"26 February 2019" Archive

Procedure for Movement of Coastal Goods through foreign territory

Circular No. 08/2019-Customs 26/02/2019

Issues related to carriage of coastal cargo from one Indian port to another port in foreign going vessels/coastal vessels through foreign territory-regarding....

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CBIC direct tax Recovery by attachment & sale of defaulter’s property

Circular No. 1066/5/2018-Central Excise 26/06/2018

Authorised Officer should proceed to realise the amount by attachment and sale of the defaulter’s property, in accordance with the procedure of attachment and proclamation and sale as prescribed manner. Circular No. 1066/5/2018-CX F,No.298/05/2017-CX9 Government of India Ministry of Finance Department of Revenue Central Board of Ind...

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Service of Notice of court through Listing Centre only of Schemes of Companies Compromise, Arrangement, Amalgamation

LIST/COMP/44/2018-19 26/02/2019

Henceforth, any service of notice under Section 230 (5) or Section 66 of the Companies Act 2013 seeking Exchange’s representations or objections if any, would be accepted and processed through the Listing Centre only and no physical filings would be accepted....

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Reassessment based on material giving rise to reason to believe is valid

S. Rajalakshmi Vs ITO (Bombay High Court)

Reassessment made by AO was valid as assessee was unable to explain the source of income from which investments had been made by furnishing her bank statements and AO clearly had reason to believe that income of assessee with reference to these three investments had escaped assessment....

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Disallowance of employees contribution of EPF & ESI for payment made beyond due date U/s 36(1)(va)

Ms. Unifac Management Services (India) Vs DCIT (Madras high Court)

Employees contribution towards EPF and ESI was rightly disallowed by AO as payment was made beyond the due date stipulated under the relevant enactment for making such payment u/s 36(1)(va)...

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Non-reporting of specified domestic transactions U/s 92BA with related parties

HDFC Bank Ltd. Vs ACIT (Bombay High Court)

Transaction of purchase of loan from HDFC ltd. would not cover within the meaning of Specified Domestic Transactions (SDTs) as the shareholding of HDFC Ltd. of 16.39% could not be clubbed with the shareholding of the HDFC Investments Ltd. of 6.25% to cross the threshold limit of substantial interest of 20%. ...

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No addition on mere frequent withdrawal and deposit of own money

DCIT Vs Smt. Veena Awasthi (ITAT Lucknow)

Addition made by AO merely on the ground that assessee made frequent withdrawal and deposit of his own money was not justified as the same was not prohibited under any law....

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Why does the government not enhance the exemption limit

The government has by a stroke made the taxable income upto Rs. 5 lakhs fully tax free in the hands of small taxpayers without raising the exemption limit. Most of the people have been wondering why the government is not raising the exemption limit instead of playing with Section 87A. I feel the government has […]...

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MCA upcoming compliances Chart

MCA compliances to be done in upcoming days includes filing of E-form – INC-22A (Active Company Tagging Identities and Verification), Initial MSME-1, Half yearly MSME return, One time DPT-3, DPT-3 Yearly, DIR-3 KYC, BEN-1, BEN-2, NFRA-1 and E-form – INC-20A. MCA compliances to be done in upcoming days S.No. Forms Applicability &am...

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Posted Under: Custom Duty |

Banning of Unregulated Deposit Schemes Ordinance, 2019: Brief Analysis

In a bid to save credulous investors from ponzi schemes, the Central government has banned unregulated deposit schemes, a move that may help tackling the menace of illicit deposit-taking activities. Pursuant to Banning of Unregulated Deposit Schemes Ordinance, 2019 now any Individual or group of individuals cannot take any deposit or loa...

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Posted Under: Custom Duty |

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