"15 November 2018" Archive

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

Notification No. 55/2018-Customs (ADD) 15/11/2018

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....

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Complaint filed by power of attorney maintainable in law

Sk. Tamisuddin Vs. Joy Joseph Creado & Anr. (Supreme Court of India)

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 […]...

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Government amends Stock and Sale Policy for dual use SCOMET items

Public Notice No. 46/2015-2020-DGFT 15/11/2018

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....

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Under Construction Property – Indexation as per year of payment

Lakshman M. Charanjiva Vs Income Tax Officer (ITAT Mumbai)

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 […]...

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

Chandra Kishor Singh Vs. Director, Construction And Design Services U P Jal Nigam (Allahabad High Court)

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 agree...

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Income shown as agricultural but not proved is taxable as other Income

Sri.George M George Vs ACIT (ITAT Cochin)

Income-tax Authorities have correctly held that the assessee was not in receipt of Rs. 12,36,000 as agricultural income. Having held Rs. 12,36,000 as not agricultural income, the sum that is credited to the book of account has to be necessarily added as income from other sources u/s 68 of the I.T.Act....

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Sec 54 requires construction completion within 3 years irrespective of purchase date

Gandraju Prabhavathi Vs Pr. CIT (ITAT Visakhapatnam)

Benefit u/s 54 can be availed even if plot was purchased prior to sale of property provided construction of the house property is completed within the time frame provided in Section 54. ...

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GST on Rent-a-cab

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 […]...

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Posted Under: Custom Duty |

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

Teesta Agro Industries Ltd. Vs. DCIT (ITAT Kolkata)

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....

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Year of indexation in respect of Gifted / Inherited property

ITO Vs Smt. Nita Narendra Mulani (ITAT Mumbai)

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....

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