Notification No. 26/2018-Customs (ADD) (14/05/2018)

seeks to extend the levy of anti-dumping duty, imposed on imports of Peroxosulphates (Persulphate)originating in or exported from China PR under Notification No. 11/2013-Customs (ADD), dated the 16.05.2013 for a further period of one year (i.e. 14.05.2019)....

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Timelines for settlement of Medical claims of Pensioner CGHS beneficiaries

No: 115025138/2018 /DIR/CGHS (14/05/2018)

It has now been decided to review the timelines prescribed for processing and settlement of medical claims of pensioner CGHS beneficiaries in compliance of the directions of Hon'ble Supreme Court of India in their Judgement in the WP(Civil) No 694 of 2015 between Shiva Kant Jha Vs UOI delivered on 13th April 2018 and in supersession of th...

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Possibility of personal use of car cannot be ruled out in case of consultancy services from residence

Rashmi Chhibba Jauhar Vs. ACIT (ITAT Delhi)

Considering the nature of business of assessee, i.e., consultancy services carried out from residence, possibility of personal use of the car could not be ruled out, therefore, AO was justified in disallowing part of vehicle running and maintenance expenses....

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Important amendments in Appendices issued under FTP, 2015-20

Public Notices No. 09/2015-2020-DGFT (14/05/2018)

(i) Now Advance Authorization for Annual Requirement can also can be issued where Ad hoc norms exist for the resultant product. (ii) Enabling provision is made to submit manual BRCs and self attested copy of Exporter Copy of shipping bill. (iii) Other amendments made to bring clarity and harmonise documentation requirements for EODC....

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Inclusion of GIA, Israel and GIA, Japan as authorized laboratories for certification/ grading of diamonds of 0.25 carat and above

Public Notices No. 08/2015-2020-DGFT (14/05/2018)

Gemological Institute of America, Israel and Gemological Institute of America, Japan are included in paragraph 4.74 of Handbook of Procedures (2015-20) for certification/ grading of diamonds of 0.25 carat and above....

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Submit complete documents as provided in Appendix 4E for cases relating to NC-4: DGFT

Trade Notice No- 07/2018-19-DGFT (14/05/2018)

Non-submission of complete Appendix 4E, containing technical details, chemical reactions and data sheet for advance authorisation applications on self declaration basis under Para 4.04 and 4.07 of HBP for cases relating to NC-4....

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Notification No. 4/2018-Customs (N.T./CAA/DRI), Dated: 14.05.2018

Notification No. 4/2018-Customs (N.T./CAA/DRI) [S.O. 1901 (E)] (14/05/2018)

Notification No. 4/2018-Customs (N.T./CAA/DRI)S.O. (E). - In pursuance of notification No. 60/2015-Customs (N.T.), published vide number G.S.R. 453(E), dated 4th June 2015 in Gazette of India, Extra-ordinary, Part-II, section 3, sub-section (i), and as amended by notification No. 133/2015-Customs (N.T.), published vide number G.S.R. 916(E...

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