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Archive: 19 September 2019

Posts in 19 September 2019

Detention of goods U/s. 129 for Undervaluation- HC Grants interim relief

September 19, 2019 1662 Views 0 comment Print

Mohd. Sahil Jakir Vs State of Gujarat (Gujarat High Court) Referring to provisions of section 129 of the CGST Act, it was submitted that the same do not contemplate detention of goods on any ground other than the grounds stated therein and that, undervaluation of an invoice cannot be a ground for detention of goods […]

A.O. cannot refer the matter to DVO to reduce FMV

September 19, 2019 1290 Views 0 comment Print

Shri Dinesh Khodidas Patel Vs ITO (ITAT Ahmadabad) The issue under consideration is whether A.O. is correct in referring the matter to DVO to find FMV by rejecting valuation report submitted by assessee? In the present case, assessee sold a land along with others co-owners. It had submitted the valuation report as on 1-4-1981 of […]

XBRL-eXtensible Business Reporting Language

September 19, 2019 13299 Views 2 comments Print

INTRODUCTION eXtensible Business Reporting Language (XBRL) is an emerging technology standard, which promises to bring “better, faster, cheaper” data to organizational decision-making, and specifically to business and financial reporting. XBRL provides a computer-readable tag to identify each individual item of data, whereby, a business reporting document becomes “intelligent” data, allowing the exchange of business reporting […]

Subsidy under TUFS scheme was capital receipt and not taxable

September 19, 2019 3696 Views 0 comment Print

In the given case the issue under consideration is that the amount claimed as capital receipts, by the assessee are taxable and have to be treated as income or not?

Extend due date for filing audited Income tax reports / Returns

September 19, 2019 152409 Views 55 comments Print

The Punjab Accountants Association requested to extend due date for uploading and filing audited tax reports by Assesses till 30th November, 2019. They have submitted the representation to Ms. Nirmala Sitharaman, Honorable Union Finance Minister, Government of India. Text of the Representation is as follows:- THE PUNJAB ACCOUNTANTS ASSOCIATION OFFICE : R. K. ASSOCIATES, SEHDEV […]

Latest Update in GST including New Return System and road ahead

September 19, 2019 6549 Views 0 comment Print

SCHEME OF PRESENTATION > Present System of Filing – GSTR 1 & GSTR 3B > Simplified New Return System √ Key Features of Monthly Return √ Key Features of Quarterly Return √ Brief Overview Transition to New Return System Download PPT on Latest Update in GST including New Return System PRESENT SYSTEM OF FILING GSTR […]

Section 138 NI Act: Legal Heirs Can Challenge Conviction of deceased Convict

September 19, 2019 4983 Views 0 comment Print

The legal heirs, in such a case, are neither liable to pay the fine or to undergo imprisonment. However, they have a right to challenge the conviction of their predecessor only for the purpose that he was not guilty of any offence.

Executive order cannot curtail statutory tenure appointment

September 19, 2019 4347 Views 0 comment Print

Ramji Bharti Vs State of Chhattisgarh  (Chhattisgarh High Court) The constitution Bench of Supreme Court in Sant Ram Sharma v. State of Rajasthan and others AIR 1967 S.C. 1910 held that it is true that the Government cannot amend or supersede the statutory rules by administrative instruction, but if the rules are silent on any […]

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS 2019)

September 19, 2019 8412 Views 3 comments Print

In the Union Budget 2019-20, the Finance Minister announced the Sabka Vishwas-Legacy Dispute Resolution Scheme, 2019. The Scheme has now been notified and will be operationalized from 1st September 2019 and it will continue till 31st December 2019.

Does MGT-9 Forms a Part of Board’s Report?

September 19, 2019 2982 Views 0 comment Print

Q.) DOES MGT-9 FORMS A PART OF BOARD’S REPORT? Biggest confusion facing by our professionals is whether MGT-9 will be part of the Board’s Report or not. According to Companies Amendment Act, 2017 w.e.f. 31.7.2018 i.e. read with notification dated 31st July, 2018 provision in relation to MGT-9 has been removed from Section 134 and a new […]

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