"29 August 2019" Archive

Rectification of Invoice / GSTN Number / Shipping Bill Mis-match, EGM/Stuffing and IGST Refund

PUBLIC NOTICE NO. 17/2019 (29/08/2019)

Exporters are requested to advise their respective Shipping Lines to file the EGM correctly before the departure of the vehicle. In the event of EGM errors, the Shipping Bill generated in the IGST Temporary Scroll will not be migrated to final Scroll. Unless, the Shipping Bill figures in the final Scroll of IGST, the exporters will not be...

Read More

Note on Sabka Vikas (Legacy Dispute Resolution) Scheme, 2019

Note on Sabka Vikas (Legacy Dispute Resolution) Scheme, 2019 and Rules thereon Update Source : Notification No. 04/2019 Central Excise-NT and Notification No. 05/2019 Central Excise-NT , Central govt. has notified Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 and Sabka Vishwas (Legacy Dispute Resolution) Scheme Rules, 2019 Sabka ...

Read More

Sabka Vishwas (Legacy Dispute Resolution) Schemes 2019

Hon Finance Minister Smt. Nirmala Sitharaman had announced SABKA VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME, 2019 for unblocking Rs. 3.85 Lacs Cr in pending litigation relating to Excise & Service Tax etc. at various levels from SCN stage to adjudication pending upto Supreme Court. Date has been notified for start of the scheme and ru...

Read More

No ITC on inward supplies for in-house hospital providing free medical facilities to employees: AAR

Synopsis: The Tamil Nadu AAR in the matter of Chennai Port Trust has ruled that the Applicant, providing medical services and medicines as part of mandated rules, is not entitled to take credit of input tax on the inward supply of medicines used in providing free medical facilities to the employees, pensioners and their dependents [&helli...

Read More

Reporting of Foreign Direct Investment in India

Foreign Direct Investment (FDI) has been an important source of funds for companies in a country where capital is scarcely available. Under FDI, overseas money, either by an individual or entity, is invested in an Indian company. Modes of FDI Investment in India can be made either under Automatic Route which does not require approval fro...

Read More

Sec.145: Estimation of income should be on reasonable/Comparable basis

Shri Om Prakash Singh Vs ACIT (ITAT Agra)

When the books of accounts was rejected, the income of assessee was to be estimated on some reasonable basis for which comparable case and history of assessee could be taken as a guide. Thus, the N.P rate @ 8% applied by the authorities below was without any basis and material on records, the same was rejected and was considered fair to a...

Read More

Section 54F deduction cannot be restricted to stamp duty value

I.T.O. Vs Shri Roop Narayan Sharma (ITAT Jaipur)

Deduction U/s 54F was available to assessee in respect of full value of consideration received and not on the value taken by the Sub-Registrar for the purposes of stamp duty. ...

Read More

AO cannot do reassessment after assessment by Settlement Commission

Komalkant Faikirchand Sharma Vs DCIT (Gujarat High Court)

Since there was an order of the Settlement Commission under section 245D(4) in relation to the assessment year in respect of which assessment was sought to be reopened, AO had no jurisdiction to reopen the assessment as once an order had been passed under section 245D by Settlement Commission, assessment for year stood concluded. ...

Read More

HC order without framing substantial question of law and without passing reasoned order is invalid

CIT Vs M/s Rashtradoot (HUF) (Supreme Court of India)

High Court in the absence of any discussion or/and the reasoning/ground as to why the order of ITAT did not suffer from any illegality and why the grounds of Revenue were not acceptable and why the appeal did not involve any substantial question(s) of law or though framed could not be answered in Revenue’s favour, the impugned order dis...

Read More

Implement guideline on Handling of Clients’ Securities: SEBI

Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2019/95 (29/08/2019)

The Stock Exchanges, Clearing Corporations and Depositories are advised to bring the provisions of circular related to Handling of Clients’ Securities by Trading Members / Clearing Members to the notice of all TM / CM, Depository Participants and also disseminate the same on their respective websites....

Read More