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Archive: 21 May 2018

Posts in 21 May 2018

No GST on Goods sold on high seas sale basis : AAR

May 21, 2018 11907 Views 0 comment Print

In Re. M/s. BASF India Ltd. (GST AAR Maharashtra) Q1. Applicant will be purchasing the goods from its overseas related party situated abroad based on purchase order received from its customers. While the goods are in transit, the goods will be sold by the Applicant to its customers before the goods are entered for customs […]

Income from bare letting of tenement is taxable as Income from house property

May 21, 2018 1452 Views 0 comment Print

These are eleven appeals by the Commissioner of Wealth Tax (hereafter ‘Revenue’) under section 27A of the Wealth Tax Act, 1957 (WTA), against the orders of the Income Tax Appellate Tribunal (ITAT) for assessment years (‘AYs’) 1984-85 to 1992-93 and assessment years 1997-98 to 1998-99.

Lakshadweep UT to roll out intra-state e-way bill WEF 25th May 2018

May 21, 2018 1137 Views 0 comment Print

e-way bill shall be required to be generated where movement of goods commences and terminates within Union Territory (UT) of Lakshadweep WEF 25th May 2018

Andaman and Nicobar Islands to roll out intra-state e-way bill WEF 25.05.2018

May 21, 2018 3261 Views 0 comment Print

e-way bill shall be required to be generated where movement of goods commences and terminates within Union Territory (UT) of Andaman and Nicobar Islands WEF 25th May 2018

Govt notifies fee payable for Registration of Assignment of Receivables

May 21, 2018 1179 Views 0 comment Print

Central Government amends Amount of fee payable for transaction to be registered under Registration of Assignment of Receivables Rules, 2012.

Clearing Corporations in IFSC can invest own funds in AAA rated Foreign Sovereign Securities

May 21, 2018 444 Views 0 comment Print

Upon review of investment instruments/avenues available for Clearing Corporations in IFSC and based on the feedback received, it has been decided to permit the Clearing Corporations in IFSC to invest their own funds in AAA rated Foreign Sovereign Securities.

IRP held Guilty of acting in connivance with erstwhile management

May 21, 2018 1020 Views 0 comment Print

The conduct of Mr. Wadhwa seen in the context of statutory responsibilities of an IRP and the objective of the Code leaves no doubt that he was acting in connivance with the applicant-creditor and the erstwhile management of the corporate debtor.

Incentive Bonus to workers as reward of good attendance & efficiency allowable

May 21, 2018 1521 Views 0 comment Print

Heard Sri Gaurav Mahajan learned counsel for the department and Sri Arnab Banerji learned counsel for the assessee. This is an appeal under section 260A of the Income Tax Act, 1961 filed by the department against the order dated 6.1.2006 passed by the tribunal in I.T.A. no.614/Del/2002 for the assessment year 1997-98.

UP Govt -Now A Watchdog For School Fee

May 21, 2018 5172 Views 1 comment Print

Recently, The Governor of Uttar Pradesh promulgated `Uttar Pradesh Self-Financed schools (fee fixation) Ordinance 2018. The government had to bring the ordinance as the state Legislature was not in session. Under the Ordinance, a fee regulatory committee will be formed in every division with special powers to resolve cases relating to fee hike.

Late fee for delayed filing of PTRC returns in Maharashtra waived

May 21, 2018 129927 Views 1 comment Print

Maharashtra Government exempts whole of the late fee payable by the registered employer, in respect of the monthly or annual PTRC returns pertaining to the periods April 2016 to June 2018 is being exempted, subject to the fulfillment of eligibility condition.

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