"05 November 2018" Archive

Collection of tax at source (TCS) under GST by Tea Board of India

Circular No. 74/48/2018-GST 05/11/2018

Tea Board of India, being the operator of the electronic auction system for trading of tea across the country including for collection and settlement of payments, admittedly falls under the category of electronic commerce operator liable to collect Tax at Source (TCS) in accordance with the provisions of section 52 of the Central Goods an...

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Scope of principal & agent relationship in context of del-credere agent

Circular No. 73/47/2018-GST 05/11/2018

Concerns have been expressed regarding the valuation of supplies from Principal to recipient where the payment for such supply is being discharged by the recipient through the loan provided by DCA or by the DCA himself. Issues arising out of such loan arrangement have been examined and the clarifications on the same are as below:...

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No TDS under GST on supply from PSU to PSU

Notification No. 61/2018-Central Tax [G.S.R. 1084(E).] 05/11/2018

CBIC exempt supply of Goods and Services from PSU to PSU from applicability of provisions relating to TDS vide Notification No. 61/2018 – Central Tax Dated 5th November, 2018....

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Amendment of Appendix – 2T of Appendices and Aayat Niryat Forms

Public Notices No. 44/2015-2020-DGFT 05/11/2018

DGFT revises products falling under the jurisdiction of S.No.11 and 22 of Appendix - 2T of Appendices of Foreign Trade Policy, 2015-20 vide Public Notice No. 44/2015-2020 Dated The 5th November, 2018....

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Mere Sharp share price movement not enough to infer that assessee manipulated share price

Arun Kumar Vs ACIT (ITAT Delhi)

Arun Kumar Vs ACIT (ITAT Delhi) The ld AO has not brought any evidence on record to show that these agencies have alleged any stock manipulation against the assessee and or the brokers and or the Company. In absence of any evidences it cannot be said that merely because the stock price moved sharply, the […]...

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In absence of involvement in day-to-day management of company assessee cannot be prosecuted U/s. 276 B

Kalanithi Maran Vs Union of India (Madras High Court)

Kalanithi Maran Vs. UOI (Madras High Court) In the absence of any material, 2nd respondent should not have come to conclusion that assessee was Principal Officer. Unless the 2nd respondent makes out a prima facie case against petitioner of his liability and obligation as Principal Officer in day-to-day affairs of the company as Chairman-c...

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Service Tax on construction of women hostel for Ministry of WCD

National Building Construction Corporation Ltd. Vs CST(CESTAT Delhi)

National Building Construction Corporation Ltd. Vs CST (CESTAT Delhi) Services of construction of women hostel for and on behalf of Ministry of Women and Child Development (WCD), Government of India and construction of Civil Services Offices Institute are not commercial in nature. In furtherance of the decision of Hon’ble Supreme Court ...

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S. 234E Late Fee cannot be imposed without passing of Speaking Order

Origins Build-Tech Pvt Ltd Vs Asstt. Commissioner of Income-tax (ITAT Ahemdabad)

Origins Build-Tech Pvt Ltd Vs ACIT (ITAT Ahemdabad) adjustment in respect of levy of fees under section 234E was indeed beyond the scope of permissible adjustments contemplated under section 200A. This intimation is an appealable order under section 246A(a), and, therefore, the CIT(A) ought to have examined legality of the adjustment mad...

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Unsecured loan/ Gifts to be added in Income if paying capacity of giver is not proved: HC

Sitaram Ramchanddas Patel Vs ITO (Gujarat High Court)

Sitaram Ramchanddas Patel Vs ITO (Gujarat High Court) When the assessee failed to prove the capacity of the concerned persons who alleged to have given the unsecured loan and/or gift, it cannot be said that the learned Tribunal has committed any error in confirming the additions made by the Assessing officer and confirmed by the […...

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Low Tax Effect Circular binds Revenue and revenue must prove applicability of conditions if any

Pr. CITVs M/s Nawany Construction Co. Pvt Ltd (Bombay High Court)

Pr. CIT Vs M/s Nawany Construction Co. Pvt Ltd (Bombay High Court) Section 260A Low Tax Effect Circular– Department has made an attempt to get over the binding Circulars and in any case we shall not allow the Revenue to get over them in this manner. The Circulars continue to bind the Revenue and if they contain any conditions, ...

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