"15 September 2019" Archive

Director Bank Account Attachment for default in MVAT Payment by Public Company is unjustified

Girdhari Lal Lath Vs.State of Maharashtra & Ors. (Bombay High Court)

Girdhari Lal Lath Vs. State of Maharashtra & Ors. (Bombay High Court) Since Sub Section (6) of Section 44 of the MVAT Act is subject to the Companies Act, 2013 the definitions and distinctions laid down in the Companies Act, 2013 vis-a-vis public company and private company would be applicable to Section 44(6) of the […]...

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GST: HC orders release of conveyance & goods being of perishable nature

M. K. Traders Vs UOI (Gujarat High Court)

M. K. Traders Vs UOI (Gujarat High Court) Conveyance and the goods came to be detained applying the provisions of Section 130 of the Goods and Service Tax Act, 2017. Thus, the position as on date is that the confiscation proceedings are in progress. We are only concerned, as on date, with the issue, whether […]...

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ITAT on higher Rate of depreciation on Set top boxes

ACIT Vs Kerala Communicators Cable Ltd. (ITAT Cochin)

ACIT Vs Kerala Communicators Cable Ltd. (ITAT Cochin) The Assessing Officer granted depreciation at the rate of 15% being machinery and plant other than those covered by sub-items (2), (3) and (8). According to the assessee, it is covered under sub-item (8)(ix)(E)(k). Sub-item (ix) of item (8) is energy saving device and (E) is electric [...

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Section 12AA registration cannot be cancelled for mere violation of section 11 and 13

Lilavati Kirtilal Mehta Medical Trust Vs CIT (ITAT Mumbai)

Lilavati Kirtilal Mehta Medical Trust Vs CIT (ITAT Mumbai) In the present case, the case sought to be made out by the Commissioner is that the violation carried out by the assessee would lead to denial of exemption u/s. 11 & 13 of the Act and, therefore, the pre-requisite of section 12AA(3) of the Act […]...

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Important Clarification on Form GST DRC-03

GSTN Clarification on Form GST DRC-03 for Payment of tax on voluntary basis Form GST DRC-03 DRC-03 is a payment form in which a taxpayer can pay the GST by raising its liability voluntarily or in response to the show cause notice (SCN) raised by the GST Department. Payment on Voluntary Basis can be made […]...

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Gratuity- Taxation benefits available to company in Pay as go Option & Funding Option

This article is in continuation to my earlier article ‘Requirement of Accounting and Funding Arrangement for Gratuity Benefits‘ in this article we will understand about ‘Taxation benefits available to company in Pay as go Option & Funding Option‘ Gratuity is a statutory right of employee whoever completes 5 yea...

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Incorporation of Foreign Subsidiary Company in India

If A foreign company planning to set up business in India may incorporate a company under the Companies Act, 2013 as a joint venture or wholly owned subsidiary or set up Liaison Office/ Representative Office or a Project Office or a Branch Office of the foreign company which can be undertake activities permitted under the […]...

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Procedure for Issuer/Scrutinizer on e-Voting System

Meaning Electronic voting (also known as e-voting) is voting that uses electronic means to either aid or take care of casting and counting votes. … It may encompass a range of Internet services, from basic transmission of tabulated results to full-function online voting through common connectable household devices. Applicability ...

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E-assessment Scheme, 2019

Brief note on E-Assessment Scheme, 2019 Central Board of Direct Taxes has vide notification no. 61/2019 dated 12th September, 2019 has introduced a scheme called E-assessment Scheme, 2019 (Scheme). It shall come into force on the date of its publication in the Official Gazette. With the help of this scheme the Government aims to curb [&he...

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Proving Input Tax Credit under GST

Input Tax Credit (ITC) is a mechanism to avoid cascading effect. This unique feature of ITC has made itself perhaps one of the most controversial and litigated features in the erstwhile indirect tax regime and under GST regime, no doubt it will continue. While the registered persons fight tooth and nail to defend this credit, […]...

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