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Archive: 17 January 2019

Posts in 17 January 2019

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7179 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Breaking: Kerala HC stays collection of GST on Income Tax TCS amount

January 17, 2019 16497 Views 6 comments Print

PSN Automobiles Private Limited Vs. UOI & CBIC (Kerala High Court at Ernakulam) Petitioner, has submitted that the amount of 1% the dealer collects from the purchaser of a car worth more than ten lakhs, under Section 206C(1F) of the Income Tax Act, cannot be treated as an integral part of the value of the […]

GST effect on Gold Jewellery

January 17, 2019 9504 Views 0 comment Print

Before the GST was implemented in India, a potential buyer of gold/gold jewellery had to pay 1.2% VAT along with 1% excise duty and 10% customs duty for the procurement of gold. The GST council has decided a rate of 3% of GST on gold, thus, Value Added Tax (VAT) and Excise Duty have been […]

Date of possession of flat is date of actual purchase for claiming exemption u/s 54F

January 17, 2019 2754 Views 0 comment Print

Ayushi Patni Vs DCIT (ITAT Pune) Whether the assessee is eligible for claiming exemption u/s 54F in respect of residential flat / house for which the assessee has entered into an agreement for purchase more than one year before the date of transfer of capital asset? The dates qua, transfer of capital asset, execution of […]

Grant for Development of Coal Block/Mines under Chhattisgarh Mineral Development Fund Act towards Capital Outlays is capital receipt

January 17, 2019 765 Views 0 comment Print

Grants/Financial Assistance received by assessee, a Government Company, from the State Government for Development of Coal Block/Mines – Grants/Financial Assistance received from Mineral Development Fund (MDF) under the provisions of Chhattisgarh Mineral Development Fund Act r.w. Chhattisgarh Mineral Development Fund Rules towards Capital Outlays or incurment of capital expenditure would be in the nature of capital receipts not chargeable to tax

Similar Treatment to Be Given in Subsequent AY in Case of Existence of Identical Facts in Previous Settled AY

January 17, 2019 1857 Views 0 comment Print

Assessee is a corporation of the Chhattisgarh Government and has received subsidies for opening a mine. Assessee treated the said subsidy as ‘capital receipt’, however, department contended it to be ‘revenue receipt’.

Section 54F: ITAT allows Date of possession of new house instead of date of sale agreement / registration

January 17, 2019 4896 Views 0 comment Print

 Since final consideration was paid and the possession of flat was received within a period of one year prior to the date of transfer of capital asset, then the same should be considered as the date of purchase, so as to allow the benefit of deduction under section 54F to assessee.

Customs Rate of Exchange of Foreign Currency wef 18.01.2019

January 17, 2019 2190 Views 0 comment Print

Customs Rate of Exchange of Foreign Currency Conversion wef 18.01.2019 notified vide Notification No. 05/2019 – Customs (N.T.) dated 17th January, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 05/2019-Customs (N.T.) New Delhi, dated the 17th January, 2019 In exercise of the powers […]

IBBI constitutes a ‘Working Group on Group Insolvency’

January 17, 2019 1029 Views 0 comment Print

Insolvency and Bankruptcy Board of India hereby constitutes a ‘Working Group on Group Insolvency’. The Working Group shall submit a report recommending a complete regulatory framework to facilitate insolvency resolution and liquidation of corporate debtors in a Group, within two months from the date. Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, […]

ICAI caution against misleading timetable of May 2019 CA exam

January 17, 2019 2019 Views 0 comment Print

It has been brought to our notice that the probable date of commencement of May 2019 CA examinations and the time table there on are doing the rounds in the social media. It is hereby clarified that the timetable in respect of the May 2019 CA examinations has not yet been finalized.

IBBI de-recognises 13 Insolvency Professional Entities

January 17, 2019 2634 Views 0 comment Print

Thirteen IPEs are hereby directed to forthwith: (a) surrender their original certificates of recognition to the IBBI; and (b) inform the concerned Registrar of Companies about their de-recognition.

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