"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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Levy under Rajasthan APMC Act not abolished after GST rollout: High court

Imarti Lakdi Vyapari Sansthan Vs State Of Rajasthan & Anr. (Rajasthan High Court – Jodhpur)

Imarti Lakdi Vyapari Sansthan, Jodhpur Vs State Of Rajasthan (Rajasthan High Court – Jodhpur) Rajasthan High Court has held that the levy under section 17 of the Rajasthan Agriculture Produce Marketing Act, 1961 is a ‘ Fee ’ and not a cess and therefore, the same is not abolished after the rollout of GST. The […]...

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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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Compensation for ‘loss of source of income’ is a capital receipt

DCIT Vs Rishabh Infrastructure Pvt. Ltd. (ITAT Raipur)

It was finally contended that the aforesaid compensation was determined and received on closure/ termination of its business activity resulting in to loss of source of income impairing its profit making structure or sterilization of profit making apparatus, therefore, the assessee company treated the same as Capital receipt not chargeable...

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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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