"30 August 2019" Archive

GST leviable on ‘Mobilization Advance’ as on July 1, 2017 received for works contract service: AAR

The West Bengal AAR in the matter of Siemens Ltd. has ruled that the Applicant is deemed to have supplied works contract service to KMRCL on July 1, 2017 to the extent covered by the lump-sum that stood credited to its account on that date as mobilisation advance and GST is leviable thereon accordingly....

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Consolidated circular for Income Tax assessment of Startups

Circular No. 22/2019-Income Tax (30/08/2019)

In case of Startup companies recognized by Department for Promotion of Industry and Internal Trade (DPIIT) which have filed Form No. 2 and whose cases are under limited scrutiny on the single issue of applicability of section 56(2)(viib) of the Income-tax Act, 1961 (the Act),the contention of the assessee will be summarily accepted....

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CBIC imposes Countervailing duty on imports of Saccharin from China

Notification No. 02/2019-Customs (CVD) [G.S.R. 610(E).] (30/08/2019)

NOTIFICATION No. 2/2019-Customs (CVD)– Seeks to impose countervailing duty on imports of ‘Saccharin in all its forms’ originating in or exported from People’s Republic of China in pursuance of countervailing duty/anti-subsidy investigation issued by DGTR MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 2/20...

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CBIC issues Corrigendum to notify DRC-03 for payment of tax

Notification No. G.S.R. 611(E) / G.S.R. 612(E) / G.S.R. 613(E) (30/08/2019)

Where, Tx is positive, i.e. Te<T, the registered person shall pay, by debit in the electronic credit ledger or electronic cash ledger, an amount equal to the difference between T and Te. Such amount shall form part of the output tax liability of the registered person and the amount shall be furnished in FORM GST […]...

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Interchangeability of PAN with Aadhaar – CBDT amends Rules 114

Notification No. 59/2019-Income Tax [G.S.R. 614(E)] (30/08/2019)

Any person, who has not been allotted a permanent account number but possesses the Aadhaar number and has furnished or intimated or quoted his Aadhaar number in lieu of the permanent account number in accordance with sub-section (5E) of section 139A, shall be deemed to have applied for allotment of permanent account number and he shall no...

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Solar Power Plants and GST

 In view of the important needs of alternative new eneryg, India needs a vibrant industry revolution by inviting FDI in solar and wind energy sector.  To support the project developers, the total project cost should be levied 5% GST as composite supply which includes the supply of solar devices, parts and accessories and installation ch...

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Leasing and service charges from leasing premises of special nature as per client’s need to taxed as business income

ITO Vs Balwas Realty and Infrastructure Pvt. Ltd. (ITAT Mumbai)

ITO Vs Balwas Realty and Infrastructure Pvt. Ltd. (ITAT Mumbai) Leasing and service charges from leasing premises of special nature as per client’s need to taxed as business income Conclusion: Where assessee-company was not simply letting out a structure to earn rental income out of it rather it was in the business of building and [...

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FDI in Telecom Services sector

Telecommunications is one of the fastest growing industries in India that has undergone an innovative phase over the past few years and stands as the second largest telecommunications market in the world after China. It is due to liberalization policy that telecom sector could attract more FDI flows in private sector participation increas...

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Had GSTN been subjected to audit by third party so far?

Had GSTN been subjected to audit by third party so far? Answer is yes but still why the hell GSTN is unable to cope up with the amendments and glitches? As reported in Business Standard dt. 27/06/2018 (https://www.business-standard.com/article/economy-policy/gstn-software-developed-by-infosys-to-be-audited-by-third-party-official-11806270...

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Order of Due date extension news is fake: CBDT

It has come to the notice of CBDT that an order is being circulated on social media pertaining to extension of due dt for filing of IT Returns. It is categorically stated that the said order is not genuine.Taxpayers are advised to file Returns within extended due dt of 31.08.2019...

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Stay on recovery of demand cannot be rejected merely relying on CBDT instruction

M/s. Shriram Finance Vs Pr. CIT (Madras High Court)

Since CIT rejected assessee’s application for stay of recovery of demand merely relying of CBDT instruction which was cryptic and non-speaking as CBDT circular/instruction could not serve as a series of guidelines in the matter of grant of stay, therefore, the matter was remanded back to CIT for disposal afresh in accordance with law....

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CCI needs careful oversight on data to prevent amassing of power in one conglomerate

CCI needs careful oversight on data to prevent amassing of power in one conglomerate in market: NITI Aayog Vice-Chairman The usage of data by people in e-commerce needs a careful oversight as when combined with modern technology, it gives unprecedented market power to the platforms which can be used for benefits of consumers as much as [...

