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Archive: 20 August 2019

Posts in 20 August 2019

Interest on Gross amount without Allowing ITC- HC stays Interest Recovery

August 20, 2019 5250 Views 0 comment Print

In the case of Megha Engineering and Infrastructures Ltd. High Court has directed that to GST Department that in the event interest is not paid under Section 50 thereof, there shall be a direction to respondent to not to initiate any coercive action against the petitioner until further orders.

Depreciation Vs. Actual cost: Government subsidy for setting up new industry

August 20, 2019 6582 Views 0 comment Print

Pr. CIT Vs M/s. Welspun Steel Ltd. (Bombay High Court) If Government subsidy was intended as an incentive to encourage entrepreneurs to move to backward areas and establish industries. In such a case, specified percentage of the fixed capital cost, which was the basis for determining the subsidy, would be granted. The Court held that, […]

Revised monetary limits is applicable, to all pending SLPs/ appeals: CBDT

August 20, 2019 3135 Views 0 comment Print

Revised monetary limits so mentioned in circular 17/2019 is applicable, to all pending SLPs/ appeals/ cross objections/references. All such pending appeals within the revised limits shall be withdrawn on or before 31.10.2019 and a fortnightly report as to progress on withdrawals should be submitted to Board, by 15th and 31st of every month.

Delay in filing of TDS refund due to inadvertence of auditor is Bonafide mistake

August 20, 2019 996 Views 0 comment Print

G. V. Infosutions Pvt. Ltd. Vs DCIT (Delhi High Court) The rejection of the petitioner’s application under Section 119(2)(b) is only on the ground that according to the Chief Commissioner’s opinion the plea of omission by the auditor was not substantiated. This court has difficulty to understand what more plea or proof any assessee could […]

Section 14A disallowance when Expenditure incurred against earning of exempted income disallowed voluntarily by Assessee

August 20, 2019 4101 Views 0 comment Print

Pr. CIT Vs M/s. Lee & Murihead Pvt Ltd (Bombay High Court) Sub-section (2) of section 14A of Income Tax Act, 1961  provides that Assessing Officer would determine the amount of expenditure incurred in relation to income which not forms part of total income if he is not satisfied with the correctness of claim of […]

Ind AS-20 Government Grants (Amendment)

August 20, 2019 19065 Views 3 comments Print

IND AS-20 ‘Accounting for Government Grants and Disclosure of Government Assistance’ Amendment related to Non-Monetary Government Grants and its Applications

Section 80IB deduction cannot be allowed if not claimed by assessee in return filed by him

August 20, 2019 2565 Views 0 comment Print

EBR Enterprises Vs Union of India (Bombay High Court) Sub Section (5) of Section 80A of the Act mandates is that, if the assessee fails to make a claim in his return of income for any deduction under the provisions specified therein, the same would not be granted to the assessee. This condition or restriction […]

UDIN & eCSIN for Company Secretaries

August 20, 2019 8430 Views 1 comment Print

UDIN 1. MEANING: It stands for UNIQUE DOCUMENT IDENTIFICATION NUMBER. The UDIN is an 18-Digit system generated number and it has the following format: For E.g.: 19A58903AKTSBN1659 First 2 Digits Last 2-Digit of the Current Year (in this case 19) Next 6 Digits ICSI’s Membership No. i.e., AAAAAA (in this case A58903) Next 10 Digits […]

AAR cannot give ruling on a Project which is not been awarded to Applicant

August 20, 2019 759 Views 0 comment Print

We also find that CIDCO has awarded the construction contract of the project of “Development of Infrastructure facility for Passenger Water Transport Terminal at Nerul, Navi Mumbai to ‘Ajwani-Kargwal Joint Venture’, and not to the applicant. Thus the applicant is not a person competent to apply for ruling as provided under Section 95 of the GST Act.

GST on fees received by school from school(s) for participation in conference

August 20, 2019 4185 Views 0 comment Print

In re by M/s. Emrald Heights International School (GST AAR Madhya Pradesh) a. Will the consideration received by the school from the participant school(s) for participation of their students and staff in the conference would be exempted under entry No. 66 or entry No. 1 or entry No. 80 or any other entry of the […]

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