"30 October 2019" Archive

Seats for railway coaches classifiable under Heading 9401, taxable @ 18% GST: AAR

The Hon’ble AAR, Punjab in the matter of M/s. Sutlej Coach Products Pvt Ltd. held that Seats for Railway Coaches supplied to Rail Coach Factory falls under Heading 9401, liable to GST at 18%, and cannot be classified at 5% under HSN 8607 as parts of Railway....

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CCI receives combination notice under green channel scheme

CCI receives combination notice under green channel scheme, relating to acquisition of equity stake in Hero Future Energies Global Ltd and non-voting compulsorily convertible preference shareholding in Hero Future Energies Private Ltd. by Abu Dhabi Future Energy Company P.J.S.C. - Masdar, on 28th October, 2019....

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Overseas Citizen of India can enroll in NPS at par with NRIs

Pension Fund Regulatory and Development Authority (PFRDA) has now permitted Overseas Citizen of India (OCI) to enroll in National Pension Scheme (NPS) at par with Non-Resident Indians vide Circular No: PFRDA/2019/19/PDES/3 dated 29th October 2019....

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Identifying a lease under Ind AS 116: Leases

The assessment of whether a contract is or contains a lease is the biggest practical issue while applying Ind AS 116. This assessment is required right at the inception of the contract. In most of the cases, the assessment is likely to be straightforward and contracts which are classified as lease contracts under Ind AS 17 are likely to c...

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Section 54EC Deduction cannot be disallowed for Investment not made with in prescribed time due to non-availability of REC Bonds

Heatex Products P. Ltd. Vs DCIT (ITAT Mumbai)

The claim of deduction under section 54EC could not be disallowed since assessee has demonstrated that non–investment in REC Bonds within the stipulated period was due to non–availability of bonds in the market....

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Re-Issuance of Income Tax Refund – How to Submit Request Online

Now, the ITR Filing season is almost over and assesses are receiving Intimation U/s 143 (1) of Income Tax Act, 1961 related to their filed ITR. This time focus of the Income Tax Department is on the issuance of Income Tax Refund as soon as possible. And assesses who have claimed a refund in their […]...

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Registration under GST – Detailed Analysis

Introduction > Registration is a basic requirement to run the net work of GST. > Registration is an Authority available to the Registered Person to collect tax on behalf of the Government. > Registration is a source by which the Registered Person can claim input Tax Credit. > Seamless flow of Input Tax Credit among […]...

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No addition U/s. 68 for Cash amount explained by assessee as derived from sale of agricultural produce

Shri Naresh Kumar Vs The Income Tax Officer (ITAT Delhi)

Where assessee had explained source of the cash deposit in the bank account by producing copies of the bills of sale of agricultural produce, which supported the explanation of assessee that assessee had received cash out of sale of agriculture produce, no addition under section 68 was warranted....

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Extend due date of filing Income Tax Return & Tax Audit Report

Sales Tax Bar Association Request for extension of due date of filing Income Tax Returns and Tax Audit Reports for the Assessment Year 2019-20 to 15th November 2019. Text of the representation is as follows:- SALES TAX BAR ASSOCIATION (REGD.) Office: IInd Floor, Department of Trade & Taxes, Vyapar Bhawan, Indraprastha Estate, New Delh...

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Sovereign Gold Bond (SGB) Scheme – Marking of lien

RBI/2019-20/86 IDMD.CDD.No.1145/14.04.050/2019-20 (30/10/2019)

As you are aware, the Sovereign Gold Bonds may be used as collateral by both banks and non-bank institutions and the creation of pledge, hypothecation or lien on the bonds shall be governed by Section 28 of the Government Securities Act, 2006 and Chapter VII of the Government Securities Regulations, 2007....

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Payment made to legal heirs of deceased partner is admissible expenditure

Principal CIT Vs Wadia Ghandy & Co. (Bombay High Court)

Since firm envisaged payment to a outgoing partner on the basis that the partner would have rendered service during his tenure but could not enjoy the fruits thereof on account of the fact that the work having remained incomplete, the concerned client had not been billed for the work already done, therefore, payment to the partner would a...

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Disclosure requirement in compliance of AS 15 (Revised 2005) for SME and Non SME Companies

Disclosure requirement in compliance of AS 15 (Revised 2005) for SME and Non SME Companies in India In Indian context, Companies needs to comply with Accounting Standards notified under Section 133 of Companies Act 2013 to prepare the financial statements at the end each Financial Year. Ensuring the proper compliance and provisions of the...

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Key Tip for SAMVAT 2076 Investment

The battle for SAMVAT 2076 is not between large-cap, Midcap and Small-cap. The battle is for making an efficient portfolio of investments. This article does not recommend any stock names or Mutual Fund scheme names but it shows the road map for deciding to construct the portfolio of investments. I find SAMVAT 2076 to be […]...

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Regional Director, New Delhi to have Jurisdiction over UT of J&K & Ladakh

Notification No. S.O. 3957(E) (30/10/2019)

MCA notifies revised Jurisdiction of  Regional Director, North Region Directorate, Headquarter at New Delhi to States of Haryana, Punjab, Himachal Pradesh, Uttar Pradesh, Uttarakhand and Union territories of Chandigarh, Jammu and Kashmir, Ladakh and National Capital territory of Delhi. Ministry of Corporate Affairs Notification New Delhi...

