"August, 2019" Archive

PPT on Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019  as introduced vide THE FINANCE (NO.2) ACT, 2019 wef 1-9-2019 Objectives ♦ One time measure for liquidation of past disputes of central excise and service tax ♦ To provide an opportunity of voluntary disclosure to,non-compliant taxpayers. Cases covered under the Scheme… √A s...

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Posted Under: Excise Duty |

ICAI President’s Message – September 2019

My dear Professional Colleagues, While our Government has always been ready to take up all possible dynamic, innovative and futuristic measures to boost our national economy in the best interests of our nation, we Chartered Accountants are also equally committed towards our nation. We constantly keep playing on priority the desired role o...

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Posted Under: Excise Duty |

CBI Conducts Nationwide Joint Surprise Checks in a Special Anti Corruption Drive

The Central Bureau of Investigation is today conducting a special drive on anti corruption work. Under this drive, more than 150 Joint Surprise Checks (JSCs) at various places of suspected corruption across the country are being undertaken in association with the Vigilance Officers of concerned Government departments, Ministries and organ...

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Posted Under: Excise Duty |

Amendment of import policy of Agarbatti & other odoriferous preparations

Notification No. 15/2015-2020-DGFT (31/08/2019)

Import policy of Agarbatti and other odoriferous preparations which operate by burning under Exim code 33074100 and "Others" under Exim Code 33074900 of ITC (HS) 2017 — Schedule — 1 (Import Policy) is revised from 'Free' to 'Restricted'....

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GSTR-1 & GSTR-6 due date extended for taxpayers in J&K and 58 flood affected districts

Notification No. 41/2019–Central Tax [G.S.R. 618(E)] (31/08/2019)

Notification No. 41/2019- Central Tax dated 31.08.2019 issued to waive the late fees for the month of July, 2019 for FORM GSTR-1 and GSTR-6 to be filed by taxpayers in J&K and 58 flood affected districts across 7 States provided the said returns are furnished by 20.09.2019. Waiver of late fees- Seeks to waive the […]...

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FORM GSTR-7 due date extended for taxpayers in J&K and 58 flood affected districts

Notification No. 40/2019–Central Tax [G.S.R. 617(E).] (31/08/2019)

Notification No. 40/2019- Central Tax dated 31.08.2019 issued to extend due date for GSTR-7 to be filed by taxpayers in J&K and 58 flood affected districts across 7 States to 20.09.2019. Last date for filing GSTR-7 ( TDS return under section 51 read with section 39(3) of the CGST Act, 2017 and rule 66 of […]...

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Section 103 of Finance (No. 2) Act, 2019 applicable from 01.09.2019

Notification No. 39/2019–Central Tax [G.S.R. 616(E).] (31/08/2019)

Notification No. 39/2019–Central Tax– Central Government appoints the 1st day of September, 2019, as the date on which the provisions of section 103 of the Finance (No. 2) Act, 2019 shall come into force. Disbursement of refund by single authority Extract of section 103 of the Finance (No. 2) Act, 2019 is as follows:- 103. [&helli...

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CBIC waives requirement to furnish declaration in FORM ITC-04

Notification No. 38/2019–Central Tax [G.S.R. 615(E)] (31/08/2019)

Notification 38/2019-CT dated 31.08.2019 issued waiving requirement to furnish declaration in FORM ITC-04 for the period July, 2017-March 2018 and FY 2018-19 The declaration in FORM GST ITC-04 of the CGST rules, in respect of goods dispatched to a job worker or received from a job worker, during the period from July, 2017 to June, [&helli...

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Interest/late fees for services of pre-GST era, received after 1st July 2017

Interest/late fees for services of pre-GST era, received after 1st July 2017, are liable to GST Synopsis: The AAR, Tamil Nadu in the case of M/s Chennai Port Trust has held that the amounts received on or after July 1, 2017 towards interest, late fees, penalty relating to services of lease/rent, due to delayed payment of consideration [...

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Posted Under: Excise Duty |

Extension of due date for submission of GSTR 9 & 9C- Make effective use

Now that dead line for submission of GSTR 9 and 9C for FY2017-18 are extended by three months , there is huge sign of relief amongst assessees as well as auditors. Of course, there may be some dismay also, because some hopeful Associations and clients may rue that submission of GST annual returns for FY […]...

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Posted Under: Excise Duty |

TDS on cash withdrawal in excess of Rs. 1 crore

FM Nirmala Sitharaman has presented her first Union Budget on 5 July 2019.With a view to encourage digital payments and discourage the practice of making payments in cash, the Union Budget 2019 has introduced Section 194N for deduction of tax at source (TDS) on cash withdrawals exceeding Rs 1 crore. Section 194N is applicable in […...

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Posted Under: Excise Duty |

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 opens on 01.09.2019

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 Opens on : 01.09.2019 Closes on : 31.12.2019 I. Applicability: Disputes, Arrears and amounts payable under Central Excise Act & Ch.V of FA,1994 (Service Tax) and other Acts as detailed in Section 122. II. Authority: a) Sections 120 to 135 of the FA, 2019. {Mentioned as Sections} b...

