"26 March 2019" Archive

CBI arrests two Superintendents of GST in a bribery case

CBI Arrests Two Superintendents of GST In A Bribery Case of Rs. One Lakh The Central Bureau of Investigation has arrested two Superintendents posted at the GST office, Pune (Maharashtra) for demanding and accepting a bribe of Rs. One lakh from the complainant. A case has been registered against the two Superintendents of GST, Pune [&helli...

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No addition U/s 153A could be made in absence of incriminating materials with respect to disallowance

Mrs. Mona Agarwal & Anr. Vs ACIT (ITAT Delhi)

Where there were no incriminating materials found with respect to the disallowance of expenditure made by AO, addition could not be made under section 153A by reopening the assessment on the matter, which was examined earlier during original assessment....

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Compendium of Company Law, SEBI, RBI, NCLT Changes in Feb 2019

Article Contains updates on Notifications/ Circulars issued by MCA, SEBI, RBI, BSE, NSE in February 2019 and on Recent Important NCLT Order. Updates includes updates on The Companies (Significant Beneficial Owners) Amendment Rules, 2019 – 8 February 2019, The Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 201...

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Forfeiture of deposit on surrender of industrial plot was a capital loss not a revenue loss

M/S ICS Systems Private Limited Vs CIT (Delhi High Court)

Forfeiture of advance/deposit suffered by the assessee-company towards proposed purchase of plot, unilaterally deducted by HSIDC was a capital loss not a revenue loss as loss incurred was in the transaction relating to and for acquisition of a land/plot which was a capital asset....

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Increased GST Composition limit- To go for it or not: Cost Benefit Analysis

From 1/4/2019, turnover Limit for eligibility under Composition Scheme for Goods has been increased. The limit of annual turnover in the preceding financial year for composition option is increased from Rs. 1 crore to 1.5 crore....

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Income arising out of trading of commodities at unrecognized stock exchange amounts to speculation income

DCIT Vs. Ms. Edelweiss Capital Ltd. (ITAT Mumbai)

Ms. Edelweiss Capital Ltd. Vs DCIT (ITAT Mumbai) From the record, we found that assessee was carrying out business of commodity trading on un-recognised exchange and also business of trading in shares. Assessee has claimed set off of loss arising out of trading in shares against the income arising out of trading in commodities. The [&hell...

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No specific provision requiring assessment U/s. 153A to be made after issuance of notice U/s. 143(2)

Roshan Lal Verma Vs DCIT (ITAT Delhi)

Roshan Lal Verma Vs DCIT (ITAT Delhi) In the present case the notice under Section 143(2) was issued to the assessee which is not the mandatory requirement under the provisions of Section 153A of the Act. As per Section 153A, simple notice has to be given to the assessee. Thus, the contention of the Ld. […]...

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4 Forthcoming changes in e-Waybill system

4 Forthcoming changes in e-Waybill system on 25.03.2019 are 1. Auto calculation of route distance based on PIN code for generation of EWB 2. Blocking of generation of multiple E-Way Bills on one Invoice/document 3. Extension of E-Way Bill in case Consignment is in Transit and 4. Blocking of Interstate Transactions for Composition dealers....

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Penalty U/s. 271(1)(c) not justified without specifying the grounds in penalty notice

Ms Kaveri Infrastructure Pvt. Vs DCIT (ITAT Delhi)

AO was not justified in imposing penalty under section 271(1)(c) on assessee without specifying the grounds in the penalty notice as the same could not be construed as a mere technical error...

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TDS U/s. 195 not deductible on Payment of commission to non-resident if No operations of foreign agent carried on in India

Bengal Tea & Fabrics Ltd. Vs Dy. CIT(ITAT Kolkata)

Bengal Tea & Fabrics Ltd. Vs Dy. CIT (ITAT Kolkata) ITAT held that when no business operations of commission agent were carried on in India, commission earned by them would be outside the ambit of income ‘deemed to accrue or arise in India’ for the purpose of section 5(2)(b) read with section 9(1)(i) of Income […]...

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Notice served at wrong address renders reassessment proceedings invalid

Suresh Kumar Sheetlani Vs ITO (Allahabad High Court)

Since Department had correct address of assessee and sending notice for reassessment at incorrect address drawing a presumption of service of notice was rendered assessment proceedings as invalid....

