"30 September 2019" Archive

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

Mohd. Sahil Jakir Vs State of Gujarat (Gujarat High Court)

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 […]...

Read More

Structural Changes in Examination System of ICAI

Friends, why I have decided to write on this topic because I believe that this is the need of the hour. Yes, structural changes are required in the Examination system of ICAI to save the reputation of this profession as I believe that if students in a country are not happy, then we cannot have […]...

Read More

Assessment in name of non-existent company was invalid & non-curable defect

DCIT Vs. First Future Agri and Developers Ltd. (ITAT Mumbai)

Since AO had completed the assessment in the name of a company which had merged and was not in existence on the date the assessment order was passed, therefore, the assessment was invalid and the same was not a curable defect under section 292B....

Read More

ICSI requests Extension of last date for filing of DIR-3 KYC

Every individual who holds a Director Identification Number (DIN) as on 31st March of a financial year is required to submit e-form DIR-3-KYC to the Central Government on or before 30th September of immediate next financial year....

Read More

Interest on FD taxable on accrual basis if Assessee follows mercantile system of Accounting

DCIT Vs. Delhi Tourism Transporation Corporation Ltd. (ITAT Delhi)

Addition made by AO on the ground that although assessee had claimed credit for TDS on the interest income from the bank corresponding interest income was not offered to tax by assessee during the year was justified as assessee was regularly following mercantile system of accounting interest income in question was liable to be taxed in as...

Read More

GST updates for the month of August 2019

Summary of GST updates for the month of August 2019 – Circulars, Notifications and Orders issued in August 2019 Objective: The objective of this document is to summarize all the updates of GST (Notifications, Circulars, other amendments and updates) in one place. 6 Central tax notifications and one order were issued during the month...

Read More

Buy one Get one Free Under GST

1. Ever wondered Being a seller what is the application of GST on such offers? 2. Whether Only on one Item GST is to charged or Both 50%-50%? 3. Whether both are provided for a single price? 4. Price of one is being charged and other is provided free? 5. What Rate it is to […]...

Read More

ICAI President’s Message – October 2019

The Institute of Chartered Accountants of India My dear Professional Colleagues, As India observes Gandhi Jayanti on 2nd October, I would like to quote Mahatma Gandhi, “Strength does not come from winning.Your struggles develop your strengths. When you go through hardships and decide not to surrender, that is strength.” Revered as f...

Read More

IBC: Extension of due date to file forms related to CIRPs

Notification No. CIRP-11012/1/2019 (30/09/2019)

It is observed that a large number of insolvency professionals have filed Forms, which were due on or before 15th September, 2019, in respect of corporate insolvency resolution processes (CIRPs) conducted by them, by close of business today, that is, 30th September, 2019...

Read More

Recover your Earned Money with the help of IBC 2016

How to recover your earned money by IBC (Insolvency and Bankruptcy Code) 2016. IBC (Insolvency and Bankruptcy Code) 2016 published in The Gazette of India on May 28, 2016 (Saturday), Sr. No. 37 by the Ministry of Law and Justice. Secretary of Government of India: Dr. G. NARAYANA RAJU A Code or we can say […]...

Read More