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Posted Under: Excise Duty |

Issues/Query/FQS of e-Way Bill

Q 1. Can I transport the goods with the e-way bill without vehicle details in it? Ans:  No. One needs to transport the goods with a e-way bill specifying the vehicle number, which is a carrying the goods. However, where the goods are transported for a distance of less than Fifty kilometers within the State […]...

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Posted Under: Excise Duty |

Depreciation @ 25% on toll way rights treating as intangible asset allowable

ACIT Vs M/s. PNG Tollway Ltd. (ITAT Chennai)

ITAT held that CIT(A) rightly directed Assessing Officer to allow the assessee’s claim of depreciation @ 25% treating the toll way rights as an intangible asset under section 32(1)(ii) of the Income Tax Act, 1961....

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Commission for referring patients for diagnosis to Doctors not allowable

CIT Vs M/s Kap Scan & Diagnostic Centre Pvt. Ltd. (Punjab and Haryana High Court)

Commission paid to private doctors for referring patients for diagnosis could not be allowed as a business expenditure. The amount which can be allowed as business expenditure has to be legitimate and not unlawful and against public policy....

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ITAT deletes addition for share capital in case of Jagan Reddy Group Companies

M/s Janani Infrastructure Pvt. Ltd. Vs ACIT (ITAT Banglore)

M/s Janani Infrastructure Pvt. Ltd. Vs ACIT (ITAT Banglore) We have held that the sole basis of reopening of the assessment is the information received from the CBI. It is an undisputed fact that AO did not supply those materials to the assessee and also did not confront them with the assessee. Hence, we are […]...

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AO bound to compute total income in conformity with ALP determined by TPO

M/s. Carraro India Private Limited Vs DCIT (ITAT Pune)

In view of section 92CA(4) as substituted by Finance Act, 2007 w.e.f. 1-6-2007, AO was bound by the order passed by TPO as he is required to compute total income in conformity with the ALP determined by TPO....

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Share capital accepted in scrutiny assessment cannot be added in Assessment U/s. 153A

ACIT Vs SMC Power Generation Ltd. (ITAT Delhi)

ACIT Vs SMC Power Generation Ltd. (ITAT Delhi) ITAT held that assessment was earlier completed u/s 143(3) wherein the share capital had been scrutinized and accepted by the revenue, holding the same share capital as unexplained in the present reassessment u/s 153A tantamounts to change of opinion not backed by any evidence and, therefore,...

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HC beautifully explains concept of Natural justice in GST Case

M/s. Swastik Traders Vs State of U.P (Allahabad High Court)

It is true that the concept of natural justice is not very clear and therefore, it is not possible to define it; yet the principles of natural justice are accepted and enforced....

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FM announces merger of Public Sector Banks

Bank Merger 1) Unlocking potential through consolidation, big banks with enhanced capacity to increase credit and bigger risk appetite, with national presence and global reach 2) Punjab National Bank, Oriental Bank of Commerce, and United Bank to be merged together. 3) Canara Bank and Syndicate Bank to be merged together 4) Union Bank, An...

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Posted Under: Excise Duty |

Fresh Start Process Under IBC 2016- Need a review before notification

One of the methods for resolving the insolvency of individuals is The fresh start process. This is applicable for individuals and partnership firms. These provisions though not notified yet have been framed to give debtors with comparatively smaller debts the chance to discharge their debts, and start afresh without any liabilities...

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Posted Under: Excise Duty |

Application to act as foreign company

Every foreign company shall, within thirty days of establishment of its place of business in India, in addition to the particulars specified in sub-section (1) of section 380 of the Act, also deliver to the Registrar for registration, a list of directors and Secretary of such company. A foreign company shall, within a period of […]...

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Posted Under: Excise Duty |

Benefits for small companies under companies Act, 2013

Before filing of annual return of any company we should know some key points like: ♣ what the status of our company ♣  what benefits/Exemptions available for our company There are some Benefits / exemptions for small companies that every Stakeholder should remember before filing of annual return of their company. Definition of Small ...

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Posted Under: Excise Duty |

Integrated Agriculture Supply Chain

Agriculture is the primary source of livelihood for about 58 per cent of India’s population. Gross Value Added by agriculture, forestry and fishing is estimated at Rs 18.53 trillion (US$ 271.00 billion) in FY18. The Indian food industry is poised for huge growth, increasing its contribution to world food trade every year due to its [&he...

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Posted Under: Excise Duty |

Corporate Social Responsibility (CSR)- Recent Changes

Section 135 of Companies Act, 2013 pertaining to Corporate Social Responsibility (CSR) is applicable to following class of companies who during the immediately preceding financial year have: Net profit before tax of Rs. 5 Crore or more or Net worth of Rs. 500 Crore or more or Turnover of Rs. 1,000 Crore or more In this […]...

