"01 March 2019" Archive

7 key decisions taken in SEBI Board Meeting dated March 01, 2019

PR No. 9/2019 01/03/2019

The Board considered and approved the following Amendments to SEBI (Infrastructure Investment Trusts) Regulations, 2014 and the SEBI (Real Estate Investment Trusts) Regulations, 2014:...

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Deduction U/s 80IB not allowable on lease rent of industrial undertaking

Navas M. Meeran Vs ACIT (ITAT Cochin)

Navas M. Meeran Vs ACIT (ITAT Cochin) Conclusion: Lease rent received by assessee by letting out the industrial undertaking was not having any direct connection with the manufacture or production of an article or thing by assessee and the same could not be considered as business income eligible for deduction u/s. 80IB. Held: Assessee had ...

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Anti-profiteering provisions not apply in absence of reduction in tax rate

Kerala State Screening Committee on Anti-Profiteering Vs Director General Anti-Profiteering (National Anti-Profiteering Authority)

Kerala State Screening Committee on Anti-Profiteering Vs Director General Anti-Profiteering (NAA) On perusal of the facts of the case and the details provided in the table given above in para 4 it is apparent that there was no reduction of tax with the introduction of GST. The DGAP on examining various facts has categorically mentioned [&...

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No profiteering if base price of product remain same after GST rate reduction

Kerala State Screening Committee on Anti-profiteering Vs M/s Velbon Vitrified Tiles Pvt. Ltd (NAA)

Kerala State Screening Committee on Anti-profiteering Vs M/s Velbon Vitrified Tiles Pvt. Ltd (NAA) As seen from the invoices given above at para 4 it is clear that the base price of the product per box was Rs. 232.50 prior to 15.11.2017 and had remained the same even after GST rate reduction w.e.f. 15.11.2017. Therefore, […]...

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CEA says deterrence through IBC catalysed recovery of around Rs 3 lakh crore

Press Information Bureau  Government of India Ministry of Corporate Affairs Date: 01-March-2019 Innovation can lead India to forefront of competition: CEA Subramanian  CEA says deterrence through IBC catalysed recovery of around Rs 3 lakh crore Chief Economic Adviser K.V. Subramanian said that if this century has to belong to India then...

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Posted Under: SEBI |

Sole Concessionaire under GST

Note on Sole Concessionaire under GST Under GST, as given under explanation to Section 15 of the Central GST Act,2017, the term ‘related person’ includes persons who are associated in the business of one another in that one is the sole agent or sole distributor or sole concessionaire, of the other. Now it is time […]...

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Posted Under: SEBI |

No addition can be made for mere non-production of directors of shareholder companies

Ashtech Industries Pvt. Ltd. Vs DCIT (ITAT Delhi)

Addition under section 68 on mere reason of non-production of directors in the person of shareholder companies was not justified and AO had not brought any cogent material on records in assessment order to demolish the copious evidences furnished by assessee....

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SC explains legal effect of dismissal of a SLP by a speaking/ non-speaking order

Khoday Distilleries Ltd. Vs Sri Mahadeshwara Sahakara Sakkare Karkhane Ltd. (Supreme Court of India)

The doctrine of merger is not a doctrine of universal or unlimited application. It will depend on the nature of jurisdiction exercised by the superior forum and the content or subject-matter of challenge laid or capable of being laid shall be determinative of the applicability of merger. The superior jurisdiction should be capable of reve...

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Maharashtra VAT: Govt withdraws Pending Assessment Proceedings in 118731 cases

Order No. EIU/Withdrawal of Assessments/B- 149, Mumbai 01/03/2019

For the effective utilization of the available manpower for the disposal of pending work under the Value Added Tax Act, the Central Sales Tax Act and also the work related to Goods and Services Tax, it has become necessary to formulate the criteria for withdrawal of the assessment proceedings where the likely revenue earnings in each such...

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Reassessment based on usurpation of jurisdiction on non-existing jurisdiction is invalid

Dipti Mehta Vs ITO (ITAT Kolkata)

When income which was the foundation on which he based his belief of escapement of income was absent /disappeared then AO’s very usurpation of jurisdiction was on non-existing jurisdictional fact which rendered his usurpation of jurisdiction to reopen the assessment legally untenable and so null in the eyes of law and therefore, the rea...

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