"05 February 2019" Archive

Mandatory pre-deposit can be made through CGST Credit

M/s. Dell International Services India Pvt. Ltd. Vs Commissioner of Central Tax (CESTAT Bengalore)

The learned AR also accepted the legal position that mandatory pre-deposit can be made through the CGST Credit. In view of this fact, we are of the opinion that the objection raised by the Registry is not tenable ...

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Exemption u/s. 54F on multiple units in same building received under JDA

Smt. Roopa Vs ITO (ITAT Bengalore)

Smt. Roopa Vs ITO (ITAT Bengalore) ITAT held that assessee’s claim for exemption u/s 54/54F of the Act in respect of 2 flats in the same residential building complex is squarely covered in favour of the assessee by the decision of the Hon’ble Karnataka High Court in the case of CIT Vs. Smt. K. G. […]...

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Reopening based on reason to suspect is invalid

Urvish B. Mehta Vs I.T.O (ITAT Mumbai)

Urvish B. Mehta Vs ITO (ITAT Mumbai)  “reason to believe”and not “reason to suspect” The undisputed facts are that, the Assessing Officer received information from the DGIT (Inv.) Mumbai who in turn has got the same from the Sales Tax Department. The information was in the form of statements/affidavits which stated that the suppl...

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Declaration of Commencement of Business for companies incorporated after 01.11.2018

A company incorporated on or after 2nd November, 2018, The Companies (Amendment) Ordinance), 2018 shall not commence its business or exercises any borrowing powers unless:- √ A declaration is filed by a director with ROC within a period of 180 days from incorporation of company that every subscriber to the MOA has paid the value of th...

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SEBI: Performance review of Public Interest Directors (PIDs)

Circular No. SEBI/HO/MRD/DOP2DSA2/CIR/P/2019/26 (05/02/2019)

As a part of framing performance review policy, NRC shall be primarily responsible for formulation of performance evaluation criteria. The criteria for performance review of PIDs, which shall be considered for both internal evaluation and external evaluation, may be framed by NRC taking into consideration guiding principles provided at An...

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No penalty on excess depreciation claim for bona fide reasons

DCIT Vs Federal Brands Ltd. (ITAT Mumbai)

An excess claim of depreciation by an assessee for bonafide reasons would not justify imposition of penalty under section 271(1)(c) had also been deliberated upon by the Hon'ble High Court of Bombay in the case of CIT vs. Somany Evergreen Knits Ltd. (2013) 352 ITR 592 (Bom.)...

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Corrigendum to Notification No. 03/2019 – Central Tax dated: 29.01.2019

Corrigendum to Notification No. 03/2019 (05/02/2019)

At page 15, in line 1, for in instruction 12, for the words business verticals at both the places where they occur, the words places of business read in instruction 12, for the words business verticals at both the places where they occur, the words places of business and for the word vertical, the words place of business....

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Services intrinsic to mineral oil exploration are covered by Section 44BB

M/s Eni India Ltd. Vs JCIT (ITAT Delhi)

M/s Eni India Ltd. Vs JCIT (ITAT Delhi) learned AO had taken a view that in view of the decision of the Hon’ble Supreme Court in the case of ONGC vs CIT & Anr. the nature of activities involved under the contract including the sale of services of HOEC are covered by the provisions of Section […]...

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No effect on Prosecution u/s Section 276CC by subsequent filing of income tax return

Karan Luthra Vs ITO (Delhi High Court)

Karan Luthra Vs ITO (Delhi High Court) The offence under Section 276 CC of IT Act deals with failure to comply with the obligation under Sections 139 (1) or 142(1) or 148 of IT Act. Disobedience of each said provision of law itself constitutes a distinct offence. The offence under Section 276 CC, prima facie, […]...

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IGST Export Refunds-resolution of errors-reg

Public Notice No. 11/2019-JNPT (05/02/2019)

The processing of IGST refund claims on exports is fully automated. Majority of refunds claims are getting processed and sanctioned within five days of filing of GSTR-1 and GSTR-3B returns. ...

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