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Archive: 18 April 2019

Posts in 18 April 2019

SC refuses to stay HC order Quashing Criminal Proceedings against Chidambaram family

April 18, 2019 963 Views 0 comment Print

Principal CCIT Vs Nalini Chidambaram (Supreme Court of India) Learned counsel for the petitioners prays for interim stay of the judgment of the High Court on the ground that the said judgment may be acted upon in other similar cases. While, we decline the prayer for stay, as the same would amount to grant of […]

No Transfer on mere appointment of Power of Attorney for property

April 18, 2019 2079 Views 0 comment Print

Sh. Gurdev Singh Vs ITO (ITAT Amritsar) Smt. Harsharan Kaur was 73 years old lady at the relevant time. Therefore, she gave Power of Attorney to the assessee since she could not maintain the property. It was further submitted that within one year from the date of general Power of Attorney, the assessee gave the […]

Breaded Cheese classifiable under Heading 0406; 12% GST applicable

April 18, 2019 1311 Views 0 comment Print

In re Savencia Fromage & dairy Pvt. Ltd. (GST AAAR Uttar Pradesh) Under a residuary entry only such goods are covered which cannot be brought under the various specific entries in the tariff. In other words unless the Department can establish that the goods in question can by no conceivable process of reasoning be brought […]

Global Risks and Policy Challenges facing Emerging Market Economies

April 18, 2019 789 Views 0 comment Print

The biggest risk facing these economies is the growing evidence that global growth and trade is weakening. Unsettled trade tensions and developments around Brexit are imparting further downside risks to the outlook. There is considerable uncertainty as to whether this weakness is temporary or the beginning of a recession in advanced economies.

No GST on reimbursement of delayed payment for purchase of securities

April 18, 2019 1590 Views 0 comment Print

In re SPFL Securities Ltd (GST AAAR Uttar Pradesh) The nature of the delayed payment charges are being summarized below for understanding its taxability under the GST law:- Where the client makes delay (i.e. beyond T+1 statutory time limit for payment as per SEBI regulations) in reimbursing the expense (being purchase consideration of the securities […]

Decision of Bombay HC needs Review: Deduction of Taxes paid Abroad

April 18, 2019 2781 Views 3 comments Print

Reviewing the decision of Bombay HC on the deduction of taxes paid abroad in the context of the Income Tax Act, 1961.

Selection of Suitable Form of Business Enterprises – An Effortful Decision For Success in Business

April 18, 2019 1290 Views 1 comment Print

Whenever a person wants to start a business or venture, then a big question after deciding the nature of business and capital investment is that what should be the form of business. Whether to do alone by going for sole proprietorship business or to start partnership firm with someone. And further, if it is partnership […]

Boards Report for Small Company and OPC

April 18, 2019 1473 Views 0 comment Print

Preparation of Boards Report is one of the most vital phenomena of a Company with consistent deliberations like what should form a part of the report and what not, so that it becomes apt to be served to the shareholders & stakeholders to cater their needs satisfactorily. With the new Companies Act, the Boards Report […]

Angel Tax: A Guardian to the Startups Or Not?

April 18, 2019 3141 Views 1 comment Print

Gone are days when we use to strive to stand in the lines for the payment of the bills in the scorching heat. Nowadays, the payment of the bill is just one click away instead of few doors away. The world is developing and so are the people and their living standard. In the world […]

HC allows Interest on Gross amount without Allowing ITC

April 18, 2019 34188 Views 0 comment Print

M/s. Megha Engineering & Infrastructures Ltd. Vs  Commissioner of Central Tax (Telangana High Court) No input tax credit if GST returns not filed, and Interest mandatorily payable on gross tax liability on delayed payment of GST- In the case of M/s. Megha Engineering & Infrastructures Ltd. (Writ Petition Number 44517 of 2018), the High Court […]

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