"06 August 2019" Archive

PM Narendra Modi and HM Amit Shah Achieve the Impossible

The current session of Parliament has been the most productive where historical legislations have been passed. The Triple Talaq law, strengthening of India’s anti-terror laws and the decision on Article 370 are all unprecedented. The popular belief that the promise BJP made on Article 370 is an unachievable slogan has been proved wrong....

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Posted Under: Corporate Law |

Mechanical Addition for fictitious loss by Client Code Modification not sustainable

DCIT Vs M/s Comet Investment Pvt. Ltd. (ITAT Mumbai)

Addition made by AO on account of suppression of profit and obtaining fictitious loss by assessee company by way of Client Code Modification (CCM) and on account of commission paid to brokers to obtain fictitious loss through CCM was to be deleted as AO had mechanically added amounts as income of assessee without verifying & furnishing...

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GSTR 9- One Page Guide on Treatment of ITC, RCM & Outward Liability

The last date for filing of Annual return in FORM GSTR-9 for the FY 2017-18 is 31st August 2019 and many professionals facing lot of Confusion regarding Presentation purpose in different tables of GSTR 9 specially in case of transactions shown in GSTR 3B of 2018-19 which are pertaining to FY 2017-18. So  What will […]...

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Posted Under: Corporate Law |

Rebate on exports– No condition for export goods to be manufactured inside country

Samsung India Electronics Pvt. Ltd. Vs Union of India And 3 Others (Allahabad High Court)

Samsung India Electronics Pvt. Ltd. Vs Union of India (Allahabad High Court) Allahabad High Court has held that there is no specification under Excise Rule 18 that for the purpose of rebate, goods need to be manufactured inside country. The Court held that the rule talks about any goods, which includes both manufactured inside the [&helli...

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Fresh information in investigation report form- Reassessment notice valid

Chetan Sabharwal Vs ACIT (Delhi High Court)

Fresh information in the form of investigation report clearly demonstrated that initial disclosure regarding price of shares was not true and there was whole ‘live link’ between material in the form of investigation report and formation of belief that income had escaped assessment, therefore, reassessment notice was sustained as valid...

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Upfront fee paid to bank to obtain loan for acquisition of capital asset allowable

M/s Escorts Ltd. Vs ACIT (ITAT Delhi)

Any expenditure incurred for obtaining loan was allowable as revenue expenditure even if the loan was intended for acquiring a capital asset. Thus, upfront fee paid to bank was thus allowable....

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What is new under Section 135 of Companies Act, 2013

Provisions of Corporate Social Responsibility under section 135 of Companies Act, 2013 are  amended vide Section 21 of Companies (Amendment) Act, 2019. Provisions of Section 21 Companies (Amendment) Act, 2019 will  come into force on such date as the Central Government may, by notification in the Official Gazette. Extract of Changes in ...

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Posted Under: Corporate Law |

Constitutional Powers of Parliament in Relation to GST

Article 246A(1) gives powers to the Parliament for making law for providing levy and collection of GST on all types of supplies of goods or services or both except the following supplies of goods or services or both, namely-...

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Posted Under: Corporate Law |

Changes in Income Tax Return for AY 2019-20

The CBDT has notified the Income-tax Return (ITR) Forms for the Assessment Year 2019-20 with many changes and revisions. While the last date for filing income tax returns has been extended to August 31 for FY 2018-19, the changes and penal clauses for late filing mean one should start the process as soon as possible. ITR 1 […]...

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Posted Under: Corporate Law |

GST mein kisiko nahi “Banana” – Don’t Charge incorrect GST

What do you mean by charging incorrect rate of GST? Charging incorrect rate of tax refers to short or excess collection of tax amount by the taxpayer other than the rate actually applicable....

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Posted Under: Corporate Law |

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