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Archive: January, 2019

Posts in January, 2019

Contempt jurisdiction is jurisdiction of necessity and inheres in every court of record

January 7, 2019 5229 Views 0 comment Print

M/s Lanco Amarkantak Power Ltd. Vs A.P. Panda, Chairman-cum-Managing Director (Chhattisgarh High Court) it is quite vivid that this Court while granting the appeal under Section 37(1)(b) of the Act of 1996 preferred by the petitioner not only set aside the order passed by the learned District Judge setting aside the award and restoring the […]

Tendu Leaves, Not A Minor Forest Produce, Vat Payable @25%

January 7, 2019 1929 Views 0 comment Print

Tendu leaves has separate entry, wherein, VAT is payable @25% and the same cannot be clubbed in general entry ‘minor forest produce’ for availment of reduced rate exemption notification.

Service Tax Audit! Audit Me! Audit Me Not!

January 7, 2019 34821 Views 2 comments Print

Service Tax is dead but still the undying ghost of Service Tax Audit approaching the pillars and posts of the assessee, department and the professionals. The department is trying its best to salvage their ground and right of an audit till June 2017 setting aside the numerous judgements against their moves. The department still making […]

डेढ़ करोड़ टर्नओवर वालों को बड़ी राहत देने की अनुशंसा

January 7, 2019 3078 Views 0 comment Print

छोटे उद्योगों से जुड़े मंत्री समूह की बैठक के बाद उपमुख्यमंत्री सुशील कुमार मोदी ने बताया कि अब डेढ़ करोड़ तक वार्षिक टर्नओवर वाले व्यापारियों को भी कम्पोजिशन स्कीम का लाभ देने की अनुशंसा की गई है जिसके तहत वे मात्र 1 प्रतिशत जीएसटी का भुगतान करने के साथ त्रैमासिक के बजाय वार्षिक व्यय विवरणी दाखिल कर सकेंगे।

Benefits of the Aadhaar – where it stands today

January 7, 2019 3102 Views 0 comment Print

The idea of having a Unique Identity Number (UID) for every citizen of India was conceived by Shri Nandan Nilekani during the UPA Government. Unquestionably, the credit goes to him for conceiving, initiating and implementing the idea. Aadhaar, however, was non-statutory.

CBIC & PCRA, Mumbai: The ugly face of corrupt practices

January 7, 2019 2157 Views 3 comments Print

At the very outset, I am very confident to say that Indian exporters can beat the international competition hollow but further compelled to say that the Indian bureaucracy is single handedly enough to pull down the Indian exporters & for that reason alone, the growth engine of exports & consequently the GDP suffers.  On the […]

New Year resolutions of GST?

January 6, 2019 8595 Views 3 comments Print

New Year celebration and resolutions for year 2019 are thought over by all. Many new notifications, circulars, orders, etc. in GST are issued on 31-12-2018. What are new changes in GST?

Jackie Shroff allowed claim of loan written off given to wife

January 6, 2019 7836 Views 0 comment Print

When The Moneys Are Advanced As Measure Of Commercial Expediency Such Advances Are In The Nature Of Business Advances And The Write Off Of Such Advances By The Assessee Should Be Allowed As Deduction Under Section 37(1) Or Under Section 28 Of The Income Tax Act As Business Loss: Jackie Shroff Recent Case

Dematerialization of Securities Helps to Enhance Transparency

January 6, 2019 1467 Views 0 comment Print

In this article the writer shall deliberate the provisions of the Companies Act, 2013 and other applicable Acts and Laws  which deals with the issue of dematerialization of share of unlisted public companies, he try to explain the process and procedure involved and also seeks to elaborate the likely benefits of the dematerialization. The article in […]

Year of taxability on Transfer of land pursuant to development agreement

January 6, 2019 6906 Views 1 comment Print

K. Vijaya Lakshmi Vs ACIT (ITAT Hyderabad) The development agreement implied that assessee did permit the developer to enter into the premises and to do all the necessary things for construction of apartments. Some of the agreement holders also sold the flats in semi-finished condition or in fully developed condition, whereas few like assessee retained […]

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