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Archive: 17 May 2018

Posts in 17 May 2018

ITAT confirms addition for Salary paid to Husband and Daughter

May 17, 2018 2061 Views 0 comment Print

The assessee failed to demonstrate as to what services have been rendered by her husband or the daughter to whom salaries have been paid. Therefore, the salary claimed by the assessee towards husband and daughter deserves to be disallowed.

CBIC List of 27 Outside Laboratories for Forwarding of samples for testing

May 17, 2018 5604 Views 0 comment Print

I am directed to refer to the Board Circular No. 43/2017-Customs dated 16th November, 2017 on the subject above cited wherein a list of items and corresponding testing laboratories was annexed where samples could be tested from the identified list. 2. In addition to the existing list of laboratories provided in Annexure to abovementioned Circular, CRCL has identified some more entities annexed herewith as Annexure, where the samples could be tested.

Pilot implementation of paperless processing under SWIFT — Uploading of supporting documents regarding -Reg

May 17, 2018 1218 Views 0 comment Print

It has been noticed that in certain situation, law provides for submission of Original Certificates / NOCs by Importers e.g. in order to claim benefit of preferential rate of duty, Country of Origin (COO) Certificates are to be produced in Original. Further, there is also a requirement for verifying genuineness of such Certificates by Customs.

Amended minimum capital requirement for Setting up of IFSC Banking Units

May 17, 2018 702 Views 0 comment Print

In terms of para 2.3 of the circular, the parent bank will be required to provide a minimum capital of USD 20 million or equivalent in any foreign currency to start their IBU operations and the IBU should maintain the minimum prescribed regulatory capital on an on-going basis as per regulations amended from time to time.

Amendment to SEBI Circulars on Monitoring of Foreign Investment limits in listed Indian companies

May 17, 2018 684 Views 0 comment Print

SEBI vide Circular No. IMD/FPIC/CIR/P/2018/61 dated April 5, 2018 introduced a new system for Monitoring of Foreign Investment limits in listed Indian companies and prescribed guidelines w.r.t the necessary infrastructure, data to be provided by listed Indian companies and other related matters.

Anti-dumping duty on imports of Ceramic Rollers from China

May 17, 2018 2091 Views 0 comment Print

Seeks to impose definitive anti-dumping duty on imports of Ceramic Rollers, originating in or exported from People’s Republic of China vide Notification No. 27/2018-Customs (ADD) dated: 17th May, 2018

Section 147 Approval to reopen with mere words “Yes. I am satisfied” not valid

May 17, 2018 2628 Views 0 comment Print

On the facts and circumstances of the case and in law the learned CIT (A) as erred in deleting the addition of Rs.1,04,50,0001- made u/s 68 of the Income Tax Act, 1961 treating the credit in the books of the assessee as unexplained shown as receipt of share application money.

SC refuses to stay oath ceremony of BJP’s BS Yeddyurappa, says final hearing after perusing letter given to Karnataka governor

May 17, 2018 936 Views 0 comment Print

The petitioners have filed this petition challenging the validity of Communication No.GS 41 GOB 2018 dated 16th May, 2018, addressed by the Governor of Karnataka to Shri B.S. Yeddyurappa (respondent No.3 herein) inviting him to form the government and be sworn in as the Chief Minister of the State of Karnataka.

Empanelment with Vijaya Bank of CA firms for concurrent audit

May 17, 2018 133430 Views 21 comments Print

Vijaya Bank have initiated the process for Empanelment of Concurrent auditors/ Audit firms for conducting the concurrent audit of their identified branches for the year 2018-19 i.e from July 2018 to June 2019. 1. Important Points in respect of Empanelment with Vijaya Bank 1. Empanelment is for one year 2. Eligibility criteria and list of […]

No Refund of Tax Paid on Input Services in case of Inverted Duty Structure – An analysis

May 17, 2018 9501 Views 3 comments Print

It is amply clear that in case of refund of unutilized ITC accumulated on account of higher tax rates on inputs than the outward supplies of goods or services or both as provided u/s 54(3) of the CGST/SGST Acts, 2017, tax paid on inward supply of services used for making such outward supplies of goods or services of both, is not refundable.

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