"01 June 2018" Archive

Highlight of Insolvency Professionals to act as Interim Resolution Professionals or Liquidators (Recommendation) Guidelines, 2018

Insolvency and Bankruptcy Board of India (IBB) on May 31st, 2018 issued Insolvency Professionals to act as Interim Resolution Professionals or Liquidators (Recommendation) Guidelines, 2018[1] to streamline the procedure for recommendation and appointment of Interim Resolution Professional (IRP) or liquidator....

Read More
Posted Under: Corporate Law |

Conversion of company into LLP – is it taxable if conditions are not fulfilled?

The Income-tax Act provides for specific exemption from capital gains on conversion of a company into a limited liability partnership. In this article, we have analysed the provisions and the taxability in light of the rulings by various courts in India on the matter....

Read More
Posted Under: Corporate Law |

Income Tax Informants Reward Scheme, 2018 with higher reward

Under the Income Tax Informants Reward Scheme, 2018 a person can get reward up to Rs. 50 lakh for giving specific information in prescribed manner to the designated officers of Investigation Directorates in Income Tax Department about substantial evasion of tax on income or assets in India which are actionable under the Income-tax Act, 19...

Read More
Posted Under: Corporate Law |

Foreigners also eligible for reward under Benami Transactions Informants Reward Scheme, 2018

It was found in many cases that black money was invested in properties in the names of others, even though benefits were enjoyed by the investor concealing his beneficial ownership in his tax returns. ...

Read More
Posted Under: Corporate Law |

GST revenue collection for May 2018 

The total gross GST revenue collected in the month of May2018 is Rs.  94,016 crore of which CGST is Rs.15,866 crore, SGST is Rs.21,691 crore, IGST is Rs. 49,120crore (including Rs. 24,447 crore collected on imports) and Cess is Rs. 7,339 crore (including Rs.854 crore collected on imports).The total number of GSTR 3B Returns filed for t...

Read More
Posted Under: Corporate Law |

ITAT deletes addition made based on transactions wrongly reported in AIR

JCIT Vs Durga Charitable Society & Vice-Versa (ITAT Delhi)

There is a mistake of getting the information through AIR which was collected by the appellant’s AR from bank. The transaction reported in the AIR was wrongly reported by the department. The AO should inform DGIT(System) to verify such information from the department server and correct it in future. ...

Read More

Processing fees paid to bank for increase in working capital overdraft facilities is revenue expense

DCIT Vs M/s. QRG Central Hospital & Research Centre Limited (ITAT Delhi)

When admittedly there is no capital creation with the loan facilities availed of by the assessee, the working capital overdraft facility cannot be kept under the category of capital expenses, rather working capital overdraft facility is oftenly used to run day-to-day business...

Read More

Seva Bhoj Yojna to refund CGST and IGST on Langar served in Gurudwaras and other religious/charitable institutions

Government introduces new scheme ‘Seva Bhoj Yojna’ Scheme seeks to reimburse Central Share of CGST and IGST on Food/Prasad/Langar/Bhandara offered by Religious Institutions The Ministry of Culture, Government of India has introduced a new scheme namely ‘Seva Bhoj Yojna’ with a total outlay of Rs. 325.00 Crores for Financial Years ...

Read More
Posted Under: Corporate Law |

No Penalty U/s. 271B if assessee maintained books of account

Mohd. Imtiyaz Khan Prop Vs Income Tax Officer (ITAT Lucknow)

Whether penalty under section 271B of the Act could be levied in a case where the books of account were maintained by the assessee. The Hon'ble jurisdictional High Court in that case held that where no account has been maintained, section 271B does not get attracted and instead recourse under section 271A can be taken. ...

Read More

Mere receipt in excess of limit in proviso to section 2(15) would not result in cancellation of registration U/s. 12AA

M/s Mumbai Port Trust Vs DIT (Exemption) (ITAT Mumbai)

This appeal by assessee under section 253 of income tax act is directed against the order of Director of Income tax (Exemptions) Mumbai, dated 22 November 2011 for assessment year 2009-10. The assessee has raised following grounds of appeal...

Read More

Section 50C: Tenancy on a meager rent constitutes a encumbrance on property

Anuj Kumar Goswami Vs ITO (ITAT Agra)

In ‘CIT vs. Chandra Narain Chaudhri’ (supra), it was also held that the Stamp Valuation Authority does not take into consideration the attributes of the property, such as encumbrance, for determining the fair market value in case, as in the present one, it is offered for sale and is purchased. ...

Read More

Section 69B cannot be invoked on mere assumption that there was understatement of investment

Dy. CIT Vs Riar Builders (P) Ltd. (ITAT Amritsar)

Section 69B cannot be invoked on the assumption that there was understatement of the investment, without a finding that the assessee invested more than what was recorded in the books of account....

Read More

Re-Assessment Invalid if order sheet recording reason for reopening is unsigned

Sri Pinnamaraju Venkatapathi Raju Visakhapatnam Vs JCIT (ITAT Visakhapatnam)

Sri Pinnamaraju Venkatapathi Raju Visakhapatnam Vs JCIT (ITAT Visakhapatnam) In the instant case, on verification of the assessment record, it is noticed that the A.O. typed the reasons but not signed the order sheet, thus there are no reasons recorded for reopening of assessment as required u/s 148 of the Act. The A.O. neither complied [...

Read More

TDS on Transport Charges : Benefit of Section 194C(6) cannot be denied for violation of section 194C(7)

Income Tax Officer Vs M/s. Sugarchem (ITAT Mumbai)

ITO Vs M/s. Sugarchem (ITAT Mumbai) The AO in the course of assessment proceedings requested the assessee to furnish the reasons why no TDS was deducted in respect of transportation charges. The assessee furnished PAN details of the transporters to the tune of 67,24,412/- out of 80,23,971/- in respect of nine transporters referred to in [...

