"25 February 2019" Archive

Electronic Voting Machine (EVM) is an ‘information’ under RTI Act

Razaak K Haidar Vs CPIO (Central Information Commissioner)

Razaak K Haidar Vs CPIO (Central Information Commissioner) EVM which is available with the respondent in a material form and also as samples, as admitted by the respondent during the hearing, is an information under the RTI Act. The Commission also notes that as per the respondent, the software installed in the EVM is an […]...

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GST on Gudakhu, a tobacco product in paste form used as a Tooth paste

In re M/s Prabhat Gudakhu Factory (GST AAR Odisha)

In re M/s Prabhat Gudakhu factory (GST AAR ODISHA) In the scheme of classification of tobacco product for the purpose of assigning HSN Code under tariff sub-heading 2403 11, only water pipe tobacco intended for smoking in a water pipe are included and not any other form of tobacco. As explained above, the applicant is […]...

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AAR cannot decide if Decision of GST Council for which no notification been issued is binding on department or not?

In re Indian Institute of Science Education And Research (GST AAR Odisha)

A ruling on whether the decision of the GST Council granting the exemption is binding on the Department in the absence of non-issuance of corresponding Notification by the Central/State Government is not within the competence and mandate of the Authority of Advance Ruling constituted u/s 96 of the OGST Act....

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Reassessment based on subsequently amended Provisions is invalid

Brahm Datt Vs ACIT (Delhi High Court)

Brahm Datt Vs ACIT (Delhi High Court) CONCLUSION – Re-assessment not tenable in law in as much as the same is barred by limitation. Any subsequent amendment in the re-assessment provisions, if not specifically mentioned, are presumed to be prospective and hence not applicable in the present case. FACTS – Petitioner, a senior citizen, ...

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Special Audit justified If Assessee follows Complex Accounting System

Patanjali Ayurveda Ltd Vs DCIT (Delhi High Court)

When AO finds the accounts of the assessee to be complex and in order to protect the interest of the revenue, it is justifiable to direct for special audit....

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Debit Note Is An Eligible Document For Availment of Cenvat Credit

Hindustan Petroleum Corporation Limited Vs CCT (CESTAT Hyderabad)

Debit note, even though not specifically indicated in rule 9(1), is an eligible document for availing CENVAT credit since the same is allowed by higher courts.CENVAT credit cannot be disallowed simply due to the reason that the service tax amount is mentioned with pen and is not pre-printed....

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E-Form ACTIVE (INC-22A)- Mandatory Compliance For Companies

Ministry of Corporate Affairs on 21-02-2019 has bring a new concept Active Company Tagging Identities and Verification by the Companies (Incorporation) Amendment Rules, 2019 notified with effect from 25th February 2019 and which introduces new E-FORM ACTIVE (INC-22A). Applicability: – Pursuant to the provisions of the amended rules...

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Posted Under: Corporate Law |

Analysis of 33rd GST Council meeting proposals on Real Estate Sector

The GST Council in its 33rd meeting has in principle given approval to the below proposals in respect of residential sector of the real estate sector from 1st April, 2019. Details of the scheme shall be worked out by an officers committee and shall be approved by the GST council in a meeting to be called specifically […]...

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Posted Under: Corporate Law |

FAQ on Banning of Unregulated Deposit Schemes Ordinance, 2019

Q1 What is  Banning of Unregulated Deposit Schemes Ordinance, 2019 Answer- The Banning of Unregulated Deposit Schemes Ordinance, 2019 has been promulgated to have a central legislation to tackle the menace of illicit deposits taking activities in the country. Presently, non-banking entities are allowed to raise deposits from the public u...

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Posted Under: Corporate Law |

Section 54EC Deduction on Capital Gain Under Income Tax Act

Where the capital gain arises from transfer of long-term capital asset being land or building or both, and the assessee has, at any time within a period of six months after the date of such transfer invested the whole or any part of capital gains, in the 'long-term specified assets', then the capital gain shall be dealt with in accordance...