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Order passed u/s 201(1)/201(1A) before applicability of new limitation period of seven years was valid

Sodexo SVC India Pvt Ltd. Vs DCIT (ITAT Mumbai)

Sodexo SVC India Pvt Ltd. Vs DCIT (ITAT Mumbai) Conclusion: Order passed by AO under section 201(1)/201(1A) for failure to deduct TDS under section 194C on the reimbursement of the meal vouchers to the affiliates was barred by limitation as the amended limitation period of seven years under section 201(3) was effective from 1-10-2014 and ...

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Proceedings u/s Sec 153C instead of sec. 153A to be made in case incriminating material found at premises of third party

Mr. Trilok Chand Chaudhary Vs ACIT (ITAT Delhi)

Mr. Trilok Chand Chaudhary Vs ACIT (ITAT Delhi) Conclusion: AO made assessment under section 153A in case of assessee by using the material found in the course of search at the premise of third party which was not permitted in view of the express provision of the law as proceedings should be initiated u/s 153C […]...

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Govt notifies few sections of Arbitration and Conciliation (Amendment) Act, 2019 wef 30.08.2019

Notification No. S.O. 3154(E) (30/08/2019)

Central Government hereby appoints the 30th August, 2019 as the date on which the provisions of the  section 1, section 4 to section 9 [both inclusive], section 11 to section 13 [both inclusive] and section 15 of Arbitration and Conciliation (Amendment) Act, 2019. MINISTRY OF LAW AND JUSTICE (Department of Legal Affairs) NOTIFICATION New...

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Exposure Draft on Guidance Note on Division III to Schedule III to Companies Act 2013

Exposure Draft of Revised Guidance Note on Division III – Non Ind AS Schedule III to the Companies Act, 2013 by Corporate Laws & Corporate Governance Committee ICAI ED/GN-Div-III/2019-2020/50 EXPOSURE DRAFT ON GUIDANCE NOTE ON DIVISION III TO SCHEDULE III TO THE COMPANIES ACT 2013 FOR NBFC THAT IS REQUIRED TO COMPLY WITH INDIAN ACCO...

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Tariff Notification No. 62/2019-Customs (N.T.) dated 30th August, 2019

Notification No. 62/2019-Customs (N.T.) [S.O.3148(E).] (30/08/2019)

Tariff Notification No. 62/2019-Customs (N.T.) dated 30th August, 2019 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. 62/2019-CUSTOMS (N.T.) New Delhi, ...

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SVLDRS declarations to be handled by Designated Committees

SVLDRS Advisory No. 01/2019 (30/08/2019)

As you may be aware. the `Sabka Vishwas Legacy Dispute Resolution Scheme’ will come into effect on 1st September 2019. There will be two Designated Committees in each Commissionerate to handle the declarations made under this scheme. DIRECTORATE GENERAL OF SYSTEMS & DATA MANAGEMENT CENTRAL BOARD OF INDIRECT TAXES & CUSTOMS 4...

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No addition u/s 68 for bogus LTCG without substantial evidence

L. K. Prahladka, HUF Vs ITO (ITAT Kolkata)

Since assessee had brought all the relevant material to substantiate its claim that transactions of the purchase and sale of shares were genuine and AO had brought nothing controverting material to deny the same, therefore, the long term capital gain (LTCG) on sale of shares of M/s. KAFL claimed as exempt by assessee could not be treated ...

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IBC Weekly Updates (21-26 August, 2019)

I. Jursdiction clause in a contract cannot oust the rights of NCLT/NCLAT under the I&B Code. Excel Metal Processors Limited Vs. Benteler Trading International GMBH and Anr [Company Appeal (AT) (Insolvency) No. 782 of 2019], NCLAT; The NCLAT, while referring to Binani Industries Limited vs. Bank of Baroda and Anr.2018 SCC Online NCLAT ...

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Forensic Audit: Field to Explore by Chartered Accountants

Forensic Audit: Field to Explore Growing cyber crimes, failure of regulators to track the security scams, series of co-operative banks bursting – all are pinpointing the need of forensic accounting, irrespective of whether we understand the need or not. Forensic accounting seeks to uncover the what, why and how behind the computatio...

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Date of issuance of completion certificate will be date of property completion

In re Bilaspur Infrastructure Pvt. Ltd (GST AAR Chhattisgarh)

Whether the sale / booking of units in a project after its first occupation and receipt of advance against that booking is classifiable under Para 5 of Schedule-III to the CGST Act, 2017 as sale of building and thus neither regarded as Supply of goods nor supply of services? Thus whether the same is outside the purview of Goods and Servic...

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Appointment of Company Secretary (CS) under Companies Act, 2013

Article explains Who is a Company Secretary, Who is required to have company Secretary/ KMP, Time Period for such appointment of Company Secretary, Process for appointment of company secretary, Roles and Responsibilities of Company Secretary, Core Duties of the Company Secretary, Appointment of Company Secretary – Offence & Penalty:...