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Posted Under: Excise Duty |

GSTR 3B For 2017-18 Can Be Rectified Manually: Andhra Pradesh HC

Andhra High Court through an interim order allowed assessee to manually rectify GSTR-3B returns for the months pertaining to FY 2017-18 . (Panduranga Stone Crushers v. Union of India). The petitioner has inadvertently and by mistake reported IGST input tax credit in all other ITC colum, The petitioner  contended that in the absence of an...

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Posted Under: Excise Duty |

GST leviable on ‘Mobilization Advance’ as on July 1, 2017 received for works contract service: AAR

The West Bengal AAR in the matter of Siemens Ltd. has ruled that the Applicant is deemed to have supplied works contract service to KMRCL on July 1, 2017 to the extent covered by the lump-sum that stood credited to its account on that date as mobilisation advance and GST is leviable thereon accordingly....

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Posted Under: Excise Duty |

Consolidated circular for Income Tax assessment of Startups

Circular No. 22/2019-Income Tax (30/08/2019)

In case of Startup companies recognized by Department for Promotion of Industry and Internal Trade (DPIIT) which have filed Form No. 2 and whose cases are under limited scrutiny on the single issue of applicability of section 56(2)(viib) of the Income-tax Act, 1961 (the Act),the contention of the assessee will be summarily accepted....

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CBIC imposes Countervailing duty on imports of Saccharin from China

Notification No. 02/2019-Customs (CVD) [G.S.R. 610(E).] (30/08/2019)

NOTIFICATION No. 2/2019-Customs (CVD)– Seeks to impose countervailing duty on imports of ‘Saccharin in all its forms’ originating in or exported from People’s Republic of China in pursuance of countervailing duty/anti-subsidy investigation issued by DGTR MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 2/20...

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CBIC issues Corrigendum to notify DRC-03 for payment of tax

Notification No. G.S.R. 611(E) / G.S.R. 612(E) / G.S.R. 613(E) (30/08/2019)

Where, Tx is positive, i.e. Te<T, the registered person shall pay, by debit in the electronic credit ledger or electronic cash ledger, an amount equal to the difference between T and Te. Such amount shall form part of the output tax liability of the registered person and the amount shall be furnished in FORM GST […]...

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Interchangeability of PAN with Aadhaar – CBDT amends Rules 114

Notification No. 59/2019-Income Tax [G.S.R. 614(E)] (30/08/2019)

Any person, who has not been allotted a permanent account number but possesses the Aadhaar number and has furnished or intimated or quoted his Aadhaar number in lieu of the permanent account number in accordance with sub-section (5E) of section 139A, shall be deemed to have applied for allotment of permanent account number and he shall no...

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Solar Power Plants and GST

 In view of the important needs of alternative new eneryg, India needs a vibrant industry revolution by inviting FDI in solar and wind energy sector.  To support the project developers, the total project cost should be levied 5% GST as composite supply which includes the supply of solar devices, parts and accessories and installation ch...

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Posted Under: Excise Duty |

Leasing and service charges from leasing premises of special nature as per client’s need to taxed as business income

ITO Vs Balwas Realty and Infrastructure Pvt. Ltd. (ITAT Mumbai)

ITO Vs Balwas Realty and Infrastructure Pvt. Ltd. (ITAT Mumbai) Leasing and service charges from leasing premises of special nature as per client’s need to taxed as business income Conclusion: Where assessee-company was not simply letting out a structure to earn rental income out of it rather it was in the business of building and [...

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FDI in Telecom Services sector

Telecommunications is one of the fastest growing industries in India that has undergone an innovative phase over the past few years and stands as the second largest telecommunications market in the world after China. It is due to liberalization policy that telecom sector could attract more FDI flows in private sector participation increas...

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Had GSTN been subjected to audit by third party so far?

Had GSTN been subjected to audit by third party so far? Answer is yes but still why the hell GSTN is unable to cope up with the amendments and glitches? As reported in Business Standard dt. 27/06/2018 (https://www.business-standard.com/article/economy-policy/gstn-software-developed-by-infosys-to-be-audited-by-third-party-official-11806270...

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Posted Under: Excise Duty |

Order of Due date extension news is fake: CBDT

It has come to the notice of CBDT that an order is being circulated on social media pertaining to extension of due dt for filing of IT Returns. It is categorically stated that the said order is not genuine.Taxpayers are advised to file Returns within extended due dt of 31.08.2019...

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Posted Under: Excise Duty |

Stay on recovery of demand cannot be rejected merely relying on CBDT instruction

M/s. Shriram Finance Vs Pr. CIT (Madras High Court)

Since CIT rejected assessee’s application for stay of recovery of demand merely relying of CBDT instruction which was cryptic and non-speaking as CBDT circular/instruction could not serve as a series of guidelines in the matter of grant of stay, therefore, the matter was remanded back to CIT for disposal afresh in accordance with law....

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CCI needs careful oversight on data to prevent amassing of power in one conglomerate

CCI needs careful oversight on data to prevent amassing of power in one conglomerate in market: NITI Aayog Vice-Chairman The usage of data by people in e-commerce needs a careful oversight as when combined with modern technology, it gives unprecedented market power to the platforms which can be used for benefits of consumers as much as [...