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Posted Under: Corporate Law |

Banning of Unregulated Deposit Schemes Ordinance, 2019: Detailed Analysis

Banning of Unregulated Deposit Schemes Ordinance, 2019 provide for a comprehensive mechanism to ban the Unregulated Deposit Schemes and to protect the interest of depositors and for matters connected therewith or incidental thereto. (For example schemes like Sharda Chit Fund and  Rose Vally Scam of West Bengal which has cheated 17 Lakhs ...

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Posted Under: Corporate Law |

Mandatory to link your PAN with Aadhaar by 31st March, 2019

Link PAN-Aadhaar Today Beneficial Tomorrow It is mandatory to link your PAN with Aadhaar! Last date to link PAN with Aadhaar is 31st March, 2019 How to link your PAN with Aadhaar Through SMS facility: Send SMS to 567678 or 56161 in following format: UIDPAN<SPACE><12 digitAadhaar><Space><10 digit PAN> Example: SMS t...

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Posted Under: Corporate Law |

ITAT upheld Application of controlled transaction in specific circumstances

Bayer Material Science Private Limited Vs Additional CIT (ITAT Mumbai)

This decision highlights the fact that the taxpayers need to meticulously analyze the functions, assets and risks of activities undertaken. Pursuant to that, the taxpayers need to determine whether the activity can be clubbed or should be benchmarked separately....

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Release Goods on furnishing of bond in Form GST INS-04 & bank guarantee: HC

Palak Designer Diamond Jewellery Vs Union of India (Gujarat High Court)

OC orders to provisionally release the seized goods upon the petitioner executing a bond in FORM GST INS-04 for the total value of the seized goods, and furnishing a bank guarantee of Rs.50 lakhs....

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Options for foreign companies setting up business in India

As a market, India has always been attractive to foreign companies because of the rapidly growing market. But in terms of actually taking steps to register a company in India, many foreign companies shelved their plans because of the perceived difficulties in doing the necessary paperwork....

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PSIC not required at Mundra Port for import of metallic Scrap

Public Notice No. 75/2015-2020-DGFT (25/02/2019)

Mundra Port is included as seventh sea port where PSIC is not required in case of metallic scrap imported from safe countries/regions. With this, total number of sea ports for import of metallic Scrap under para 2.54 is increased from 14 to 15. Government of India Ministry of Commerce & Industry Department of Commerce Udyog […]...

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How to dispose unclaimed/uncleared cargo lying with custodians

Public Notice No: 19/2019-JNCH (25/02/2019)

Following procedure with regard to expeditious disposal of un-claimed/un-cleared cargo lying with custodians, whether in the private or public sector, under section 48 of the Customs Act, 1962, is prescribed:...

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Menace of illicit deposit schemes cracked down

And the day has come when the risk to remain tight in a BUDS has become more painful……. Banning of Unregulated Deposit Scheme Ordinance, 2019 (BUDS) with effect from 21.02.2019 Menace of illicit deposit schemes cracked down Meaning of Deposit A deposit has been defined to mean: An amount of money received by way of […]...

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Posted Under: Corporate Law |

Active Company Tagging Identities & Verification- Active Form INC-22A

Active FORM INC-22A The Ministry of Corporate Affairs has come up with the KYC of registered office of the Companies wherein Rule 25A has been inserted in the Companies (Incorporation) Rules, 2014 that shall come into force w.e.f. 25th February 2019 vide notification dated 21st February, 2019. Rule 25A: Every company incorporated on or...

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Posted Under: Corporate Law |

Decisions of GST Council Meeting Held on 24.02.2019

GST exemption has been proposed on Transfer Development Rights  (TDR) / Joint Development Agreement (JDA), long term lease (premium), Floor Space Index (FSI) GST Council has specified that an Intermediate tax on these development rights such as TDR, JDA, lease (premium), FSI will be exempt from GST for such residential properties on whic...

