"10 April 2019" Archive

Legitimate action against corruption is not vendetta: Arun Jaitley

It has become a routine practice to call any action against corruption as political vendetta. Claim of vendetta has never been a legitimate defence in corruption. Those who commit such large acts of corruption have to be judged on the merits of the action itself....

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Posted Under: Finance |

MCA Restricting Manufacturing Businesses to form an LLP: ICSI

It has been noticed that in recent times the manufacturing businesses are being restricted from incorporating as LLP on the ground that manufacturing activities does not fall under the definition of `Business' as per the Limited Liability Partnership Act, 2008.Similarly the conversion of private and unlisted companies into LLP has been re...

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Posted Under: Finance | ,

FORM 22A (ACTIVE) – Practical Difficulties in Filing

Ministry had addressed the stakeholders regarding introduction of the initiative to Tag Identities and Verify Active Companies through the Companies (Incorporation) Amendment Rules, 2019 in e-Form ACTIVE (Active Company Tagging Identities and Verification) on or before 25.04.2019....

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Posted Under: Finance | ,

Due date for monthly GSTR-7 of March 2019 extended to 12.04.2019

Notification No. 18/2019–Central Tax [G.S.R. 299(E)] (10/04/2019)

CBIC extend the due date for furnishing FORM GSTR-7 for the month of March, 2019 from 10.04.2019 to 12.04.2019 vide Notification No. 18/2019 – Central Tax dated- 10th April, 2019. Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification No. 18/2019–Central Tax New Delhi, ...

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CBIC extends due date for Monthly GSTR 1 of March 2019 to 13.04.2019

Notification No. 17/2019–Central Tax [G.S.R. 300(E)] (10/04/2019)

CBIC extends the due date for furnishing FORM GSTR-1 for taxpayers having aggregate turnover more than Rs. 1.5 crores for the month of March, 2019 from 11.04.2019 to 13.04.2019 vide Notification No. 17/2019 – Central Tax dated- 10th April, 2019. Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Ta...

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Karnataka HC allows revision of GST Tran-1 for non-technical errors

M/s. Kongovi Private Limited Vs. Union of India (Karnataka High Court)

M/s. Kongovi Private Limited Vs. Union of India (Karnataka High Court) The petitioner was aggrieved by the action of the Revenue in not permitting it to correct an error which occurred when filing Form GST TRAN-1, due to which the eligible credit under the earlier indirect tax law could not be transferred to the electronic […]...

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HC imposes cost of Rs. 1 Lakh on petitioner for suppressing fact of filing same writ earlier before another bench

Independent Power Producers Association of India Vs Union of India & Ors (Delhi High Court)

Cost imposed of 1 lakh by Delhi High Court on Petitioner for suppressing the fact of filing the same writ earlier before another bench of Delhi HC and withdrawing the same as that Bench seemed unfavorable...

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Penalty cannot be levied by treating old jewellery found in locker as undisclosed income

Shri Padam Chand Pungliya Vs ACIT (ITAT Jaipur)

Penalty under section 271AAB could not be imposed on assessee as old jewellery found in the locker of assessee and family members could not be treated as undisclosed for the purpose of levying penalty....

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Loss incurred on derivative transactions allowable as business loss

Magic Share Traders Ltd. Vs DCIT (ITAT Ahemdabad)

Since loss arising from derivative transactions were excluded from being regarded as speculative business under section 43(5)(d) as per Explanation to section 73, therefore, the loss incurred on account of derivatives was business loss and allowed to be set off against business income....

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USA Federal & state tax eligible for tax credit under Income Tax Act, 1961

Pritesh Rajesh Kotak Vs ITO (ITAT Hyderabad)

Assessee was eligible to claim tax credit both federal as well as state taxes paid on the income earned during the year as section 91 did not discriminate between State and Federal taxes, and in effect provides for both the types of Income-taxes to be taken into account for the purpose of tax credits against Indian Income-tax liability....

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