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Posted Under: Excise Duty |

Order passed u/s 201(1)/201(1A) before applicability of new limitation period of seven years was valid

Sodexo SVC India Pvt Ltd. Vs DCIT (ITAT Mumbai)

Sodexo SVC India Pvt Ltd. Vs DCIT (ITAT Mumbai) Conclusion: Order passed by AO under section 201(1)/201(1A) for failure to deduct TDS under section 194C on the reimbursement of the meal vouchers to the affiliates was barred by limitation as the amended limitation period of seven years under section 201(3) was effective from 1-10-2014 and ...

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Proceedings u/s Sec 153C instead of sec. 153A to be made in case incriminating material found at premises of third party

Mr. Trilok Chand Chaudhary Vs ACIT (ITAT Delhi)

Mr. Trilok Chand Chaudhary Vs ACIT (ITAT Delhi) Conclusion: AO made assessment under section 153A in case of assessee by using the material found in the course of search at the premise of third party which was not permitted in view of the express provision of the law as proceedings should be initiated u/s 153C […]...

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Govt notifies few sections of Arbitration and Conciliation (Amendment) Act, 2019 wef 30.08.2019

Notification No. S.O. 3154(E) (30/08/2019)

Central Government hereby appoints the 30th August, 2019 as the date on which the provisions of the  section 1, section 4 to section 9 [both inclusive], section 11 to section 13 [both inclusive] and section 15 of Arbitration and Conciliation (Amendment) Act, 2019. MINISTRY OF LAW AND JUSTICE (Department of Legal Affairs) NOTIFICATION New...

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Exposure Draft on Guidance Note on Division III to Schedule III to Companies Act 2013

Exposure Draft of Revised Guidance Note on Division III – Non Ind AS Schedule III to the Companies Act, 2013 by Corporate Laws & Corporate Governance Committee ICAI ED/GN-Div-III/2019-2020/50 EXPOSURE DRAFT ON GUIDANCE NOTE ON DIVISION III TO SCHEDULE III TO THE COMPANIES ACT 2013 FOR NBFC THAT IS REQUIRED TO COMPLY WITH INDIAN ACCO...

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Posted Under: Excise Duty |

Tariff Notification No. 62/2019-Customs (N.T.) dated 30th August, 2019

Notification No. 62/2019-Customs (N.T.) [S.O.3148(E).] (30/08/2019)

Tariff Notification No. 62/2019-Customs (N.T.) dated 30th August, 2019 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 62/2019-CUSTOMS (N.T.) New Delhi, ...

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SVLDRS declarations to be handled by Designated Committees

SVLDRS Advisory No. 01/2019 (30/08/2019)

As you may be aware. the `Sabka Vishwas Legacy Dispute Resolution Scheme’ will come into effect on 1st September 2019. There will be two Designated Committees in each Commissionerate to handle the declarations made under this scheme. DIRECTORATE GENERAL OF SYSTEMS & DATA MANAGEMENT CENTRAL BOARD OF INDIRECT TAXES & CUSTOMS 4...

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No addition u/s 68 for bogus LTCG without substantial evidence

L. K. Prahladka, HUF Vs ITO (ITAT Kolkata)

Since assessee had brought all the relevant material to substantiate its claim that transactions of the purchase and sale of shares were genuine and AO had brought nothing controverting material to deny the same, therefore, the long term capital gain (LTCG) on sale of shares of M/s. KAFL claimed as exempt by assessee could not be treated ...

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IBC Weekly Updates (21-26 August, 2019)

I. Jursdiction clause in a contract cannot oust the rights of NCLT/NCLAT under the I&B Code. Excel Metal Processors Limited Vs. Benteler Trading International GMBH and Anr [Company Appeal (AT) (Insolvency) No. 782 of 2019], NCLAT; The NCLAT, while referring to Binani Industries Limited vs. Bank of Baroda and Anr.2018 SCC Online NCLAT ...

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Posted Under: Excise Duty |

Forensic Audit: Field to Explore by Chartered Accountants

Forensic Audit: Field to Explore Growing cyber crimes, failure of regulators to track the security scams, series of co-operative banks bursting – all are pinpointing the need of forensic accounting, irrespective of whether we understand the need or not. Forensic accounting seeks to uncover the what, why and how behind the computatio...

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Posted Under: Excise Duty |

Date of issuance of completion certificate will be date of property completion

In re Bilaspur Infrastructure Pvt. Ltd (GST AAR Chhattisgarh)

Whether the sale / booking of units in a project after its first occupation and receipt of advance against that booking is classifiable under Para 5 of Schedule-III to the CGST Act, 2017 as sale of building and thus neither regarded as Supply of goods nor supply of services? Thus whether the same is outside the purview of Goods and Servic...