Read More

Interest U/s. 244 allowed on Refund of excess interest charged U/s. 234B

Asstt. CIT Vs Development Board (ITAT Ahmedabad)

ACIT Vs Development Board (ITAT Ahmedabad) The central question involved in the present appeal is whether the expression ‘in any other case’ occurring in section 244A(1)(b) of the Act would include interest on an amount of refund resulted from reversal of excess interest charged under s.234B of the Act. As per Income Tax computation f...

Read More

CBIC revises anti-dumping duty on imports of Hydrogen Peroxide

Notification No. 33/2018-Customs (ADD) [G.S.R. 523 (E)] (01/06/2018)

Seeks to revise anti-dumping duty on imports of Hydrogen Peroxide originating in or exported from Bangladesh, Taiwan, Korea RP, Indonesia, Pakistan and Thailand by amending the notification No. 28/2017-Customs (ADD) dated 14th June, 2017. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 33/2018-Customs (ADD...

Read More

Anti-Dumping Duty on Digital Offset Printing Plate import from china rescinded

Notification No. 32/2018-Customs (ADD) [G.S.R. 522 (E)] (01/06/2018)

Seeks to rescind Anti-Dumping Duty on imports of the ‘Digital Offset Printing Plates’ originating in or exported from China PR imposed vide Notification No. 51/2012- Customs (ADD), dated the 3rd December, 2012. Government Of India Ministry Of Finance Department Of Revenue Central Board Excise And Customs New Delhi Notification...

Read More

Govt launches Online Analytical tool to monitor foreign contributions

Union Home Minister Shri Rajnath Singh here today launched an Online Analytical Tool to facilitate closer monitoring of the flow and utilisation of foreign contributions received by various organisations registered or permitted under the Foreign Contribution (Regulation) Act, 2010. ...

Read More
Posted Under: Corporate Law |

No Penalty for cash above Rs. 20000 from relatives due to Business Exigencies

Mr. Girishkumar Popatlal Vs JCIT (ITAT Ahmedabad)

The ld. counsel vehemently stated that the legislative intent in prohibiting the acceptance and repayment of money in cash over and above Rs. 20,000/- is to check the unaccounted money and not to hit the genuine business need....

Read More

SEBI Master Circular for Stock Brokers

Master Circular No. SEBI/HO/MIRSD/DOPI/CIR/P/2018/87 (01/06/2018)

The Master Circular is a compilation of all the existing / applicable circulars issued by Market Intermediaries Regulation and Supervision Department of SEBI pertaining to Stock Brokers. Efforts have been made to incorporate applicable provisions of existing circulars issued by other Departments of SEBI relevant to Stock Brokers....

Read More

Alleged circumvention of anti-dumping duty imposed on imports of O-Acid

Notification No. 7/14/2018–DGAD (01/06/2018)

Initiation of anti-circumvention investigation concerning the alleged circumvention of anti-dumping duty imposed on the imports of O-Acid, originating and exported from China PR....

Read More

Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2018

Notificatio No. FEMA. 20(R)(2)/2018-RB (01/06/2018)

Reserve Bank of India hereby notifies that proviso (ii) to sub-regulation (1) of regulation 10 and proviso (ii) to sub-regulation (2) of regulation 10 of the Foreign Exchange Management (Transfer or Issue of Security by a person resident outside India) Regulations, 2017, shall come into force with effect from June 02, 2018....

Read More

ICAI withdraws Guidance Note on Accounting for Real Estate Transactions

The ICAI had issued a Guidance Note on Accounting for Real Estate Transactions (for entities to whom Ind AS is applicable), in May 2016, applicable to all projects in real estate by entities to whom Ind AS were applicable. The aforementioned Guidance Note is based on principles of Ind AS 11, Construction Contracts and Ind AS 18, Revenue. ...

Read More
Posted Under: Corporate Law |

Mere Issue of 2nd notice U/s. 148 does not constitute Change of Opinion; AO can examine genuineness of share premium U/s 68

M/s. Cornerstone Property Investments Pvt. Ltd. Vs Income Tax Officer (ITAT Bangalore)

The assessee, a company stated to be engaged in Real Estate business, filed its return of income for Assessment Year 2008-09 on 30.09.2008 declaring loss of (-) Rs.6,84,051. The assessee filed a revised return on 14.10.2008 declaring loss of (-) Rs.5,23,751. The revised return was processed under Section 143(1) of the Income Tax Act...

Read More

CCI decides two Penalty cases relating to tenders of Pune Municipality

CCI passed final order in two cases involving bid rigging/ collusion in three tenders floated by Pune Municipal Corporation for Design, Supply, Installation, Commissioning, Operation and Maintenance of Municipal Organic and Inorganic Solid Waste Processing Plant(s)...

Read More
Posted Under: Corporate Law |

ICAI President’s Message – June 2018

Within ICAI too, governance matters are always our top priority, and technology is the best way to manage, resolve and dealing with the issues of a large group like our membership and students. To effectively manage the education & training and other professional requirements of our huge membership and other stakeholders, ICAI has about 7...

Read More
Posted Under: Corporate Law |

Striking off of LLPs and remedy available

A total of 1171 LLPs are about to be struck off by the Roc Delhi and Haryana due to non-filing of Financial Statements and Annual Returns for previous two years. In this write up endeavor is made on discussing the validity of this notice issued to the LLP and the primary remedy available to the […]...

Read More
Posted Under: Corporate Law |

Provisions related to Declaration and Payment of Dividend

This article is about provisions related to the declaration and payment of dividend under companies Act 2013....

Read More
Posted Under: Corporate Law |

Search Posts by Date

November 2020
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30