"14 January 2019" Archive

Maharashtra Tax on Lotteries Act, 2006 is Constitutionally valid

Sri Mangal Murty Marketing Vs State of Maharastra (High Court Bombay)

Sri Mangal Murty Marketing Vs State of Maharastra (High Court Bombay) As a result, perusal of the Lotteries (Regulation) Act 1988 only regulates the lotteries and the Regulation is in form of the stipulation of terms and conditions when the Government organizes, conduct or promotes a lottery. The intention of the Parliament in introducing...

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Section 44AD of Income Tax Act, 1961 post amendment by finance act, 2016

All about Section 44AD of the Income Tax Act, 1961 post amendment by finance act, 2016: (More specifically post replacement of Sub-Section 4 and 5 of 44AD) Before going into the discussion, it is better to understand the gist of this section for the benefit of readers as per current position of the provision: Section […]...

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Posted Under: Corporate Law |

Gain on settlement of sales tax deferred liability not taxable

DCIT Vs Alfa Laval India Ltd. (ITAT Pune)

Alfa Laval India Ltd. case: Difference between the Net Present Value against the future liability credited by the assessee under the capital reserve account in its books of account, is a capital receipt, the addition made on account of the gain on settlement of the sales tax deferred liability not taxable...

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GST on Advance Payment

Generally, GST is imposed on a supplier of goods and service at the time of receipt of payment. However, in some cases, an advance payment is first made by the recipient of the goods or/and service or both to the supplier. In this article, we will discuss the applicability of GST on advance payments. GST […]...

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Provisions related to Provisional Assessment in GST

A supplier will come to know the extent of his tax liability which has to be discharged on a continuous and regular basis only after assessment. Assessment means determination of tax liability and includes self-assessment, re-assessment, provisional assessment, summary assessment and best judgment assessment....

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Posted Under: Corporate Law |

Womaniya on Government e Marketplace 

Government e Marketplace [GeM] has launched Womaniya on GeM, an initiative to enable women entrepreneurs and women self-help groups [WSHGs] to sell handicrafts and handloom, accessories, jute and coir products, home décor and office furnishings, directly to various Government ministries, departments and institutions. ...

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Posted Under: Corporate Law |

Service Tax on Sale of Media Rights of IPL Matches by BCCI

Board of Control for Cricket in India Vs Commissioner of Service Tax (CESTAT Mumbai)

BCCI Vs Commissioner of Service Tax (CESTAT Mumbai) it is undisputedly admitted that appellants have provided the program feed to the M/s MSM Singapore at the venue of match which is in India and not outside. The programme feed as provided by the appellant, is encrypted and then uplinked by the said M/s MSM/ WSG […]...

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NO GST on Stock Transfer and NO GST credit on stock transfer

This Article discusses on liability of GST on Stock Transfer from the Head Office in one State to its Branches in other States and GST credit on Stock transfer. For the purpose of understanding the questions involved, following relevant provisions of the GST law are highlighted: (i) . Rule 28 deals with valuation of a […]...

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Provisions related to Casual Taxable Person in GST

Article explains Who is casual taxable person, Registration of Casual Taxable Person in GST, Application for registration by Casual Taxable Person in GST, Advance Payment of tax by Casual Taxable Person Validity of registration of Casual Taxable Person, Refund by Casual Taxable Person, Input tax credit to Casual Taxable Person and Clarifi...

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Posted Under: Corporate Law |

Provisions of E-way Bill under GST

Article explains Persons required to generate E-way Bill, Primary responsibility of generating e-way bills, E-way bill in case of Supply of goods by unregistered person to unregistered recipient, Goods exempted from e-way bill requirement, Threshold limit for generating e-way bill, Validity period of e-way bill, E-way bill in case of Move...

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Posted Under: Corporate Law |

Penalty U/s. 271AAA cannot be levied if not asked to substantiate Income Disclosed

ACIT Vs Sh. Bhavi Chand Jindal (ITAT Delhi)

ACIT Vs Sh. Bhavi Chand Jindal (ITAT Delhi) Since no specific query was raised, at the time of recording statement under section 132(4) and during the assessment proceedings, however, the manner was substantiated by filing written submission and also referring relevant documents relating to undisclosed income, which were found and seized....

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Date of Transfer in JDA when assessees merely entitled to a specified constructed space

Atluri Usha Rani Vs Asst. CIT (ITAT Hyderabad)

Atluri Usha Rani Vs Asst. CIT (ITAT Hyderabad) I have carefully considered the rival submissions and perused the record. I have also carefully perused the development agreement-cum-GPA. The said agreement shows that the builders and developers have to bear all the expenditure for preparation of the said plan, obtaining licenses, permissio...

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In absence of incriminating material Completed assessments could not be interfered by AO during assessment U/s. 153A

ATS Infrastructure Ltd. Vs ACIT (ITAT Delhi)

ATS Infrastructure Ltd. Vs ACIT (ITAT Delhi) Completed assessments can be interfered with while making assessment under section 153A only on the basis of some incriminating material unearthed during search or requisition of documents or undisclosed income or property discovered in the course of search which were not produced or not alread...

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Reassessment solely based on Audit Objection is barred by Provisions of Section 147/148

FIS Global Business Solutions India Pvt. Ltd. Vs PCIT (Delhi High Court)

FIS Global Business Solutions India Pvt. Ltd. Vs PCIT (Delhi High Court) Reliance by the Revenue upon an audit report, cannot be considered as tangible material. This Court is of the opinion that Carlton Overseas Pvt. Ltd. v. Income Tax officer & Ors., (2009) 318 ITR 295 concludes the issue in the present case; the audit objection [...