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ROC Jammu-Jurisdiction of Adjudication of Penalties-UT of J&K & Ladakh

Notification No. S.O. 3956(E). (30/10/2019)

Registrar of Companies-cum‑ Official Liquidator, Jammu have Jurisdiction for Adjudication of Penalties under Companies (Adjudication of Penalties) Rules, 2014, over Union territory of Jammu and Kashmir and Union territory of Ladakh. Ministry of Corporate Affairs Notification New Delhi, the 30th October, 2019 S.O. 3956(E)._ In exercise o...

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ROC Jammu has Jurisdiction of UT of JK and UT of Ladakh

Notification No. S.O. 3955(E) (30/10/2019)

Registrar of Companies Jammu shall have jurisdiction in respect of Union territory of Jammu and Kashmir and Union territory of Ladakh, for the purpose of registration of companies and discharging the functions under the Companies Act, 2013. MINISTRY OF CORPORATION AFFAIRS NOTIFICATION New Delhi, the 30th October, 2019 S.O. 3955(E).— In ...

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Valuation of shares should be based on various factors and not merely on financials

M/s India Convention and Culture Centre Pvt. Ltd. Vs ITO (ITAT Delhi)

Valuation of the shares should be made on the basis of various factors and not merely on the basis of financials and the substantiation of the fair market value on the basis of the valuation done by the assessee simply cannot be rejected where the assessee has demonstrated with evidence that the fair market value of the asset is much more...

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Jammu and Kashmir Reorganisation (Removal of Difficulties) Order, 2019

Notification No. S.O. 3912(E) (30/10/2019)

Central laws and rules made thereunder which are applicable to the existing State of Jammu and Kashmir are continued to be made applicable to the Union Territory of Jammu and Kashmir and the Union Territory of Ladakh;...

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IRDAI (Insurance Intermediaries) (Amendment) Regulations, 2019

Notification No. F.No. IRDAI/ Reg/13/164/2019 (30/10/2019)

These Regulations may be called the Insurance Regulatory and Development Authority of India (Insurance Intermediaries) (Amendment) Regulations, 2019....

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Bogus loss from Client Code Modification: AO cannot make addition to broker without bringing any evidence

Pr. Commissioner of Income Tax­-13 Vs Pat Commodity Services Pvt. Ltd. (Bombay High Court)

Pr. CIT Vs Pat Commodity Services Pvt. Ltd. (Bombay High Court) Bogus loss from Client Code Modification (CCM):However, the Tribunal accepted the assessee’s explanation and discarded the Revenue’s theory that profit of the assessee’s company were passed on to the clients. It was also noticed that the Revenue has not cont...

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Consequences for TDS non compliances

1. Disallowance of expenditure; u/s 40(a)(i) of and section 40(a)(ia), if Tax not deducted / not deposited till the due date of filing of return; a. Payment to Non-resident ;100% expenses disallowed b. Payment to resident ;30% expenses disallowed However, if tax is deducted or deposited in subsequent year, the expenditure so disallowed s...

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Govt. increases fees for combinations under Competition Act, 2002

F. No. CCI/CD/Amend/Comb. Regl./2019(2) (30/10/2019)

(1) These regulations may be called the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Second Amendment Regulations, 2019. (2) They shall come into force on the date of their publication in the Official Gazette....

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Managerial Remuneration provisions under Companies Act, 2013

Although there are many laws governing wages of blue collar workers, there is no specific law for remuneration or salary of top managerial level personnel. The Managerial personnel are generally paid on the basis of their experience and their worth to management, so their remuneration package are generally high and consist of other perqui...

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Ind AS Technical Facilitation Group Clarification Bulletin 23: How to give effect to Taxation Laws (Amendment) Ordinance, 2019

Whether a domestic company can give effect to lower tax rate as per the Ordinance while determining current tax and deferred tax assets or liabilities for the purpose of presenting interim results/ interim financial statements as of 30 September 2019?...

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CSR is a true manifestation of Bapu’s Trusteeship Philosophy: President of India

CSR is a true manifestation of Bapu’s Trusteeship Philosophy: President of India. President of India Confers First National Corporate Social Responsibility (CSR) Awards for outstanding contributions in the area of CSR. Companies indulged in CSR activities are wealth creators, says Finance Minister...

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Procedure to be followed for update DSC under GST Law, 2017

Dear Colleagues, good morning to all of you. I have received suggestions from our colleagues to prepare notes on update DSC issues and procedure to be followed step by step under GST Law,2017 practically ode. So, I am trying to provide detailed notes on what are the steps to be followed for update DSC at […]...

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AO cannot reject Section 54 exemption if amount was deposited in capital gain deposit account

Dr. Jaya Narayan Naik Vs JCIT (ITAT Ranchi)

whether AO is correct in holding that the assessee was not entitled exemption u/s.54 of the Act by rejecting the claim of the assessee to have deposited in capital gain deposit account?...

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