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Archive: 01 February 2019

Posts in 01 February 2019

CBIC rescinds Circular No. 03/01/2018-IGST dated 25th May 2018

February 1, 2019 5799 Views 0 comment Print

Seeks to make amendments in the earlier issued circulars in wake of amendments in the CGST Act, 2017 (which shall come into force w.e.f. 01.02.2019) Circular No. 04/01/2019-IGST F. No. CBEC-20/16/04/2018 – GST Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs GST Policy Wing **** New Delhi, […]

Amendment to Section 40(a)(ia) has Retrospective Effect

February 1, 2019 6204 Views 0 comment Print

Perfect Circle India Pvt Ltd Vs Pr. CIT (Bombay High Court) The Revenue would content that the benefit of this proviso would be available to the assessee only prospectively w.e.f. 1.4.2013. Various Courts, however, have seen this proviso as beneficial to the assessee and curative in nature. The leading judgment on this point was of […]

Extension of due date for furnishing FORM GSTR-8 (TCS Return)

February 1, 2019 1827 Views 0 comment Print

CGST (Second Removal of Difficulties) Order, 2019- Due date for the statement under section 52(4) October, November and December 2018 extended from 31st January, 2019 to 7th February, 2019 Extension of due date for furnishing of FORM GSTR-8 (TCS Return by e-commerce operators) for Oct to Dec 2018 till 07.02.2019 vide ORDER No. 02/2019-Central Tax dated […]

CBIC order on determining eligibility for GST composition scheme

February 1, 2019 3000 Views 0 comment Print

It is hereby clarified that the value of supply of exempt services by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount, shall not be taken into account – (i) for determining the eligibility for composition scheme under second proviso to sub-section (1) of section 10;

ITCG cannot be held bogus merely on human probabilities or surmises

February 1, 2019 1212 Views 0 comment Print

Mahavir Jhanwar Vs ITO (ITAT Kolkata) The sole issue that arises for my adjudication is whether the Assessing Officer was right in rejecting the claim of the assessee that he had earned Long Term Capital Gains on purchase and sale of the shares of M/s Unno Industries. The AO based on a general report and […]

ITAT condones delay in appeal filing due to illness of chief accountant

February 1, 2019 1089 Views 0 comment Print

Shri Pawan S. Jalan Vs ACIT (ITAT Ahmedabad) If we consider the explanation of the assessee filed before the ld.CIT(A), which has been partly reproduced in the order of the ld.CIT(A) on page no.3, then it would reveal that chief accountant of the company was ill and failed to hand over assessment order to the […]

Procedure for clearance of Export LCL Cargo categorized as Hazardous Goods

February 1, 2019 1098 Views 0 comment Print

A doubt has been raised that whether the said procedure is applicable to LCL cargo or not. The issue has been examined. It is clarified that the procedure outlined in Public Notice No. 46/2017, dated 31.03.2017 is applicable to containerized cargo as well as LCL cargo.

CBIC Rescinds Circular No. 46/2017-Customs dated 24.11.2017

February 1, 2019 4293 Views 0 comment Print

Circular No. 46/2017-Customs dated 24thNovember, 2017 stands rescinded on the date of supersession by Circular No. 03/01/2018-IGST dated 25th May, 2018 i.e. w.e.f. 01 st April, 2018.

2nd Corrigendum to Income Tax Circular No. 1/2019 dated 01.01.2019

February 1, 2019 3024 Views 0 comment Print

The undersigned is directed to refer to Circular No. 1/2019 dated 1st January, 2019 bearing file of even number on the above mentioned subject and to state that in para 5.5.12 on page 42 dealing with Section 8oTTB, the phrase in bracket i.e (not being time deposits) stands deleted.

Notification No. 04/2019-Customs (N.T./CAA/DRI) Dated: 01.02.2019

February 1, 2019 1395 Views 0 comment Print

Notification No. 4/2019-Customs (N.T./CAA/DRI) Principal Director General, Revenue Intelligence, hereby appoints officers mentioned in column (5) of the Table below to act as a common adjudicating authority to exercise the powers and discharge the duties conferred or imposed on officers mentioned in column (4) of the said Table in respect of noticees mentioned in column (2) of the said Table for the purpose of adjudication of show cause notices mentioned in column (3) of the said Table, namely:-

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