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Odisha Electricity Regulatory Commission notified by CBDT U/s. 10(46)

Notification No. 28/2019-Income Tax [S.O. 1425(E)] (26/03/2019)

CBDT notifies ‘Odisha Electricity Regulatory Commission', Bhubaneswar,’ under clause (46) of section 10 of the Income-tax Act, 1961 vide Notification No. 28/2019 Dated 26th March, 2019....

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Annual Closing of Govt A/cs- Special RBI Measures for FY 2018-19

RBI/2018-19/149, DGBA.GBD.No.2430/42.01.029/2018-19 (26/03/2019)

The Government of India has desired that all government transactions done by agency banks for Financial Year 2018-19 must be accounted for within the same financial year and has requested that, as in previous years, certain special arrangements be made for this purpose....

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GST Rate on Sell of threshed and re-dried tobacco leaves

In re M/s. Michailides ML Oriental Tobacco Private Limited (GST AAR Andhra Pradesh)

What will be the applicable rate of tax if the applicant gets the tobacco leaves threshed and re-dried? 28% (14% SGST +14% CGST) as per SI.No. 13 of Schedule IV Notification No.1/2017 Central Tax ( Rate) dated 28.06.2017....

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GST rate on tobacco leaves re-dried without getting them threshed

In re Polisetty Somasundaram Tobacco Threshers Private Limited (GST AAR Andhra Pradesh)

What is the applicable rate of tax if the applicant gets the tobacco leaves re-dried without getting them threshed? 5% (2.5% SGST + 2.5%CGST) as per SI.No.109 of schedule I Notification No.1/2017 Central Tax ( Rate) dated 28.06.2017....

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GST Rate on butter tobacco leaves sold to other dealers

In re M/s Polisetty Somasundaram (GST AAR Andhra Pradesh)

What will be the applicable rate of tax if the tobacco leaves are butted and sold to other dealers? 5% (2.5% SGST + 2.5%CGST) as per SI.No.109 of schedule I Notification No.1/2017 Central Tax (Rate) dated 28.06.2017....

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GST on tobacco leaves purchased from other dealers who purchased from farmers

In re Maddi Lakshmaiah and Company Private Limited (GST AAR Andhra Pradesh)

What will be the applicable rate of tax if the applicant purchases tobacco leaves from other dealers who have purchased them from farmers, for the purpose of trading? 5% (2.5% SGST + 2.5% CGST) as per SI.No.109 of schedule I Notification No.1/2017 Central Tax ( Rate) dated 28.06.2017....

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AAR Ruling on GST Rate on tobacco leaves in different Situation

In re M.L. Tobacco Developers Private Limited (GST AAR Andhra Pradesh)

In re M.L. Tobacco Developers Private Limited (GST AAR Andhra Pradesh) (a) What is the rate of GST applicable on tobacco leaves procured at tobacco auction platforms or directly from farmers, which are cured and dried by farmers themselves? The GST Rate of tax for the tobacco leaves procured at tobacco auction platforms or directly [&hell...

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Employer/employees/contribution towards PF before due date of filing of return U/s. 139(1) allowable

A.T.E. Pvt. Ltd. Vs Assisstant Commissioner of Income Tax (Bombay High Court)

A.T.E. Pvt. Ltd. Vs ACIT (Bombay High Court) In this case, admittedly, the payments have been made beyond the due date as prescribed in the relevant Act, under which the aforesaid payments have been made. However, it is also undisputed that the payments have been made before the due date for fling the return of […]...

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AAR Ruling on Rate of GST on tobacco leaves

In re M. L. Agro Products Private Limited (GST AAR Andhra Pradesh)

In re M. L. Agro Products Private Limited (GST AAR Andhra Pradesh) (a) What is the rate of GST applicable on tobacco leaves procured at tobacco auction platforms or directly from farmers, which are cured and dried by farmers themselves? The GST Rate of tax for the tobacco leaves procured at tobacco auction platforms or […]...

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GST rate on Sell of tobacco Leaves after grading of the same

In re ML exports (GST AAR Andhra Pradesh)

What will be the applicable rate of tax if the applicant segregates the tobacco into grades depending upon their size (width), colour /shade, length, texture of the leaf etc., and sells such graded tobacco leaf? 5% (2.5% SGST + 2.5%CGST) as per SI.No.109 of schedule I Notification No.1/2017 Central Tax (Rate) dated 28.06.2017....