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Posted Under: Corporate Law |

Benefits of Budget 2019 Empowering India

The 2019 Budget by the Modi Government is referred to as his second surgical strike!! The interim Budget 2019 announced by Finance Minister Piyush Goyal was a pleasant surprise for the middle class families and farmers. This budget announced in the close proximity of the coming up elections is a promise given by the government […]...

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Posted Under: Corporate Law |

E-Form- Active (Active Company Tagging Identities And Verification)

Mandatory Active Company Tagging Identities and Verification (ACTIVE) as per newly inserted rules 25A in Companies (Incorporation) Rules, 2014 vide Companies (Incorporation) Amendment Rules, 2019 for companies incorporated on or before 31st December 2017. What the rule 25A says:- 1. Every company incorporated on or before the 31st Decemb...

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Posted Under: Corporate Law |

Trademark Registration in India: FAQs

In a layman’s language, a trademark can be defined as a design, symbol, mark, word or phrase that marks the identity for a specific product, commodity, or a service. A trademark is a very important asset for any business. In this article, we shall discuss about the frequently asked questions about the various aspect of […]...

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Posted Under: Corporate Law |

How to Get Certified copies from ROC of Company & LLP document

At times, the certified copy of the documents filed with Registrar of Companies (ROC) is required for various purposes such as for legal cases/disputes, financial matters, etc. In this article, we shall discuss the steps through which we can get the certified copy of documents as filed: Step 1: Log in into Ministry of Corporate […]...

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Posted Under: Corporate Law |

Angel tax – Now a breather to Angel Investors

The Government of India is taking a lot of measures to create job opportunities which will lead to an increase in the overall growth of the country. In doing so, the Government is giving various monetary and non- monetary benefits to the eligible entities. One such eligible entity being ‘Startups’ for which the Government of […...

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Posted Under: Corporate Law |

Update on 33rd GST Council meeting decisions

The GST Council, in its 33rd meeting held on 24th Feb 2019, addressed the reports of slowdown in the real estate sector and low off-take of under-construction houses. Real estate sector, being one of the largest contributors to the national GDP and with the Government’s vision on “Housing for All by 2022”, following recommendations ...

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Posted Under: Corporate Law |

Assessment of Partnership Firms under Income Tax Act,1961

The following conditions are required to be fulfilled by partnership firm to be assessed as a firm,1) Partnership should be evidenced by a registered deed: Partnership deed should be registered clearly explaining all the terms and conditions mutually decided between the partners of the said firm....

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Posted Under: Corporate Law |

Pr. CCIT to assign additional charge of vacant post of CIT (Appeal)

Office Order No. 41 of 2019 (25/02/2019)

Office Order No. 41 of 2019: Authorization of the Pr. Chief Commissioner of Income Tax (CCA) to assign additional charge of the vacant post of CIT (Appeal) under its jurisdiction – reg. Also Read- Assign vacant CIT(A) charges to CIT: CBDT instructs Pr. CCIT No. A- 35915/11/2019-Ad.VI Government of India Ministry of Finance Departmen...

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GST Audit- Eligibility, Engagement, Preparation, Program & Report

Every Registered person whose aggregate turnover during a financial year exceeds the prescribed limit of Rs 2 crore is liable to get his account audited by Chartered Accountant or a Cost Accountant. The above prescribed limit is calculated by all India pan based turnover which includes intra state supplies, exports, interstate supplies, e...

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Posted Under: Corporate Law |

CBDT cracks bogus donation racket- May take action against 243 Donors

F. No. 225/26/2019-ITA (II) (25/02/2019)

CBDT busts Bogus donation racket under section 35(1)(ii) of Income-tax Act, 1961– Rural Development Society , Hyderabad.  It raised substantial donations on the basis of forged certificates and claimed weighted deduction u/s.35(1)(ii) of the The amount of donations raised during the Assessment Years  i.e. 2016-17 & 2017-18. presid...

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