"07 July 2018" Archive

Right to avail Cenvat credit at the time of coming out of exemption scheme cannot be curtailed

M/s Sanwariya Tiles Pvt. Ltd Vs CEC&CGST (CESTAT Delhi)

By adopting the principles of harmonious construction and interpretation of rule, I hold that the appellant right to avail the credit at the time of coming out of the exemption scheme cannot be curtailed down by adopting Rule 4(1) of the Cenvat Credit Rules....

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Penalty U/s. 271(1)(c) cannot be imposed unless same been particularized

Commissioner of Income Tax Vs M/s. L & T Finance Ltd. (Bombay High Court)

CIT Vs M/s. L & T Finance Ltd (Bombay High Court) In none of these orders there is any whisper of the alleged particulars of income which has been concealed or what particulars of  income which have been filed is inaccurate. Mere using the words that there has concealment of income and / or furnishing inaccurate […]...

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In absence of exempt income no disallowance under section 14A

ITO Vs Moonrock Hospitality (P) Ltd. (ITAT Delhi)

Since the assessee’s profit and loss account showed only one item of expenditure which had been booked in the accounts and there was no exempt income earned by the assessee, the question of disallowance under section 14A did not arise....

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Single Master Form for Reporting of Foreign investment in India

To make it convenient, ease of doing business RBI will introduce a Single Master Form (SMF) subsuming all the existing reports. The focus of RBI is on integrating the foreign direct investment reporting system and RBI has introduced TWO FORMS for this....

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Posted Under: Excise Duty |

FAQS on Notice for removal of company name from register of companies

ROC’s has issued several notices in form STK-5 in the month of May and June, 2018 u/s 248(4) of Companies Act, 2013. Notices has been sent to those Companies, which according to ROC have not been carrying on any business or operation for a period of two immediately preceding financial years....

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Posted Under: Excise Duty |

How to Prepare Directors’ Report As Per Companies Act, 2013

Director Report is very crucial document of a Company. Every Company has to prepare it annually. It is governed by Section 134 of Companies Act, 2013. This section states, the clauses which are required to be mentioned in Directors Report. As per Companies Act, 2013 It is the responsibility of Directors of the Company to […]...

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Posted Under: Excise Duty |

MCA notifies 5 more Sections of Companies Amendment Act 2017

MCA vide its notification dated July 6 2018 notified 5 Sections of the Companies Amendment (Act), 2017 of which Section 20 will be effective from July 5, 2018 while date of enforcement of remaining Sections is w.e.f. August 15, 2018....

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Posted Under: Excise Duty |

eform DIR-3 KYC – Time Limit and Consequence of non-filing

For the purpose of updating its registry, MCA has introduced a new eform DIR-3 KYC to conduct KYC of all Directors of all Companies annually. So every individual who has been allotted a DIN as at 31st March of a financial year is required to intimate his particulars to the Central Government by filing eform DIR-3 KYC....

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Posted Under: Excise Duty |

FAQ’s Foreign investment in India – Reporting in Single Master Form

As per Reserve Bank of India, There are various ways of investment in India by foreigners and there are different forms for each type of investment like: Capital contribution in Company, LLP or investment in other investment vehicles....

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Posted Under: Excise Duty |

GST on Back office support services to overseas companies

In re Vservglobal Private Limited (AAR Maharastra)

In re Vservglobal Private Limited (GST AAR Maharastra) The applicant is registered person under GST ACT who is supplier of Services, which is a corporate entity incorporated in India and having its registered office in Mumbai. The orders for supply of said services are received in its Mumbai office and also services are executed from [&he...

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