"27 February 2019" Archive

Bogus ITC Case: HC denies Bail as bail of co-accused already been dismissed

Sandeep Goyal Vs Union of India (Rajasthan High Court)

Sandeep Goyal Vs Union of India (Rajasthan High Court) Petitioners have filed this petition under Section 439 Code of Criminal Procedure, 1973 seeking regular bail in Criminal Complaint No.35/2018 for offence under Sections 132(1)(b)(c)(d)(f)(i) & (i) of the Central Goods and Service Tax Act, 2017 read with Section 132(1), (i) & (...

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Transaction not Bogus for mere non-existence of parties at given address

Karam Chand Rubber Industries (p) Ltd. Vs ACIT (ITAT Delhi)

The assessee has duly discharged its initial onus by submitting sufficient proof substantiating purchase and the payment is also routed through banking channel, simply because of non-existence of parties at the given address, the transaction cannot be treated as bogus and no addition can be made accordingly....

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Depreciation on public roads is allowable @10%

CIT Vs GVK Jaipur Kishangarh Expressway Ltd. (Rajasthan High Court)

Depreciation was allowable @10% on public highway road treating the same as building. It was held assessee was granted license for construction against which it had right to use and collect license fee to use of the land. It had right to restrict the people without non payment of toll tax. It was not only road, they had to construct toll ...

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Unconscionability As A Ground To Avoid Agreement

There are various grounds for avoiding an Agreement like Ambiguity, conflicting terms, vague timeline etc. Unconscionability is one such ground on which an agreement can be avoided. Unconscionable contracts are those contracts which are heavily inclined towards one party and impose unfair, harsh conditions on the other party....

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CBDT Revises Corporate Tax collection Targets for FY 2018-19

F. No. 38012/2018-IT (Budget) 27/02/2019

Revision of the target for collection of Corporation Tax from Rs.6,21,000 Crore to Rs. 6,71,000 Crore under Revised Estimates (RE), the region-wise revised targets for Corporation Tax fixed on the basis of current trends of growth and revenue potential of the regions, are as under: –...

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Govt notifies persons who may file an application for initiating CIRP

Notification No. S.O. 1091(E) 27/02/2019

Central Government hereby notifies following persons who may file an application for initiating corporate insolvency resolution process against a corporate debtor before the Adjudicating Authority, on behalf of the financial creditor: -...

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Grant of Development Rights is taxable under GST

In re Experion Developers Pvt. Ltd. (GST AAR Haryana)

In re Experion Developers Pvt. Ltd. (GST AAR Haryana) Whether grant of Development rights in the current situation would attract the Levy of GST? If liable, what shall be valuation modus Operandi to tax in GST? Notification 4/2018-CGST(Rate), dated 25.01.2018 notified that the liability to pay tax in case of transfer of development rights...

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FEMA (Foreign Currency Accounts by a person resident in India) (Amendment) Regulations 2019

Notification No. G.S.R. 160(E) 27/02/2019

(i) These regulations may be called the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (Amendment) Regulations 2019.(ii) They shall come into force from the date of their publication in the Official Gazette....

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GST on Printing and Post Pre-examination Items

In re Orient Press Limited (GST AAR Maharashtra)

In re Orient Press Limited (GST AAR Maharashtra) Questions:- 1. Whether supply of service of : (i) Printing of Pre-examination items like question papers, OMR sheets (Optical Mark Reading), answer booklets; (ii) Printing of Post-examination items like marks card, grade card, certificates to the educational boards of up to higher secondary...

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CBDT specifies Nodal Officer for PM-KISAN Yojana

Notification No. 12/2019 /Order No. F.No. 225/49/2019/ITA.II [S.O. 1065(E)] 27/02/2019

Central Government hereby specifies Nodal Officer, Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) of all State Governments and Union Territories for the purposes of the said clause in connection with sharing of information regarding income tax assessees for identifying the eligible beneficiaries under PM-KISAN Yojana....

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July 2021