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Auditor cannot be an accountant for the purposes of Rule 11UA (2)

M/s. Kottaram Agro Foods Pvt. Ltd. Vs ACIT (OSD) (ITAT Bangalore)

M/s. Kottaram Agro Foods Pvt. Ltd. Vs ACIT (OSD) (ITAT Bangalore) At the very outset, it was submitted by ld. DR of revenue that as per para 4.2 of the assessment order for Assessment Year 2014-15 and para no. 4.3 of the assessment order for Assessment Year 2015-16, it is noted by the AO that […]...

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Alternative remedy of statutory appeal must be availed before filing Writ in HC

M/s Austees Hydro Power & Construction Company (P) Ltd Vs Union of India and others (Himachal Pradesh HC)

Once the petitioner has got efficacious alternative remedy of statutory appeal, the same ought to have been availed by it before invoking the writ jurisdiction of this Court....

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Measures to Boost MSME Sector

The Indian MSME Sector The Indian MSME sector is the backbone of the national economic structure and has unremittingly acted as the bulwark for the Indian economy, providing it resilience to ward off global economic shocks and adversities. With around 63.4 million units throughout the geographical expanse of the country, MSMEs contribute...

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Posted Under: Corporate Law |

S. 40A(3) Validity of Cash payments exceeding limit to Electricity Board

Ayub Ali Vs ACIT (ITAT Jaipur)

Ayub Ali Vs ACIT (ITAT Jaipur) The assessee has entered into an agreement with a Government Hospital in Bikaner whereby it operates the MRI and CT Scan machines. The nature of such activities therefore demand a continuous supply of electricity and the assessee cannot risk the life of the patients especially those admitted in emergency [&h...

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Bihar relaxes e-way bill requirement

Notification No. S.O. 14 (14/01/2019)

The e-way bill in respect of movement of goods originating and terminating in the State of Bihar shall not be required to be generated where the consignment value does not exceed One Lac Rupees...

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Introduction of Section 28(ii)(e): Compensation on termination of Contract

With effect from 1.4.2018 (AY 2019-20) a new sub clause (e) has been added to section 28(ii) to bring into tax net gains / receipts in the nature of compensation arising out of termination / modification of a contract related to business of the assessee. In this article we try and analyze whether the attempt of the legislature to tax all ...

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Posted Under: Corporate Law |

Reg. Exemption from payment of late fee for delayed profession tax payment in Maharashtra

Trade Circular No. 06T of 2019 (14/01/2019)

If it is found that the employer has not fulfilled the conditions or has submitted false information to avail the benefit of exemption then, his exemption of late fee shall be revoked and action will be taken against him as per the provisions of law....

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Compulsory acquisition vs. voluntary transfer of agricultural land- SC explains

Balakrishnan Vs Union of India & Ors (Supreme Court of India)

Balakrishnan Vs Union of India & Ors (Supreme Court of India) As far as the acquisition of the land was concerned, assessee had succumbed to the action taken by the Government in this behalf. He was put in such a condition that he knew that his land would be acquired and he could not reiterate […]...

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Bank passbook cannot be treated as books of accounts

Smt. Ramilaben B. Patel Vs ITO (ITAT Ahmedabad)

Smt. Ramilaben B. Patel Vs Income Tax Officer (ITAT Ahmedabad) This tribunal in the case of Rameshbhai Somabhai Patel vs. ITO (Supra) has held that the bank account of the assessee is not considered as part of the books of accounts.The relevant part of this order of the Tribunal is already reproduced above. From the […]...

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How can you get funding under Pradhan Mantri MUDRA Loan scheme?

One of the biggest bottleneck for SMEs in India is the lack of financial support from the formal banking or financial sector which hampers growth of small businesses. To remove this bottle neck and provide finance to micro units or Entrepreneurs, MUDRA Bank has been setup as a subsidiary of SIDBI. MUDRA (Micro Units Development […]...

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Posted Under: Corporate Law |

Dheel (Ease) for Small kites (Small taxpayers) under GST!

f we compare GST and kite flying, then the person who is flying kite is the Taxpayer , kite is GST, Chakri means books of accounts, jumbling in threads means Returns, Air means Tax collection, Cutting of Kites means Matching mis-matching, and String means Law. ...

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6 month extension in Export Obligation Period to advance authorizations involving import of Raw cashew

Policy Circular No. 17/2015-2020-DGFT (14/01/2019)

Additional extension of six months in the Export Obligation Period (EOP) (beyond permissible extension period in Pam 4.42 of the HBP) to advance authorizations issued upto 30.06.2016 involving import of Raw cashew (SION E 8) –relaxation of Policy/ Procedure....

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Constitution (One Hundred And Third Amendment) Act, 2019

Notification No. 03 of 2019 (12/01/2019)

This Act may be called the Constitution (One Hundred and Third Amendment) Act, 2019. It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint....

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Office Order No. 9/2019 – Transfer/Posting of ITO Mutual Basis

Office Order No. 09 of 2019 (14/01/2019)

Office Order No. 09 of 2019- The following transfers/postings in the grade of Income Tax Officers on mutual basis are hereby ordered, as per the table given below, with immediate effect and until further orders:...

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GST Billing Invoice for CA, Consultant and Professional in Excel

Utility to generate Invoice for CA, Consultant and Professional in Excel Format. Here you can save multiple invoice according to your choice....

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Posted Under: Corporate Law |

DGFT & CBIC: The ugly face of corrupt practices—2nd story

It is very difficult to understand the motivations of the bureaucracy in pretending that they do not understand even the very basics & the system valuing those bureaucrats in increasing the inefficiency in the system. My understanding is that for these reasons, the stooges rise to the top & they have no fear in their […]...

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Posted Under: Corporate Law |

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