"24 September 2018" Archive

Corporate Social Responsibility (CSR) as Per Companies Act, 2013

Companies Act, 2013 has formulated Section 135, Companies (Corporate Social Responsibility) Rules, 2014 and Schedule VII which prescribes mandatory provisions for Companies to fulfil their CSR. This article aims to analyse these provisions (including all the amendments therein)....

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Posted Under: Company Law |

GST: Don’t miss the last chance to rectify errors of FY 2017-18

GST Law has given us a chance to rectify any errors crept in GST returns filed for the financial year 2017-18 till date of filing of September 2018 return. This article focuses on most probable errors in the returns and way to correct them....

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Posted Under: Company Law |

Secretarial Standard – SS-4 on Report of Board of Directors

After issuing SS1, SS2 and SS3, today ICSI notified Secretarial Standard on Board Report effective from October 1, 2018. Currently it is voluntary for adoption by the Company...

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Posted Under: Company Law |

AO has to strike off & specify the limb to initiate penalty proceedings

Deutsche Bank AG, Mumbai vs. ADIT (International Taxation) (ITAT Mumbai)

Deutsche Bank Ag, Mumbai vs. ADIT (International Taxation) (ITAT Mumbai)- Assessing Officer has to strike off and specify the charge/limb for which he is proposing to initiate penalty proceedings under section 271(1)(c): Deutsche Bank case...

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Request for extension of filing timeline for audit U/s. 4 of RERA 2016

We are presenting before your good selves the difficulties and hardship faced by the trade sector and consultants at large in the domain of RERA implementation. We herein seek your redressal mechanism to alleviate the concerns and seek a reasonable extension of due date for furnishing audit certificate....

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Posted Under: Company Law |

Submission of MVAT Audit Report in Form 704 for F.Y. 2017-18

Trade Circular No. 25T/2018 (24/09/2018)

A facility to upload of Audit Report in Form e704 has been made available on website www.mahagst.gov.in to the dealers who are eligible to file such audit report as per the provisions of Section 61 of MVAT Act, 2002 read with Rule 66 of MVAT Rules, 2005. ...

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Web Hosting Services to Indian Entities cannot be treated as FTS

M/s. Savvis Communications Corporation Vs DCIT-International Taxation (ITAT Mumbai)

M/s. Savvis Communications Corporation Vs DCIT- International Taxation (ITAT Mumbai) Undoubtedly, when the assessee receives an income on account of allowing a customer to use a scientific equipment, it does become taxable for the reason of its being characterized as such, but the use of a scientific equipment by the assessee, in the cour...

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Delhi VAT: Interest allowable on Pre-Deposit Refund paid for filing Appeal

Mrf ltd. Vs the commissioner of trade and taxes & anr. (Delhi High Court)

MRF Ltd. Vs Commissioner of Trade and Taxes (Delhi High Court) Pre-deposit sums which the assessee is compelled to pay to seek recourse to an appellate remedy, do not necessarily bear the stamp or character of tax, especially when it succeeds on the particular plea. That being the case, the insistence upon a procedural step, i.e. fili...

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Deduction U/s. 54 cannot be denied proportionately merely for Joint Ownership

Shri Chitrang M. Dave Vs The DCIT (ITAT Ahmedabad)

Shri Chitrang M. Dave Vs DCIT (ITAT Ahmedabad) The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the benefit of capital gain exemption under Section 54 of the Income Tax Act, 1961 cannot be denied to a joint owner who made the total investment in the purchase of the […]...

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Gain from High volume of trade in shares held for very short period is Business Gain

Vidyasagar M.P. Sah Vs Dy. CIT (ITAT Mumbai)

Vidyasagar M.P. Sah Vs DCIT (ITAT Mumbai) In this case Though activity of purchase and sale of shares was not the main occupation of assessee, however, high volume of trade in shares, and very short holding period showed that assessee was using his knowledge, skill and resources to deal in shares, and gains arising on […]...

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