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Archive: 15 November 2018

Posts in 15 November 2018

Extension of anti-dumping on O-Acid import from China

November 15, 2018 834 Views 0 comment Print

Seeks to extension of existing anti-dumping on O-Acid originating in or exported from China PR and imposed vide notification No. 6/2018-Customs (ADD) dated 12th March, 2018 to imports originating and exported from China PR of O-Ester.

Complaint filed by power of attorney maintainable in law

November 15, 2018 10353 Views 0 comment Print

Sk. Tamisuddin Vs. Joy Joseph Creado & Anr. (Supreme Court of India) A complaint filed by the power of attorney would be maintainable in law. If that is so, the initial complaint filed by the appellant on behalf of Sairabee as the complainant would not be invalid in law as held by the High Court […]

Government amends Stock and Sale Policy for dual use SCOMET items

November 15, 2018 1104 Views 0 comment Print

The existing Stock and Sale policy has been amended to allow re-transfer / re-export of SCOMET items within the country of the stockist and to the end users in other specified countries approved by IMWG, on post reporting basis.

Under Construction Property – Indexation as per year of payment

November 15, 2018 52863 Views 0 comment Print

Lakshman M. Charanjiva Vs ITO (ITAT Mumbai) Indexation benefit against the cost of acquisition shall be available to the assessee on the basis of index of the year in which the payments were actually made by the assessee. The payment made up-to the date of agreement i.e. 18/10/2007 shall be indexed by applying the index […]

Liability to pay GST: HC ask parties to avail alternate remedy of Arbitration available as per agreement

November 15, 2018 720 Views 0 comment Print

Chandra Kishor Singh Vs. Director, Construction And Design Services U P Jal Nigam  (Allahabad High Court) The petitioner is a contractor who has been granted a contract for construction of 100 Boys’ Hostel GIC, Pratapgarh by the Construction and Design Services U.P. Jal Nigam, respondent no.4. The parties have entered into an agreement for the […]

GST on Rent-a-cab

November 15, 2018 123996 Views 21 comments Print

CA Adit Babel Mode of transportation has changed drastically in our country since the rise of Ola and Uber. Just a few clicks/taps and your cab arrives at your doorstep . However, they are not the only players in the market, there are many more private cab service providers as well who provide their services […]

Conversion of unpaid interest into loan not amounts to deemed payment of interest U/s. 43B

November 15, 2018 3060 Views 0 comment Print

Interest can only be allowed when it is actually paid and conversion of unpaid interest into loan does not amount to deemed payment of interest in terms of section 43B.

Year of indexation in respect of Gifted / Inherited property

November 15, 2018 12327 Views 0 comment Print

While computing capital gains arising on transfer of a capital asset acquired by assessee under a gift or will, indexed cost of acquisition has to be computed with reference to year in which previous owner first held asset and not with reference to the year in which the assessee became owner of asset.

Anti Profiteering Upheld In Noodles Case

November 15, 2018 8544 Views 0 comment Print

In yet another case where anti-profiteering charges have been established, the National Anti-profiteering Authority (NAA) has confirmed that sale of Maggie Noodle pack (Noodles) at same price even after rate of GST on it was reduced from 18% to 12% w.e.f. 15 November, 2017 was a case of anti-profiteering u/s 171 of the CGST Act 2017 read with Rule 128 CGST Rules, 2017 and that the dealer ought to be booked and penalized for indulging in such anti-profiteering act.

Assumption of jurisdiction U/s. 153A invalid if No incriminating material found

November 15, 2018 1830 Views 0 comment Print

Since no assessment was pending on the date of search and addition had been made on basis of post-search enquiries and statements recorded under section 132(4) on various persons, therefore, AO had no power to assume jurisdiction under provisions of section 153A as no incriminating material was found.

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