"03 July 2019" Archive

Major Recent GST Changes till 28th June 2019

GST Council has already proposed new return forms which shall be rolled out from January 1, 2020 but pilot testing will start now. The GST Council took some important decisions in 35th Council meeting held on 21st June, 2019 including e-invoicing,  extension of due dates for returns including ones extension of tenure of National Anti-p...

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Artificial Intelligence (AI) and Role of Company Secretary

Change is the Law of Life and those who look only to past or present are certain to miss the future: John F. Kennedy. In the Modern era of technological developments, Innovations and Inventions by a man through his Human Intelligence created new machines, computers and other technological development to improve his standard of living [&he...

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GST Annual Returns and Reconciliation Statement-12 Issues clarified

NA (03/07/2019)

The Government has been receiving a number of representations regarding Annual Return (FORM GSTR-9 / FORM GSTR-9A) and Reconciliation Statement (FORM GSTR-9C). In this regard the following clarifications are issued for information of all stakeholders: -...

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Bogus F&O Loss: No protection if client code modifications are tainted with collusive action & manipulations

ITO Vs M/s Ninja Securities Pvt. Ltd. (ITAT Mumbai)

ITO Vs M/s Ninja Securities Pvt. Ltd. (ITAT Mumbai) The assessee case does not fall under the above category of genuine client code modifications allowed by NSE as we have seen that in large number of client code modifications, there are no similarity between wrong code and correct code and secondly there are repetitive client […]...

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Bogus F&O Loss proved on large number of sudden client code modifications by broker

Time Media & Entertainment LLP Vs ITO (ITAT Mumbai)

Time Media & Entertainment LLP Vs ITO (ITAT Mumbai) In this case there was an unusual and sudden spurt in client code modifications in the month of March 2010 undertaken by Brokers in Stock Exchanges. The assessee had also suffered F&O Loss of Rs.31,98,597.50 through Broker Inventure for transactions undertaken through NSE in the ...

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Gift deed not invalid only because it was registered after death of donor

Dinabandhu Mondal & Ors. Vs Laxmi Rani Mondal & Ors. (Calcutta High Court)

Dinabandhu Mondal & Ors. Vs Laxmi Rani Mondal & Ors. (Calcutta High Court) The respondents have raised serious doubt over the authenticity of the said deed of gift because of the fact that it was registered after the death of the donor. However, well established is the law that it is not necessary for the […]...

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Disciplinary proceedings against CIT cannot be quashed prior to conclusion of enquiry

Shantam Bose Vs Union of India (Kerala High Court)

Shantam Bose Vs. Union of India (Kerala High Court) After the initiation of proceedings the petitioner was promoted to the post of Commissioner of Income-tax (Appeals) as per order dated 12.1.2012. According to him, the factum of his promotion to higher post is indicative of the fact that the official respondents are not considering the ...

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Anti-Profiteering not established when No ITC was available: NAA

Shri Ramesh Kumar Yadav Vs M/s Vatika Ltd. (National Anti-Profiteering Authority)

Shri Ramesh Kumar Yadav Vs M/s Vatika Ltd. (National Anti-Profiteering Authority) The contentions of Applicant No. 1 mainly stress upon the fact that the construction was not completed before the GST had come into force and the payment was made by him in the GST regime along with GST. He had also alleged that the […]...

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Review of Foreign Trade Policy-inviting suggestions- regarding

Trade Notice No. 22/2019-20 (03/07/2019)

Attention is invited to the Trade Notice No. 21/2019-20 dated 28.06.2019 wherein the stakeholders were advised to send their suggestions regarding the proposed new Foreign Trade Policy on email id ftp2019-dgft@gov.in....

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Import of ‘Walnuts with pre-import condition & reduced EO period under Advance authorizaton

Public Notice No. 15/2015-2020-DGFT (03/07/2019)

Import of 'Walnuts in any form' is placed under Appendix 4J with pre-import condition and reduced EO period under Advance authorizaton with immediate effect....

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