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Archive: 16 July 2019

Posts in 16 July 2019

Allotment of flats as sales value amounts to investment in new residential house

July 16, 2019 798 Views 0 comment Print

Pr. CIT Vs Mr. Peter Savio Pereira (Bombay High Court) The Tribunal notices that the assessee had received sale consideration partly in cash and partly in form of new flats to be constructed and to be allotted to the assessee. The Tribunal, therefore, correctly came to the conclusion that the assessee’s investment in such new […]

Govt appoints Sri Sudipta Bhattacharya, Director, as Statistics Officer

July 16, 2019 786 Views 0 comment Print

Ministry of Commerce and Industry, Government of India now appoints Sri Sudipta Bhattacharya, Director, as Statistics Officer, under Collection of Statistics Act, 2008.

Foreign Exchange Management (Deposit) (Amendment) Regulations, 2019

July 16, 2019 1677 Views 0 comment Print

(i) These Regulations may be called the Foreign Exchange Management (Deposit) (Amendment) Regulations, 2019. (ii) They shall come into force with effect from the date of their publication in the Official Gazette.

CBIC Transfer & Posts 190 Commissioner / Pr. Commissioners

July 16, 2019 19710 Views 0 comment Print

Vide office Order No. 101/2019 dated 16th July, 2019 CBIC makes 190 transfers/postings in the grades of Pr. Commissioner / Commissioner of Customs, GST & Central Excise . Office Order No. 101/2019 dated 16th July, 2019 F.No. A-22011/07/2019-Ad.II Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes & Customs **** North Block, […]

Budget 2019 Rationalizes provisions of Prohibition of Benami Property Transactions Act

July 16, 2019 4344 Views 2 comments Print

The existing provisions of section 23 of the Prohibition of Benami Property Transactions Act (‘the PBPT Act’) provide that the Initiating Officer, with the prior approval of the Approving Authority, shall conduct any inquiry or investigation. This power is exercised by the Initiating Officer where no case is pending before him. However, it is not […]

Return of expired Drugs and medicines in GST

July 16, 2019 3432 Views 0 comment Print

The common trade practiced followed in case of pharmaceutical sector is that the drugs or medicines are sold by manufacturer to the wholesaler and then further to the retailer on the basis of Invoice or Bill of supply as the case may be. It is noteworthy that these goods have a definite life (expiry date) […]

CBDT denies Large Scale Changes in ITR Forms wef 11th July 2019

July 16, 2019 17373 Views 11 comments Print

CBDT  said that there are no changes in the notified ITR forms; only the utility has been updated to facilitate the taxpayers. Therefore, the assertion that numerous changes have been made in ITR-2 and ITR-3 on July 11, 2019, does not give a correct picture. Government of India Ministry of Finance Department of Revenue Central […]

All about resolution plan under Insolvency and Bankruptcy Code, 2016

July 16, 2019 73038 Views 3 comments Print

Resolution Plan A resolution plan is a proposal that aims to provide a resolution to the problem of the corporate debtor’s insolvency and its consequent inability to pay off debts. It needs to be approved by the committee of creditors (“COC”), and comply with mandatory requirements prescribed in IBC. Section 5(26) of IBC, 2016 -“Resolution […]

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