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Appointment of Company Secretary (CS) under Companies Act, 2013

Article explains Who is a Company Secretary, Who is required to have company Secretary/ KMP, Time Period for such appointment of Company Secretary, Process for appointment of company secretary, Roles and Responsibilities of Company Secretary, Core Duties of the Company Secretary, Appointment of Company Secretary – Offence & Penalty:...

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Posted Under: Excise Duty |

UDIN by ICSI

The attestation of a Company Secretary (CS) on a certificate or any such document is of immense value since it usually signifies that the CS, in his professional opinion, has ensured that there is no misrepresentation by the entity issuing/submitting such a document. It was being observed that certain unscrupulous individuals were forging...

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Posted Under: Excise Duty |

Constitution of Committee of Experts on Valuation Profession

Order No. 12/9/2019 - PI (30/08/2019)

Constitution of a Committee of Experts to examine the need for an Institutional framework for regulation and development of valuation professionals regarding...

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Compliance Related To DIR- 3 KYC

Please be aware that the rules related to filing of DIR-3 KYC i.e. Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2019 have been notified w.e.f 25th July 2019. Article explains about Who need to file DIR-3 KYC, Who need to file DIR-3 KYC-WEB, What is the due date to file these forms, What happens […]...

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Posted Under: Excise Duty |

NCLT takes action against Builders under Insolvency and Bankruptcy Code

Recently, various Real Estate Developers had approached the Supreme Court challenging the constitutional validity of the amendment made in the Insolvency and Bankruptcy Code (IBC) which deems the status of allottees as ‘financial creditors’ under the Act. Very recently the Supreme Court upheld the said amendment in Insolvency and Bank...

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Posted Under: Excise Duty |

Forensic Auditing: Much required tool in current era of Frauds

The article briefly explains the concept of Forensic Auditing and the use of the technique in the detection of the frauds. The relevance of the concept has been highlighted -especially in the emerging scenario of continuous development in the fields of accounting and auditing. The article also touches upon the various  inter-related conc...

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Posted Under: Excise Duty |

Insolvency and Bankruptcy Code (Amendment) Act, 2019: An Analysis

The Insolvency and Bankruptcy Code (Amendment) Bill, 2019 was introduced in Rajya Sabha by the Minister of Finance, Ms. Nirmala Sitharaman, on July 24, 2019. The Bill amends the Insolvency and Bankruptcy Code, 2016. The Lok Sabha on August 01, 2019 passed the Insolvency and Bankruptcy Code (Amendment) Bill 2019 and the bill received the ...

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Posted Under: Excise Duty |

Reassessment invalid if section 148 notice not served within stipulated period

B. M. Land Developers & Builders Vs ITO (ITAT Hyderabad)

Though AO had issued notice under section 148 on 26-3-2014, i.e., within period of six years from the end of relevant assessment year, however, it was returned unserved by postal authorities and even notice by affixture was also served on 4-4-2014 and there was no report of AO containing names and addresses of witnesses having identified ...

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Applicability of Companies Act, 2013 based on Limits

Applicability of Provision under Companies Act, 2013 Based On Limit related to XBRL, CARO, Cash Flow Statement, Internal Auditor, Certification of Annual Return by a Company Secretary in practice,  Signing of Annual Return by a Company , Secretarial Audit, Independent Director, Managing Director/ Whole Time Director, Key Managerial Perso...

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List of Resolution for which MGT-14 requires to be filed

Form MGT-14 requires filing for following below mention Resolutions 1. Section- 8: For a company registered under Section- 8 to convert itself into a company of any other kind or alteration of its Memorandum or Articles...

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Whether MGT-9 required to be attached with Directors Report?

Author discusses following questions related to Directors Report: I. Whether Companies need to attach MGT-9 with Directors Report for F.Y. ending 31.03.2019? II. Whether Companies are required to publish Annual Return on its Website? III. Practically annual Return prepare after AGM and Directors’ Report prepare before AGM. Therefore, Ho...

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Posted Under: Excise Duty |

Appointment of Nodal Officer under IEPF Rules

MCA Notification Dated 14th August, 2019 notified ‘Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019‘,  w.e.f. 20th August, 2019. New Rule 7(2B) ‘The details of the Nodal Officer and Deputy Nodal Officer duly indicating his or her designation, postal...

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Posted Under: Excise Duty |

Procedure for seeking extension of date for Holding AGM of Company

Procedure for Seeking Extension of Date for Holding of Annual General Meeting (AGM) of The Company Section 96 of the Companies Act, 2013 provides that every company other than a one person company shall in each year hold an Annual General Meeting of its shareholders and not more than fifteen months shall elapse between the […]...

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Posted Under: Excise Duty |

Clarification on applicability of TDS on cash withdrawals | Section 194N

NA (30/08/2019)

Section 194N inserted in the Act, is to come into effect from 1st September, 2019. Hence, any cash withdrawal prior to 1st September, 2019 will not be subjected to the TDS under section 194N of the Act. However, since the threshold of Rs. 1 crore is with respect to the previous year, calculation of amount of cash withdrawal for triggering...

