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Archive: 13 August 2019

Posts in 13 August 2019

ITAT upheld addition of 100% of Bogus Purchases

August 13, 2019 23043 Views 0 comment Print

Pratibha Pipes & Structurals Ltd Vs DCIT (ITAT Mumbai) In this case, on perusal of facts available on record, we find that the AO has not made addition only on the basis of report of sales-tax department. In fact, the AO has conducted all possible enquiries during the course of assessment proceedings, as per which, […]

Section 14A- Invocation of rule 8D without recording satisfaction

August 13, 2019 2556 Views 0 comment Print

Invocation of rule  8D of Income Tax Rules without recording satisfaction as to non-correctness of assessee’s claim of suo motu disallowance under section 14A of Income Tax Act, 1961, was in contravention of provisions of section 14A(2), therefore, additional disallowance was deleted.

Allow filing of Form GST TRAN-1 again: HC

August 13, 2019 822 Views 0 comment Print

Lantech Pharmaceuticals Ltd. Vs Prl. Commissioner (Andhra Pradesh High Court) Hon;ble High Court disposes Writ Petition directing the respondents to either open the Portal to enable the petitioner to again file the Form GST TRAN-1 electronically or in the alternative accept the Form GST TRAN-1 presented manually,on or before 31.08.2019. It is needless to say […]

GST Payable on Contributions from Club members for expending on meetings

August 13, 2019 3660 Views 1 comment Print

In re Rotary Club of Mumbai Nariman Point (GST AAR Maharashtra) Question 1:- Whether contributions from the members in the Administration Account, recovered for expending the same for the weekly and other meetings and other petty administrative expenses incurred including the expenses for the location and light refreshments, amounts to or results in a supply, […]

Enabling Framework for Regulatory Sandbox

August 13, 2019 915 Views 0 comment Print

The Reserve Bank of India today placed on its website the final ‘Enabling Framework for Regulatory Sandbox’. Further details in respect of the cohorts and the window for submission of applications shall be announced later.

Priority Sector Lending – Lending by banks to NBFCs for On-Lending

August 13, 2019 1206 Views 0 comment Print

In order to boost credit to the needy segment of borrowers, it has been decided that bank credit to registered NBFCs (other than MFIs) for on-lending will be eligible for classification as priority sector under respective categories subject to the following conditions:

Reassessment not valid if Reason for issuing reassessment notice not furnished to assessee

August 13, 2019 2271 Views 0 comment Print

When a notice under section 148 is issued, the proper course of action for the assessee is to file return and if he so desires, to seek reasons for issuing notices and AO is bound to furnish reasons within a reasonable time. On receipt of reasons, the assessee is entitled to file objections to issuance of notice and the AO is bound to dispose of the same by passing a speaking order.

Section 12AA Registration cannot be cancelled unless CIT / Pr. CIT satisfied that  activities of such trust or institution are not genuine

August 13, 2019 3813 Views 0 comment Print

St. Michaels Educational Association Vs CIT (Patna High Court) This Miscellaneous Appeal filed under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) is directed against the order dated 22.07.2015 passed by the Income Tax Appellate Tribunal, Patna Bench, Patna in Appeal Case No. ITA No. 141/Pat/2012, whereby the appeal […]

CCI (Procedure in regard to transaction of business relating to combinations) Amendment Regulations, 2019

August 13, 2019 4932 Views 0 comment Print

THE COMPETITION COMMISSION OF INDIA NOTIFICATION New Delhi, the 13th August, 2019 The Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Amendment Regulations, 2019 F.No. CCI/CD/Amend/Comb. Regl./2019.—In exercise of the powers conferred by section 64 of the Competition Act, 2002 (12 of 2003), the Competition Commission of India […]

Implement Aadhaar use for delivery of social welfare benefits in Bank A/c

August 13, 2019 303 Views 0 comment Print

Banks are advised to ensure that opening of bank accounts and seeding of Aadhaar numbers with existing or new accounts of eligible beneficiaries opened for the purpose of Direct Benefit Transfer (DBT) under social welfare schemes, is in conformity with the provisions listed under Section 16 of the Master Direction – Know Your Customer (KYC) Direction, 2016 (updated as on May 29, 2019) and extant provisions of the Prevention of Money Laundering (PML) Rules.

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