"15 March 2019" Archive

Procedure to import pets into India

(1) Customs Circular No, 15/2013 dated 8/4/2013 allows import of two pet animals (dogs and cats only) as baggage only to persons who are transferring their residence to India after two years of continuous stay abroad subject to production of required health certificate from the country of origin and examination of the pets by the [&hellip...

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Posted Under: DGFT |

FAQs on provisions regarding Imports

Q.1 What is a ‘Restricted Item?Ans. All goods, import of which is permitted only with an Authorisation / Permission / License or in accordance with the procedure prescribed in a notification / public notice are ‘Restricted’ goods....

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Posted Under: DGFT |

Reserve Bank of India (Prevention of Market Abuse) Directions, 2019

RBI/2018-19/141 FMRD.FMSD.11/11.01.012/2018-19 (15/03/2019)

These Directions shall be called the Reserve Bank of India (Prevention of Market Abuse) Directions, 2019.(2) They shall come into force on March 15, 2019.(3) These Directions shall apply to transactions of all participants in markets for financial instruments but shall exclude transactions executed through the recognized stock exchanges u...

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All about Conversion of Public Company into a Private Company

INTRODUCTION Before the notification issued by the Ministry of Corporate Affairs dated 18th December, 2018 to amend the Companies (Incorporation) Rules, 2014, NCLT was handling the cases of Conversion of Public Companies into Private Companies and it was a time consuming process under NCLT Bench. Due to plenty of Insolvency Cases, it was ...

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Posted Under: DGFT |

Comparison of Composition Schemes Under GST (From 1-4-2019 )

We  had COMPOSITION scheme for GOODS manufacturer or trader  – at 1% . Also we already had COMPOSITION scheme for RESTAURANT SERVICE supplier – at 5%. Now we have , COMPOSITION SCHEME FOR SERVICE PROVIDER   OR   GOODS + SERVICE PROVIDER –  at 6%  for First 50 lacs w.e.f. 01-04-2019. Notification No. 2/2019-Centra...

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Posted Under: DGFT |

Advance Ruling Provision Is Not In The Interest of Justice & Fair Play

Under section 95 of CGST/SGST Act and section 12 of UTGST Act, ‘Advance Ruling’ means a expert decision provided by the Authority or the Appellate Authority to an petitioner / applicant on the matters or on the questions specified in section 97(2) or 100(1) of CGST/SGST Act as the case may be, with regard to […]...

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Posted Under: DGFT |

How to obtain online import license for ‘Restricted’ items

Trade Notice No: 49/2015-2020-DGFT (15/03/2019)

Online facility for obtaining import license for ‘Restricted’ items from 18th March, 2019 (Para 2.50 of Handbook of Procedures, 2015-2020)-regd File No. 01/53/8/AM19/O-5/IC Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi Trade Notice No...

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New Online facility for obtaining import license for ‘Restricted’ items

Public Notice No. 79/2015-2020-DGFT (15/03/2019)

Director General of Foreign Trade (DGFT) hereby notifies the revised pro-forma (ANF-2M) for submission of online application for obtaining import license for 'Restricted' items from 18th March, 2019 onwards....

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Proposed Signing of Bilateral Agreement for Exchange of CBCR between India and USA

Dear Reader, The Ministry of Finance, has issued a Press release dated 15 March, 2019 stating that a bilateral agreement has been finalized between India and the United States of America (USA) for the exchange of Country-by-Country Reports (CbCR). The proposed agreement would apply retrospectively for the exchange of CbCR from the financi...

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Posted Under: DGFT |

Refund- Enhancement on GST Portal

Refund |Enhancements on GST Portal |March 2019 While filing refund application of ITC accumulated due to Inverted Tax Structure, taxpayer can now enter his own GSTIN in the inward supply detail statement on the GST Portal...

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Posted Under: DGFT |

Addition U/s 68 cannot be made if assessee not maintain any books of Accounts

Smt. Babbal Bhatia Vs ITO (ITAT Delhi)

When assessee made it very clear in return of income that she was not maintaining any books of account, then, making addition under section 68 was untenable in law as section 68 was applicable only when credits were found in books of account of the assessee....

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No tax on Foreign allowances received for service rendered outside India through TCC

Shri Sudipta Maity Vs DCIT(IT) (ITAT Kolkata)

Where assessee, a non-resident, had received foreign allowances outside India for the services rendered in Netherlands, the foreign allowances received by assessee were not liable to tax under section 5(2)....

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Validity of Addition based on statement retracted later on by assessee

Satish Chand Agarwal, Prop. Sumit Medical Hall Vs ITO (ITAT Jaipur)

Once the assessee retracts from the statement given during survey under section 133A then it is the duty of AO to establish beyond any doubt the issues on which the addition in income needs to be made and no addition can be sustained only on the basis of such statement recorded during the survey....