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CBDT constitutes Cell for redressal of grievances related to Start-ups

F.No. 187/6/2019-ITA-I (30/08/2019)

In order to redress grievances and address various tax related issues in the cases of Start-ups, a Start-up Cell has been constituted by CBDT on 30.08.2019 with the following ex-officio members:...

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Rectification of Invoice / GSTN Number / Shipping Bill Mis-match, EGM/Stuffing and IGST Refund

Public Notice No. 17/2019 (29/08/2019)

Exporters are requested to advise their respective Shipping Lines to file the EGM correctly before the departure of the vehicle. In the event of EGM errors, the Shipping Bill generated in the IGST Temporary Scroll will not be migrated to final Scroll. Unless, the Shipping Bill figures in the final Scroll of IGST, the exporters will not be...

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Note on Sabka Vikas (Legacy Dispute Resolution) Scheme, 2019

Note on Sabka Vikas (Legacy Dispute Resolution) Scheme, 2019 and Rules thereon Update Source : Notification No. 04/2019 Central Excise-NT and Notification No. 05/2019 Central Excise-NT , Central govt. has notified Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 and Sabka Vishwas (Legacy Dispute Resolution) Scheme Rules, 2019 Sabka ...

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Posted Under: Excise Duty |

Sabka Vishwas (Legacy Dispute Resolution) Schemes 2019

Hon Finance Minister Smt. Nirmala Sitharaman had announced SABKA VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME, 2019 for unblocking Rs. 3.85 Lacs Cr in pending litigation relating to Excise & Service Tax etc. at various levels from SCN stage to adjudication pending upto Supreme Court. Date has been notified for start of the scheme and ru...

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Posted Under: Excise Duty |

No ITC on inward supplies for in-house hospital providing free medical facilities to employees: AAR

Synopsis: The Tamil Nadu AAR in the matter of Chennai Port Trust has ruled that the Applicant, providing medical services and medicines as part of mandated rules, is not entitled to take credit of input tax on the inward supply of medicines used in providing free medical facilities to the employees, pensioners and their dependents [&helli...

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Posted Under: Excise Duty |

Reporting of Foreign Direct Investment in India

Foreign Direct Investment (FDI) has been an important source of funds for companies in a country where capital is scarcely available. Under FDI, overseas money, either by an individual or entity, is invested in an Indian company. Modes of FDI Investment in India can be made either under Automatic Route which does not require approval fro...

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Posted Under: Excise Duty |

Sec.145: Estimation of income should be on reasonable/Comparable basis

Shri Om Prakash Singh Vs ACIT (ITAT Agra)

When the books of accounts was rejected, the income of assessee was to be estimated on some reasonable basis for which comparable case and history of assessee could be taken as a guide. Thus, the N.P rate @ 8% applied by the authorities below was without any basis and material on records, the same was rejected and was considered fair to a...

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Section 54F deduction cannot be restricted to stamp duty value

I.T.O. Vs Shri Roop Narayan Sharma (ITAT Jaipur)

Deduction U/s 54F was available to assessee in respect of full value of consideration received and not on the value taken by the Sub-Registrar for the purposes of stamp duty. ...

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AO cannot do reassessment after assessment by Settlement Commission

Komalkant Faikirchand Sharma Vs DCIT (Gujarat High Court)

Since there was an order of the Settlement Commission under section 245D(4) in relation to the assessment year in respect of which assessment was sought to be reopened, AO had no jurisdiction to reopen the assessment as once an order had been passed under section 245D by Settlement Commission, assessment for year stood concluded. ...

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HC order without framing substantial question of law and without passing reasoned order is invalid

CIT Vs M/s Rashtradoot (HUF) (Supreme Court of India)

High Court in the absence of any discussion or/and the reasoning/ground as to why the order of ITAT did not suffer from any illegality and why the grounds of Revenue were not acceptable and why the appeal did not involve any substantial question(s) of law or though framed could not be answered in Revenue’s favour, the impugned order dis...

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Implement guideline on Handling of Clients’ Securities: SEBI

Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2019/95 (29/08/2019)

The Stock Exchanges, Clearing Corporations and Depositories are advised to bring the provisions of circular related to Handling of Clients’ Securities by Trading Members / Clearing Members to the notice of all TM / CM, Depository Participants and also disseminate the same on their respective websites....

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Cash Withdrawal at Points-of-Sale (PoS) Devices

RBI/2019-20/50 DPSS.CO.PD.No.501/02.14.003/2019-20 (29/08/2019)

The instructions outlined therein, limit – cash withdrawal to ₹ 1000/- per day in Tier I and II centres and ₹ 2,000/- per day in Tier III to VI centres customer charges, if any, on such cash withdrawals to not more than 1% of the transaction amount....

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No export if both Place of service supplier & supply of service is in India

In re M/s Syngenta Bioscience Private Limited (GST AAR Goa)

In re M/s Syngenta Bioscience Private Limited (GST AAR Goa) 1. Whether the activity of on the technical testing services carried out by the applicant be treated as ‘zero-rated supply’? In The instant case, the goods on which technical testing is carried out are made available to the applicant in India and are not exported […]...

