"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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A transaction fully supported by documentary evidences cannot be brushed aside on suspicion & surmises

Commissioner of income tax Vs M/s. Alpine investments (Calcutta High Court)

CIT Vs M/s. Alpine investments (Calcutta High Court) Section 68 Bogus Capital Gains From Penny Stocks:  It appears that the share loss and the whole transactions were supported by contract notes, bills and were carried out through recognized stockbroker of the Calcutta Stock Exchange and all the payments made to the stockbroker and all t...

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Conduct of arbitral proceeding should speak itself to draw inference of impartiality

Col. J.P.S. Yadav Vs South Eastern Coalfields Limited (High Court Chhatisgarh)

Col. J.P.S. Yadav Vs South Eastern Coalfields Limited (High Court Chhatisgarh) Consequently, evaluating the facts, the finding that the notices were sent under the camouflage cover of SECL concealing the name of the sole arbitrator on 20.9.1993 and 28.10.1993 would be important. Further, the Court held that no service was affected to ...

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Validity of Depreciation claimed for first time in return filed U/s. 153A pursuant to search

CIT Vs. Shri Tikam Khandelwal (Rajasthan High Court)

Returns of income filed in response to notice under section 153A are as a consequence of search action taken under section 132 on the assessees. These proceedings are analogous to proceedings under section 147, i.e., reassessment, to the extent that these proceedings are for the benefit of revenue and not that of the assessee. Therefore, ...

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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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