"15 February 2019" Archive

Amendment in GST Input Tax Credit Utilisation rules wef 01.02.2019

there are various rules / provisions affecting utilization of input tax credit which has been amended and the said amendments relating to the rules / provisions affecting utilization of input tax credit is being highlighted in the present article....

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ICAI declares date of Common Proficiency Test (CPT) Exams

Notification No.13-CA (EXAM)/CPT/June/2019 15/02/2019

ICAI announces timetable, Examination Centre, Fees, Forms and Last date of Form submission for next Common Proficiency Test which will be held on Sunday, 16th December, 2018 in two sessions....

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Bogus Capital gain: Order Without Cross Examination Opportunity is invalid

Anubhav Jain Vs ITO (ITAT Delhi)

Bogus Capital gains- Order is against the principle of natural justice in as much as the order has been passed taking the statement of person as base, the copy of which is not made available to the assessee. Further, opportunity to cross examine the concerned person was also not provided to the assessee....

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Draft Employees State Insurance (Central) (Amendment) Rules 2019

Notification No. G.S.R. 121(E) 15/02/2019

DRAFT RULES 1. (i) These rules may be called the Employees’ State Insurance (Central) (Amendment) Rules, 2019. (ii) They shall come into force on the date of its final publication in the Official Gazette....

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Addition cannot be made Merely on Statement unless supported by documentary evidence

Concept Communication Ltd Vs DCIT (ITAT Mumbai)

Income earned corresponding to the expenditure alleged to be bogus is not question and hence the entire expenditure incurred which is duly supported by the income cannot be disallowed. Genuineness of the transaction has been proved by the documentary evidence. Addition restricted to the difference in the gross profit declared as compared ...

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Glimpse of Companies (Significant Beneficial Owners) Amendment Rules, 2019

MCA has notified the amendments to the Companies (Significant Beneficial Ownership) Rules, 2018 dated 08.02.2019 vide Companies (Significant Beneficial Owners) Amendment Rules, 2019.  RULE- 2 : Meaning of Significant Beneficial Owner : An individual who acting alone or together, or through one or more persons trust, possesses one OR more...

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Lets Contribute For The Family of Martyred Jawans

I am feeling very sad while writing this article. 14th February, 2019, a BLACK DAY for our country. When youngster’s of our country are busy in giving Rose to their Valentine and Celebrating Valentine Day. Son’s of our country are fighting with Terrorists. ...

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Tax cannot be levied on Gift Received From Brother-In-Law

DCIT Vs Shri Arvind N. Nopany (ITAT Ahmedabad)

Once the identity, creditworthiness and genuineness of the transaction has been proved, gift received from the brother-in-law is exempted in terms of provisions of section 56....

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Arbitrator Appointment not possible if jurisdiction of Designated Officer cannot be invoked by both parties to dispute

South Delhi Municipal Corporation Vs South Delhi Municipal Corporation (Supreme Court of India )

The agreement between the parties provides the competent officer and the Commissioner with supervisory control over the execution of work and administrative control over it from time to time and thus to prevent disputes. The intention is not to provide for a forum for resolving disputes. Thus, no Arbitrator could have been appointed by th...

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Blocked GST Credit on Motor Vehicles w.e.f. 1st February, 2019

CGST Act, 2017 has under gone amendments and one of such amendment relates to blocked credit on motor vehicles which have been taken up in the present article....

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