"24 May 2018" Archive

Statewise Inter-state and Intra State applicability of E-way Bill

In order to ease & speed up the physical movement of goods, GST council has come up with concept E-way Bill to track the status movement of goods from one place to another. It has been notified that w.e.f. 1st April 2018 E-way bill is mandatory for inter-state movement of goods in case consignment value is more than 50,000....

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Net Direct Tax collections crossed Rs.10.03 lakh crore in 2017-18

Net direct tax collections for 2017-18 amounted to Rs. 10.03 lakh crore, which is 18% higher than the collections for 2016-17. The robust growth in direct tax revenue in the year of demonetization and the year after that is indicative of a positive impact of various tax policies, including demonetization, on the level of tax compliance in...

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Subscription to chit funds cannot be regarded as investment U/s. 13(1)(d) RW 11(5)

Sri Sivani Educational Society Vs. ITO (ITAT Visakhapatnam)

Sri Sivani Educational Society Vs. ITO (ITAT Visakhapatnam) Chit fund business is governed by the principles of mutuality and contribution to a chit fund is contribution to oneself on the principle of mutuality and hence, it is not an investment as contemplated by section 13(1)(d) read with section 11(5) of Income Tax Act, 1961. As [&hell...

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Income from services rendered in connection with domain name registration is assessable as royalty Income

Godaddy.com LLC Vs. ACIT (ITAT Delhi)

Rendering of services for domain registration is rendering of services in connection with the use of an intangible property which is similar to trademark. Therefore, the charges received by the assessee for services rendered in respect of domain name is royalty within the meaning of Clause (vi) read with Clause (iii) of Explanation 2 to S...

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No Tax on issue of share capital by eligible start-ups at excess premium: CBDT

Notification No. 24/2018-Income Tax [S.O. 2088(E)] (24/05/2018)

Central Government, hereby notifies that the provisions of clause (viib) of sub-section (2) of section 56 of the said Act shall not apply to consideration received by a company for issue of shares that exceeds the face value of such shares, if the consideration has been received for issue of shares from an investor in accordance with the ...

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2 Arrested in Delhi for GST evasion of Rs. 28 Crore

Central Tax, GST Delhi East Commissionerate arrested a Shahdara based father son-duo on 22.05.2018 in case of fraudulent issuance of Input Tax Credit invoices involving evasion of approximately Rs. 28 Crores relating to Copper industry. It is the first case of arrest in Delhi, under the new tax regime that came into force on 1st July, 201...

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Applicability of concessional rate of 10% U/s. 115E on Sale of Bonus Share

Sri Shashi Parvatha Reddy Vs. DCIT (ITAT Hyderabad)

Bonus shares issued on original shares by investing convertible foreign exchange were also foreign exchange asset under section 115E. Therefore, the shares sold by the assessee have mightly treated as long-term capital assets and being the assets acquired by way of foreign exchange fell within the definition of foreign exchange asset unde...

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e-Way Bill Roll out for intra-State goods movement wef 25.05.2018

Ewaybill system for intra-State movement of goods to be implemented from 25.05.2018 in the state of Maharashtra and Manipur and in following UTs Andaman & Nicobar Islands,Chandigarh,Dadra & Nagar Haveli,Daman & Diu and Lakshadweep. PRESS RELEASE 24th May, 2018 Subject: Roll out of e-Way Bill system for intra-State movement of ...

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Interpretation of E-way Bill Provisions – Part I

The present article deals with the interpretation of legal provisions in the CGST Act 2017 relating to and regulating the mechanism of E-way Bills....

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ITAT on Calculation of Month for Interest on delay in payment of TDS

Bank of Baroda Vs. Dy. CIT (ITAT Ahmedabad)

Assessee’s contention for levy of interest for the second month could arise only if the period of time between the date on which tax was deducted and the date on which tax was paid to the Government exceeds one month, was justified. Thus, AO was directed to re-compute the levy of interest under section 201(1A) accordingly....

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When you INVEST, you are buying a day that you don’t have to work..

Today, I woke up relaxed, had steaming-hot home made breakfast, read the newspaper and went through my days schedule. No rushing up, no boarding crowded trains, not running after auto rickshaws to drop me to office. My day was planned full of things I love doing. So as I headed up for my shower and I noticed my hair had turned grey.. And...

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Frequently asked questions on LLP Annual Filing

1. What is LLP Annual Filing? Limited liability partnership is a partnership with limited liability. Every LLP which are registered with the Ministry of Corporate Affairs have to file the Annual Returns and Statement of Accounts every year....

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The way I see it… (Rising US Dollar and outlook)

USD is trading at another high.. and we are saying this almost everyday for last few days... After trading steadily at around Rs 63- Rs. 65 till March 2018, USD is appreciating and INR is depreciating for various reasons almost everyday. The combined result is - Rupee falling steadily towards Rs 68 + in a short span of 2-3 months....

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Early hearing should be granted by ITAT Bench: Delhi HC

NA (24/06/2018)

Hon’ble Delhi High Court, vide order dated 4th May, 2018 In the case of Dr. Prannoy Roy in W.P.(C) 4742/2018 &CM Appl. 18248-18249/2018 and Another, has held that early hearing should be granted by the Bench of the ITAT instead of the usual practice of granting early hearing by the administrative head at the respective station....

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Entertainment tax subsidy to meet cost of Multiplex Theater building and Machine is Capital Receipt

The DCIT Vs. Shipra Hotels Ltd. (ITAT Delhi)

All the appeals by the Revenue are directed against different orders of the Ld. CIT(A)- 1, Dehradun, dated 06th February, 2014, for the A.Ys. 2009-2010, 2010-2011 and 2008- 2009....

