CESTAT Mumbai has held that demurrage was part of handling of import and export shipments of the assessee and therefore Cenvat credit of tax paid on such demurrage charges would be available. The demurrage charges were paid by the C&F service provider on behalf of the assessee and billed to him as out of pocket expenses. The Tribunal also observed that Customs Clearance Service also qualified to be input service covered by Cenvat Rule 2(l).
Shri Harish Chand Narang Vs ACIT (ITAT Jaipur) The sum and substance of above decision is that the nature of specification of charge by the A.O. at the stage of initiation of penalty proceedings at the time of issue of notice U/s 274 read with Section 271(1)(c) of the Act and at the time of […]
Ms. Sandvik Tooling Sverige AB Vs DCIT (ITAT Pune) The assessee is non-resident and was providing software services to Sandvik Asia Ltd. and also was providing IT support services to the said concern. The question which arises in the present appeal is whether the consideration received by assessee from the payer i.e. Sandvik Asia Pvt. […]
We urge you to consider and clarify the following issues which are arising at the time of preparing and filing Annual Return in Form GSTR-9. Please note that this is an illustrative list of burning issues and there are many more issues being faced by the taxpayers and professionals alike.
The Ministry of Corporate Affairs vide its notification dated 22.01.2019 notified to furnish the information regarding outstanding receipt of loan or money by every Company other than Government Company. Accordingly, sub-rule (3) was inserted after sub-rule (2) in Rule 16A of the Companies (Acceptance of Deposits) Rules, 2014 which reads as following: “Every company other than Government […]
Securities and Exchange Board of India Discussion Paper on amendment to the SEBI (Prohibition of Insider Trading) Regulations, 2015 to provision for an informant mechanism INTRODUCTION: 1. Insider trading is defined in the SEBI (Prohibition of Insider Trading) Regulations, 2015 (‘PIT Regulations’) to mean trading of securities while in possession of unpublished price sensitive information (‘UPSI’). […]
New Regime of Taxation of Long Term Capital Gains on sale of equity share, unit of equity oriented funds and unit of the business trust u/s 112A of the Income Tax Act, 1961 with effect from 01.04.2018 The Finance Act, 2018 has withdrawn the exemption under section 10(38) of the Income-tax Act, 1961 and has […]
SLUMP SALE Slump sale is a sale of an undertaking as a going concern. As per section 2(42C) of Income-tax Act 1961, ‘slump sale’ means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such […]
Reserve Bank of India Date : Jun 11, 2019 It was announced in the Part ‘B’ of the Second Bi-Monthly Monetary Policy for the year 2019-20 on June 6, 2019 that the Reserve Bank of India will constitute a Committee to Review the ATM Interchange Fee Structure with a view to give a fillip to the ATM deployment […]
The banks are advised to pass on the benefits to their customers for undertaking transactions using the RTGS and NEFT systems with effect from July 1, 2019.
