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Archive: 28 August 2019

Posts in 28 August 2019

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6447 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Section 68 not applies to Swapping of shares

August 28, 2019 2589 Views 0 comment Print

This is a simple case of acquiring shares of certain companies from certain shareholders without paying any cash consideration and instead the consideration was settled through issuance of shares to the respective parties. That is, section 68 of I.T. Act, 1961 does not apply to cases of purchase of share assets and allotment of shares by the appellant when purchase and allotment are under a barter

CBDT clarifies differential taxation of FPIs and domestic investors

August 28, 2019 879 Views 0 comment Print

It has come to the notice of CBDT that an incorrect perception was being created in a section of the media inasmuch as if the announcements made by FM on last Friday, which brought in a number of responsive structural measures to boost up the economy, had created a differential regime between FPIs and domestic investors including AIF category III.

Power to attach Bank Account provisionally-Irregular availment of ITC

August 28, 2019 2796 Views 0 comment Print

Pranit Hem Desai Vs Additional Director General (Gujarat High Court) Section 83 of the State GST Act empowers the Assessing Authority to make a provisional attachment of any property of the assessee during the pendency of any proceeding for the assessment or reassessment of any turnover, even though there is no demand outstanding against the […]

MSME Act 2006- How far it has succeeded in combating the menace of ‘Delayed Payments’

August 28, 2019 3876 Views 0 comment Print

Explore the effectiveness of the MSME Act 2006 in tackling the issue of delayed payments. Discover how it has impacted the cash flow of the MSME sector.

No Section 14A disallowance if Assessee not used borrowed fund to make investment

August 28, 2019 1527 Views 0 comment Print

The question raised in appeal is challenging the action of CIT(A) in confirming the addition made on account of Section 14(A) r.w.s. 8D(2)(ii)&(iii) of the Rules.

No Capital Gain arises if Permissive Possession Not handed Over to Builder during Concerned Year in case of JDA

August 28, 2019 2478 Views 0 comment Print

The issue under consideration is whether the capital gain will be chargeable in case of JDA even if Permissive possession was not handed over to builder during the concerned year?

Transfer & Posting of 134 Additional/joint Commissioner of GST

August 28, 2019 1383 Views 0 comment Print

CBIC Office Order No. 120/2019 dated 28th August, 2019 for 134 transfer and posting in the grades of Additional/joint Commissioner of Customs, GST and Central Excise. Office Order No. 120/2019 No.A-22011/02/2019-Ad.II Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes & Customs New Delhi, the 28th August, 2019 OFFICE ORDER […]

CBDT chairman gets one year extension of term

August 28, 2019 738 Views 0 comment Print

The Appointments Committee of the Cabinet (ACC) has approved re-appointment of Shri Pramod Chandra Mody, Chairman, Central Board of Direct Taxes (CBDT) as Chairman, CBDT upon his superannuation on 31.08.2019, for a period of one year with effect from 01.09.2019 to 31 08.2020 or until further orders, whichever is earlier.

No fundamental right to import and quantitative restrictions can be imposed

August 28, 2019 2142 Views 0 comment Print

Chailbihari Trading Pvt Ltd. Vs Union of India (Bombay High Court) The Bombay High Court has held that there is no fundamental right to import poppy seeds and quantitative restrictions can be imposed as per the National Policy on Narcotic Drugs and Psychotropic Substances, controlled by the Narcotic Drugs & Psychotropic Substances Act, 1985 which […]

Addition not maintainable on the basis of mere statement recorded during survey

August 28, 2019 4329 Views 0 comment Print

 Statement recorded during survey, under section 133A, does not have a evidentiary value on its own and, therefore, no addition was maintainable on the basis of statement recorded during the course of survey as there was no evidence supporting the statement.

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