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Notification No. 40/2019-Customs (N.T./CAA/Extension/DRI) dated 29.08.2019

Notification No. 40/2019-Customs (N.T./CAA/EXTENSION/DRI) [S.O. 3161(E).] (29/08/2019)

Notification No. 40/2019-Customs (N.T./CAA/EXTENSION/DRI) dated 29th August, 2019 appointing Common Adjudicating Authority. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) (Directorate of Revenue Intelligence) Notification No. 40/2019-Customs (N.T./CAA/EXTENSION/DRI) New Delhi, the 29th August, 20...

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Notification No. 39/2019-Customs (N.T./CAA/DRI), Dated: 29.08.2019

Notification No. 39/2019-Customs (N.T./CAA/DRI) [S.O. 3160(E)] (29/08/2019)

Vide Notification No. 39/2019-Customs (N.T./CAA/DRI), Dated: 29.08.2019 Director General, Revenue Intelligence  appoints Common Adjudicating Authority appointed under Customs Act, 1962 Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Notificati...

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HC issues notice on issue of correction of GSTR 3B and GSTR 1

M/s. NeelkamaI Enterprises Pvt. Ltd. Vs. Union of India  (Punjab & Haryana High Court)

Petitioner-Assessee has to file his annual return for the Assessment Year 2017-18 by 31.8.2019 under the CGST and HGST. However, it is handicapped on account of inadvertent mistakes/errors having occurred while filing statutory forms GSTR-1 and GSTR-3B, which can be corrected in view of legal provisions, however, same are not being accept...

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Time limit to claim ITC of FY 2018-19

One month time left out to reconcile books of account of F.Y. 2018-19 to ensure that maximum Input Tax Credit (ITC) is claimed. As per the provision u/s 16(4) of CGST Act, 2017, a taxpayer can take input tax credit in respect of any invoice or debit note for supply of goods or services or […]...

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Posted Under: Excise Duty |

GST Audit Questionnaire – Part 1

Again, the due date for filing of GSTR 9 & 9C extended to 30th Nov. 2019 for FY 2017-18.  Meanwhile, for review of GST compliances and all, we draft a GST Audit Questionnaire which will publish in 3 Parts. Now, we are publishing the Part-1 of GST Audit Questionnaire. Hope, this may helpful for conducting […]...

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Posted Under: Excise Duty |

Verify IGST refund claims as per SOP before by 18.09.2019

(Office Order) Dated: 29/08/2019 (29/08/2019)

Chief Commissioner, CGST & Central Excise, Chandigarh Zone during meeting held on 28.08.2019 has issued directions that all action prescribed in the SOP for verification of IGST refund claims & other related aspects (in regard to Risky Exporters) dated 17.06.2019 shall be completed by 18.09.2019....

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GST Invoicing and all you need to know about it!

When should you issue a GST Invoice? Certain people have confusion regarding timing of issuing GST invoice. Whether invoice should be issued first and then goods are to be supplied or goods are to be delivered first and then invoice should be issued? This confusion can be resolved when we take a close look at GST laws....

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Law and Practice relating to Wills

Artcle explains Succession, Testamentary Powers and Succession, Intestate Succession / Inheritance , Law of Testamentary Succession, Meaning / Definition of a ‘Will’ , Importance of making a Will, Issues of Heirs in case of Inheritance , Important Terms relating to a Will, Attestation of Will / Attesting Witnesses , Bequests : Alterna...

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Posted Under: Excise Duty |

Intraday Trading – Tips and tricks you need to know

Intraday trading is not as simple as it appears. One needs years of experience to understand how it works. Intraday trading involves purchase and sale of stock within a single trading day. The investor purchases stocks in order to earn profits by harnessing stock indices movement as opposed to investment purposes, which is common in [&hel...

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Posted Under: Excise Duty |

Application to NCLT for Repayment of Deposit under Section 73(4)

As per Section 73 (4) of Companies Act, 2013, where a company fails to repay the deposit or part thereof or any interest thereon, the depositor concerned may apply to National Company Law Tribunal (NCLT) for an order directing the company to pay the sum due or for any loss or damage incurred by him as a result of such non-payment and for ...

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Posted Under: Excise Duty |

ICAI Requests extension of Form GSTR 9 / 9A /9C (Read Representation)

ICAI Request for extension of Annual returns in Form GSTR 9 and GSTR 9A along with GST Audit Certificate in GSTR 9C from August 31, 2019 to November 30, 2019...

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Posted Under: Excise Duty |

CBI arrests an Appraising Officer of Customs in a bribery case

The Central Bureau of Investigation has arrested an Appraising officer, Duty Drawback Section, Air Cargo Complex, Mumbai for demanding and accepting a bribe of Rs.10,000/- from the complainant....

