"August, 2018" Archive

IPE shall inform IBBI about Cessation / Joining as Director / Partner

Circular No. IBBI/IPE/017/2018                               31/08/2018

t is directed that an IPE shall inform the Board: - (a) within seven days from the date when an insolvency professional ceases to be its director or partner or joins as its partner or director; and (b) forthwith and in any case, not later than 7th September, 2018, if it has failed to inform any cessation or joining of an insolvency profe...

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Decisions Can make our Annual Income fall Into Six and Seven Figures Category!!

The Article contains importance of decision making in our day to day lives directly improving our incomes and requisites to make an efficient decision....

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Posted Under: Corporate Law |

Attempts by CBDT to destroy independence of CIT (Appeals)

The author has taken strong exception to the CBDT castigating CIT(A) for giving relief to taxpayers on legal grounds. He has also condemned the CBDTs offer of incentives to CIT(A) to enhance assessments. He has argued that by dictating CIT(A)s to carry out appellate proceedings with a preconceived notion and in a prejudiced process, the C...

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Posted Under: Corporate Law |

HC declines to extend time limit to file GST TRAN-1 for Technical Glitches in absence of evidence of genuine attempts to file return

Apollo Screens Pvt Ltd. Vs Union of India (Guajrat High Court)

Apollo Screens Pvt Ltd. Vs Union of India (Guajrat High Court) We are conscious, as pointed out by the counsel for the petitioner that some High Courts have intercepted and obviated the genuine difficulties in uploading the returns due to technical errors. However, facts of each case would have to be minutely examined. Unless there [&hell...

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New system will allow taxpayers to amend their GST Returns

D.O. No. 10/CH(IC)/2018 31/08/2018

On the GST front, four Amendment Acts have been notified. These aim at reducing the compliance burden and enhance the ease of doing business. One of the most important features is that they facilitate the new system of return filing approved by the GST Council and will allow taxpayers to amend their tax returns in […]...

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Information of cessation/joining of an Insolvency Professional as Director / Partner

Circular No. IBBI/IPE/017/2018 31/08/2018

An insolvency professional entity (IPE) is recognised by the Insolvency and Bankruptcy Board of India (Board) under Chapter V of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, subject to conditions specified under sub-regulation (2) of regulation 13, which reads as under:...

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Transfer/postings (Local Changes) in Pr. CCIT/Pr. DGIT/CCIT/DGIT Grade

Office Order No. 146 of 2018 31/08/2018

Office Order No. 146 of 2018- The following transfers/postings (Local Change) in the grade of Pr. Chief Commissioners of Income-tax/Pr. Director Generals of Income-tax/Chief Commissioners of Income-tax/Director Generals of Income-tax are hereby ordered, with immediate effect and until further orders:...

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Simplified processing of AEO-T1 application & Documentation

PROCESSING OF ACCREDITATION OF AEO-T1 SIMPLIFIED In terms of Customs circular 33/2016 dated 22.07.2016 as amended by the Circular No. 3/2018- Customs dated January 17, 2018 & Circular No. 26/2018- Customs dated 10th August 2018 processing of AEO-T1 application is simplified. ANNEXURE REQUIRED FOR AEO-T1 APPLICATION AS PER OLD CIRCULAR...

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Posted Under: Corporate Law |

Consultation Paper on Reform of Family Law

Law Commission floats Consultation Paper on Family Law Reform This consultation on family law reforms in India, discusses a range of provisions within all family laws, secular or personal, and suggests a number of changes to in the form of potential amendments and fresh enactments. As general suggestions to reforming family law, the paper...

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Posted Under: Corporate Law |

Law not bars re-conversion of business assets into capital asset and vice versa

Shri Rameshchandra Chhabildas Vs JCIT (ITAT Surat)

Shri Rameshchandra Chhabildas Vs JCIT (ITAT Surat) n the present case, the assessee has converted his stock-in trade in to capital asset and sold out the said asset after its conversion, the gains arising therefrom is therefore, required to be taxed as long-term capital gain and not as business income as held by the AO. Since […]...

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