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GST ITC on Motor Car purchased for Demo purpose

In re M/s. Chowgule Industries Private Limited (GST AAR Goa)

In re M/s. Chowgule Industries Private Limited (GST AAR Goa) Q. Whether ITC on Motor Car purchased for Demo purpose can be availed as credit on capital goods & set off against output tax payable? A. The Input Tax Credit on the Motor Vehicle purchased for demonstration purpose can be availed as Input Tax Credit […]...

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Master Direction- ECBs, Trade Credits & Structured Obligations

RBI/FED/2018-19/15FED Master Direction No.5/2018-19 (26/03/2019)

Instructions issued in respect of External Commercial Borrowings and Trade Credits have been compiled in this Master Direction in supersession of earlier directions contained in Master Direction - External Commercial Borrowings, Trade Credit, Borrowing and Lending in  Foreign Currency by Authorised Dealers and Persons other than Authoris...

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Guidelines for Business Continuity Plan & Disaster Recovery of MIIs

SEBI/HO/MRD/DMS1/CIR/P/2019/43 (26/03/2019)

Securities and Exchange Board of India CIRCULAR SEBI/HO/MRD/DMS1/CIR/P/2019/43 March 26, 2019 To, All Stock Exchanges, All Depositories, All Clearing Corporations Dear Sir/ Madam, Guidelines for Business Continuity Plan (BCP) and Disaster Recovery (DR) of Market Infrastructure Institutions (MIIs) 1. SEBI vide circular CIR/MRD/DMS/12/2012 ...

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Elections of councils of Institute of Cost Accountants of India

No. EL-2019/1, No. EL-2019/2, No. EL-2019/3, No. EL-2019/4, No. EL-2019/5, No. EL-2019/6, No. EL-2019/7, No. EL-2019/8, No. EL-2019/9 (26/03/2019)

THE INSTITUTE OF COST ACCOUNTANTS OF INDIA NOTIFICATION Kolkata, the 26th March, 2019 ELECTIONS TO THE COUNCIL AND THE REGIONAL COUNCILS, 2019 The present (four-year) term of the Nineteenth Council will come to an end on July 21, 2019. For the purpose of constituting Twentieth Council on July 22, 2019 and four Regional Councils for [&hell...

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Filling up post of Deputy Chairman in Deendayal Port Trust on deputation

F.No. A-35017/33/2019-AD.II (26/03/2019)

It is requested that the above post may kindly be circulated amongst the eligible officers under your charge and applications of eligible and willing officers may be sent through proper channel to the Board latest by 11.04.2019, it may be ensured that the particulars furnished by the applicants are correct and duly authenticated applicati...

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All Agency Banks to remain open for public on March 31, 2019 (Sunday)

RBI/2018-19/150 DBR.No.Leg.BC.30/09.07.005/2018-19 (26/03/2019)

RESERVE BANK OF INDIA RBI/2018-19/150 DBR.No.Leg.BC.30/09.07.005/2018-19 March 26, 2019 All Agency Banks Dear Sir/ Madam All Agency Banks to remain open for public on March 31, 2019 (Sunday) The Government of India has advised that all Pay and Account Offices will remain open on March 31, 2019 (Sunday) to facilitate government receipt and...

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Direct Tax collection are in alarming situation: CBDT Chairman

F.No. D.01380/0212018-1T(B) (26/03/2019)

GOVERNMENT OF INDIA Ministry of Finance/Department of Revenue Central Board of Direct Taxes North Block, New Delhi-110001 Tale Fax : 011-23092791 NEENA KUMAR, IRS MEMBER, CBDT & Special Secretary to the Government of India F.No. D.01380/0212018-1T(B) New Delhi, dated. 26th March. 2019 Dear Pr. Chief Commissioner of Income Tax, Subject...

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Appeal cannot be condoned for delayed download of notice served online

P3P Ventures (P) Ltd. Vs DCIT (ITAT Delhi)

When TDS returns/statements had been filed by assessee for each quarter online and orders had been served upon assessee online for payment of the late fees, assessee was not justified in contending that it had not received any communication in respect of late fee imposed under section 234E neither any such communication came to the knowle...

