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Archive: 14 August 2019

Posts in 14 August 2019

Prosecution for tax evasion not sustainable if Penalty been deleted

August 14, 2019 2580 Views 0 comment Print

M/s System India Castings Vs Pr. CIT (Chhattisgarh High Court) It was mentioned that the assessee has preferred an Appeal against the penalty order before the CIT (Appeals), Raipur, which is pending for decision. When the CIT (Appeals) heard the appeal preferred by the assessee on merits, it reached to the conclusion that the petitioner […]

CBDT circular on Low Tax Effect applies also to pending appeals: ITAT gives relief in 628 Cases

August 14, 2019 5643 Views 0 comment Print

CBDT Circular dated 8th August 2019, enhancing the monetary limits for Dept appeals, states that the modifications shall come into effect from the date of issue of the Circular, it must be interpreted to mean that the enhanced limits apply not only to appeals to be filed in future but also to appeals pending for disposal as on now.

DGFT Modifies Para 4.12(vi) of HBP and add Appendix 4P to HBPs

August 14, 2019 5673 Views 0 comment Print

Norms ratified by any Norms Committee (NC) in the O/o DGFT on or after 01.04.2015 in respect of any Advance authorization obtained under paragraph 4.07, shall-be valid for the entire period of the Foreign Trade Policy i.e. up to 31.3.2020 or for a period of three years from the date of ratification, whichever is later.

order procurement services cannot be treated as royalty and fees for technical services

August 14, 2019 1041 Views 0 comment Print

Pure Software Pvt. Ltd. Vs ITO (ITAT Delhi) t is pertinent to note here that in case of the assessee company, two non-resident foreign companies, one by the name of J2S INC, USA and another by the name of NAVOS, Belgium were appointed to locate foreign buyers to whom the assessee company could sale its […]

IBBI issues Forms IP 1 & CIRP 1 to CIRP 6 to be filed by IP, IRP & RP

August 14, 2019 39228 Views 0 comment Print

Filing of Forms for the purpose of monitoring corporate insolvency resolution processes and performance of insolvency professionals under the Insolvency and Bankruptcy Code, 2016 and the regulations made thereunder.

IEPF Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019

August 14, 2019 16662 Views 0 comment Print

These rules may be called the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019.

Passing CA final exam not enough to use Prefix CA

August 14, 2019 14012 Views 3 comments Print

Pre- conditions for using the designation Chartered Accountant Section 7 of the Chartered Accountants Act 1949 empowers only a person who has been enrolled as a member of the Institute of Chartered Accountants of India to use the designation of Chartered Accountant along with his name. In other words, it is clarified that a person […]

Membership fee collected by Lions Club Poona will not be subject to GST

August 14, 2019 3819 Views 0 comment Print

Membership fee, collected by the Respondent from its members, will not construed as consideration for levy of GST; rather it is the registration fee, collected by the Respondent from its members for organising the skill oriented workshops, will be construed as consideration against the supply made by the Respondent to its members, and accordingly will be leviable to GST

Tariff Notification No. 61/2019-Customs (N.T.) Dated 14.08.2019

August 14, 2019 993 Views 0 comment Print

Custom Tariff Notification No. 61/2019-CUSTOMS (N.T.) 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. 61/2019-CUSTOMS (N.T.) New Delhi, 14th August, 2019 S.O. 2946(E).– In exercise of […]

CBIC notifies Rate of Exchange of Foreign Currencies wef 15.08.2019

August 14, 2019 1680 Views 0 comment Print

Customs Rate of Exchange of Foreign Currency Conversion w.e.f. 15th August, 2019 notified vide Notification No. 560/2019–Customs (N.T.) dated 114th August, 2019.

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