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Archive: 19 August 2019

Posts in 19 August 2019

How to resolve technical glitches while uploading GSTR-9C?

August 19, 2019 76395 Views 22 comments Print

Arjuna (Fictional Character): Krishna, GST department has come out with statistics that only 1% of GST Audit Report for financial year 2017-18 has been filed. As the due date for filing such Audit report is approaching which is 31st August, 2019. Even Government is worried for such statistics of uploading. So, what are reasons for […]

Private Companies Exemptions Under the Companies Act, 2013

August 19, 2019 82809 Views 5 comments Print

AS PER THE PROVISIONS OF THE COMPANIES ACT 2013 SL NO. SECTION/RULES APPLICABILITY ANALYSIS 1.       Rule 9A of Companies (Prospectus and Allotment of Securities) Rules, 2014 (Dematerialization of Shares) Every unlisted public company shall – (a) Issue the securities only in dematerialized form; and (b) Facilitate dematerialization of all its existing securities   Not […]

Nidhi Amendments Rules, 2019- Analysis

August 19, 2019 3687 Views 0 comment Print

Nidhi Amendments Rules, 2019 were notified by MCA on 01st July 2019 and are effective from 15th August 2019. Vide this notification MCA inserted Rule 3A. Declaration of Nidhis, Rule 23A. Compliance with rule 3A by certain Nidhis and 23B. Companies declared as Nidhis under previous company law to file Form NDH-4 in Nidhi rules, […]

DGAP cannot suo motu issue a notice requiring a company to submit information on all its products

August 19, 2019 828 Views 0 comment Print

Reckitt Benckiser India Private Limited Vs Union of India (Delhi High Court) Grievance of the Petitioner is that Director General of Anti Profiteering (DGAP) has by the impugned notice dated 8th/9th April, 2019 sought information on all products of the Petitioner. In this context, he has referred to the recent amendment by which Sub-Rule 5 […]

Cenvat credit on renting of crates for carrying goods to buyer’s premises

August 19, 2019 735 Views 0 comment Print

M/S. Lucas TVS Ltd. v. Commissioner of GST & Central Excise (CESTAT Chennai) Observing that as per definition of ‘input services’ the restriction to avail credit up to the place of removal was applicable only for outward transportation of goods, CESTAT Chennai has allowed Cenvat credit of tax paid on renting of crates used in […]

Bogus Share Capital- Onus is on assessee to prove genuineness of transaction

August 19, 2019 831 Views 0 comment Print

M/s. Royal Rich Developers Pvt. Ltd. Vs Pr. CIT (Bombay High Court) The Assessing Officer recorded that there was no reason for high premium of Rs.30 per share being paid by the investors. The assessee company had carried out no business during the entire period, except for collection of share application money. The responding investors […]

Bogus Share Capital | Addition upheld | Creditworthiness of shareholders not proved

August 19, 2019 1824 Views 0 comment Print

M/s. Royal Rich Developers Pvt. Ltd. Vs DCIT (ITAT Mumbai) We are of the considered view that the onus is on the assessee company to bring on record the cogent evidences to prove the identity and creditworthiness of the share subscribers and genuineness of the transaction which in the instant case the assessee is not […]

Selection grade (NFSG) to 52 officers in the grade of JCIT

August 19, 2019 1653 Views 0 comment Print

Notification No. 03 of 2019 Dated 19th August 2019- Selection grade (NFSG) to the 52 officers in the grade of Joint Commissioner of Income Tax. Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) New Delhi, the 19th August, 2019 28 Shravana 1940 (SAKA) NOTIFICATION NO. 03 OF 2019 The […]

Section 45(3) AO cannot disturb value of consideration recorded in books of firm

August 19, 2019 7797 Views 0 comment Print

Provision of section 45(3) are exhaustive and does not confer any power on the AO to adopt consideration different from what is recorded in the books of account of the firm. Thus, AO was not correct in adopting the market value of land as revalued subsequently by the firm in the books of account.

When mobilization advance for works contract will be treated as supply

August 19, 2019 32697 Views 0 comment Print

In re Siemens Ltd (GST AAR West Bangal) Whether mobilization advance for works contract is supply on the date on which it stands credited on the supplier’s account? After the GST comes into force, the works contract is no longer divisible into a contract for the supply of goods and a service contract. It is […]

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