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Archive: 04 June 2018

Posts in 04 June 2018

Issues in Job-Work and E-Way Bill

June 4, 2018 115650 Views 26 comments Print

Arjun (Fictional Character): Krishna, E-Way is now been fully implemented on inter as well as intra state transportation of goods, Taxpayers are aware of generation of E-Way bill on Normal Sale and Purchase transactions but still they have a confusion regarding generation of E-Way bill on other transactions.

Assessment framed u/s 158BC was void ab initio if notice U/s. 143(2) was not issued

June 4, 2018 846 Views 0 comment Print

Shri Ashok Kumar Aggarwal Vs ACIT (ITAT Delhi) AO repudiates the return filed u/s 1 58BC (a) of the Act and proceeds to make an enquiry, he has to necessarily follow the provisions of section 142, 143(2) and 143(3) of the Act. In the case before us, the Department has not been able to negate […]

Mere Higher fair market value cannot be a ground to assume that there was under-statement of consideration

June 4, 2018 1782 Views 1 comment Print

ITA Nos.405/2005 and 406/2005 have been filed by an individual, Arjun Malhotra impugning common order dated 29th January, 2004 passed by the Income Tax Appellate Tribunal (hereinafter referred to as the tribunal) deciding ITA Nos.1433/Del/2002 and 1434/Del/2002 relating to Assessment Years (AY, for short) 1998-99 and 1999-2000

No loss of files of Nirav Modi/ Mehul Choksi in Scindia House fire

June 4, 2018 10047 Views 0 comment Print

News reports have been appearing in some sections of the media alleging that records & documents relating to investigation into the Nirav Modi/Mehul Choksi case have been destroyed in the Scindia House fire in Income Tax Office in Mumbai. It is hereby clarified that the said reports are completely false & misdirected.

How e-form MGT-14 posing new threats from 07.05.2018?

June 4, 2018 60072 Views 7 comments Print

MCA vide notification dated: 07th May, 2018 has notified 28 more sections of Companies Amendment Act, 2017. One of those is Section 117 which explains Resolutions and agreements to be filed under Companies Act,2013. This amended section came into effect form 07th May, 2018. In this editorial author shall endeavor to briefly discuss Impact of […]

FAQs on Disqualification of Director from 01.05.2018 Onwards after expiry of CODS-2018

June 4, 2018 25593 Views 2 comments Print

In this article author explains Impact of Expiry of Condonation of Delay Scheme, 2018 in relation to Active Companies or Struck off Companies Both. Condonation of delay scheme 2018 [CODS-2018] was effective w.e.f. 01st January, 2018 to 01st May, 2018.

GST Settlement of Funds (Second Amendment) Rules, 2018

June 4, 2018 2085 Views 0 comment Print

These rules may be called the Goods and Services Tax Settlement of Funds (Second Amendment) Rules, 2018. In the Goods and Services Tax Settlement of Funds Rules, 2017, in rule 11, for sub-rule (3), the following shall be substituted, namely:—

Procedure for e-commerce exports through Post & clarification on personal imports-reg

June 4, 2018 13311 Views 0 comment Print

In order to facilitate exports and specifically give a fillip to the global outreach of Indias exporters via e-commerce (more so to the small & medium enterprises), all IEC holders have been permitted to export goods through FPOs. Any IEC holder exporting goods through the FPO, will be eligible for zero rating of exports, by way of IGST refund or discharge of LUT. Those who do not wish to avail this facility or fall in the category of Exempted/Non-Taxable are also permitted to export under

LTCG on slump sale can be set off against unabsorbed brought forward business loss

June 4, 2018 4959 Views 0 comment Print

Gouranga Cement Pvt. Ltd. Vs DCIT (ITAT Kolkata) We have heard the rival contentions and perused the material available on record. In the instant case the assessee has shown business income of ₹13,36,761/- and LTCG income of ₹86,30,498/- only. Besides the above assessee has shown unabsorbed brought forward business loss of ₹16,64,542/- which was set […]

Will RBI take a U-turn on its stand on Bitcoins?

June 4, 2018 2733 Views 2 comments Print

Yes, we all agree that change is an inevitable part of life but the block chain technology is the disruptive change which shall be witnessed by almost every sector. One of the examples of block chain technology is crypto-currencies. Please do understand that there is a difference between crypto-currencies being banned in India and crypto-currencies not being used as a legal tender in India.

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