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Posted Under: Excise Duty |

Non-Filers/Stop filers of Income Tax Returns to get Notices soon

ITBA — ITR Processing Instruction No. 8 (29/08/2019)

Criteria for generation of non filers: Any person holding valid PAN has not filed the return for the entered AY as well as for preceding 3 A.Y.s. Criteria for generation of stop filers: Any person holding valid PAN has not filed the return for the entered AY but filed the return for any of the preceding 3 A.Y.s....

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CBDT to furnish data of Appeal withdrawals to PM Office

F.No.279/Misc./M-35/2018-ITJ (29/08/2019)

Kindly refer to the above and Board's letter dated 20.08.2019 whereby it was directed that process of withdrawal of appeals in consequence of Circular 17 of 2019 shall be completed by 31st October, 2019. 2. In this regard, it is stated that Prime Minister's Office has requested for‑ figure of withdrawal of appeals as on 31.08.2019 as pe...

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GST rate on Railway seat and parts thereof exclusively used by Railways

In re M/s Sutlej Coach Products Pvt. Ltd. (GST AAR Punjab)

In re M/s Sutlej Coach Products Pvt. Ltd. (GST AAR Punjab) Central Board of Excise & Customs has also vide Circular No. 15/90-CX.1 dated 07.05.1990 issued from F.No. 13/2/90-CX.1, has clarified that seats used in Railway Coaches are correctly classifiable under heading 9401, The applicant prior to GST regime were also classifying thei...

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Section 68 not applies to Swapping of shares

ITO Vs Saffron Comtrade Pvt. Ltd. (ITAT Kolkata)

This is a simple case of acquiring shares of certain companies from certain shareholders without paying any cash consideration and instead the consideration was settled through issuance of shares to the respective parties. That is, section 68 of I.T. Act, 1961 does not apply to cases of purchase of share assets and allotment of shares by ...

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CBDT clarifies differential taxation of FPIs and domestic investors

NA (28/08/2019)

It has come to the notice of CBDT that an incorrect perception was being created in a section of the media inasmuch as if the announcements made by FM on last Friday, which brought in a number of responsive structural measures to boost up the economy, had created a differential regime between FPIs and domestic investors including AIF cate...

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MSME Act 2006- How far it has succeeded in combating the menace of ‘Delayed Payments’

Inder Chand Jain The Indian Economy is passing through a period of acute recession. The Government itself has accepted that the country is gripped with recession. The sales, production, order position have gone down drastically and the MSME sector is the worst affected. On top of this, the issue of delayed payments has broken the [&hellip...

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Posted Under: Excise Duty |

Transfer & Posting of 134 Additional/joint Commissioner of GST

Office Order No. 120/2019 (28/08/2019)

CBIC Office Order No. 120/2019 dated 28th August, 2019 for 134 transfer and posting in the grades of Additional/joint Commissioner of Customs, GST and Central Excise. Office Order No. 120/2019 No.A-22011/02/2019-Ad.II Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes & Customs New Delhi, the...

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CBDT chairman gets one year extension of term

No.18/60/2016-EO(SM.11) (28/08/2019)

The Appointments Committee of the Cabinet (ACC) has approved re-appointment of Shri Pramod Chandra Mody, Chairman, Central Board of Direct Taxes (CBDT) as Chairman, CBDT upon his superannuation on 31.08.2019, for a period of one year with effect from 01.09.2019 to 31 08.2020 or until further orders, whichever is earlier....

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Pune Court notified as Special under companies Act for 8 districts of Maharashtra

Notification No. S.O. 3120(E) (28/08/2019)

Court of District Judge-1 and Additional Sessions Judge, Pune- designated as special court for Pune, Ahmednagar, Kolhapur, Solapur, Satara, Sangli, Ratnagiri and Sindhudurg districts of the State of Maharashtra under for the purpose of providing speedy trial of offences punishable with imprisonment of two years or more under Companies Act...

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Greater Mumbai Court notified as Special under companies Act for Maharashtra except 8 districts

Notification No. S.O. 3119(E), (28/08/2019)

Presiding Officers of Court No’s. 37 and 58 of the City Civil and Sessions Court, Greater Mumbai is designated as special Court for Whole State of Maharashtra except Pune, Ahmednagar, Kolhapur, Solapur, Satara, Sangli, Ratnagiri and Sindhudurg districts of the State of Maharashtra. GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS NOTIF...

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GST Rate on Canteen Services Provided to Client- Upto & After 25.07.2018

In re Gurukrupa Hospitality Services (GST AAR Gujarat)

In the present case also, services in connection with catering are provided by the applicant at a place other than a place of the applicant. Further, the service of catering is provided by the applicant to the recipient and the fact that the meal, snacks, tea etc. are consumed by the workers/employees of the recipient, would not alter the...

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Gujarat State Examination Board liable for GST registration: AAR

In re State Examination Board (GST AAR Gujarat)

In re State Examination Board (GST AAR Gujarat) The applicant has submitted that it is conducting various types of examinations : viz for getting job of teacher for pre primary, primary and secondary school, for getting job as a teacher in Government/Grant-in-Aid School in standard 9 to 12, for getting a job as a Principal […]...

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