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Archive: 28 June 2018

Posts in 28 June 2018

Allow ITC if non-filing of TRAN-1 was for reasons not attributable to petitioner

June 28, 2018 519 Views 0 comment Print

Naga Distributors Vs. UOI & Ors. (Kerala High Court) High Court held that If the uploading of FORM GST TRAN-1 is not possible for reasons not attributable to the petitioner, the authority will also enable him to take credit of the input tax available at the time of migration. FULL TEXT OF THE HIGH COURT […]

Exemption claimed cannot be denied for mere wrong Punching in ITR due to Oversight

June 28, 2018 3318 Views 0 comment Print

The appeal by the assessee is directed against the order dated 09.03.2017 of the learned CIT(A)-40, Delhi. Following grounds have been raised in this appeal

Exemption U/s. 11 cannot be denied for Mere collection of fees for water Testing

June 28, 2018 606 Views 0 comment Print

Institute of Health Systems Vs ITO (ITAT Hyderabad) Assessee’s activity comes within the purview of exceptions provided sub-section (15) of sub-clause (i) for the reason that the activity of the assessee is testing of the water quality, which monitors quality in reservoirs and slum areas, for that, assessee has charged some fee and almost the […]

Artificial Intelligence and Finance

June 28, 2018 2958 Views 0 comment Print

In my childhood I used to dream that I am playing with my dad (who was a practicing CA) for the entire day.. and a robot sitting in my dads chair is doing all his work!!.. It sounded like a fairytale that time.. But today its quite a possibility.. All thanks to Artificial Intelligence i.e AI or robots or chatbots.

Entities to report total foreign investments to RBI

June 28, 2018 2451 Views 0 comment Print

After SEBIs circular dated April 10, 2018 for monitoring foreign investment limits in listed Indian companies, RBI on June 7, 2018 issued notification in relation to reporting of foreign investment in Indian companies/ LLPs/ start up. RBI is to provide interface from June 28, 2018 to July 12, 2018.

Penalty cannot be imposed on disallowance of creditors for want of address verification

June 28, 2018 1851 Views 0 comment Print

Where sundry creditors arising out of the purchases debited in the profit and loss account as revenue expenses, were added to income of assessee for want of the addresses of said creditors, that did not mean assessee had concealed the particulars of income or furnished inaccurate particulars of income, so as to impose penalty under section 271(1)(c).

GST: Demands and Recovery

June 28, 2018 3057 Views 0 comment Print

Section 73 of CGST Act, 2017 – Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason other than fraud or any willful misstatement or suppression of facts

75% Advance to PF Members after leaving employment for one month proposed

June 28, 2018 957 Views 0 comment Print

Central Board of Trustees, EPF, approved the proposal for insertion of Paragraph 68HH in EPF Scheme, 1952 provisioning Advance from the fund to a member who ceases to be in employment for a continuous period not less than one month. Under this proposal a member can avail 75% of the total fund (including employee as well as employer share) standing to the member’s credit with interest thereon.

DGFT disallows supplementary claim under Chapter 3 schemes

June 28, 2018 1770 Views 0 comment Print

Wherever any application for supplementary claim is received, within specified time limits, such application may also be considered after imposing a cut @2% on the entitlement. However, no supplementary claims for scrips under chapter 3 of the FTP 2015-20 would be admissible.

DGFT notifies Revised ANF 3B format for grant of duty credit scrips under SEIS

June 28, 2018 16128 Views 0 comment Print

A new application format for grant of duty credit scrips under Services Exports from India Scheme (SEIS) is notified, for all SEIS applications with immediate effect.

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