"12 November 2018" Archive

Govt amends Fourth Schedule of Arbitration and Conciliation Act, 1996

Notification No. S.O. 5674(E) 12/11/2018

In the Fourth Schedule to the Arbitration and Conciliation Act, 1996, under the heading ‘Sum in dispute’, against the entry ‘Above Rs.10,00,00,000 and up to Rs.20,00,00,000’, the model fee is inadvertently mentioned as ‘Rs.12,37,500 plus 0.75 per cent. of the claim amount over and above Rs.1,00,00,000/’ instead of ‘Rs.12,37,...

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Write-Off of Donations & Fixed Assets is Application of Funds

Apne Aap Women Worldwide (India) Trust Vs ITO (ITAT Mumbai)

Apne Aap Women Worldwide (India) Trust Vs ITO (ITAT Mumbai) In ground number-4, the assessee is aggrieved by certain amounts written-off in the books of accounts but not treated as application of Trust Income by the revenue. The assessee has written-off an amount of Rs.1,71,313/- as donations receivable from the donors but remaining unrec...

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Payment of Interest on delayed GST Refunds; HC directs to file representation to Adjudicating Authority

Apar Industries Limited Vs. UOI (Bombay High Court)

Apar Industries Limited Vs. UOI (Bombay High Court) Writ Petition was filed by the Petitioner being aggrieved by the non-payment of interest on the amount of Rs.5.52 crores of refund already granted as well as refund of balance amount along with interest. Petitioner had filed a refund of Rs.52.97 crores along with interest thereon in [&he...

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Lvey of IGST in Imports under Advance Authorisation valid & Constitutional

M/s. Vedanta Limited Vs. Union of India (Madras High Court)

M/s. Vedanta Limited Vs. Union of India (Madras High Court) Writ Petition was filed by the Petitioner seeking inter-alia that the conditions S.No. 2(c) of Notification No 79/2017-Customs dated 13th October, 2017 is inter alia arbitrary, unconstitutional and violative of Article 14 of the Constitution of India and quash the same. that para...

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TCS on E-Commerce Operators under GST

The Government has notified the effective date of implementation of TCS provisions in GST returns w.e.f. 1.10.2018 (unless extended). This requires E-commerce operators like Amazon, Flipkart, etc. to collect TCS on the Transaction made by the suppliers through their portals w.e.f. the same date....

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Posted Under: Corporate Law |

GST Annual Return- Things to Know

Arjuna, As per section 44 of CGST Act, every person registered under GST (except Input Service Distributor) will have to file GST Annual Return. Arjuna, for the period of Financial Year, 31st December shall be the last day for filing of GST Annual Return i.e. Annual Return for the period of 1st July,2017 to 31st March,2018 should be file...

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Posted Under: Corporate Law |

Purchase & Sale of Group Company share cannot be treated Bogus if same was done to book loss and off-set capital gains

The ACIT Vs M/s. R J Corp. Ltd. (ITAT Delhi)

ACIT Vs M/s. R J Corp. Ltd. (ITAT Delhi) The A. O. has made a observation that the short term capital loss has been incurred on share of group companies and such shares have also been sold to group companies in such a manner that the entire shareholding of the investee company remains with the […]...

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Making of a statutory claim U/s. 54/54F cannot be said to be concealment of particulars of income

CIT Vs D. Harindran (Madras High Court)

CIT Vs D. Harindran (Madras High Court)  The learned Appellate Tribunal held that the respondent assessee had furnished all details of sale and purchase of the Injambakkam property and had claimed deduction under Section 54/54F of the 1961 Act. After careful perusal and analysis of Section 271(1)(c) of the 1961 Act, the Appellate Tribuna...

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Running hospital with nursing school eligible for exemption U/s. 11

M/s.MAJ Hospital Edappally Vs The Dy.Commissioner of Income-tax (ITAT Cochin)

M/s. MAJ Hospital Edappally Vs DCIT (ITAT Cochin) Assessee is entitled to the exemption u/s 11 of the income derived from an activity incidental to the achievement of the objects of the trust. For these reasons, we hold that the assessee’s activities of running the hospital and the nursing school are intricately connected and dependent ...

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CG establishes Appellate Tribunal at Delhi under Benami Property Law

Notification No. 81/2018-Income Tax [S.O. 5677(E)] 12/11/2018

Central Government (CG) hereby establishes an Appellate Tribunal at New Delhi to hear appeals against the orders of the Adjudicating Authority under the Prohibition of Benami Property Transactions Act, 1988. Notification No. 81/2018 Dated: 12th November, 2018. MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 12th No...

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