"10 June 2018" Archive

Approval of Name from CRC

There are some highly helpful points that can be considered while applying the name of the Company for overcoming the issue of rejecting of name from CRC....

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Posted Under: Company Law |

Order not invalid for mere mention of word IGST instead of SGST/ CGST

M/s R.R Agro Industries and Seth Prasad Agro Private Limited Vs. State Of U.P. (Allahabad High Court)

The order mentioning the State / Central GST instead of IGST provisions could not be held as bad in law as the seizure of goods under section 129 of the SGST Act exists in CGST Act as well....

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Nature of Interest awarded U/s. 28 of Land Acquisition Act, 1894

Dnyanoba Shajirao Jadhav Vs ITO (ITAT Pune)

Dnyanoba Shajirao Jadhav Vs ITO (ITAT Pune) Interest awarded u/s. 23(1A) and 23(2) r.w.s. 28 of the L.A. Act is in the nature of solitium and an integral part of compensation. It is an admitted position that the receipt of compensation awarded under L.A. Act is a capital receipt. Whereas, interest awarded u/s. 34 of the […]...

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Shah Rukh Khan gets relief from penalty on Notional Income from Dubai Villa

DCIT Vs Shahrukh Khan (ITAT Mumbai)

No penalty under Sec. 27(1)(c) of the Act could have been imposed on the assessee in respect of the addition of an amount of Rs. 47,66,952/- made by the A.O towards notional income of the villa owned by the assessee at Dubai....

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GST on free supplies by customers

Due to initial ambiguity, many of the taxpayers continued the earlier practice and has been paying GST on the ‘free supplies’. The recent clarification can be taken as a basis and may discontinue the GST payment on the ‘free supplies’. The GST paid in past may be claimed as refund if the recipient did not avail the input tax credi...

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Posted Under: Company Law |

Equalisation Levy – All you need to know about

This articles is all about the relevant sections and provisions that deals with the Equalisation levy. explains briefly about its changeability, levy, statement required to be furnished along with the due date and all other related provisions....

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Posted Under: Company Law |

Why Government chosen to amend Advance Ruling Mechanism under GST?

The GST Council in such manner has looked to limit such problems by making a critical alteration in the CGST Act-2017, wherein it will be mandatory for the Authority for Advance Rulings (AAR) at the state level to be led by senior income authorities....

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FAQs – Advance Ruling under GST

Q1. What is Advance Ruling under GST? Ans. ‘Advance Ruling’ is a decision provided by the Authority for Advance Ruling (AAR) or the Appellate Authority for Advance Ruling (AAAR) to an applicant on specified matters or questions, in relation to the supply of goods or services or both being undertaken or proposed to be undertaken [&hell...

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Posted Under: Company Law |

The IBC (Amendment) Ordinance, 2018 and the Homebuyer

The new IBC (Amendment) Ordinance, 2018 equates an allottee of a real estate project to be a person having a commercial effect of borrowing. He is now treated as financial creditor. He can initiate a corporate insolvency for a resolution against the errant developer. ...

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Posted Under: Company Law |

Reduction in rate of EPF Administrative charges from .65% to .50% w.e.f 1st June, 2018

Ministry of Labour and Employment reduce in the rate of EPF Administrative charges from .65% to .50% which is effect from 1st June, 2018. As per EPFO: “The total collection of administrative charges in 2017-18 is estimated at Rs 3,760 crore. A decrease of administrative charges by 0.15% would lead to reduction in collection of […...

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Posted Under: Company Law |

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