"11 September 2018" Archive

NAA imposes Penalty for not passing benefit of reduced GST rate to customers

Shri Pawan Sharma c/o Kalptaru Departmental & General Stores Vs M/S Sharma Trading Company (National Anti-Profiteering Authority)

Shri Pawan Sharma Vs M/S Sharma Trading Company (National Anti-Profiteering Authority) We have also carefully considered the issue of imposition of penalty on the Respondent as the allegation of profiteering has been duly established against him. It is clear from the facts of the present case that the Respondent was fully aware of the Not...

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SEBI (Buy-Back of Securities) Regulations, 2018

Notification No. SEBI/LAD-NRO/GN/2018/32 11/09/2018

SEBI has notified Securities Exchange Board of India (Buy-Back of Securities) Regulations, 2018. These regulations shall be applicable to buy -back of shares or other specified securities of a company in accordance with the applicable provisions of the Companies Act, 2013. THE GAZETTE OF INDIA EXTRAORDINARY PART –III – SECTION 4 PUBL...

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Customs officers have no jurisdiction to seize goods in SEZ

Shri Imran Ahmed Vs Commissioner of Customs (CESTAT Allahabad)

We hold that the Customs officers have no jurisdiction on the appellant to seize the goods in S.E.Z. area therefore seizure of the goods in question is set aside. Consequently, no demand can be confirmed against the appellants. Therefore the confiscation of the impugned goods is also set aside....

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GST late fee waiver scheme launched and GSTR1 filing date extended

GST late fee waiver scheme launched and GSTR1 filing date extended.The taxpayers are advised to furnish their returns on time to ensure that input tax credit does not become time barred....

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Dematerialisation of Securities by Unlisted Public Companies Under Companies Act, 2013

The MCA vide its notification dated 10th September, 2018 has notified the Companies (Prospectus and Allotment of Securities) Third Amendment Rules, 2018. The notification provides that Every Unlisted Public Company shall have to issue the SECURITIES only in dematerialized form and facilitate dematerialization of all its existing securitie...

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No Service Tax on sell of study material to students of coaching centers

M/s Smart Value Products & Services Ltd. Vs Commissioner of Central Goods & Service Tax (CESTAT Allahabad)

M/s Smart Value Products & Services Ltd. Vs Commissioner of Central Goods & Service Tax (CESTAT Allahabad) Facts of the case are not in dispute that the coaching centers are registered coaching center and provide services to their students. The coaching centers are also private limited companies and having separate identity known ...

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ITAT can direct AO for fresh enquiry into aspects of subject matter of appeal

M/s. Fidelity Business Services India Pvt. Ltd. Vs Assistant Commissioner of Income- tax (Karnataka High Court)

M/s. Fidelity Business Services India Pvt. Ltd. Vs ACIT (Karnataka High Court) Issue- Whether the Income Tax Appellate Tribunal has power under Section 254 of the Income Tax Act, 1961, to give directions for fresh enquiry into the aspects of the subject matter of appeal filed before it either suo motu or on any grounds […]...

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A Synopsis Of Return Filing Under GST

On 1st July, 2017 India had seen biggest tax reform in the form of Goods and Service Tax (GST). Introduction of Goods and Service Tax has subsumed various taxes, resulting into simplification of the taxation process in India. Current article provides a synopsis of various returns to be filed by different categories of the taxable person u...

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Service Tax cannot be imposed on Ayurvedic Centres merely for running the same in Resorts

The Commissioner of Central Excise Vs M/s. Coconut Lagoon Kumarakom (CESTAT Bangalore)

The Commissioner of Central Excise Vs M/s. Coconut Lagoon Kumarakom (CESTAT Bangalore)  it is seen that the ayurvedic centres are providing therapeutic treatment under ayurvedic system. Going by the mere fact that the centres are located in the resorts and sometimes the duration of treatment is for one or two days, it cannot be conclude...

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ITAT explains taxation of real estate construction contracts (AS-7 & AS-9)

Ashoka Hi-Tech Builders P.Ltd Vs Dy. Commissioner of Income Tax (ITAT Indore)

Ashoka Hi-Tech Builders Pvt. Ltd Vs DCIT (ITAT Indore) In this Case ITAT Indore explains Entire law on taxation of real estate construction contracts  in the context of ‘completed contract’ vs. ‘percentage completion’ with reference to Accounting Standards AS-7 and AS-9 and all important judgements on the issue. I...

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