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Addition on the basis of dumb/bald documents not sustainable

Shri Neeraj Goel Vs. ACIT (ITAT Delhi)

This appeal filed by the assessee against the order of the Ld. CIT(A)-XXVI, New Delhi dated 21.8.2017 and pertains to assessment year 2009-10....

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Penalty proceedings liable to be quashed for Inconsistency in recording of satisfaction and levy of penalty

Ashok Sahakari Sakhar Karkhana Ltd. Vs. Asst. CIT (ITAT Pune)

Where specific charge for the levy of penalty was not mentioned in the notice issued under section 274 read with section 271(1)(c) and there was vagueness in the recording of satisfaction, the penalty proceedings were liable to be quashed....

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ITAT on Addition for difference in TDS Certificate and Return Amount to Income of Assessee following cash method of accounting

ACIT Vs. Rajiv Nayar (ITAT Delhi)

ACIT Vs. Rajiv Nayar (ITAT Delhi) The brief facts of the case are that appellant is a senior Advocate of Hon’ble Delhi High Court. He filed his return of income on 30.07.2009 at Rs. 10,77,55,060/-. During the course of assessment proceedings it was found by the ld AO that the TDS certificates shows higher gross […]...

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Addition made U/s. 153A merely on the basis of bank pass book are not sustainable

Nanoomal Gupta Vs. ACIT (ITAT Agra)

Because in any view, the addition made u/s 68 of Rs.10,00,000/- of amount of gifts received (Rs.5,00,000/-+ Rs.5,00,000/-) in the Assessment u/s 153A without having any adverse material, and by not appreciating the evidences on record, the addition confirmed by ld. CIT(A) is grossly unjust, arbitrary, and against the facts and law of the...

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Revised foreign exchange earning criteria to be eligible for Duty Credit Scrip

Notification No. 08/2015-2020-DGFT [S.O.2084(E)] (24/05/2018)

Such service provider should have minimum net free foreign exchange earnings of US$15,000 in year of rendering service to be eligible for Duty Credit Scrip. For Individual Service Providers and sole proprietorship, such minimum net free foreign exchange earnings criteria would be US$10,000 in year of rendering service....

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CBIC notifies Customs Audit Regulations, 2018

Notification No. 45/2018-Customs (N.T.) [G.S.R.484 (E)] (24/05/2018)

(1) These regulations may be called the Customs Audit Regulations, 2018. The selection of auditee or the selection of import declarations or export declarations, as the case may be, for the purposes of audit shall primarily be based on risk evaluation through appropriate selectivity criteria....

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Notification No. 44/2018-Customs (N.T.), Dated: 24.05.2018

Notification No. 44/2018-Customs (N.T.) [S.O.  2061 (E)] (24/05/2018)

Notification No. 44/2018-Customs (N.T.) In exercise of the powers conferred by clause (34) of section 2 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 4...

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Segregated Nominee Account Structure in IFSC

Circular No. SEBI/HO/MRD/DRMNP/CIR/P/2018/83 (24/05/2018)

SEBI permits Segregated Nominee Account Structure in IFSC wherein orders of foreign investors may be routed through eligible Segregated Nominee Account Providers, for trading on stock exchanges in IFSC while adhering to regulatory requirements, inter alia, relating to identification of end-client, Unique Client Code, order placement at c...

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Enhancement in rate of rewards for MEIS SI no. 207, HS Code 07122000

Public Notice No. 11/2015-2020-DGFT (24/05/2018)

The rate of rewards under MEIS for the ITC HS Code 2017: 07122000 is enhanced to 5% from earlier 3% with immediate effect vide Public Notice No. 11/2015-2020 -DGFT ...

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Ignorance of law is not excuse and cannot be a ground to avoid tax liability

Whirlpool of India Ltd. Vs. DCIT (ITAT Delhi)

Whirlpool of India Ltd. Vs. DCIT (ITAT Delhi) In the present case, there is admission on part of the assessee that the quantum of depreciation claim was incorrectly computed at enhanced cost. It is well settled principle that ignorance of law is not excused and cannot be a ground to avoid tax liability. The Assessee […]...

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Reg. ADM Relief for Un-registered period to dealers who obtained Registration late

Trade Circular No. 16T of 2018 (24/05/2018)

Earlier, the application for ADM Relief was required to be made manually to the concerned Joint Commissioner. After receipt of the application, consideration of the facts as also the report in this behalf, obtained from the Nodal Officer concerned, the request for ADM Relief was either rejected or granted....

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Conversion of Partnership firm/LLP into company

E-form URC-1 is required to be filed by a Partnership firm/LLP under section 366 of the Companies Act, 2013 read with Rule 3(2) of the Companies (Authorised to Register) Rules, 2014 for conversion of partnership firm or LLP into Company. ...

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Repercussions of non-payment of invoice in GST Regime

Repercussions when invoice is not paid by the Recipient to Supplier of goods or services or both within the specified period. 1) If ITC is availed where full value of invoice alongwith applicable GST thereon is not paid to the supplier within 180 days from the date of invoice:-...

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CAs cannot do Valuation of unquoted equity shares under DCF method

Notification No. 23/2018-Income Tax [S.O. 2087(E)] (24/05/2018)

Amendment in Rule 11U and 11UA omitting reference to the term accountant, thereby permitting only merchant bankers to determine the FMV of unquoted equity shares as per the Discounted Free Cash Flow Method ...

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