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UDIN by ICSI

The attestation of a Company Secretary (CS) on a certificate or any such document is of immense value since it usually signifies that the CS, in his professional opinion, has ensured that there is no misrepresentation by the entity issuing/submitting such a document. It was being observed that certain unscrupulous individuals were forging...

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Constitution of Committee of Experts on Valuation Profession

Order No. 12/9/2019 - PI (30/08/2019)

Constitution of a Committee of Experts to examine the need for an Institutional framework for regulation and development of valuation professionals regarding...

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Compliance Related To DIR- 3 KYC

Please be aware that the rules related to filing of DIR-3 KYC i.e. Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2019 have been notified w.e.f 25th July 2019. Article explains about Who need to file DIR-3 KYC, Who need to file DIR-3 KYC-WEB, What is the due date to file these forms, What happens […]...

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NCLT takes action against Builders under Insolvency and Bankruptcy Code

Recently, various Real Estate Developers had approached the Supreme Court challenging the constitutional validity of the amendment made in the Insolvency and Bankruptcy Code (IBC) which deems the status of allottees as ‘financial creditors’ under the Act. Very recently the Supreme Court upheld the said amendment in Insolvency and Bank...

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Forensic Auditing: Much required tool in current era of Frauds

The article briefly explains the concept of Forensic Auditing and the use of the technique in the detection of the frauds. The relevance of the concept has been highlighted -especially in the emerging scenario of continuous development in the fields of accounting and auditing. The article also touches upon the various  inter-related conc...

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Insolvency and Bankruptcy Code (Amendment) Act, 2019: An Analysis

The Insolvency and Bankruptcy Code (Amendment) Bill, 2019 was introduced in Rajya Sabha by the Minister of Finance, Ms. Nirmala Sitharaman, on July 24, 2019. The Bill amends the Insolvency and Bankruptcy Code, 2016. The Lok Sabha on August 01, 2019 passed the Insolvency and Bankruptcy Code (Amendment) Bill 2019 and the bill received the ...

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Reassessment invalid if section 148 notice not served within stipulated period

B. M. Land Developers & Builders Vs ITO (ITAT Hyderabad)

Though AO had issued notice under section 148 on 26-3-2014, i.e., within period of six years from the end of relevant assessment year, however, it was returned unserved by postal authorities and even notice by affixture was also served on 4-4-2014 and there was no report of AO containing names and addresses of witnesses having identified ...

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Applicability of Companies Act, 2013 based on Limits

Applicability of Provision under Companies Act, 2013 Based On Limit related to XBRL, CARO, Cash Flow Statement, Internal Auditor, Certification of Annual Return by a Company Secretary in practice,  Signing of Annual Return by a Company , Secretarial Audit, Independent Director, Managing Director/ Whole Time Director, Key Managerial Perso...

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List of Resolution for which MGT-14 requires to be filed

Form MGT-14 requires filing for following below mention Resolutions 1. Section- 8: For a company registered under Section- 8 to convert itself into a company of any other kind or alteration of its Memorandum or Articles...

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Whether MGT-9 required to be attached with Directors Report?

Author discusses following questions related to Directors Report: I. Whether Companies need to attach MGT-9 with Directors Report for F.Y. ending 31.03.2019? II. Whether Companies are required to publish Annual Return on its Website? III. Practically annual Return prepare after AGM and Directors’ Report prepare before AGM. Therefore, Ho...

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Appointment of Nodal Officer under IEPF Rules

MCA Notification Dated 14th August, 2019 notified ‘Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019‘,  w.e.f. 20th August, 2019. New Rule 7(2B) ‘The details of the Nodal Officer and Deputy Nodal Officer duly indicating his or her designation, postal...

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Procedure for seeking extension of date for Holding AGM of Company

Procedure for Seeking Extension of Date for Holding of Annual General Meeting (AGM) of The Company Section 96 of the Companies Act, 2013 provides that every company other than a one person company shall in each year hold an Annual General Meeting of its shareholders and not more than fifteen months shall elapse between the […]...

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Clarification on applicability of TDS on cash withdrawals | Section 194N

NA (30/08/2019)

Section 194N inserted in the Act, is to come into effect from 1st September, 2019. Hence, any cash withdrawal prior to 1st September, 2019 will not be subjected to the TDS under section 194N of the Act. However, since the threshold of Rs. 1 crore is with respect to the previous year, calculation of amount of cash withdrawal for triggering...

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CBDT constitutes Cell for redressal of grievances related to Start-ups

F.No. 187/6/2019-ITA-I (30/08/2019)

In order to redress grievances and address various tax related issues in the cases of Start-ups, a Start-up Cell has been constituted by CBDT on 30.08.2019 with the following ex-officio members:...

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