"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 |