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Archive: 16 November 2018

Posts in 16 November 2018

Maternity Leave Incentive Scheme is not yet notified

November 16, 2018 1176 Views 0 comment Print

There are some media reports that this Maternity Leave Incentive Scheme has been approved/notified. However, it is clarified that Ministry of Labour & Employment is in the process of obtaining necessary budgetary grant and approvals of Competent Authorities.

Sushmita Sen gets relief from ITAT in Income Tax penalty case

November 16, 2018 3507 Views 0 comment Print

Sushmita Sen recent appeal: Where the assessee made certain claim which had not been accepted by the Revenue, penalty under section 271(1)(c) thereon deleted

Validity period of EPCG Authorisations extended to 24 months

November 16, 2018 10539 Views 0 comment Print

Import validity period of the EPCG Authorisations which have been issued prior to the date of issuance of this Public Notice and whose validity has not expired on the date of issuance of this Public Notice shall also be extended to 24 months from the date of the issuance of the Authorisation.

Word Audit losing its meaning and what it means to an Auditor?

November 16, 2018 13404 Views 6 comments Print

What is Audit? This is not a model question for a CA IPCC/Intermediate exam! Perhaps this may not be asked for examinations. That does not mean that we do not need an answer.

Weekly newsletter from Chairman, CBIC dated 16/11/2018

November 16, 2018 969 Views 0 comment Print

CBIC has put up a GST & Customs Pavilion in IITF, which has six Helpdesks relating to GST, GSTN and Customs to guide and assist taxpayers. General information has been displayed through interesting info-graphics in the Pavilion.

Provisions of Section 68 Cannot be applied to Sundry Creditor

November 16, 2018 8082 Views 0 comment Print

The provisions of section 68 cannot be applied to sundry creditors and the assessee cannot be applied to sundry creditors and the assessee cannot be asked to prove the 3 ingredients of cash credits in respect of sundry creditors.

Section 68 not apply if Assessee proves identity, creditworthiness & genuineness

November 16, 2018 1518 Views 0 comment Print

The assessee is a company and is in the business of investment. An addition of unexplained cash credit u/s 68 of the Act, were made by the Assessing Officer on the ground that the assessee failed to explain the sources of funds for the share capital received by it at a premium. On appeal the ld.

No profiteering if reduction in base price is more than additional eligible ITC

November 16, 2018 1047 Views 0 comment Print

Smt. Mandalika Sakunthala Vs M/s Fabindia Overseas Pvt. Ltd. (National Anti-Profiteering Authority) The company reduced his base prices and the profit margins to maintain the same MRP inspite of the increase in the tax rate. In another product, reduction in the base prices found to be more than the additional ITC eligible thereon. Respondent has […]

GST demand recovery should not be initiated till disposal of stay petition: HC

November 16, 2018 1116 Views 0 comment Print

Hotel Harisree Vs Assistant Commissioner (Assessment) (Kerala High Court) The petitioner, a registered dealer under the KGST Act on the rolls of the 1st respondent, questioned the Ext.P1 assessment order, before the 2nd respondent. The petitioner has also filed a stay petition in the appeal. Ventilating its grievance that the authorities are taking coercive steps before […]

No Service tax for setting up of temporary camps in connection with religious event

November 16, 2018 981 Views 0 comment Print

Service tax was not leviable for setting up of temporary camps in connection with the Gur-ta-Gaddi Tercentenary Celebration as it was a religious event. M/s Lallooji & Sons Vs Commissioner of Central Excise & S (CESTAT Allahabad)

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