"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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August 2021