"12 October 2019" Archive - Page 2

Amendment in Rule 21A: Suspension of GST Registration

Introduction: Notification No. 49/2019 Central Tax dated 09.10.2019 inserted explanation to sub rule 3 and also inserted sub rule 5 after sub rule 4 to rule 21A of CGST Rules 2017. Rule 21A of CGST Rules 2017 talks about Suspension of  GST Registration Sub Rule 3 of Rule 21A of CGST Rules 2017 says:  A […]...

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Income Tax Updates for the Month of September 2019

The objective of this document is to summarize all the updates of Income Tax (Notifications, Circulars, other amendments and updates) for the Month of September 2019 at one place. The same are being summarized below, along with certain important press release and clarifications. 1. Central Government prescribed E-assessment Scheme, 2019 f...

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E-Book on Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019

Free Updated E-Book on Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 as on October 09, 2019 by Mr. Bimal Jain In the Union Budget 2019-20, the Hon’ble Finance Minister announced the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS, 2019 or the Scheme) to close the pending legacy disputes of Service Tax and Excise....

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Mere discrepancy in Form 26AS & 16 not amounts to concealment

Chalapati Katiki Vs ITO (ITAT Hyderabad)

Taking into account the amount mentioned in Form 26AS it could not be said that the assessee had concealed amount or furnished inaccurate particulars of income. However, penalty was restricted to the tax sought to be evaded on the amount of commission income not disclosed by assessee....

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Penalty cannot be levied if addition itself was debatable

M/s Google India Pvt.Ltd. Vs ACIT (ITAT Bangalore)

Additions in respect of which penalty was confirmed has been accepted by Hon’ble Karnataka High Court, leading to substantial question of law. Thus when Hon’ble High Court admitted substantial question of law on additions, it becomes apparent that issue is certainly debatable. In such circumstances penalty cannot be levied under secti...

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Demanding Bank A/c., Income Tax Return to continue dealership is infringement of Right to Privacy

Raju Sebastian Vs Union of India (Kerala High Court)

Demanding details pertaining to the bank account of a person and of  remittances made to the Income Tax Department towards discharge of tax liability shall amount to infringement of Right to Privacy, therefore, assessee was not bound to furnish their income tax returns and the bank account statements, as a condition for continuing the pe...

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Non-quoting of reasons for reopening in reassessment notice would not vitiate entire proceedings

Seshasayee Paper & Boards Ltd Vs UOI (Madras High Court)

Mere non quoting of the reasons for reopening by AO in the impugned notice would not vitiate the entire proceedings. Department had to furnish the reasons to assessee and on receipt of the reasons, if assessee were of the opinion that there were no additional material or new materials were available then they could submit their objections...

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Role of Insolvency Resolution Professionals

Ensuring financial stability of an economy hinges on an effective enforcement of creditor rights, duly supported by procedures that afford efficacious, transparent and predictable mechanisms for debt recovery. Insolvency processes establish such comprehensive procedures wherein legal and administrative policies and rules are put into play...

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Insolvency Professionals and Code of Conduct

Dr. Mukulita Vijayawargiya, Whole Time Member, IBBI “Where your talent and the needs of the world cross, there lies your purpose.” Aristole In today’s world, the success or failure of any activity depends upon the kind of professionals involved. The professionals are persons having domain knowledge and experience. In the...

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IBC 2016: Walking the Regulatory Tightrope

IBBI performs functions generally for regulating the conduct of professionals and professional entities, and facilitating the processes. Section 196(1) (aa) of the Code is similar to the functions of the Securities and Exchange Board of India (SEBI) under section 11(1) of the Securities and Exchange Board of India Act, 1992....

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September 2020