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Archive: November, 2018

Posts in November, 2018

Preferential Allotment of shares under Companies Act, 2013

November 2, 2018 75054 Views 1 comment Print

Preferential Allotment of Shares As per Companies Act, 2013, a Company can raise funds via right issue, preferential allotment, employee stock option plans and sweat equity shares. However, the best way to raise funds for an unlisted Company is by way of preferential allotment of shares. Section 62 along with Rule 13 of the Companies […]

House Property which cannot be let out is not taxable on notional basis

November 2, 2018 1737 Views 1 comment Print

Jagat Singh Vs ACIT (ITAT Delhi) Ld. AR submitted that assessee owned two properties, first property is a farm house situated at Dera Mandi, New Delhi and second property is Gobind Mension, Bharatpur. It is submitted that farm house situated at Dera Mandi, New Delhi is self occupied property, and second property at Bharatpur is […]

HC order release of goods detained for typographical error in e-way bill

November 2, 2018 11841 Views 1 comment Print

Sabitha Riyaz Vs  Union of India (Kerala High Court) The petitioner, a trader, transported natural rubber. After generating e-way bill, she sent a consignment to Uttarakhand, with all the relevant records. But it was seized by the State Tax Officer, Uttarakhand, the additional 11th respondent. The ground for detention is that in the e-way bill the […]

GST for MSME Sector

November 2, 2018 23550 Views 0 comment Print

Introduction: What is MSME? In accordance with the provision of Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 the Micro, Small and Medium Enterprises (MSME) are classified in two classes

Seizure of goods merely for partly wrong Truck No. on E-way Bill is harassment of dealer: HC

November 2, 2018 4155 Views 0 comment Print

Surprisingly, neither the mobile squad authority nor the appellate authority appreciated the claim of the petitioner that it is due to mistake or human error the vehicle number (particularly last two digits) are mentioned different which in the instant case are 83 in place of 38. This Court is unhappy with the conduct of the authorities and it is nothing but a clear cut case of harassment of the petitioner/dealer.

GST Intitiatives for MSMEs

November 2, 2018 1341 Views 0 comment Print

GST is Goods and Simple Tax. GST is improving ease of doing business and resulting in gains to small and medium businesses. It is a matter of pride and happiness that around 48 lakh new enterprise got registered under GST in one year. Narendra Modi Prime Minister of India The very small businesses have been […]

Seizure of goods for E-way bill illegal, if seized before time fixed to reply

November 2, 2018 1194 Views 0 comment Print

Singh Tyres Vs State Of U.P. And Another (Allahabad High Court) From perusal of the record, we find that the goods were transported from one place to another within the State of U.P. and were accompanied by the requisite documents and requisite E-Way Bill has also been produced by the petitioner before the respondent no. 2 […]

Mere inadmissibility of Credit availed not enough to allege Suppression of Facts

November 1, 2018 1503 Views 0 comment Print

Medisray Laboratories P. Ltd. Vs CCGST (CESTAT Mumbai) Coming to the statutory audit procedure, the purpose of audit, as available in the Manual published by the Institute of Chartered Accountants of India in respect of EA audit and CERA audit under Chapter 17 is that the idea behind such conduct of verification is to reasonably […]

Registered Agricultural society entitled to deduction U/s. 80P(2)

November 1, 2018 615 Views 0 comment Print

ITO Vs Mundela Service Cooperative Bank Ltd. (ITAT Cochin) Admittedly, the assessee is primary agricultural credit society registered under the Kerala Cooperative Societies Act, 1969. The Hon’ble High Court of Kerala in the case of Chirakkal Service Co-op Bank Ltd. (supra) had held that a primary agricultural credit society, registered under the Kerala Cooperative Societies […]

Rajasthan HC admit writ challenging Rule 89(5) of CGST Rules, 2017

November 1, 2018 3312 Views 0 comment Print

By way of this Writ Petition the petitioner has challenged the provision of Rule 89(5) of the CGST Rules, 2017 by way of which computation mechanism of the Input Tax Credit to be refunded in case of inverted duty structure has been modified to exclude Input Services from the definition of Net ITC with retrospective effect thereby denying refund of Input Services.

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