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Credit card expenses of director not allowable on failure to prove business purpose

Manish Kumar Lath Vs CIT(A)-II (ITAT Indore)

Where assessee-director was able to establish the relation between expenditure incurred by credit card with the business of the company in which assessee was a director, the expenses incurred was allowable to that extent....

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No Penalty when expenses disallowed were otherwise allowable in next year

Granite Gate Properties (P.) Ltd. Vs PCIT (Delhi High Court)

The relevant clauses of AS-7, applicable Guidance Notes, the fact that the accounts were duly audited and the disclosures made in the audit notes, the loss income as declared, small taxable income as assessed even after the additions were made and that the expenses as claimed were otherwise eligible and allowed in the next assessment year...

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Exemption U/s 54B allowable on Jirayat type of agricultural land as it was cultivable land

Murtuza Shabbir Jamnagarwala Vs ITO (ITAT Pune)

Murtuza Shabbir Jamnagarwala Vs ITO (ITAT Pune) Conclusion: Assessee was entited for exemption u/s. 54B as the land transferred by assessee was “Jirayat” type of agricultural land and the same was cultivated land as “Jowar crop” was grown on the same in last four years in line. Held: Assessee, along with other two co-owners, enter...

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Posted Under: DGFT | | ,

No addition U/s 68 in respect of gift received from maternal aunt out of natural love

Pendurthi Chandrasekhar Vs DCIT (Andhra Pradesh HC)

Pendurthi Chandrasekhar Vs DCIT (Andhra Pradesh HC) Conclusion: AO was not justified in adding the amount of Rs. 73,00,000 to the account of  assessee received from maternal aunt as the donor herself had given a confirmation letter clearly stating therein that she had transferred the amount  and further declaring that she gave the said ...

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Notification under Maharashtra Right to Public Services Act, 2015

Notification No. MRPS/AMD/928/ADM-11 (15/03/2019)

COMMISSIONER OF STATE TAX, MAHARASHTRA STATE GST Bhavan, Mazgaon, Mumbai 400 010, dated the 15th March 2019 NOTIFICATION THE MAHARASHTRA RIGHT TO PUBLIC SERVICES ACT, 2015. No. MRPS/AMD/928/ADM-11.—In exercise of the powers conferred by sub-section (1) of section 3 of the Maharashtra Right to Public Services Act, 2015 (Mah. XXXI of 2015...

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Tariff Notification No. 23/2019-Customs (N.T.) dated 15th March, 2019

Notification No. 23/2019-Customs (N.T.) [S.O. 1385(E)] (15/03/2019)

Tariff Notification No. 23/2019-Customs (N.T.) dated 15th March, 2019 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver- Reg Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 23/2019-Customs (N.T.) New Del...

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CBIC notifies Dera Baba Nanak LCS

Notification No. 22/2019- Customs (N.T.) [S.O. 1386(E)] (15/03/2019)

Amendment to the Notification No. 63/1994-Customs (N.T) dated 21st November, 1994, by notifying Dera Baba Nanak LCS vide Notification No. 22/2019- Customs (N.T.) dated 15th March, 2019. MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 15th March, 2019 Notification No. 22/2019- Customs (N.T.) S.O. 1386(E). In exercis...

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Exemption U/s 10(23C)(iiiab) to assessee-society imparting skill training to students to get placements allowable.

Process-cum-Product Development Centre Vs ACIT (ITAT Delhi)

Process-cum-Product Development Centre Vs ACIT (ITAT Delhi) Conclusion: Where assessee-society engaged only in imparting research based education/allowable  skill training to students in manufacturing of sports goods and leisure equipments without any profit motive to enable them to get placement, it would cover within the definition of ...

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Notification No. 07/2019 – Customs, Dated: 15.03.2019

Notification No. 07/2019-Customs [G.S.R. 220(E)] (15/03/2019)

Seeks to amend notification No. 152/2009-Customs dated 31.12.2009 so as to grant tariff concession in respect of goods under tariff sub heading 4809 90 imported from Korea RP under the India-Korea Comprehensive Economic Partnership Agreement (CEPA). GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 07/2019-C...

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100% deduction U/s. 80IC can be claimed for 5 Years and not for 10 years

PCIT vs. Aarham Softronics (Supreme Court)

Deduction under section 80-IC was allowable to assessee @ 100% for a period of 5 years and for remaining 5 Assessment Years @ 25% (or 30% where the assessee is a company) as once assessee had started claiming deduction under Section 80-IC and the initial Assessment Year had commenced within the aforesaid period of 10 years, there could no...

