"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....

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....

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....

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....

Depreciation under Block of Assets Allowed even for Non Used Assets during the Year

Bharat Mines And Mineral Vs ACIT (ITAT Bangalore)

The issue under consideration is whether under block of assets, the depreciation allowed even for those assets which have not been used during the year under consideration?...

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 ...

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...

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. ...

Distribution of IPL Tickets to Customers to improve Business Relations is allowable as Expenditure: ITAT

M/s. EPE Process Filters & Accumulators Pvt Ltd. Vs DCIT (ITAT Hyderabad)

M/s. EPE Process Filters & Accumulators Pvt Ltd. Vs DCIT (ITAT Hyderabad) Assessee’s submissions in support of its claim u/s 37 of the Act are that it has purchased the IPL cricket match tickets to distribute them amongst its long standing customers to garner their goodwill and improve its business relations and therefore, it is [&h...

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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