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GST on Real Estate Sector: Proposed Changes wef 01.04.2019

1. Source- Press Release on the recommendation of the 34th Meeting of the GST Council on operational details on the earlier recommendations on real estate sector. 2. GST Rates for Real Estate Sector to be effective from 1st April, 2019 Affordable housing properties: Effective GST rate of 1% withoutITC Residential properties outside afford...

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GST on repairing & servicing of transformers owned by WBSEDCL

In re Alok Bhanuka (GST AAR West Bangal)

In re Alok Bhanuka (GST AAR West Bangal) Repairing and servicing of transformers owned by another person is not job work as defined under section 2(68) of the GST Act. It is composite supply unless the contract specifies that the goods and services are to be separately charged. The principal supply is the service of […]...

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Check if Your Deposit is Illegal

President of India has promulgated the BANNING OF UNREGULATED DEPOSIT SCHEMES ORDINANCE, 2019 w.e.f. February 21, 2019. This law has been brought to safeguard the hard-earned money of ignorant depositors from scrupulous deposit takers. Scope: – This ordinance is applicable to every person in respect of following three offences: R...

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Detailed Analysis of Affordable Housing Deduction under Income Tax

Section 80-IBA Detailed Analysis – Affordable Housing Project 1.  Affordable Housing Meaning Affordable housing refers to housing units that are affordable by that section of society whose income is below the median household income. The basic intention of the Government is to build houses which are affordable to below medium class...

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Food supplements classifiable under HSN 2106: AAR West Bengal

In re Eskag Pharma Pvt Ltd (GST AAR West Bengal)

Food supplements are not specifically covered under any HSN. The Section or Chapter Notes or the Explanatory Notes to the Tariff Act do not contain any specific reference to inclusion of food supplements...

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Form NFRA-1 And its Applicability

MCA vide Notification dated dated November 13, 2018 notified the National Financial Reporting Authority Rules, 2018 (NFRA Rules, 2018) notified by the Ministry vide Notification dated November 13, 2018, effective from November 13, 2018 to establish an independent regulator to strengthen the audit profession and to provide for matters rela...

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About Mystery of ITC on Capital Goods under Refund of Exports in GST

The objective of zero rating of exports and supplies to SEZ is sought to be achieved through the provision contained in Section 16(3) of the IGST Act, 2017, which mandates that a registered person making a zero rated supply is eligible to claim refund in accordance with the provisions of section 54 of the CGST Act, 2017, under either of t...

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Type of Instruments in FDI & its Conditions

An Indian company is permitted to receive foreign investment by issuing capital instruments to the investor. The capital instruments are equity shares, debentures, preference shares and share warrants issued by the Indian company. Equity shares: Equity shares are those issued in accordance with the provisions of the Companies Act, 2013 an...

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Ind AS 2 Inventories

AS 2 – Valuation of Inventories prescribes accounting treatment for inventories and sets the guidelines to determine value at which inventories are carried in  financial statements. Indian Accounting Standard (Ind AS) 2, Inventories, prescribes the accounting treatment for inventories, such as, measurement of inventories, recognition o...

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Guidelines for Appointment of Insolvency Professionals as Administrators under SEBI Rules

File No. IP-12011/1/2019-IBBI (26/03/2019)

Guidelines for Appointment of Insolvency Professionals as Administrators under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018. Insolvency and Bankruptcy Board of India 7′ Floor, Mayur Bhawan, Connaught Place New Delhi-110001 Tel: +91 11 2346284...

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Excel utility for GSTR 2A reconciliation

Excel utility for GSTR-2A Reconciliation and Reconciliation’s importance in GST. Today reconciliation has become the most Important task to file accurate returns and later to compile GSTR 9 and GSTR 9C There are Five types of reconciliation expected of us for the most accurate filing of GSTR 9 and 9C 1. GSTR 3B with books […]...

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Introduction of e-Form ACTIVE in Form 22A

Introduction of e-Form ACTIVE (Active Company Tagging Identities and Verification) in Form 22A With the recent spate of issues in corporate governance and disappearance of Companies, Government has taken several steps such as filing of Form DIR 3 – KYC by Directors as well as introduction of new e-Form 22A which may be called as [&helli...

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