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Clarification on Cyber Security & Cyber Resilience Circular

Circular No. CIR/HO/MIRSD/DOS2/CIR/PB/2019/038 (15/03/2019)

Securities and Exchange Board of India CIRCULAR CIR/HO/MIRSD/DOS2/CIR/PB/2019/038 March 15, 2019 To, The Managing Directors of all Recognized Stock Exchanges and Depositories Dear Sir/Madam, Sub: Clarification to Cyber Security & Cyber Resilience framework for Stock Brokers / Depository Participants 1. SEBI vide circular no. SEBI/HO/M...

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Losses cannot be treated as Bogus merely for client code modifications

Manoj Kumar Damani Vs ACIT (ITAT Kolkata)

When purchase and sale of shares were supported by proper Contract Notes, shares were purchased and sold through recognised broker and sale considerations were received by Account Payee Cheques, the transactions could not be treated as bogus and loss on account of client code modifications should be allowed....

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No Disallowance under section 14A in Absence of exempt income

PCIT Vs IL&FS Energy Development Company Ltd. (Delhi High Court)

No disallowance of expenditure in terms of section 14A read with rule 8D can be made in case where no exempt income is earned in the relevant assessment year....

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CBDT order on centralised issuance of notice

No: CIT (e-Verification)/Jurisdiction/2019-20/01, 47 20119 (15/03/2019)

Commissioner Of Income Tax (E-Verification) directs that the Addl Commissioner or Joint Commissioner of Income-tax specified in column (1) of the schedule annexed hereto, having his headquarter at the place specified in the corresponding entry in column (2) of the said schedule, to exercise the concurrent powers in addition to any other a...

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Management of Non-Performing Asset the Importance of Cash Flow

The old dictums Prevention is better than cure and A stich in time saves nine are very much applicable and relevant in the matter of classifying the account as Non-Performing Asset (NPA). ...

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Posted Under: DGFT |

CA Exams May 2019 – Apply for Changes/Corrections

CA exams to be held in May 2019 have been rescheduled in terms of the announcemnt dated 11th March 2019, hosted on www.icai.org.CA May 2019 exams will now be held from 27th May 2019 to 12th June, 2019...

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Posted Under: DGFT |

GST on services provided from hotel located in non-processing zone of SEZ to clients located in SEZ

In re M/s. Sapthagiri Hospitality Private Limited (GST AAAR Gujarat)

In re M/s. Sapthagiri Hospitality Private Limited (GST AAAR Gujarat) Gujarat Appellate Authority confirms the Advance Ruling given by Gujarat advance ruling authority and rejects the appeal filed by the appellant. The supplies made by applicant, a SEZ co-developer from non-processing zone of SEZ to client located in SEZ for authorized ope...

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18% GST on Outdoor Catering Services: AAAR upheld AAR Ruling

In re M/s. Rashmi Hospitality Services Private Limited (GST AAAR Gujarat)

Once the service being provided by the appellant is covered under 'outdoor catering' service in terms of the Notifications issued under the CGST Act, 2017 and the GGST Act, 2017, the category under which the license has been issued to the appellant under the Food Safety and Standards Act would not make any difference on the taxability of...

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Abacus Maths not qualify for exemption from payment of GST: AAAR

In re Ms. Omnisoft Technologies Private Limited (GST AAAR Gujarat)

In re Ms. Omnisoft Technologies Private Limited (GST AAAR Gujarat) Gujarat Appellate Authority confirms the Advance Ruling given by Gujarat advance ruling authority and rejects the appeal filed by M/S Omnisoft Technology Pvt ltd. The activity provided by UCMAS using abacus does not qualify for exemption from the payment of goods and servi...

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UDIN Mandatory for GST & Tax Audit Reports from 01.04.2019

The Institute of Chartered Accountants of India UDIN BEING MADE MANDATORY IN 2nd PHASE FOR GST & TAX AUDIT REPORTS You may be aware that Unique Document Identification Number (UDIN) has been made mandatory as per the Council decision taken at its 379th Meeting held on 17th – 18th December, 2018 in the following phases: […]...

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Posted Under: DGFT |

GST – War has just begun

Till now, everything was going ok. But all cannot be on the same page all the time. During the 31st GST Council meeting on 22nd December, 2018, States must have felt that due to the pattern allowed to offset the GST input credit, they are having cash flow problems. So decision was taken to insert section 49A & 49B to bring new provision...

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Posted Under: DGFT |

GST Audit Desk Review : Part – I

Desk review is the first and foremost step taken by an Auditor to conduct an audit . It simply means performing initial audit procedures in the office itself without going to auditees place of business. It involves collecting some important information from the assessee to understand the operations prior to the conduct of field audit....

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Posted Under: DGFT |

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